cancel
Showing results for 
Search instead for 
Did you mean: 

Amex app grey area

tag
Burned2manybridgesB4
Valued Contributor

Amex app grey area

Smiley TongueAnyone ever include their life insurance policy in the asset line?

Message 1 of 30
29 REPLIES 29
sarkell
Frequent Contributor

Re: Amex app grey area

I wouldn't bc it's only upon death in most cases. It's not something you could liquidify to repay debt that's what assets and that's really what they want to know.
Cards: CSP $5k, Capital One Cash Rewards VS $3100, Discover it $3k Capital One MasterCard $600, Orchard Bank $3k, Barclays Rewards MC $1250 Gapcard $900, BR $300, Neiman Marcus $1k, Macys $1200 Walmart $500
In the garden until I can get a BCP

Starting Score: 534
Current Score: 682 EQ SW 660 TU 636 EX 3/26/13
Goal Score: 720


Take the myFICO Fitness Challenge
Message 2 of 30
Burned2manybridgesB4
Valued Contributor

Re: Amex app grey area

Question on the back of my mind for while. Shot off email to them, as I'd love to know the technical viewpoint from them.
Message 3 of 30
dddewdrop
Valued Contributor

Re: Amex app grey area

    I think it is an asset certainly. I am not an accountant however.

Message 4 of 30
Burned2manybridgesB4
Valued Contributor

Re: Amex app grey area

I shot off the email right before posting this. I'm curious as hell about their answer.

Message 5 of 30
OhioCPA
Frequent Contributor

Re: Amex app grey area

If there is a cash surrender value, I would include that amount and nothing else.

 

When did Amex start asking for assets? This must be recent.

________________________________________________________________________________
Message 6 of 30
Burned2manybridgesB4
Valued Contributor

Re: Amex app grey area

I've seen it since zync...seven months?

Message 7 of 30
dddewdrop
Valued Contributor

Re: Amex app grey area

Yeah that is what I was thinking.

Message 8 of 30
Burned2manybridgesB4
Valued Contributor

Re: Amex app grey area

It's even on the droid app...Don't know...It's normal to me.

Message 9 of 30
Walt_K
Senior Contributor

Re: Amex app grey area

I would think it is definitely an asset if it is a whole life policy with cash value.  I wouldn't think term would be an asset.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Message 10 of 30
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.