Reply
Established Member
Posts: 46
Registered: ‎01-08-2013
0

How much weight does Amex put on Income

I was recently approved for an Amex Delta Gold with an $8,000 limit. Prior to applying I had one line of credit (I am 31), a $300 capital one card opened this past October. I applied because I read that it was an easier card to get and because I fly delta. I was shocked when I got the 7-10 day message. They asked that I send in either tax returns or Pay Stubs. I sent in pay stubs and was shocked when they approved the card. I was certain with my limited history I would get a $1K or $2K limit. My jaw hit the floor when they came back with an $8K limit and the rep told me to be sure to apply for an increase in 61 days.

 

Feeling lucky, I applied for a Discover card and was approved for $1,250, I then applied for a Citi Forward card and was approved for $2,000.

 

I make pretty good money, $165,000 last year.

 

Do Amex and these other providers put THAT much weight on income that they are willing to "take a chance" on someone with verified high income? My wife believes it was the combination of that and the fact that I am 31 and have accumulated $0 debt in my life...But even still, from everything I have read, this just doesn't make sense.

 

Thoughts?

Amex Delta Gold $8,000 - Discover IT $1,250 - Citi Foward $2,000 - Capital One $300 - Banana Republic $300 - Walmart $300
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: How much weight does Amex put on Income

Amex stand out to be  pretty smart to start u with a flat $8k credit line.

No debt no baddie 31 years old. (FR) Income Submit.

$165.000 Income

Amex  sure know damn well what they doing......


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
0

Re: How much weight does Amex put on Income


LostTime wrote:

I was recently approved for an Amex Delta Gold with an $8,000 limit. Prior to applying I had one line of credit (I am 31), a $300 capital one card opened this past October. I applied because I read that it was an easier card to get and because I fly delta. I was shocked when I got the 7-10 day message. They asked that I send in either tax returns or Pay Stubs. I sent in pay stubs and was shocked when they approved the card. I was certain with my limited history I would get a $1K or $2K limit. My jaw hit the floor when they came back with an $8K limit and the rep told me to be sure to apply for an increase in 61 days.

 

Feeling lucky, I applied for a Discover card and was approved for $1,250, I then applied for a Citi Forward card and was approved for $2,000.

 

I make pretty good money, $165,000 last year.

 

Do Amex and these other providers put THAT much weight on income that they are willing to "take a chance" on someone with verified high income? My wife believes it was the combination of that and the fact that I am 31 and have accumulated $0 debt in my life...But even still, from everything I have read, this just doesn't make sense.

 

Thoughts?


They didn't really take a chance.  Sounds like you had a fairly (or very thin file) but that's sort of information in itself, you hadn't gone wild with debt in the past.  Presumably your application stated your income approximately correctly.  In those circumstances (good income, but short credit history) they wanted to verify your income.  Once that was done, the 8K limit (rising in 61 days) is certainly reasonable.

 

If you had a longer credit history, they would have skipped income verification.

 

So the answer I guess is: a lot of weight if the credit history isn't there!

Moderator Emeritus
Posts: 11,035
Registered: ‎12-30-2011
0

Re: How much weight does Amex put on Income

I suspect Amex is a little more generous (or perhaps a lot more generous) with whatever they feel is above average income.  Also income factors heavily into any lender's CL offering as well.

 

I'm almost absolutely certain by my own personal experience that there is a sliding scale as far as Amex underwriting goes, and income factors somewhat to heavily in that equation.  Waiting to see what my own offered limit is on what I listed as my annual income (125K, I always understate) on one of their blue cash revolvers which realistically I thought I had absolutely zero shot at given my own credit history.

 

On the other hand since I figured there's no sense making one application without making a second on a different report, I also picked up a USAA mastercard, 2K limit.  USAA is traditionally a little more generous with full members anecdotally (and I've had a secured loan with them for a year now) but in this case they matched the middle tradeline I have currently in terms of limit, so if Amex comes back and beats that, I think it's a non-trivial suggestion as to Amex's factoring income albeit I do have nearly four months history on my Zync that they could look at as well.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


Take the myFICO Fitness Challenge
New Contributor
Posts: 104
Registered: ‎12-12-2012
0

Re: How much weight does Amex put on Income

Man, you people are loaded, $100k+.
Established Contributor
Posts: 646
Registered: ‎12-21-2012
0

Re: How much weight does Amex put on Income

I don't think Amex cares that much about income. About $25k here, self-employed (business is growing though). $15,600 limit on Amex... vs $1500 on Discover.

American Express Costco TrueEarnings - $8,300; American Express Blue Cash Everyday - $5,000; American Express Delta Gold - $7,300; Bank of America Travel Rewards - $5,000; Barclaycard Arrival+ - $5,000; Citi Forward - $5,800; Chase British Airways - $14,500; Discover It - $4,500; HSBC Platinum with Rewards - $5,000
Valued Contributor
Posts: 1,985
Registered: ‎01-24-2012
0

Re: How much weight does Amex put on Income


nyancat wrote:

I don't think Amex cares that much about income. About $25k here, self-employed (business is growing though). $15,600 limit on Amex... vs $1500 on Discover.


I put down 35000 and received a 10000 limit.

Senior Contributor
Posts: 3,067
Registered: ‎11-02-2009
0

Re: How much weight does Amex put on Income

As stated above, it appears to be sliding scale.  Based on threads I've seen, people with solid credit profiles, modest/reasonable income, still get good initial limits, often matching or near their other high limits.  Those reporting higher incomes can get high initial limits even if they have a few more issues in their credit past.


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
Established Member
Posts: 46
Registered: ‎01-08-2013
0

Re: How much weight does Amex put on Income

[ Edited ]

navigatethis12 wrote:

nyancat wrote:

I don't think Amex cares that much about income. About $25k here, self-employed (business is growing though). $15,600 limit on Amex... vs $1500 on Discover.


I put down 35000 and received a 10000 limit.



I am guessing you have a great history.

Amex Delta Gold $8,000 - Discover IT $1,250 - Citi Foward $2,000 - Capital One $300 - Banana Republic $300 - Walmart $300
Established Contributor
Posts: 646
Registered: ‎12-21-2012
0

Re: How much weight does Amex put on Income

For me I suspect AmEx just decided to match the $15,600 limit of my parents Wells Fargo card that I'm still an AU on. 

American Express Costco TrueEarnings - $8,300; American Express Blue Cash Everyday - $5,000; American Express Delta Gold - $7,300; Bank of America Travel Rewards - $5,000; Barclaycard Arrival+ - $5,000; Citi Forward - $5,800; Chase British Airways - $14,500; Discover It - $4,500; HSBC Platinum with Rewards - $5,000
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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

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.