Help with AMEX applicaiton

[pres]

Hello!

Recent credit holder (2 AU cards shown on my credit report currently). 755 FICO 8, 126,000$ available credit (though I understand this is not the same as if it was my own credit). 

I applied for an Amex card through Schwab and they asked me for income verification.

I know if I sign the 4-something IRS document it will only be last years investment dividends shown as income, since my income is provided through my parents as allowance (which if I understand the CARD act I'm allowed to report as income when I'm under 21).

Just wanted to ask if there's any remedy for me to be able to show AMEX this or any solutions?

Thank you!

[FicoMike0]

Welcome to the forum!

I suppose the big question is did you claim more income than you actually had? Second question, did you report all of your income to the irs? If the answer to the second question is no, you have bigger problems than amex.

Btw, none of us here will rat you out.

[SusanJA]

If your only income is allowance, I wouldn't get an Amex Platinum, even if tied to Schwab. I'd get a $0 annual fee cash back card with bonus categories that suit your spending habits. You'd probably save more in the long run, and you can always invest those savings yourself. You can compare cards on sites like WalletHub to find the right fit. Good luck!

[FicoMike0]

@pres didn't mention the plat. I don't see much attraction for the 1.5% Schwab investors card, but it is no af. It also is offering a $300 sub for $1000 spend, not too shabby.

[pres]

13,000. 12,000 from allowance. But I'm not meant to report that as it counts as gift/allowance (as long as it's less than 19,000 per annum).

So basically, they'll just see about 1,000 in dividends, and even less if they pull a prior year.

[pres]

Yes I am not applying for the platinum card. I forgot the name but it is the no AF card.

[JoeRockhead]

I don't think there's an issue with listing the money you regularly receive and have access to.  The issue isn't whether you entered it correctly... it's whether Amex can verify it because what they primarily want is to determine is your ability to repay.   

If Amex is relying primarily on tax return based verification, they're obviously only going to see about $1,000 of income, not $13,000.  I would probably reach out to them and ask if they would consider any alternative documentation such as bank statements to verify the rest of your income.  If so then possibly proceed, if they say no, it's got to be tax filings only... then I'd probably reconsider being it will most likely be a denial.

[pres]

Okay thank you, do you know if they offer that alternative? 

[JoeRockhead]

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@pres wrote:

Okay thank you, do you know if they offer that alternative? 

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They have in the past but there's no standardized policy to do so for every applicant...  its very much a case by case thing.  Your best bet is to call and ask what alternatives, if any, they would accept in your specific case. 

[pres]

Okay thank you so much for your help!