Reply
Contributor
Posts: 252
Registered: ‎01-21-2013
0

American Express scenario.

So on my app I put 56k as my income,I make 50k but my old mother who still worries about me put 500$ in my account each month,which is 6k a year.if I were to get FRed you guys think I would be ok?seeing that on my tax it shows 51k before taxes.the reason I ask is because as you guys know I opened a few new accounts with other lenders not including the 2 new Amex accounts and I keep seeing all these FR Threads and it is actually starting to finally get to me just because I don't want to lose Amex.
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: American Express scenario.


mojobones89 wrote:
So on my app I put 56k as my income,I make 50k but my old mother who still worries about me put 500$ in my account each month,which is 6k a year.if I were to get FRed you guys think I would be ok?seeing that on my tax it shows 51k before taxes.the reason I ask is because as you guys know I opened a few new accounts with other lenders not including the 2 new Amex accounts and I keep seeing all these FR Threads and it is actually starting to finally get to me just because I don't want to lose Amex.

if they ask u for your tax documents only, then no it won't work.

you could put 50k as your income, and 6k as supplementary income, if there's such an option.

otherwise, if you ever get FR'ed, just show them the deposit as well along with your tax documents. That's the best and only thing you can do anyways. I dont think you will get into trouble for such a small discreptancy. 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
Posts: 1,424
Registered: ‎08-30-2011
0

Re: American Express scenario.


mojobones89 wrote:
So on my app I put 56k as my income,I make 50k but my old mother who still worries about me put 500$ in my account each month,which is 6k a year.if I were to get FRed you guys think I would be ok?seeing that on my tax it shows 51k before taxes.the reason I ask is because as you guys know I opened a few new accounts with other lenders not including the 2 new Amex accounts and I keep seeing all these FR Threads and it is actually starting to finally get to me just because I don't want to lose Amex.

Too much attention is given to the myth of widespread AMEX FRs.  There's FRs and then there are income verifications.  The former is much rarer than the latter.  Don't let all the spooky FR threads get the better of you!

 

IF you should be requested by AMEX to verify your income, tell them exactly what you've said here.  A gift from your mother can be counted as income if you can document it and you should be able to do that with proofs of deposit. 

 

Enjoy your AMEX cards and use them responsibly.  Been an AMEX member off/on since 1976, never had even an inkling of FR issues with AMEX, even in my young and foolish days.  Does this mean it doesn't happen?  Of course not!  It's simply not as common as folks on forums are lead to believe. 

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 818 EQ = 822 TU = 830 - 01/2015
Contributor
Posts: 252
Registered: ‎01-21-2013
0

Re: American Express scenario.

Wait what is the difference from a FR and income Verification ?thank u by the way,it's just I wish I can enjoy my prg and spend more than I do but am afraid to request a spending ability even though I have yet to get. Declined for 2k balance purchases but I feel like I may be pushing it?
Valued Contributor
Posts: 1,424
Registered: ‎08-30-2011
0

Re: American Express scenario.

[ Edited ]

mojobones89 wrote:
Wait what is the difference from a FR and income Verification ?thank u by the way,it's just I wish I can enjoy my prg and spend more than I do but am afraid to request a spending ability even though I have yet to get. Declined for 2k balance purchases but I feel like I may be pushing it?

Income verification could be something as simple as just providing copies of 3-4 current paystubs, so the issuer has an indication of your income. FR would become far more detailed, with a request for tax records and forms to be filled out. 

 

EDIT:  For example, when I applied for the IberiaBank Select card, I was completely prepared for a FR, since the application indicated that the process would possibly include tax documents.  When I got a conditional approval email, they said they needed copies of paystubs as proof of employment.  When I called in to them, I didn't have to provide either.  But I was prepared for both.  I wanted that IberiaBank card !

 

Either way, it depends on what the process means to you and what you want to accomplish with the card(s) you get. 

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 818 EQ = 822 TU = 830 - 01/2015
Contributor
Posts: 252
Registered: ‎01-21-2013
0

Re: American Express scenario.

Thanks u.makes sense 🌟
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: American Express scenario.

to my limited knowledge:

 

Income verification is when they usually just need to verify your income for a CLI or when you open a new account with them. They just want to make sure you have sufficient income to cover whatever debt they're exposing themselves to you. 

 

FR is when real problems start happening. Rarely anyone gets FR'ed. If you get FR'ed, your biggest concern ought to be your overall financial outlook because it usually has to be quite extreme to do it. For example, owing huge balances across different cards for many months, and/or paying only minimum or close to minimum amounts required repeatedly, or exploiting rewards/AU, the list goes on.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.