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How to Get a Credit Card if You Have a High Income

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How to Get a Credit Card if You Have a High Income

A credit card can be useful in more ways than one. If you have a high income, you may qualify to obtain the best available credit card for your needs, even if you have less-than-perfect credit. Here’s how to get the credit card of your dreams if you have a high income

Pros and Cons of Applying While Employed

Applying for a credit card while employed has its pros and cons. It is possible that you will be denied, but there are also some benefits to doing this. Firstly, it can be good for your credit score because the inquiry will show on your credit report which can help it increase over time.

Another benefit is that you will have access to more potential perks such as bonus points or cash back rewards. On the other hand, applying while employed may result in an increased chance of being denied which could potentially decrease your chances of approval in the future should you decide to apply again in the future. Additionally, you may not qualify for many different rewards programs or bonuses due to your high income level.

For example, some cards offer a sign-up bonus after spending $3,000 in three months and others offer an introductory interest rate. If you’re unable to reach these requirements because of your income level then you won’t be able to reap these benefits. However, there are still ways to earn extra money from credit cards with certain types of rewards programs such as those linked with travel agencies where frequent fliers accumulate miles towards free flights.

When Can I Apply?

You can apply for a credit card as soon as you are 18 years old. Though, it is difficult to get approved for one because of the income requirements, there are still some options available. One option is applying for an unsecured credit card, which does not require any collateral and has low interest rates.

Another option is applying for an unsecured credit card with high limit that requires collateral. With this type of account, you have more freedom than an unsecured card but will be charged higher fees and rates. There are also secured cards, where you put down collateral in order to receive a credit line. If your income falls below $5,000-$10,000 monthly, then these types of accounts may be best suited for you.

Once you earn over this range, you could opt for a lower-interest rate, lower-fee unsecured card or higher fee secured card depending on your needs. For example, someone with an annual income exceeding $50k who wants to keep their spending under control might opt for a lower-interest rate credit card.

On the other hand, someone who’s earned between $100k and $150k per year might opt for either an unsecured credit card or a secured one with a high limit. A person who earns less than that amount would likely benefit, from having no restrictions on their spending habits and should go ahead and apply for whichever type of credit they want!

What’s the Best Time to Reapply?

Who should know when to resume their credit card application depends on the individual’s situation. Here are three basic guidelines:

1) If your credit score is low, apply before applying again in six months. Six months is the amount of time it takes for information about your payment history and utilization rate (the ratio of your balance compared with the limit on your credit card) to update with the three major reporting agencies: Experian, Equifax and TransUnion.

Not only will it give the lender a better shot at seeing you as a reputable borrower, but prompt payments will make you a more reliable applicant.

2) If your credit score is decent, apply every two years. By waiting two years, you’ll have more than one year of positive data on file with all three reporting agencies. 

3) If your credit score is excellent, reapply whenever. It doesn’t matter how long it’s been since you last applied, because your credit score won’t change much during that time.

Ways to Know if you are Approved

If you have a high income, it is not impossible to get approved for a credit card. It is just harder than most people expect. The easiest way to know if you are going to be approved or not is by looking at your credit score, but there are other things that can help you determine whether or not you’re qualified.

-Do you have enough of a credit history? 

-Do you pay your bills on time? 

-Are all of your balances below the limit? 

-What’s the age of your oldest account? 

-How much debt do you carry relative to your income and assets? ____________ -What’s your total available credit? _____________-Are you seeking an unsecured card or one with a low APR? ______________________-Did you recently open any new accounts (within last six months)? __________________________-Have you been denied in the past year? What was the reason given? __________________________________

Which Cards Should I get?

When you have a high income, you may be looking for the best rewards credit card. It’s important to choose the card that will offer the most benefits and perks. That way, you can take full advantage of what is available.One worthy alteranative is the Capital One® Venture® Rewards Credit Card.

The annual fee on this card is $0, making it easier on your wallet when compared with other cards. Plus, this card has no foreign transaction fees and offers 1% miles per dollar spent on every purchase.

And don’t forget about the 50,000-mile sign-up bonus after spending $3,000 in purchases within 3 months of opening your account – that’s enough for an international roundtrip flight! If these features aren’t your style, the American Express Gold Delta SkyMiles Credit Card may be more suitable.

Your first checked bag is free and you receive 25% off Delta flights as well as one mile per dollar spent on eligible Delta flights booked through Amex Travel.

There are plenty of credit cards out there to help you maximize your earnings and savings; just make sure you do some research before applying!

Give Yourself Plenty of Time Between Applications

It’s important to make sure that you have enough time in between when you apply for credit cards and when they report your information.

These aren’t the only kinds of bank accounts you are able to have. You could also have gas company issued or store issued bank accounts and still not exceed the federal inner limit. For some people, this can be an inconvenience. However, it will help improve your overall credit score, which will be beneficial in the long run.

The next thing to remember is how many credit cards you should carry at one time. Generally, a person should not have more than three major credit cards open at any given time.

These aren’t the only types of bank accounts you can have. You can also have gas company issued or store issued bank accounts and still on the inner limit.The final piece of advice: Don’t Apply for Too Many Cards: If you’re considering applying for more than one new account each month, think about what’s happening with your current balances.

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