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New ContributorI feel dumb for asking this question but I got a pre-qual approved offer for Discover it on their site.
I am struggling with how to list my assets. I have never had that question before on a credit app. We literally live paycheck to paycheck (large family - have 6 kids so money goes out as fast as it comes in).
We do have savings and checking accounts but no investment accounts other than 401K. Not sure what to list as assets. Should it just be what we bring in monthly? I feel stupid for asking but am a little intimidated when it comes to applying for new cards. I am rebuilding from a foreclosure on our home 8 years ago and feel like its all new again going through this process.
Unfortunately our savings was depleted these last few months from having to purchase a another car after an accident that totaled our new car we just got 3 months prior :< and then having to spend $3k to make repairs on my car.
Will not listing assets or enough assets affect my approval odds?
would love some guidance on this.
Message 1 of 7You can definitely list your 401K and don’t be intimidated by living paycheck-to-paycheck. I read somewhere that more than 70% of Americans do.
|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
I don't recall Disco asking for assets before.
This is way way we list assets:
Cash on hand & in banks $xx,xxx
Jewelry/personal items xxxxx
Biz interests Backwoods xxxxx
Biz Interests others xxxxx
Brokerage Account xxxxx
Other Assets xxxxxx
Total Assets xxxxxx
Credit card balance xxxxx
Car Loan xxxxxx
Other obligations xxxx
Total Liabilities xxxx
assets minus liabilities xxxxx
Message 3 of 7 New Contributorlet me clarify - it asked for total available assets that i have access to the funds immediately. asked to include checking, savings, investments, non-retirement accounts, etc. It gave me a field to enter a monetary amount.
i never got anything like that before.
again not sure how to answer that in comparison to me inputting total income as well.
Message 4 of 7
They're looking for liquid assets - cash on hand or assets that can be converted to cash with relative ease without losing too much value.
Message 5 of 7
Liquid assets: bank accounts, investments, etc. I didn't like that they asked for that information, actually. AMEX does as well, and I was initially put off. but I disclosed to both of them earlier this year when I opened accounts. I honestly don't think it amounts to a whole hill of beans with either creditor, though. I think they look at your credit history and income and make the determination.
Message 6 of 7 Mega Contributor@heather06 wrote:let me clarify - it asked for total available assets that i have access to the funds immediately. asked to include checking, savings, investments, non-retirement accounts, etc. It gave me a field to enter a monetary amount.
i never got anything like that before.
again not sure how to answer that in comparison to me inputting total income as well.
You do not include your income, you just include what liquid assets you have, if any, in bank and investment type accounts (or under a mattress if that's the case).
Total revolving limits 587500 (521k reporting) FICO 8: EQ 706 TU 714 EX 721
