two hypothetical questions i cant find answers too.

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kyle-23
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two hypothetical questions i cant find answers too.

Postby kyle-23 » Fri Dec 27, 2013 6:31 am

Hey guys, so after sitting back quietly on this forum just reading i decided to join and ask some questions i needed help answering. Both Hypothetical of course.

Okay, so first being, could an 18 year old get a amex platinum or CSP as there first card if they have a cosigner? all the stuff ive read leads me to determine "possibly". But i could be wrong.

Second, does having large sums of money in your bank accounts help you get a credit card? do the card companies see the large sums? sorry if these are noob questions.


Userofcards
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Postby Userofcards » Fri Dec 27, 2013 10:39 pm

kyle-23 wrote:Hey guys, so after sitting back quietly on this forum just reading i decided to join and ask some questions i needed help answering. Both Hypothetical of course.

Okay, so first being, could an 18 year old get a amex platinum or CSP as there first card if they have a cosigner? all the stuff ive read leads me to determine "possibly". But i could be wrong.

Second, does having large sums of money in your bank accounts help you get a credit card? do the card companies see the large sums? sorry if these are noob questions.


Question 2: Presumably, yes. For instance, the CapitalOne application (which is super lengthy) does ask whether you have bank accounts and how much is in them. I think other applications ask what kind of bank accounts you have. Obviously, answering truthfully is a very good idea.

Also, though I don't know for sure: It seems likely that if you apply for, say, a Chase credit card, that chase verifies whether you have other accounts with chase when it does the instant approval bit...If you have a lot of money in their bank and get denied for a card, presumably you could politely bring this up to them when asking them to reconsider the denial.

As Question 1: I don't know, but it certainly seems possible for an 18 year old to get one of those cards one way or another.

The Chase Sapphire Prefferred is a very nice card, but there is nothing "prestigious" about it in my mind, despite it being made of metal and having an annual fee (the sign up bonus will pay for four years of annual fees...). A middle class person with no bad credit issues and a decent income should have no problem getting this card if they want it. Perhaps someone with no credit history would get declined, though.

In any case, if an 18 year old can't get the card, I'm sure a 22 year old who has just gotten his or her first job out of college can get that card with no problem (assuming she has responsibly used credit cards during college to build up a credit report and has no derogatory or other info on her report).

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djrez4
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Postby djrez4 » Sat Dec 28, 2013 12:33 am

Question 1) No. Co-signed credit accounts are a thing of the past. You cannot have a second party vouch for you on a credit card application like you can on a car loan. You can become an authorized user on someone else's account, but that is reflected on your credit report differently.

Question 2) No. Money in the bank won't get you approved if you don't otherwise qualify. Most banks ask if you have checking and savings accounts on credit applications. It's one small factor of many. If you had enough money in a bank account to sway a bank's credit decision, you wouldn't be filling out an application.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
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mathman314
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Postby mathman314 » Sat Dec 28, 2013 2:35 am

kyle-23 wrote:Okay, so first being, could an 18 year old get a amex platinum or CSP as there first card if they have a cosigner? all the stuff ive read leads me to determine "possibly". But i could be wrong.

No. Personally, I can't imagine entrusting an 18 yr old with an AMEX Platinum or a CSP on their own under normal circumstances and so I can't see banks entrusting an 18 yr old with those cards and not be an AU. Cosigners (on credit) are practically non-existant anymore. Nowhere on any cc application have I seen a field for a cosigner. You could be an AU on someone's cc but I'm pretty sure that'd be reflected differently but you would still be building up credit.

kyle-23 wrote:Second, does having large sums of money in your bank accounts help you get a credit card? do the card companies see the large sums?

No, banks that do offer the cc ask if you have a checkings or savings account or both. Even if you do say yes, it's a small factor. They'd rather see ability to pay back and credit worthiness. and no card companies do not see the large sum.
Cards:
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Postby thom02099 » Sat Dec 28, 2013 6:43 am

No to both, with a caveat.

The Chase Sapphire Preferred card is a signature Visa card; generally speaking, starting with a $5K credit limit. In order to get that, Chase usually likes to see a history of managing a similar card with similar limit, before granting that card. Perhaps starting with another Chase card would be more appropriate.

Reportedly, the underwriting for the AMEX charge cards is the same across the board for all of the chargers, so if one could qualify for a green, one could theoretically qualify for a platinum. Guess it just depends on how much of an AF you're willing to pony up. Anecdotally, the AMEX chargers are not difficult to qualify for, since they are PIF cards.

Of the two, I'd go for the AMEX Plat rather than the CSP.
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Postby MemberSince99 » Sat Dec 28, 2013 7:36 am

Basically, you want to be the new college graduate, who rather than starting out on the ground floor becomes the CEO, theoretically of course, because why waste time at the ground floor when the excitement is in the executive office.


If your dad owns the company, I'm sure that can be done. If not, I wouldn't bet on it.

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Postby whit » Sat Dec 28, 2013 8:30 pm

amex asks what type of assets you have too, besides income.

if you have 10k or more in chase deposits you can ask for a special consideration, no presumptions about it

if you have considerable money in the bank; it is hard to believe that they'll turn you down. and by considerable i mean 100k average on low end, upwards of seven figures on the high end..and have proven to keep that balance (history)

what lender will not open a line of credit for a client who houses $$ with them in that amount.

and for amex, why wouldn't they if you have considerable assets, allow you to have a credit card..

Userofcards wrote:Question 2: Presumably, yes. For instance, the CapitalOne application (which is super lengthy) does ask whether you have bank accounts and how much is in them. I think other applications ask what kind of bank accounts you have. Obviously, answering truthfully is a very good idea.

Also, though I don't know for sure: It seems likely that if you apply for, say, a Chase credit card, that chase verifies whether you have other accounts with chase when it does the instant approval bit...If you have a lot of money in their bank and get denied for a card, presumably you could politely bring this up to them when asking them to reconsider the denial.


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Postby takeshi » Sun Dec 29, 2013 7:50 pm

kyle-23 wrote:Second, does having large sums of money in your bank accounts help you get a credit card? do the card companies see the large sums? sorry if these are noob questions.

Define "large sums". What's large to one may not be large to a creditor.

In any case, liquid cash and credit are two entirely different things.

JoDa
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Postby JoDa » Tue Dec 31, 2013 11:41 pm

I'm not sure that Chase's left hand knows what its right hand is doing. When I got my MP card with them, my income was nearly $40K less/yr than it is now. When I called and asked them for a CLI about a year ago, they still had my old income in their file, despite my paychecks being deposited with their bank. Granted, that could be a matter of not updating my file, but in every experience I've had with them, the credit and banking sides are totally separate entities that don't communicate with each other. Also, their corporate cards section is separate from their consumer banking, and didn't even know I had personal Chase accounts, for example.

So you'll probably have to tell them about the cash. They may or may not consider it. My grandmother wanted a specific card (not Chase), and she couldn't get it because she "didn't have enough income." She told them about her rather hefty nest egg when requesting a reconsideration, but no dice. So she took a large distribution, parked it in another account (hey, when your house and car are paid off and your only expenses are groceries, property taxes, and utilities, you don't need much cash *flow*), applied the next year, and got a HUGE line, no problem. It doesn't count as having money unless you're putting it on your 1040, with some lenders.
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

kyle-23
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Postby kyle-23 » Wed Jan 08, 2014 1:31 pm

sorry for the late reply to all of your answers, ive been busy with work and school. thanks for clearing those questions up for me! i tried researching and didnt come up with a clear enough answer! im thinking about applying for the CSP in a few months just for giggles to see what happens. if i dont get it ill probably go with an amex card!



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