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Using your assets

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#1 SuPrince



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Posted 05 August 2008 - 12:35 AM

I've read about quite a few incidences where people claim to have used their assets (rather than their income) to get approval for new lines of credit or credit limit increases. For instance, sending in brokerage statements when a financial institution wanted to review pay stubs or tax returns. Or making a deposit in a savings or checking acct and then getting almost instant approval for credit with that bank.

I'm interested in similar experiences, since it might be easier for me to prove assets rather than income. Which banks have you tried this with and what were the results? From what I've been reading, some of them will consider your deposits with them, some will even consider your deposits with other financial institutions, and others won't care about your assets at all.

#2 TomMarc



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Posted 05 August 2008 - 03:30 AM

Well my wife stayed home with the kids till they both started school then she went back to work. She didn't have any credit cuz most of our stuff was in my name for years, but she wanted a CC and we ended up taking a chunk from our savings and put it in a BoA account in her name, then they approved her for a card. I can't remember the limit she started with it wasn't too much, maybe 2k. Not sure if they do that alot or if they still do that, it was quite a while ago now.