18 years old approved for $3250 credit line???

[hlacheen]

I am 18 years old and currently have two visa cards, each with a limit of $500 and 19.8% APR. Not very good but all I could get with no job and no credit history.

I get a lot of offers in the mail but usually throw them away because they all have annual fees. However, today I got an offer for an HSBC Platinum MasterCard. No annual fee and unlimited 1% cashback, so I applied online. I have $12k in HSBC esavings, so maybe that's why they sent me a good offer.

Anyway, I applied online. Under home ownership I chose "live w/ parents." It asked for applicants annual salary, and wouldn't let me put 0 (no job only poker) so I put what I've made so far this year in poker (~$10k). It also asked for other annual household income. It said "Only include alimony, child support, spousal income if you wish to have it considered as a basis for repaying this obligation." I figured I might as well include my parents income, which is "other household income" as it might help me get a better credit limit.

I submitted it and after 30 secs it tells me I'm approved for a limit of $3250, and they are sending the card in the mail. This obviously surprised me as the highest limit I could get before was $500. I obviously want a high limit but I don't want to get in trouble for credit fraud or something. Should I not have included my parents income?

[eastbay]

[ QUOTE ]

I submitted it and after 30 secs it tells me I'm approved for a limit of $3250, and they are sending the card in the mail. This obviously surprised me as the highest limit I could get before was $500. I obviously want a high limit but I don't want to get in trouble for credit fraud or something. Should I not have included my parents income?

[/ QUOTE ]

Zero worries, bro. Seriously.

Just use the card very responsibly.

eastbay

[meditate89]

im in my early 20's and have about a 60-70k credit limit spread over 10 cards or so... as long as you pay on time and use credit responsibly, most companies are happy to issue you a card / bump your limit up.

CC companies love to get cards in the hands of the typical 18 year old because he/she will make impulsive purchases and quite possibly end up paying them interest / late fees/ etc. Sure, a few people will default... but most kids have parents who will bail them out. Also many people may be brand loyal towards the first CC they get- the first company that would give them a real chance.

I believe CC companies got even more aggressive with getting out cards a few years back when our bankruptcy laws were altered significantly.

B/C CC companies are so aggressive, you can often pit them against each other to negotiate for: better terms, better rewards, as well as higher credit limits.

[gull]

Many cards let you raise your limits. A higher credit limit is good as long as it's not unlimited. It will help your credit score.

[emon87]

yea there is no chance of being prosecuted for credit fraud for this, lol

[prohornblower]

This is pretty standard. THey throw credit cards at college aged kids like crazy.

And they want you to have a high limit. I think my Visa had a $10K limit by the time I was 22 or so. Now it's like $13,500 which is absurd; the most I put on it in a month is about $2500 (vacations).

[stinkypete]

[ QUOTE ]
This is pretty standard. THey throw credit cards at college aged kids like crazy.

[/ QUOTE ]

yup. i'm up to over $26k now and as far as they know, i have zero income. i can't get approved for a new card but for some reason they keep increasing my credit limits. one of my cards went from $10k to $20k this past year for no apparent reason.

[captZEEbo]

fatwallet.com (among other places) encourages you to list total household income which includes anyone in the house you are living. So if you are living in a college house with 3 other guys, you can include their incomes too.

[prohornblower]

So if Bill Gates is unaware that I've been living on his roof, nestled aside his chimney for the last 2 years, I can list my HH income as billions.

[bluef0x]

Try to get an American Express card... they are pretty liberal with their online credit line increase request feature. I've heard you can go to $24,900 instantly without doing a financial review.