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Amex now asking about financial assets on some of their apps

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cashnocredit
Valued Contributor

Amex now asking about financial assets on some of their apps

They didn't used to and I always thought it odd they didn't while Cap One (of all banks) did.

 

The online plat and preapproved gold cards now ask with a pick a range from 0 to 500k. The Costco Amex doesn't.

 

Is this a coming thing? Anyone seeing this from other CC vendors?


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 1 of 9
8 REPLIES 8
Walt_K
Senior Contributor

Re: Amex now asking about financial assets on some of their apps

Someone posted about this a while back, but the other fields were not mandatory.  No asterisk next to the field.


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


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Message 2 of 9
SevenNEW
Established Contributor

Re: Amex now asking about financial assets on some of their apps


@Walt_K wrote:

Someone posted about this a while back, but the other fields were not mandatory.  No asterisk next to the field.


If they are non-mandatory, they may be useful for people who want to give a good picture of their situation beyond income...

SevenNEW, Garden Nerd - In the Garden until 2015!
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Message 3 of 9
john398
Senior Contributor

Re: Amex now asking about financial assets on some of their apps


@SevenNEW wrote:

@Walt_K wrote:

Someone posted about this a while back, but the other fields were not mandatory.  No asterisk next to the field.


If they are non-mandatory, they may be useful for people who want to give a good picture of their situation beyond income...


Right, you could have little to no income but still be filthy rich I guess

Message 4 of 9
sandsanta
Contributor

Re: Amex now asking about financial assets on some of their apps

When I was talking with BofA, they specifically asked me this before making a decision this morning.  Not sure how heavily it factors into CL's or decision to extend credit.


Message 5 of 9
SevenNEW
Established Contributor

Re: Amex now asking about financial assets on some of their apps


@john398 wrote:

@SevenNEW wrote:

@Walt_K wrote:

Someone posted about this a while back, but the other fields were not mandatory.  No asterisk next to the field.


If they are non-mandatory, they may be useful for people who want to give a good picture of their situation beyond income...


Right, you could have little to no income but still be filthy rich I guess


Yup! Income is not everything in life...

SevenNEW, Garden Nerd - In the Garden until 2015!
4.2K 10K 24.6K
Message 6 of 9
Anonymous
Not applicable

Re: Amex now asking about financial assets on some of their apps

I really wonder what amount I should put on this field since most of my asset,investment are abroad. I had an investment portfolio under my name in my home country which is not subjected to US tax system. If one day Amex want to FR me, there's not any traces of income/loss from investment showing on my US tax return.

Message 7 of 9
SevenNEW
Established Contributor

Re: Amex now asking about financial assets on some of their apps


@Anonymous wrote:

I really wonder what amount I should put on this field since most of my asset,investment are abroad. I had an investment portfolio under my name in my home country which is not subjected to US tax system. If one day Amex want to FR me, there's not any traces of income/loss from investment showing on my US tax return.


You know? You don't have to declare every income you have to Amex, it's really up to you. I also have assets that I have not declared to them. It's OK to make or possess more than you are telling them -- making less is problematic.

SevenNEW, Garden Nerd - In the Garden until 2015!
4.2K 10K 24.6K
Message 8 of 9
cashnocredit
Valued Contributor

Re: Amex now asking about financial assets on some of their apps

The boxes for liquid financial assets have graduated ranges from 0 to 500k. The last one just says over 500k.

I was heartened by this since I'm retired and have a thin file but own my home outright and have investments. Only 2 CCs opened less than three years ago. I had been using a debit card exclusively for the last 10 years or so before getting a couple secured cards to avoid hassles renting cars/hotel rooms.

 

I pulled the trigger on Amex Plat and was approved. A year ago I was declined for a preselected gold senior card.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 9 of 9
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