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Super Contributor
CS800
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Registered: ‎04-07-2008
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Re: JP Morgan palladium requirements?

Bibro:

 

The underwriting still goes to a private department overlooking the Palladium. Do they need to request for proof of assset etc?




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bribro
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Re: JP Morgan palladium requirements?


CS800 wrote:

Bibro:

 

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:

 

  • Gross Annual Income
  • Business Income
  • Net Worth (Excluding Primary Residence)
  • Investable Assets
  • Depository/Investment Relationship Information (checking, savings, brokerage, etc.)
  • Comments

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.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
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csol47
Posts: 253
Registered: ‎06-10-2011
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Re: JP Morgan palladium requirements?

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.


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bribro
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Re: JP Morgan palladium requirements?


csol47 wrote:

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.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
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csol47
Posts: 253
Registered: ‎06-10-2011
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Re: JP Morgan palladium requirements?

[ Edited ]

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?


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sjt
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Registered: ‎05-05-2010
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Re: JP Morgan palladium requirements?


cashnocredit wrote:

mum4519 wrote:
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.

 

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CS800
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Re: JP Morgan palladium requirements?

Bibro do you know the diferences between the AMEX priority pass and the JP Lounge pass?




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csol47
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Re: JP Morgan palladium requirements?

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.

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CS800
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Re: JP Morgan palladium requirements?


csol47 wrote:
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.




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csol47
Posts: 253
Registered: ‎06-10-2011
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Re: JP Morgan palladium requirements?

That's your best bet, or apparently with the PD you can call the concierge. Unless you're flying first or have status with united iirc those are the only ways to get access. Or buy a standard priority pass (per visit or unlimited $99-$399).

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