AMEX Spending Power Question / CLI Related?

[Anonymous]

What's the best way to determine your total assets or net worth?  I'm not really sure what I should be filling in here and don't want to "mess up" and put something in that's not somewhat accurate.  Unlike income which can be verified, I'm not sure how one would ever be able to easily verify someones total assets?

[UncleB]

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@Anonymous wrote:

What's the best way to determine your total assets or net worth?  I'm not really sure what I should be filling in here and don't want to "mess up" and put something in that's not somewhat accurate.  Unlike income which can be verified, I'm not sure how one would ever be able to easily verify someones total assets?

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+1

This is just speculation, but unless you have assets that are just truly exceptional I doubt it makes a difference.  For example, my 'assets' are rather difficult to quantify as well since I like to stack silver bullion, and much like holding stock the prices changes constantly (sometimes wildly) and any number I put would just be a 'snapshop' of that moment, anyway.

I suspect they are purposely vague on this to keep folks from being too 'hung up' on what to put, yet at the same time they still want a general/ball park idea.  FWIW, I've never heard or read of them ever "verifying assets" - only income - so unless you are somebody with a large nest-egg (lottery winnings, inheritance, etc.) I don't see how it could cause a problem either way.

[Anonymous]

To disprove my own theory from earlier in this thread, I just received a 3x CLI from Amex, even though the "check my spending ability" button would only let me spend 2x my limit.

[Anonymous]

Well, at least it is a nice way to prove yourself wrong. 

As for the assets, I guess I was more borderline with my approval yesterday. After the initial screen asking for income, address, etc., the computer thought about it for a minute then came up and asked for my assets.  It specified chekcing, savings, and retirement accounts that you have access to. I guess if you have free and clear property, vehicles, and such you could include them too since they are assets.

Once it thought about that info for another minute I finally got my approval screen.

[Anonymous]

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@Anonymous wrote:

I guess if you have free and clear property, vehicles, and such you could include them too since they are assets.

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I got blasted in another thread by a handful of people when I suggested that perhaps a home that's completely paid off could be considered an asset.  The consensus there was that considering this was completely taboo.  Certainly my point of view doesn't sit with the majority on that front.

Congrats on the approval after the brief wait!