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DansDeals Forum => Credit Cards => Topic started by: Schneur on May 30, 2008, 03:12:40 AM

Title: Applying for Credit Cards
Post by: Schneur on May 30, 2008, 03:12:40 AM
Hey Dan, can you make a post or reply here as to what is the best information to submit on a credit card application?

Should we say we rent or own a house?

should we put income of 300,000 or of 40,000?

any ideas would i am sure be appreciated!!

thanx all!!
Title: Re: Applying for Credit Cards
Post by: kishke on May 30, 2008, 07:31:17 AM
my credit is "bad"..  i do have 3 cards now, and pay on time, and dont carry a balance for 1 year,, but i would love to apply for american express, or where i get starwood points/airlinge mailes i keep getting denied, do you have any suggestion how i can still get one of those cards?
Title: Re: Applying for Credit Cards
Post by: Yitzter on May 30, 2008, 04:39:19 PM
I think it's all random, a friend of mine who has pretty good credit got denied to amex a bunch of times. I honestly dont know how they work.
Title: Re: Applying for Credit Cards
Post by: ash on May 30, 2008, 04:55:28 PM
stop applying for cards for a while and get that "bad" credit up
i used to aply for the macy's card and was always refused now i have awsome credit working on churning and slowly flying the world for free
so it does change
Title: Re: Applying for Credit Cards
Post by: Yitzter on May 30, 2008, 05:03:14 PM
stop applying for cards for a while and get that "bad" credit up
i used to aply for the macy's card and was always refused now i have awsome credit working on churning and slowly flying the world for free
so it does change

I like the part of flying around the world for free. I gotta start churning. I just have to lay low for a little bit!
Title: Re: Applying for Credit Cards
Post by: levi on May 30, 2008, 05:11:17 PM
I like the part of flying around the world for free. I gotta start churning. I just have to lay low for a little bit!
Flying the world for free, well said thats what its all about
Title: Re: Applying for Credit Cards
Post by: Yitzter on May 30, 2008, 05:17:41 PM
True true, That IS what it's all about.
Title: Re: Applying for Credit Cards
Post by: ash on May 30, 2008, 05:48:23 PM
the prices of airfair are going to go up i hope the milege wont go up as well

but your miles are going to be worth more if they stay the same as it is right now
like the old days
Title: Re: Applying for Credit Cards
Post by: Yitzter on May 30, 2008, 05:51:57 PM
At the rate it's going now, air fare is going to be crazy expensive just like it was in the 20's. it's retarded. As long as gas is going up, air fare is tagging right behind it. It's insane.
Title: Re: Applying for Credit Cards
Post by: Dan on May 30, 2008, 05:54:15 PM
At the rate it's going now, air fare is going to be crazy expensive just like it was in the 20's. it's retarded. As long as gas is going up, air fare is tagging right behind it. It's insane.
20's?
I think you mean 50's-70's
Title: Re: Applying for Credit Cards
Post by: Yitzter on May 30, 2008, 06:04:23 PM
Well I was going to initially say the 60's but then I did a wiki and apparently the first commercial aircraft came out in the 20's so.....
Title: Re: Applying for Credit Cards
Post by: ash on May 30, 2008, 06:11:04 PM
lol even in the eighties a flight from cali to ny was 350 and up
Title: Re: Applying for Credit Cards
Post by: Yitzter on May 30, 2008, 06:19:07 PM
Yea, that's funny. It's actually sad.
Title: Re: Applying for Credit Cards
Post by: Schneur on May 30, 2008, 06:24:31 PM
can someone answer the question from the OP?
Title: Re: Applying for Credit Cards
Post by: ash on May 30, 2008, 06:34:52 PM
why should you lie say you rent and make 70,000 which is possible or say the truth
Title: Re: Applying for Credit Cards
Post by: Yitzter on May 30, 2008, 07:07:05 PM
Some people I know wrote that they make 30,000 a year, and still got accepted with a 18,000 Credit limit. I honestly don't know how they work. just say you make 50,000 and rent like ash said.
Title: Re: Applying for Credit Cards
Post by: levi on May 30, 2008, 07:08:20 PM
Some people I know wrote that they make 30,000 a year, and still got accepted with a 18,000 Credit limit. I honestly don't know how they work. just say you make 50,000 and rent like ash said.
Or you can say household income and make up any amount
Title: Re: Applying for Credit Cards
Post by: eli123 on June 01, 2008, 12:20:44 AM
what you answer about rent or own makes little diff they go by what they could verify which is credit history and credit score anythng you can make up a story about they realize that and do not base their decision on it.
Title: Re: Applying for Credit Cards
Post by: Avid Reader on June 01, 2008, 01:31:22 AM
It's a good idea to say "live with relatives" (if you do) since they want to see how much expense you have versus income. If you dont have to pay for your home, your income is worth more. When I lived at home I would always tell them I live with relative and they seemed very happy with that, and I got a very nice credit limit. I also had excellent credit. So you have to factor both things in.
Title: Re: Applying for Credit Cards
Post by: Yitzter on June 01, 2008, 01:44:23 AM
I also had excellent credit. So you have to factor both things in.

You don't have good credit anymore?
Title: Re: Applying for Credit Cards
Post by: Avid Reader on June 01, 2008, 01:45:34 AM
You don't have good credit anymore?
I dont live with relatives anymore..
Title: Re: Applying for Credit Cards
Post by: Yitzter on June 01, 2008, 01:52:32 AM
I dont live with relatives anymore..
Last time I checked, that doesn't ruin ones credit.
Title: Re: Applying for Credit Cards
Post by: Avid Reader on June 01, 2008, 01:55:00 AM
Last time I checked, that doesn't ruin ones credit.

Who said it does?
Title: Re: Applying for Credit Cards
Post by: Yitzter on June 01, 2008, 01:57:11 AM
I'm too tired to explain. Figure it out.
Title: Re: Applying for Credit Cards
Post by: coralsnake on June 01, 2008, 11:03:01 PM
I put in the truth; What it says on my tax returns.
This way, if I ever get financial review, Im not worried (maybe I still should be?).
I pay off my credit cards in full every month and dont expect the FR to ever be an issue anyway.

I know that the problem is that many people here either are bochrim who dont have jobs or people that dont report much or show much on their tax returns.
Title: Re: Applying for Credit Cards
Post by: Schneur on June 02, 2008, 05:51:41 AM
ok, thanks all for the advice.

now if i already have submitted applications in the last 5 years, should i keep the info on new apps the same? or does it matter if it changes? also if it changes, it should probably go up, right?

one last question, if i am churning Citi AA, so now i have 1 consumer and 1 business, do i have to close one before i reapply?

thanks everybody!
Title: Re: Applying for Credit Cards
Post by: Avid Reader on June 02, 2008, 10:15:41 AM

one last question, if i am churning Citi AA, so now i have 1 consumer and 1 business, do i have to close one before i reapply?



You can have the old one open at the same time you apply for the new one but you have to wait 60 days before reapplying for the personal card and 90 days for the business. Not sure if you can get the miles for the new card if you dont close the old card, but from what I read from Dan it seems like you should. Can someone confirm?
Title: Re: Applying for Credit Cards
Post by: coralsnake on June 02, 2008, 10:35:42 AM
You can have the old one open at the same time you apply for the new one but you have to wait 60 days before reapplying for the personal card and 90 days for the business. Not sure if you can get the miles for the new card if you dont close the old card, but from what I read from Dan it seems like you should. Can someone confirm?
It worked for me.
Title: Re: Applying for Credit Cards
Post by: ash on June 02, 2008, 01:59:50 PM
it better work for me
Title: Re: Applying for Credit Cards
Post by: Yitzter on June 02, 2008, 02:59:40 PM
Same here, If I do get around to doing it sometime in the near future.
Title: Re: Applying for Credit Cards
Post by: Avid Reader on June 02, 2008, 09:57:44 PM
It worked for me.

Well then it should work for me too..
Title: Re: Applying for Credit Cards
Post by: elizmm on June 03, 2008, 02:13:13 AM
You can say what you want on your application - rarely do they ask for verification.

Writing you make $70,000 and that you have money market accts, as well as saving and checking (rent home for 10yrs $700 a month and at job for 3 years) should get you a nice credit line.

Just bear in mind that this borders (or is) mail fraud, but i dont think this is the FBI's top priority right now...
Title: Re: Applying for Credit Cards
Post by: Other Guy on June 03, 2008, 01:09:37 PM
You can say what you want on your application - rarely do they ask for verification.

Writing you make $70,000 and that you have money market accts, as well as saving and checking (rent home for 10yrs $700 a month and at job for 3 years) should get you a nice credit line.

Just bear in mind that this borders (or is) mail fraud, but i dont think this is the FBI's top priority right now...

However keep in mind that if you have make so much money but have zero credit it looks kind of suspicious... the same goes for claiming you own the house when you never had a mortgage.
Title: Re: Applying for Credit Cards
Post by: coralsnake on June 03, 2008, 05:57:48 PM
However keep in mind that if you have make so much money but have zero credit it looks kind of suspicious... the same goes for claiming you own the house when you never had a mortgage.
Many people own houses without mortgages.
Some people buy in cash, and others inherit.

But as far as credit card applications go- If you dont own a house, why would you say you do? It doesnt make you more credit worthy if you own.
Title: Re: Applying for Credit Cards
Post by: rover771 on June 04, 2008, 01:08:46 AM
why dont you churn both aa personal cards (mastercard and amex from citi (amex is new i still have my visa from feb 08)) i do it all the time (in business you can only do one every 90 days so take your pick of mastercard or visa)
Title: Re: Applying for Credit Cards
Post by: nfsnyc on July 01, 2008, 02:12:32 AM
I put in the truth; What it says on my tax returns.
This way, if I ever get financial review, Im not worried (maybe I still should be?).
I pay off my credit cards in full every month and dont expect the FR to ever be an issue anyway.


I know that the problem is that many people here either are bochrim who dont have jobs or people that dont report much or show much on their tax returns.

Would stuff written on CC applications actually pose such problems? Such as no reported income but "15k income" on CC application??
Title: Re: Applying for Credit Cards
Post by: Smirk on July 01, 2008, 03:06:30 AM
Would stuff written on CC applications actually pose such problems? Such as no reported income but "15k income" on CC application??
yes if you write you have a certain income and the do a financial review and ask for documents to prove the amount you said, and you cant, that can screw things up, i know this happens with starwoods, im not sure with other cards such as capital one. anyone know?
Title: Re: Applying for Credit Cards
Post by: nfsnyc on July 01, 2008, 03:55:26 AM
Well what would spark a "Financial Review" anyways??
Title: Re: Applying for Credit Cards
Post by: Dan on July 01, 2008, 11:51:53 AM
Well what would spark a "Financial Review" anyways??
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