@Anonymous wrote:Hauling . . . I think we're seeing the beginning of a new era in credit (and I've been around for quite a while.) I see every credit card company doing soft pulls monthly or fortnightly by 2015 and not awarding credit limits to customers to hedge their bets. This would allow the banks to reflect the fluctuations in the financial markets (i.e., the cost of their borrowing) as well as the individual spending patterns of their credit card customers. Increasingly sophisticated algorithms would assign risk levels that could fluctuate on a daily basis (i.e. tag someone in the middle of a spending spree.) Certain customers with unspecified risks might need to submit certain documents in advance of an offer of credit. A few banks may drag their feet on this but they would eventually come on board.
Sure, I can see this happening. I just wanted to confirm that many of us have been softed by AmEx from different location names (can't think of a better term for it.)
I still remember posts from when I first joined that said that you were OK if they softed you from Texas or Florida locations (can't remember the towns), but that a soft from Greensboro NC was the kiss of death. I eventually had a soft from Greensboro and nothing happened.
I'm not sure that there's a pattern in the softs that can reliably predict when the axe is going to drop.
I agree that lenders will move toward concentrating their "favors" on those with what they perceive as the safest credit. That way they (banks) can lose money on other foolish loans. 
I think when they talk about "household income" they mean you and your spouse, not you and your parents. But not sure of their definitions.
Starting Score: EQ 737--TU 742
@Anonymous wrote:I notice allot of the companies ask for household income. Now when I live with my parents I included the ENTIRE household income including mind, witch was close to $180,000 yearly... I never once was asked to prove it. If they did, would I be expected to present my parents tax returns also?
I think the only one I have to worry about that would be CapOne (As I lived with them then). On my latest cards, including Amex I reported mid 20's for my income.
It's OK to have used your parents' income. That's a legitimate version of HHI.
But if they ever FR you and want your tax forms, I sure as heck wouldn't ask my folks to supply theirs. 
I've been wondering about this. My boyfriend and I cohabitate, but don't file together. I included both of our incomes on my Zync application, before I had read so much about the AmEx FR - it didn't occur to me that I would ever need anything more than possibly a paystub or two. Now I wish I hadn't included him, because if something happens, I would really hate to ask him for his tax returns. Hopefully I won't ever need to! 
Basically, the thing to keep in mind with HHI is whether the incomes in your household are available to pay a debt.
It could be that members combine incomes. It could be that members keep incomes and banking separate, but sometimes go in together on stuff. It could be that members keep income and expenses separate, but if one gets in a bind, the other will come to the rescue.
You have to know yourself (and be honest with yourself) as to whether you can handle the charges on your card with your income alone, but that if the you-know-what, the other HH members would be willing to cover for you.
This could be parents, spouse, SO, or even roomie.
I'd really hate to spring on anyone else under my roof that I was in financial trouble, and oh by the way, I'm counting on their income to cover my shopping charges. This is probably something that needs to be discussed first. 
Exactly! I actually make a little more than my boyfriend, and my income alone is more than sufficient for all of my needs, but if something DID occur, he'd certainly help me out. When I first reported our total HHI, I included him because we do share funds for household expenses and we live in a rather high-rent area (didn't know if AmEx takes zip codes into account when analyzing income). After I read more about FR, I told him that I had reported his income on my app and that there was a chance they might come a-verifying. He's an AmEx cardholder himself and looked at me like I'm crazy. And told me I might want to take it easy on the MyFico-ing.