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My mom is recently retired, and she doesn’t have a lot of income yet since she hasn’t taken her social security income. But she still wanted to get one of the best Chase credit cards, the Chase Sapphire Preferred® Card! Fortunately, Chase likes to consider lots of sources of income to help folks get approved.
My mom listed her household income on her Chase credit card application so that she could also count her spouse’s income. She could also include any monetary gifts that she receives from benefactors or other investment income. She got approved for this Chase credit card and is so excited to take her first trip!
What Counts as Income for Chase Credit Card Applications
- Social Security benefits
- Income from others you use to regularly pay your bills if you’re 21 or older
- Child support or alimony
The income you report on a credit card application is important for approval. The income reported also helps determine your credit limit. Credit card issuers are unlikely to extend large credit limits to folks if they don’t think their income can support repaying the balance.
And the spending limit you get from the bank can also impact your credit score. According to the FICO website, 30% of your credit score is determined by your outstanding balances and credit utilization.
Since my mom has received her new credit cards, she’s been paying off the balance in full as soon as the charges appear. This will help reduce her credit utilization ratio, and help increase her credit score. It will also help increase the likelihood that she’ll get approved for more of the best Chase credit cards.