Applying for Credit Card with no income?

For just about anything you want to get off your chest about credit cards.
6 posts
DGenerateKane
Centurion Member
Centurion Member
 
Posts: 108
Joined: Wed Jan 14, 2009 5:59 pm
Location: Earth

Applying for Credit Card with no income?

Postby DGenerateKane » Sat Jul 02, 2011 5:08 am

I'd like to apply for a CC now but don't expect any income for several months at least. I have excellent credit, but I still wonder if I'd get declined just because I put down that I have no income. Anyone know how much no income can affect a decision?


Money card
Centurion Member
Centurion Member
 
Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Sat Jul 02, 2011 9:16 am

Depends on the card your applying for. For example let's say you own a house you were working for so many years and with the recession you no longer have any income. If your trying to get An American express gold card then you know not having any income will greatly affect the decision. If your thinking about the Clear card it's an easy card to get but not having any income will hurt. But it's a much easier card to get than the gold card. do you have a money market, mutuals funds or savings account?
Do you have any credit cards? which ones?

DGenerateKane
Centurion Member
Centurion Member
 
Posts: 108
Joined: Wed Jan 14, 2009 5:59 pm
Location: Earth

Postby DGenerateKane » Sat Jul 02, 2011 9:36 pm

I'm thinking of applying for the Chase Freedom Card from one of their 30+ offers they have sent me in the last 3 months (that number is not an exaggeration). I rent, and have never taken out a loan for anything. I have a checking and savings account with my local Credit Union. I have seven cards, three of which are ones I don't use and would cancel if it wouldn't affect my credit. The unused ones are a U.S. Bank Visa (don't even know which one specifically as it has changed at least once and hasn't been used in 2 years) Chase Flexible Rewards and American Express Blue Cash. I also have an American Express True Earnings, Discover More, Citi Platinum Mastercard and Capital One Visa Signature Sony Card (Formerly from Chase which is probably why I have received over 50 offers from Chase between the Freedom Card and the Slate Card in the last three months). The last one I got was the Citi Platinum at the end of December. The only reason I'm considering opening a new card at all particularly from Chase (They pissed me off a couple years ago) is because their latest offer they sent was for a $300 credit upon making the first purchase. Other than that I'd make use of the 0% APR for I believe 12 months and then use it whenever a 5% bonus category I shop in don't overlap with Discover More's categories (almost all of the ones I do shop in overlap).

Money card
Centurion Member
Centurion Member
 
Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Sat Jul 02, 2011 10:54 pm

Let's discuss this. This is a very interesting conversation. Not having an income and applying for the Freedom card you would normally get declined. However having a Blue cash card is a step in the right direction. Yes I believe you on the 30 applications. (So I'm not the only one who has ever gotten into a Fight with Chase). You explained to me you have 7 cards. Am I understanding this right, you have 3 you want to cancel and 4 you have stopped using for a while or am I missing something?

Yes, if you open a credit card it will affect your credit. and if you want to cancel 3 cards it too will affect your credit. I also have I think 2 citi select applications, 2 from Hsbc but NOT the bank, my union. I also have an American advantage airlines citi card and the Thank you citi premier. all like you said, 0 % interest. If you are using the Blue Cash and Discover card, you won't have any problems getting a Freedom card because that's Chase's top competition. Discover is what I mean. You should be able to get the Freedom card.

DGenerateKane
Centurion Member
Centurion Member
 
Posts: 108
Joined: Wed Jan 14, 2009 5:59 pm
Location: Earth

Postby DGenerateKane » Sat Jul 02, 2011 11:16 pm

No, I was just saying I have 3 cards I would cancel if it wouldn't affect my score, but I know it would especially since two of them are the oldest. The other 4 I do use, each having unique bonus categories (except the Citi card doesn't actually have any real rewards at all, just got it to use the 15 month 0% APR since I knew I'd be without income).

Money card
Centurion Member
Centurion Member
 
Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Sun Jul 03, 2011 2:02 am

You should be ok try for the Freedom card. you never know.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: nohnigeMlhp74 and 2 guests