08-06-2012 01:16 PM
The underwriting still goes to a private department overlooking the Palladium. Do they need to request for proof of assset etc?
There is no separate underwriting department for the Palladium card. They might say it's a "private department" but it's the same people who underwrite the JPM Select card, etc. They use a separate fax line as a filter of sorts.
The way it usually works is that the CPC/PB/JPMS advisor attaches what's called a "Special Consideration Form." On that SCF the advisor has the following fields he may choose to fill in:
As I understand it from the underwriters I've spoken to, all the credit decisions for the Palladium card primarily come down to your credit score and income (like any other card). Everything else (net worth, assets, etc.) comes into play during a manual review if you don't get an auto-approval, and this process is very subjective. It is often the role of the advisor to "recon" with card services in order to get an approval.The advisor even has the option to personally put his ass on the line and set aside funds from his/her business unit to backstop any possible CC default of the applicant. This comes into play with clients or prospects who are new to the country, or credit, and don't have much of a file.
08-06-2012 01:48 PM
I currently have the JPMS card. Been mulling over whether it's worth the rigmarole of moving up to Palladium... It would be in exchange for my Amex plat. How has your experience been/is it worth it? The cost differential isn't really a factor if its worthwhile.
08-06-2012 02:02 PM
I currently have the JPMS card. Been mulling over whether it's worth the of moving up to Palladium... It would be in exchange for my Amex plat. How has your experience been/is it worth it? The cost differential isn't really a factor if its worthwhile.
It's obviously a personal decision. IMO, if you travel a lot, value airport lounges, and would utilize the concierge, it's worth it. Strictly from a points earning perspective, the Palladium card isn't very good though.
08-06-2012 02:13 PM - edited 08-06-2012 02:13 PM
This is true, though neither is the platinum.. I'm planning a lot of intl travel and the idea of being able to pretty much lock up my other cards (no cash adv fees etc) while I'm out for the day is enticing. I have also heard that the concierge is more responsive. I've had some very hit and miss experience with amex... I've almost always had to do a lot of legwork myself (eg a surprise restaurant outing for my cousin and her husband in Phoenix)... things that multiple concierge reps told me were impossible I managed just fine with several calls. Do they assign a dedicated concierge that I can email while abroad?
08-06-2012 04:34 PM
Our Wealth Management division requires minimum $1M. Private Bank is $250k. Private banking does get "private" underwriting. Most people think the $250k has to be liquid, but it is everything from deposits, to brokerage, and also includes 10% of mortgage amount.
The WM must have been the thing I was kicked out of. Can't say I've noticed any difference. My current statements are labeled "Private Banking PMA" but I think they have always been labeled that. They did remove the direct ph no to a named local branch officer. Maybe that's what they meant.
What exactly is "private" underwriting and how does that differ from regular underwriting? Not that I need underwriting. Jeez. I'm retired and debt is the last thing I want.
Most bank's private banking division have seperate underwriting departments. The private bank underwriters tend to have more flexibility and look at the whole relationship of the client when reviewing a loan application. So if the client has sizable net worth and investable assets held at the bank yet has a low FICO score, they can offset the client's low FICO score with the investable assets held when reviewing a loan application.
Chase Private Client actually mentions "expanded credit guidlines" on their website.
08-07-2012 06:45 AM
08-07-2012 06:57 AM
Lounge pass was created after united left priority pass for people with PP issued via financial institutions. Unfortunately lounge club lost more than just united. Inferior product (I have both). Lounge pass comes with my Ink Bold as well. The PD folks have been buying united and Delta memberships for customers outright. And also often match other amex benefits according to the folks on flyertalk. Just my 2c.
I do travel united pretty often. Unless I now apply for the Chase UnitedExplorer card to get the United lounge access.
08-07-2012 07:19 AM
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.