Author Topic: Travel hacking post-FIRE  (Read 1345 times)

Dusty Dog Ranch

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Travel hacking post-FIRE
« on: August 26, 2018, 10:55:22 PM »
DH had a good question today:

When you are FIRED and withdrawing, say $40K a year from the stash for expenses, does that make it harder to get the credit cards with the good bonuses, like the Chase Sapphire, etc.? Do they only want to approve folks with higher incomes?

Anyone have experience with this? Thanks!

lhamo

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Re: Travel hacking post-FIRE
« Reply #1 on: August 27, 2018, 01:29:34 AM »
We have not had any trouble getting approved for any ccs we have applied for post FIRE

hodedofome

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Re: Travel hacking post-FIRE
« Reply #2 on: August 29, 2018, 12:20:36 PM »
They always ask for income, but then never ask for verification. Always wondered if it mattered to fib on that question or not.

They probably care more about credit score and, as far as Chase goes, how many of their cards you've signed up for the past 24 months.

Woodshark

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Re: Travel hacking post-FIRE
« Reply #3 on: August 29, 2018, 04:08:48 PM »
What's been said is true. We are retired and on the application I put down what our annual spending (ie-income) "could" be if I withdrew the normal 4-5% of investments. They never as for verification but they do look at your credit score carefully.

secondcor521

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Re: Travel hacking post-FIRE
« Reply #4 on: August 29, 2018, 04:37:41 PM »
In addition, broadly speaking, they will tend to approve you based on credit score and set your credit limit based on your stated income.  If you get a card like the Chase Sapphire and have a $10K limit or whatever, you should still be able to travel hack the bonus; you may just want to make sure that you don't let the card close with over a $5K balance (credit scores drop if you have any one CL at >50% utilization).  Other than that, a moderately-sized limit shouldn't prevent you from travel hacking.  It hasn't stopped me, anyway.

StetsTerhune

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Re: Travel hacking post-FIRE
« Reply #5 on: September 02, 2018, 08:12:10 AM »
My impression has been that the income is definitely used to determine the amount of credit they're willing to issue you, but not necessarily whether to approve you. "Income" is fairly ambiguous for me, and I choose to use a much higher number than, say, the IRS definition. I do try to be consistent about what I say though. Chase now asks me as a final step if I'm sure there isn't more income I want to claim. I say no, and it doesn't auto approve. It always comes through a few days later, after they've lowered the credit limit on another card to give to the new card.