Obtaining a new card with no income or assets...

[trippin_the_rift]

Not too sure where to post this one...

Let's say I've got no problem paying the balance in full each month (and have a long history of doing so). Now theoretically, lets imagine my income is well below the required amount for standard card applications - and I theoretically own no assets.

Do card companies have another "way in" for folks in this situation? What do others in this position do? Perhaps you can shoot me a PM instead of making this information public..

 

[samh004]

I normally just lie, although it’s only worked for a CC once. Still have it too!

But I would be interested if there’s another way in too, as I’m currently stuck not being able to apply for any of the cards with attractive bonus points I see.

 

[JohnK]

I believe asset backing may not be enough to get a credit card. You will need some sort of income.

If you find out the answer I would love to know.

As for credit card applications it may well be to your benefit not to disclose all the information at hand. Right or wrong? Play by the same moral code used by credit card companies and worry about the guilty conscience later.

By the way I am not condoning lying but if you have ever dealt with financial institutions then you know what I mean.

 

[samh004]

As for credit card applications it may well be to your benefit not to disclose all the information at hand. Right or wrong? Play by the same moral code used by credit card companies and worry about the guilty conscience later.

By the way I am not condoning lying but if you have ever dealt with financial institutions then you know what I mean.

If you mean my comment, it’s for a CC in another country that I rarely use. Wouldn’t worry me if they cancelled it, but their loss potentially, however never been in debt.

It’s a crazy world we live in.

 

[JohnK]

No I was not referring to your comment.

As I said when dealing with financial institutions my moral code changes.

It is not nice to withhold information but the way I see it is what they don't know wont hurt them. I have never missed a payment and can easily cover the credit card debt I carry from month to month.

 

[trippin_the_rift]

What I'm getting at is.... for example, Kerry Packed only legally owned about $50k of stuff when he passed...yet he controlled billions. How would he have done it?

I know there's a way; but unsure how others go about it....

 

[JohnK]

What I'm getting at is.... for example, Kerry Packed only legally owned about $50k of stuff when he passed...yet he controlled billions. How would he have done it?

Did he have personal credit cards or business credit cards?

Perhaps he had a steady income source. Perhaps one can get it with a guarantee from a company/business who are able to meet the repayments.

 

[bossreggie]

What I'm getting at is.... for example, Kerry Packed only legally owned about $50k of stuff when he passed...yet he controlled billions. How would he have done it?

I know there's a way; but unsure how others go about it....

Kerry Packer controlled a multi-billion dollar empire, so a credit card would be the least of a financial institution's exposure in that example.

I took 2 years off, about 7 years ago, and concentrated on doing some travel and relaxing. Technically I was "unemployed". As I was heavily asset backed I had no problem getting a card.

The reality is that otherwise, you need to have assets, and/or a steady income or you have to just lie on the application. This won't ever be an issue if you pay your account on time and it does not get to collections. In that instance you MAY end up with some legal issues for "obtaining money by deception".

 

[trippin_the_rift]

Kerry Packer controlled a multi-billion dollar empire, so a credit card would be the least of a financial institution's exposure in that example.

The reality is that otherwise, you need to have assets, and/or a steady income or you have to just lie on the application. This won't ever be an issue if you pay your account on time and it does not get to collections. In that instance you MAY end up with some legal issues for "obtaining money by deception".

Owning assets and controlling them are very different beasts though. Not sure how much I want to post in this thread, however my guess would be a once off dividend to satisfy income criteria may be the easiest way to overcome this issue...

I thought there may be another way forward... like for example if you could prove X years of paying off large monthly balances...

 

[Maca44]

My reported personal taxable income is about $55K, but I put nearly everything I can through my company for tax reasons, if I can honestly . I average about $15K per month on Amex, but Amex would not approve my application for a Platinum Card because I did not meet their income critera. Even after speaking with the Supervisor (who said it was stupid considering my circumstances) they would not approve it, so a Premium card it is, just with slightly less points.

(Kerry Packer probably paid cash )

 

[lmere12]

I just applied for a c/c and kinda 'forgot' to add all the details in regarding what other cards I had(and I have several), was all Okayed.. i pay my c/cards out every month so don't see there will be any issues.