topic Re: AMEX ED in Credit Cards

AMEX ED

Skye12329 — Mon, 06 Oct 2014 03:57:49 GMT

So i wasnt intendding on starting another thread but had more questions. Personally im too afraid of getting AMEX only because of the financial review part.

What triggers them?

How would i prove my income? My BF and I share income so i mean his money goes into my bank account but obviously seperate w-2's and i use his income on apps since it is technically available funds to me according to apps.

What are some requirements for this card? Like inq wise and AAOA wise.

Is this card worth it?

Are the points worth it? Personally i dont mind points especially if i can do statement credits or even you know gift cards for christmas ideas.

Maybe i will apply in like June 2015? Just scared of financial reviews

Re: AMEX ED

Anonymous — Mon, 06 Oct 2014 03:57:49 GMT

Nothing to be scared of if you're being honest.

Re: AMEX ED

Anonymous — Mon, 06 Oct 2014 04:03:03 GMT

@Skye12329 wrote:
So i wasnt intendding on starting another thread but had more questions. Personally im too afraid of getting AMEX only because of the financial review part.

What triggers them?

How would i prove my income? My BF and I share income so i mean his money goes into my bank account but obviously seperate w-2's and i use his income on apps since it is technically available funds to me according to apps.

What are some requirements for this card? Like inq wise and AAOA wise.

Is this card worth it?

Are the points worth it? Personally i dont mind points especially if i can do statement credits or even you know gift cards for christmas ideas.

Maybe i will apply in like June 2015? Just scared of financial reviews

If you aren't doing suspicious transactions you shouldn't be worried.

Also, being able to actually prove stated income helps.

Re: AMEX ED

jsucool76 — Mon, 06 Oct 2014 04:04:01 GMT

MR points are not meant for statement credits or gift cards. You'd be ripping yourself off with a value of something like $0.05 per point. The real value comes when you transfer them to partners.

Re: AMEX ED

js0319 — Mon, 06 Oct 2014 04:04:19 GMT

If you were married, filed jointly, and lived in a community property state - I would say you're fine. However, if any of those do not apply to your situation I would suggest that you not include his income, regardless of how accessible it is.

Re: AMEX ED

Anonymous — Mon, 06 Oct 2014 04:05:54 GMT

I just got this card.

I'm a current amex customer and got my first two cards from them about a year and a half ago. I initially got the Green charge card and Delta Gold Credit card, as it was my understanding they were the easiest to get, I had a limited credit history and was approved for both with a $1000 limit on the Delta Gold.

I called amex and inquired about product changing my delta to the everyday, I was unable to product change but was approved for $8k. I have lower scores now(680-705) than when I tried for a 61 day CLI (720-740), goes to show score is only one factor in Amex's decision making.

If you are going to use the MR points for statement credits and gift cards it may not be the best choice for you. The best use of MR points to to transfer them into airline miles, many times you can transfer them at a premium.

Re: AMEX ED

red259 — Mon, 06 Oct 2014 04:06:57 GMT

@Skye12329 wrote:
So i wasnt intendding on starting another thread but had more questions. Personally im too afraid of getting AMEX only because of the financial review part.

What triggers them?

How would i prove my income? My BF and I share income so i mean his money goes into my bank account but obviously seperate w-2's and i use his income on apps since it is technically available funds to me according to apps.

What are some requirements for this card? Like inq wise and AAOA wise.

Is this card worth it?

Are the points worth it? Personally i dont mind points especially if i can do statement credits or even you know gift cards for christmas ideas.

Maybe i will apply in like June 2015? Just scared of financial reviews

Its simple. Just don't lie on your application. Then you have nothing to fear. The paranoia on these boards about FRs is just absurd. If you tell the truth and they FR you then they will want to see your tax returns from IRS. The card is great for people who want to redeem the points for travel rewards (transfer of points to airlines etc). If you want to redeem for cash back or gift cards then there are many better options and you should forget about this card and probably look at non-amex cash back cards for a better value.

Re: AMEX ED

FinStar — Mon, 06 Oct 2014 04:11:57 GMT

@red259 wrote:
@Skye12329 wrote:
So i wasnt intendding on starting another thread but had more questions. Personally im too afraid of getting AMEX only because of the financial review part.

What triggers them?

How would i prove my income? My BF and I share income so i mean his money goes into my bank account but obviously seperate w-2's and i use his income on apps since it is technically available funds to me according to apps.

What are some requirements for this card? Like inq wise and AAOA wise.

Is this card worth it?

Are the points worth it? Personally i dont mind points especially if i can do statement credits or even you know gift cards for christmas ideas.

Maybe i will apply in like June 2015? Just scared of financial reviews
Its simple. Just don't lie on your application. Then you have nothing to fear. The paranoia on these boards about FRs is just absurd. If you tell the truth and they FR you then they will want to see your tax returns from IRS. The card is great for people who want to redeem the points for travel rewards (transfer of points to airlines etc). If you want to redeem for cash back or gift cards then there are many better options and you should forget about this card and probably look at non-amex cash back cards for a better value.

Exactly.

Re: AMEX ED

Skye12329 — Mon, 06 Oct 2014 04:36:31 GMT

Well i have nothing to hide usually when i do a app i ask the lender first do i include his income and since they all say yes since its accessible i do. As for the Airlines transfer points, i guess this card would not be for me then. Thanks everyone.

Re: AMEX ED

takeshi74 — Mon, 06 Oct 2014 13:44:57 GMT

@Skye12329 wrote:
Personally im too afraid of getting AMEX only because of the financial review part.

The FR fear is overblown. If you don't engage in suspicious activity and inflate your numbers on your application then you generally have nothing to worry about. AmEx doesn't just randomly FR.

@Skye12329 wrote:
How would i prove my income?

AmEx uses the 4506-T for income verfifcation so whatever's on your tax return is your proof. Keep in mind that AmEx does not accept 4506-T's for the year just filed until about August or September. I.e. they just recently started to accept 4506-T's that include 2013 returns. Earlier this year they were only accepting 4506-T that incldued up to 2012 returns.

@Skye12329 wrote:
Is this card worth it?

Are the points worth it?

As I indicated in your other thread worth is always highly subjective regardless of topic. You determine if it's worth it to you. We can't tell you. Your needs/wants, preferences. spend etc all factor into the decision. You need to review the features and benefits of the card and see if they are suited to you. You need to look at your spend and compare that to the rewards earn rates as well as redemptions to see if its worth it to you. In my case I have no use for MR points so any MR card is a nonstarter for me. You may not be in the same situation so you can't just rely on polling others to determine worth.

If you want use to chime in then you need to provide a lot more information about what you're looking for instead of selecting a card and just trying to see if it fits. Start with what you're looking for and then use that to find the cards that suit you. If you've done some of this already then share with us why you're considering the ED instead of other cards. The more information you give us the better the feedback you'll get.

@Skye12329 wrote:
Personally i dont mind points especially if i can do statement credits

Sounds like you need to review MR redemptions. IIRC MR is like UR in that statement credits are generally the worst value per point. If you want statement credits you should generally be looking at cash back cards. Again, let your needs/wants guide you to cards versus going about it backwards and just selecting a card and trying to justify it.

@Skye12329 wrote:
Maybe i will apply in like June 2015? Just scared of financial reviews

How would June 2015 make you less likely to be FR'ed -- especially if you don't understand what triggers them? Again, the general fear is overblown. If you fear AmEx FR's then you should also fear reviews by other creditors. AmEx isn't the only creditor that performs reviews, freezes accounts, closes accounts, etc.

I think part of the problem is also that people seem to confuse income verifictions and FR's given that many seem to use the terms interchangeably. They're very different processes (even though both involve the 4506-T) and the income verifications are really no big deal.

Re: AMEX ED

tjones9234 — Tue, 07 Oct 2014 01:11:12 GMT

Op,

I disagree with some of the above sentiment, per the revisons of the card act in 2013...If you have reasonalbe access to income it may be used as a basis for repayment..Joint bank account is more then reasonable, you have just as much legal right to the money in that account as your BF.. The card act was ammended eexactly for situations like this, and for stay at home partents and domestic partners..I think if you get a FR from amex they neeed to be ready to review not only your tax return but bank account statements as well, they ask to include ALL income on applications

Re: AMEX ED

tjones9234 — Tue, 07 Oct 2014 01:13:05 GMT

IMO be honest and "smart"...Include ALL of the available income..dont short change yourself, read the legal document as well ....can be found in pdf form on the web

Re: AMEX ED

09Lexie — Tue, 07 Oct 2014 02:31:37 GMT

@tjones9234 wrote:
Op,
I disagree with some of the above sentiment, per the revisons of the card act in 2013...If you have reasonalbe access to income it may be used as a basis for repayment..Joint bank account is more then reasonable, you have just as much legal right to the money in that account as your BF.. The card act was ammended eexactly for situations like this, and for stay at home partents and domestic partners..I think if you get a FR from amex they neeed to be ready to review not only your tax return but bank account statements as well, they ask to include ALL income on applications

Amex does not request bank statements* or paystubs with a FR. They review tax transcripts via form 4506-t; if they do not file together the best advice is to not cause a FR, dont use BF's income or apply with another creditor.

* In rare cases, they have been known to accept additional documents i.e recent graduate

Re: AMEX ED

tjones9234 — Tue, 07 Oct 2014 03:45:29 GMT

Well the amex fr review policy has a serious flaw imo.. The application clearly states to "include all income available to you" ... Based on their wording not mine, they need to seriously upgrade the FR process ... If Amex will only consider your tax return, then the application wording should state to include only "your" income that you can verify with an irs tax return.. The wording is vague and non my ficoers would have no clue what to do