hatothebib

10+ Year Member
Nov 18, 2007
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Medical Student
hey everyone. i am going to be buying a home next year, so i finally checked my credit score, which is in the low 700s. i simulated the score with myfico if i added a credit card (i do not have one now), and it bumped up to almost 760. realizing this would save big time on mortgage rates, i am going to apply for one soon. i don't want to apply & be turned down though, and i am afraid this might happen as i have no current income (although i have signed a residency contract & will be employed in july). i was hoping someone would have advice on which cards might approve me with no current income, or if i can put my starting income in july on the application. if anyone has any insight on applying, please let me know since i am new to the game. thanks in advance.
 
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hatothebib

10+ Year Member
Nov 18, 2007
26
0
Status
Medical Student
what if i am applying for a regular credit card? i am wondering if i should put student under the profession (although i will only be one for the next 2 weeks), and then list my expected income.
 

xanthines

decaying organic matter
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I'm 90% sure you'll be OK, as credit rating is more important for issuing cards. Your income will probably determine your credit limit, although with reponsibile usage most card will increase your limit automatically. If you're curious, whogavemecredit.com is neat website. Also, the myfico website has it's own credit card finder.

-X

what if i am applying for a regular credit card? i am wondering if i should put student under the profession (although i will only be one for the next 2 weeks), and then list my expected income.
 

TMP-SMX

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Jun 12, 2006
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I had a student card with Citi and then opened a regular card with them and they gave me a 7500 limit right off the bat with it. Less than a year since opening it it is now 10000. So they are good with increasing the limit if you are a good customer.
 

Stroganoff

Never give up.
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Nov 6, 2003
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I recommend applying with your resident's income and "resident" or "physician" as the job title. Your residency is guaranteed, so as long as you are honest.

Seriously, if you applied with $0 income right now, I'm not saying you'll be turned down at all, but so much credit card underwriting nowadays is done by computer model, and you'd just be shooting yourself in the foot by not putting your best (and honest) foot forward. If you put down $0 income, you'll have a significantly lower initial CL than if you put down something in the 40's (or whatever your salary will be come July), which will affect your utilization ratio, which will affect your FICO score, which will affect your mortgage FICO, which will affect your mortgage underwriting, which will affect your mortgage rate...
 
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hatothebib

10+ Year Member
Nov 18, 2007
26
0
Status
Medical Student
thanks for the help. i used the residency income & was approved! thanks to all.