How to Accept Credit Cards Without Revealing Your Financial Info

Obtaining credit without corroborating income is simple.

Credit cards are consumer loans usually structured as revolving accounts. Nearly all lenders require their borrowers to provide some evidence of income. This helps lenders calculate a debt-to-income ratio (DIR)--a calculation that reveals a borrowers ability to repay the loan. Credit card lenders, however, usually do not require borrowers to corroborate this information with documents.

Things You'll Need

• W2 and paystub

Instructions

1. Pull a current copy of your credit report by visiting www.AnnualCreditReport.com to obtain a free copy. You should also pay for a copy of your FICO score--a three-digit number between 300 and 850. This will help guide you as you seek financing. Excellent scores are above 720 and poor scores are below 600.

2. Look for credit card lenders using your FICO score as a guide. With an excellent FICO, you should limit your search to larger banks, like Bank of America and Chase, but if you've had credit problems, you'll need to reach out to finance companies, too--like First Premier Bank.

3. Review the terms and conditions on each potential application. In addition to reviewing rates and fees, pay close attention to the information required to complete the application. Call any potential lenders if the legal terms are confusing.

4. Apply for all potential credit cards. This can normally be completed online at the respective company websites. Remember that you'll need to provide an annual income, but you will not need to send pay stubs or your W2 to corroborate this information.

5. Add all of your income together to get an accurate figure. This includes any under-the-table income, side work and undocumented work. Again, proof will not be required, but you'll need a complete picture of your income to complete the application.

6. Wait for a credit decision. You may need to wait a week or more, or you may receive an immediate decision. If a lender requests documentation, stop dealing with that company. Only accept a credit card if you're approved without conditions.

References

• No Document Loans
• MSN: Under 21? No Credit Card for You