I normally get about a 6-8K initial CL from Chase, whereas my spouse who doesn't work usually gets around 11-13K (our credit histories are virtually identicalwith same household income). This has been puzzling me for years, so I decided to apply for my most recent card (Chase Cash rewards) leaving the employer and employment status fields blank. Today I received the card with a 13.5K limit! I think this is the highest initial limit I've ever received except from maybe AMEX. Can anyone provide a rational explanation for why it's better not to provide employment information? I'm going to try the same with Citi, but I expect similar results.
To enter a coupon code in your post please enter the following info:
Coupon Code:
Coupon Offer:
Merchant:
Expires (optional):
Restrictions (optional):
saving...
Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
I'm a student and have no job, and absolutely no credit. I applied for the citi diamond prefered rewards card (expecting not to get it since it says you have to make 12k/year min). I left the job part blank and got approved with 1k limit. Not much, but higher than the 500$ min limit.
LH2004 said:I strongly suspect this is a coincidence, unless your income is surprisingly low for your credit profile.
Do you mean the coincidence of not listing a job and getting a high CL? This is around my 6th Chase card in the past 5 years, with about twice the normal CL (first time not listing employment). My wife always gets a high limit with no employer/ homemaker status. Several times we've applied for the same card on the very same day with said result. Our fico's and income are probably ~85%ile.
Well, looks like the credit industry doesn't do anything rational.
Perhaps they might suspect that someone with good credit and no job is a student. Students supposedly get higher credit lines than working adults, the thought is that they are more likely to get into debt and then be bailed out by their parents or pay it off later when they get a job.
Not only they give higher CL if you leave Employment blank. This time, me and my friend applied for a Fleet card. I left employment blank and got a $3K CL. My friend put his work Info, and got a letter requesting proof.
i have always thought about the same thing...im a college student working part time at home depot, i have about 70k in credit(and no, i have never had a co-signer).i dont have any loans or anything, just credit debt due to 0% trasnfers(i have about 50k in the bank). any card that has a decent bl rate gets maxed. i have never missed a payment, always on time and always a little more then the minuium. the companys are out there to make money, and i think because i have good credit, companys want me to slip so they can profit from me. because i have never slipped before, i think i might be considered low risk but very profitable to companys because of all my debt. think about it. i show them i care about my credit, and dont want bad credit.
in your case, someone who doesnt work, still needs to spend money. i bet even more because they have nothing to do. now with no job they might not beable to pay it back in full, so thats how they make their money and want to extend as much credit as possiable to unemployed. most people dont want to be without a job, and companys know that.
Good thread, never knew we can apply for a card without providing the employment information. BTW this answers why I got the BOFA Power rewards card with an okay credit line along with my Checking account eventhough there is nothing about employment in the Application.
g10ny said:Nice find, thanks OP. I'm wondering where's opmnxtc right now, it would be a prime material for him/her.
hey, g10ny, i was on probation from FW, all good now.
here's my experience with employment. i called AMEX one time to increase my limit and the rep entered the incorrect amount for income, WAY off. i got declined. i called back and complained/explained, they said no prob, just try again, i did, and voila, approved.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
