nm825

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7+ Year Member
Mar 11, 2012
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I'm debating getting a new credit card. My credit is good (740), and I already have a couple.

Would I be committing fraud by using student loans (loans less tuition charges) as income in credit card applications? I've seen this question on general credit forums and the answer is typically don't do it; obviously, loans are a debit and not an asset.

But, searching on these forums, you see a multitude of people asking what's the best credit card to amass residency interview miles. How are these people qualifying for credit cards in medical school when they have no income?
 

Stagg737

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Jul 2, 2013
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I'm debating getting a new credit card. My credit is good (740), and I already have a couple.

Would I be committing fraud by using student loans (loans less tuition charges) as income in credit card applications? I've seen this question on general credit forums and the answer is typically don't do it; obviously, loans are a debit and not an asset.

But, searching on these forums, you see a multitude of people asking what's the best credit card to amass residency interview miles. How are these people qualifying for credit cards in medical school when they have no income?
There are a lot of basic cards that you can qualify for without solid income. I've had a major credit card since I was 18. Don't count loans as income, it could easily come back as fraud and screw you over. If you've had cards for a few years and your history is reliable, you should be able to qualify for a decent variety of cards even as a student without income.