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How do credit card companies get away with issuing cards to people who have no jobs or reliable income when it is more than likely a bad risk?
Wiki User
∙ 8y ago
Credit issuers at all levels of the financial industry each establish their own underwriting (lending) guidelines and requirements. These vary a tremendous amount from company to company and even from product to product within a company.
Only a specific credit issuer could answer such a question.
Wiki User
∙ 8y ago
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What do credit card companies look at when issuing credit?
1. Your income 2. Your spending patterns 3. Your previous credit history (With other banks & credit cards)
Do you need a cosigner to have your own credit card?
No. Credit card companies will not give to people who have no income.
Which credit card companies give credit cards with no income?
No credit card company will give you a credit card without a regular income, as they need to know that you have the means to repay whatever you borrow
What companies offer loans to individuals with low income?
Some companies that offer loans to individuals with low income include Bank of America and TD Bank. Typically it's not low income that restricts you from receiving loans but bad or no credit.
Can you change your debt to income ratio?
Your debt-to-income ratio is your total monthly debt obligations divided by your total monthly income. Increase your income or lower your debt payments to have a more favorable debt-to-income ratio. How do the credit companies know your income?
What do credit card companies look at when issuing credit?
1. Your income 2. Your spending patterns 3. Your previous credit history (With other banks & credit cards)
Do you need a cosigner to have your own credit card?
No. Credit card companies will not give to people who have no income.
Which credit card companies give credit cards with no income?
No credit card company will give you a credit card without a regular income, as they need to know that you have the means to repay whatever you borrow
How can the facility of credit cards be obtained?
You can contact any credit card issuing bank with a valid address, identity and income proof and request for issue of a credit card. If you do not have a credit history, the bank may give you a secure credit card which will be linked to a deposit account.
How do home finance companies determine eligibility?
Home finance companies determine elgibility by checking your credit and also by verifying your income to debt ratio. They will only loan a certain percentage of your monthly income to be used for housing. Most are based off of credit. The persons credit report is usually pulled and examined and they also base it off of your income.
What companies offer loans to individuals with low income?
Some companies that offer loans to individuals with low income include Bank of America and TD Bank. Typically it's not low income that restricts you from receiving loans but bad or no credit.
Who can garnish wages or income tax returns?
Can credit card companies that take you to civil court garnish your wages or income tax return if you lose in the lawsuit
How can an IRA be established?
An IRA can be established with credit unions, banks, savings and loan companies, or with brokerage companies. Any person with income may open an IRA.
Can you change your debt to income ratio?
Your debt-to-income ratio is your total monthly debt obligations divided by your total monthly income. Increase your income or lower your debt payments to have a more favorable debt-to-income ratio. How do the credit companies know your income?
What does a cosigner have to to have?
A cosigner must have good credit, a reliable income and the willingness to sign for another individual. Cosigners help primary borrowers build a good credit history, along with on-time payments.
What companies offer a free income tax estimator?
Several companies offer a free income tax estimator. In the USA, the most reliable calculator can be found on the IRS website. In Great Britain, a relevant tool can be found on the HM Revenue & Customs website.
What is PAN issuing authority India?
Income tax department
