In response to a massive amount of client inquiries regarding their efforts to obtain credit cards, we decided to write this blog to help you make an informed decision. There are two main factors a creditor considers when you apply for a line of credit; income and credit scores.
Aside from buying tradelines, how much income do I need to get approved for a credit card?
Income has a large part to do with the amount of credit you are extended by each creditor.
As a general rule, the higher your income, a larger amount of credit a creditor will extend to you. This fact should not provoke you to embellish your income. Aside from the fact that it is immoral to lie, creditors may audit your application and ask for proof of income. If you lied about your income, they may limit your credit or close the account entirely.
Unfortunately, we have no way of knowing the income required to get any certain amount of credit. However, the higher the income, generally, the higher the amount of credit a creditor will extend.
In addition to buying tradelines, what score do I need to get approved for a particular credit card?
Evaluating credit scores is the main factor in determining whether or not you get approved for a line of credit. It also determines the interest rate you are offered. Once you know this information, you are more prepared to determine if buying tradelines is a good option for you. Also, credit scores help creditors determine whether or not you are a candidate for any promotional offers they may have at the time of your application, like zero interest for 12 months, etc. Buying tradelines can help satisfy lender requirements.
You don’t need a perfect score to get approved for a credit card, but the better your credit score, the better your chances are, and the better your interest rates are.
What if I have no credit score?
If you haven’t established your credit, it can be difficult to get approved. In these cases, adding authorized user tradelines are a great way to help you grow your credit file.
Another option would be to purchase a secured line of credit. While these are often smaller in limit, they can help you grow your credit file as long as you make routine payments.
Updated: November 2, 2021