Approved For AMEX Clear

[mmduluth]

To start, I would like to say hello to everyone in these boards. I've learned a lot in the few days I've spent reading here. This is my first post but hope to be able to post often. Now for my question. 

I am a freshman in college but started building my credit as soon as I turned 18.  My list of credit cards (in order by date opened) include: 

Capital One Platinum - $1,000 (10/08)

Macy's Store Card - Who knows these days CL (01/09)

Region's Bank Visa Signature - AU 10,000 CL (01/09)

Chase Freedom - 2,000 (12/09)

I recently pulled my EQ FICO Score and was pleased to see that I had a 773. 

Upon seeing this, I decided to apply for another card with rewardds that I could use instead of my Capital One card, but leave the Cap1 open because it's the oldest. I figured I would take a huge chance and apply for the AMEX Clear card and was approved. Here's where my paranoia kicks in. The application asked for annual HOUSEHOLD income so, like on the apps for all my other cards, I used my mom's income since I still live at home. I didn't lie on the applicaiton. I left it blank for employer and where it ask for occupation, I put "student." After I applied, I started reading these boards and it seems like AMEX loves to do FR's these days and I'm wondering what can happen because of this? I don't want them to close the card after I get it and it show up on my report as "closed by creditor."

I should go ahead and say that I don't use any of my cards heavily. I'm not much of a spender. I think the most I have ever had on a card at one time was $270 and that was for a car repair. I also PIF each month. 

Thanks for any advice! 

[aftermath]

On the Amex application, it should have spcifically stated where it asks for ANNUAL HOUSEHOLD INCOME, that if under the age of 21, use your individual income.

I would recommend that you stay under the radar.

1) Never ask for CLI or apply for another Amex for a few years.

2) Don't let big balances post on your other credit cards. (They do a soft inquiry on your credit reports every so often)

3) Do not apply for new cards. (They do a soft inquiry on your credit reports every so often)

Basically, don't do anything that will get their attention.

Any of the 3 above mentioned activities could trigger an FR.

If they do FR you, it's a guaranteed closure of your account since there is no way you can prove your individual income.

Good luck.

[mmduluth]

I actually am 21. I took a few years off before starting school. Like I said, I rarely use my cards anyways and never have balances over $100. I usually use my Freedom card for the cash back rewards.

[Greg34]

I think you should be fine. The first CC I applied for was the AmEx Blue for students and I think I put my household income at like $15K/yr.

Granted they started me off with a $1,000 CL but I've never had any problems with them and 3 years later did a product switch to blue sky and now have a 10K/ limit (i'm no longer a student)

[mmduluth]

Yea I mean hopefully they won't do a FR, but I guess the worst that can happen is they close the account. How bad would this affect my credit score? This was gonna be my last CC for several years, because after this I really don't NEED anymore and I figure it's pointless to get credit you don't need. I guess I didn't need this one either but it's better to get rewarded for using this card as opposed to getting nothing for using the Cap1. 

[Greg34]

I think that in order for American Express to initate a Financial Review you would have to have an extreme drop in Credit Score, spike in utilization,or an onslaught of credit apps in a short period of time.

It seems like that the people who either don't like AmEx or have had bad experiences with them are people that have mishandled their Credit from AmEx or other instituitons. You seem like you are fine in that regard and wouldn't be one to abuse credit.

The longer you are with Amex, the better the benefits get and their Customer Services is quite good.