Reply
Contributor
hardworkrebuilding
Posts: 78
Registered: ‎12-09-2012
0

AMEX - income change and financial review

My wife and I have been AMEX cardholders for about a year. She has a Gold card (I'm an AU) and I have a BCE.  When we applied all information regarding income was accurate and correct. Since then my wife and I have had our first child and we decided to make her extended leave of absence permanent.  My income is sufficient to meet our needs and maintain our financial responsibilities. Recently I have read about the AMEX financial review. It doesn't really bother me, and I'm OK if that is part of doing business with AMEX. That said while an "FR" on me would be no problem, one on my wife may not make AMEX happy even though the info she gave when she applied was true at that time.  Should I contact AMEX, let them know we have made changes that affect my wife's income, and see if they want to make it a joint account or make me the primary and her the AU as I'm an AMEX cardholder also?

FICO EQ 737 06/22/13 || FICO TU 753 (Discover pull 1/20/13)
MC: Chase Freedom 6K, Citi AA World 10.9K, Paypal Extras 10K
Visa/ Visa Signature: Slate 22.9K, Marriott Rewards Premier 10K
AMEX: BCE 10K, SPG 22.5K
Discover: IT 6K

Established Contributor
SwiftTone
Posts: 1,024
Registered: ‎02-27-2012
0

Re: AMEX - income change and financial review


hardworkrebuilding wrote:

My wife and I have been AMEX cardholders for about a year. She has a Gold card (I'm an AU) and I have a BCE.  When we applied all information regarding income was accurate and correct. Since then my wife and I have had our first child and we decided to make her extended leave of absence permanent.  My income is sufficient to meet our needs and maintain our financial responsibilities. Recently I have read about the AMEX financial review. It doesn't really bother me, and I'm OK if that is part of doing business with AMEX. That said while an "FR" on me would be no problem, one on my wife may not make AMEX happy even though the info she gave when she applied was true at that time.  Should I contact AMEX, let them know we have made changes that affect my wife's income, and see if they want to make it a joint account or make me the primary and her the AU as I'm an AMEX cardholder also?


Although some see an FR as frightful, if everything at the time of the application is true then I wouldn't be worried about it. If they do FR, she can provide documents that would have been relavent for when she applied. Worse comes to worse, they may decrease her limit or close the account, but what's to say they won't do that anyways if you call and tell them now.

BCE: $0/$11,200, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$5000, Barclays NFL: $0/$7000 Discover: $0/$10,000, Citi Dividend: $0/$3500

EQ FICO - 742
TU FICO - 734
EX FICO(AMEX) - 712
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: AMEX - income change and financial review

 

My general rule is never contact or give info to issuers unless I really want something from them.    If they do ever do a FR, then you can deal with it then and ask for options. 

 

Others may of course disagree.

Regular Contributor
patsfan1453
Posts: 199
Registered: ‎11-04-2012
0

Re: AMEX - income change and financial review

I recently got a promotion and pay raise to about 17k higher than what I said I was making when I applied and I have the 3x coming up soon, would it be a good idea for me to update them? (Sorry to thread jack)

Chase Sapphire Preferred 5k || USAA Wounded Warrior Mastercard 4k || Citi TYP 4.9k|| Citi Forward 4k || Discover It 2k || Chase Freedom 5.5k || Walmart 1k
Total CLs: 26,900
AU BCP
In my wallet: CSP, Freedom
Contributor
hardworkrebuilding
Posts: 78
Registered: ‎12-09-2012
0

Re: AMEX - income change and financial review

That's basically what my wife said, why bring it up? We pay prior to due date each month. She spends 1k-2k on it each month, and there will be some months with no spending (certain times each year I prefer to run balances which you can't do on Gold).  Some have proposed an AMEX FR is triggered (although I don't believe they know with certainty) by abnormal spending, large single purchases, checking spending availability, etc.  If that is in fact the case, I don't see any reason for concern.  I've just never been an "it's better to ask for forgivness instead of permission" person.  I've worked hard to rebuild  after poor decision making earlier in young adulthood. I want to keep my financial dealings honest and upfront.

FICO EQ 737 06/22/13 || FICO TU 753 (Discover pull 1/20/13)
MC: Chase Freedom 6K, Citi AA World 10.9K, Paypal Extras 10K
Visa/ Visa Signature: Slate 22.9K, Marriott Rewards Premier 10K
AMEX: BCE 10K, SPG 22.5K
Discover: IT 6K

Regular Contributor
GoldenloveNY
Posts: 243
Registered: ‎02-29-2012
0

Re: AMEX - income change and financial review

"If it isn't broken, don't fix it".

 

Unless AMEX FR you,  I wouldn't do anything. I am sure some may disagree, but I wouldn't contact any company to reveal anything unless they asked me too.

 

 

Zync from American Express- NPSL
Amex BCE- $1,000
Discover IT- $1,500
Bank of America 1-2-3 Rewards-$1,000
Chase Freedom- $500
Capital One- $500
Established Contributor
scenery_guy
Posts: 953
Registered: ‎07-24-2012
0

Re: AMEX - income change and financial review

When the time comes for a FR (if it ever does) deal with it honestly. In the mean while live your life and use the tools that they extended to you. One would assume that they know almost everyone's situation changes as the years progress. I bet they hope to learn new information when and if you apply for new products. Perfect opportunity to so a look see. 

As far as concerns over a FR forget about it. I doubt they are triggered over large single purchases (I have done plenty) abnormal spends (all the time for me) and checking spend ability (yep, do that a lot). As long as you are in good standing and pay as required I like the ask for forgiveness route. 

Best of luck and enjoy the new change in your lives!

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: AMEX - income change and financial review


patsfan1453 wrote:

I recently got a promotion and pay raise to about 17k higher than what I said I was making when I applied and I have the 3x coming up soon, would it be a good idea for me to update them? (Sorry to thread jack)


So this is an example where you do want something from them.   But I would raise it only when you are ready to ask for 3x.  They ask your annual income, and this time you can provide your new higher income.   If it is important to their decision, they may ask for proof, but presumably that's ok.

Regular Contributor
patsfan1453
Posts: 199
Registered: ‎11-04-2012
0

Re: AMEX - income change and financial review


bs6054 wrote:

patsfan1453 wrote:

I recently got a promotion and pay raise to about 17k higher than what I said I was making when I applied and I have the 3x coming up soon, would it be a good idea for me to update them? (Sorry to thread jack)


So this is an example where you do want something from them.   But I would raise it only when you are ready to ask for 3x.  They ask your annual income, and this time you can provide your new higher income.   If it is important to their decision, they may ask for proof, but presumably that's ok.


Do they ask for your income when you hit the LUV button online? Or is it better to call?

Chase Sapphire Preferred 5k || USAA Wounded Warrior Mastercard 4k || Citi TYP 4.9k|| Citi Forward 4k || Discover It 2k || Chase Freedom 5.5k || Walmart 1k
Total CLs: 26,900
AU BCP
In my wallet: CSP, Freedom

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+