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AMEX income question?! Please help!

New Contributor

AMEX income question?! Please help!

I recently applied and was approved for 2 Amex cards (Gold & BCE)

 

On the app I put down ALL available income, I still live at home so I put down mine and my parents NET income (after taxes and living expenses, technically under reported). I added both my parents as AUs on my Gold card account.

 

A friend of mine who has AMEX cards swore that I misrepresented my income as Amex only wants YOUR personal income.

 

Well to avoid any future issues with FR, I called Amex directly and I explained the exact situation above to the CSR. And asked him what steps I should take to ensure there will not be any issues in the future. The only thing he said to do was, make my payments on time and ASSURED me that it was perfectly acceptable to list my HOUSEHOLD/ including parents income. I asked him to verify again which he did and also told me it was not necessary to update Amex with only my individual income. He said "Sir you have nothing to worry about as we always do our homework here at American Express".

 

So my question is: I opened up a few new other CC accounts this month (to build on available credit), utilization is less than 1% across all my accounts, usally always PIF. However I am now nervous because FR could occur... And given what the CSR told me and what I've read on the threads here, both are VERY conflicting...

 

I need some advice, should I update my Amex profile with only MY INDIVIDUAL income (according to tax statements) now before any FR occurs or leave as is, like the CSR told me to? Accounts are less than 30 days old, balances PIF/0. I love my Amex cards and do not want to jeopardize my relationship with them.

 

Please help!!!

Message 1 of 22
21 REPLIES
Valued Contributor

Re: Amex income question?! Please help!

What does FR mean?
Amex Green| Capital One Quiksilver $21.5K| Marriott Rewards $7K| Spark Cash Select $6K| Citi Platinum Select AAdvantage $6.4K| Citi Double Cash $6K| Chase Freedom $5K| NCSECU $5K| Discover IT $2.9K| Citi Forward $2.9K|
Message 2 of 22
Super Contributor

Re: Amex income question?! Please help!


blue617212 wrote:

I recently applied and was approved for 2 Amex cards (Gold & BCE)

 

On the app I put down ALL available income, I still live at home so I put down mine and my parents NET income (after taxes and living expenses, technically under reported). I added both my parents as AUs on my Gold card account.

 

A friend of mine who has AMEX cards swore that I misrepresented my income as Amex only wants YOUR personal income.

 

Well to avoid any future issues with FR, I called Amex directly and I explained the exact situation above to the CSR. And asked him what steps I should take to ensure there will not be any issues in the future. The only thing he said to do was, make my payments on time and ASSURED me that it was perfectly acceptable to list my HOUSEHOLD/ including parents income. I asked his to verify again which he did and also told me it was not necessary to update Amex with only my individual income. He said "Sir you have nothing to worry about as we always do our homework here at American Express".

 

So my question is: I opened up a few news other CC accounts this month (to build on available credit), utilization is less than 1% all my accounts, usally always PIF. However I am now nervous because FR could occur... And given what the CSR told me and what I've read on the threads here, both are VERY conflicting...

 

I need some advice, should I update Amex with only MY INDIVIDUAL income (according to tax statements) now before any FR occurs or leave as is, like the CSR told me to? Accounts are less than 30 days old, balances PIF/0. I love my Amex cards and do not want to jeopardize my relationship with them.

 

Please help!!!


I would update that to your own personal verifiable by tax document income.

 

AMEX is about the only lender I personally follow that hard rule with. All others get mine and half the wife's income reported.

EX FICO  16 INQ  791
EQ FICO  10 INQ  786
TU FICO  12 INQ  790
Total CL$477,00038 TL
Message 3 of 22
New Contributor

Re: Amex income question?! Please help!

Financial Review from Amex

Message 4 of 22
Super Contributor

Re: Amex income question?! Please help!

Agreed. the way amex words it. its all income availble to you. not just your personal income. so like in my case. Self employed. sure. my take home is a different ball game. but the total income available is much higher than i go home with. and that is also on my tax documents. so i tell them the total.

i will give example. this past year. i earned about 90k.

however i have about 70k in expenses. self employed again. so my take home was only 20k. according to tax forms. Smiley Wink

But on the tax form it also shows the entire 90k that i had available. so. at that rate. i put about 25k on credit cards and paid off. how if my take home was only 20k. because so much more was available to me than i took home. so that is what i tell them.

Any other lenders. i just tell them my take home pay from the previous year.


Message 5 of 22
Community Leader
Super Contributor

Re: AMEX income question?! Please help!

Leave it as it is until Amex comes calling... I know you want to do the right thing but i'd wait until they want to verify and not jump the gun.

Message 6 of 22
Frequent Contributor

Re: AMEX income question?! Please help!

The way Amex asks the question is very confusing. They want to know about all of your income, or so they say.

Truth is though, it is doubtful they used that in the calculation of your credit line, unless you have a very high line.

I believe the question is more about what income do YOU have available to pay the bill when it comes due? If you can spend your parents income, then you can count it. If they prefer you to leave their money alone, then don't count it.

In the meantime, don't sweat it.

Dan
Just trying to get my scores to rise from the dead......

Wait.... I think I just heard a heartbeat!

Message 7 of 22
Frequent Contributor

Re: AMEX income question?! Please help!

Your friend is wrong and you are causing yourself unnecessary worry. I just app'd with AMEX the other day and it clearly says for you to put all income available to you, not just your own. I figure it is set up like that for people that don't work but have someone that takes care of them financially. You filled out the AMEX application according to what they wanted. AMEX asked for all available income and not just yours, you gave them the numbers that they wanted, end of story. I would not advise that you keep tampering with this because if you do you will likely cause yourself problems. I like the motto "if there isn't a problem, don't try to fix it".

Message 8 of 22
Valued Contributor

Re: AMEX income question?! Please help!

Why would you want to open a can of worms?????

 

just pay your bill on time. And NEVER ask for a cli that will cause your credit limit to exceed 25k.

Fico Scores 11/14/16: EX 735,EQ 713,TU 690

Citi Costco$15,000/BBVA Am Ex $7000/Am Ex BCE $24,000/Macy's Am Ex $6000/ Macy's $6800,LL Bean Visa$3400/Citi DP $4100/Citi DC $4400/Bloom AmEx$7000, Bloom $7300,TotalRewardsVisa $2000 Blispay $7500,Cabelas Visa $7000/Discover $1800/ Quicksilver $4300/ J Crew $6600/Dillard's $1600/Barney's $24,000/Care Credit $5000/Stash Visa $6000 JCP $2300 Hyatt Visa $10,000, Deer Valley CU Visa $3000 and$1000 Sync Home $6500, Wells comm$4700, Saks2000
Message 9 of 22
Established Contributor

Re: AMEX income question?! Please help!

All available income, thats fine to include your parents as long as you know they will give you all of their income to help with your bills and give you their tax documents/pay stub information. (if you included their full income)  If not, its not available income because its not available to you.

I dont have an AMEX so dont know how closely they monitor that but yeah if they review, they will can your card probably.  Its mis represented info on an application.

 

Dont change your income to lower than when you got the card, thats no bueno!

 

Like most others say, id leave it as is.  If you didnt report a large income like 80k plus you should be fine.

 

Its all my opinion of course Smiley Happy  I dont have any degrees or certificates in this stuff.



FICO 664 as of 8-20-15
Message 10 of 22