When applying for credit cards (just got approved for an Amex Hilton Honors, yay) I've noticed that there is an 'optional' question regarding your assets. I usually just skip this, thinking that it's for general approval purposes. But it occurred to me that it might affect other variables, like your SL or APR. Does anyone have any hard DPs on how Amex uses your assets to determine creditworthiness and other vital characteristics of your card?
I don't have any personal experience, but I don't think that assets would be used to determine creditworthiness; only for repayment purposes (unless maybe you have substantial assets; as in, seven or eight figures+). It may possibly influence SL a bit, but not APR or whether you're approved in the first place.
I have been thinking about this more and more over the past 2 years. Anytime that I have applied over the phone the CSR has asked about other assets. I returned their question with why and received no feedback that really stood out to me as of yet. I would love to read DPs or hear from more experienced members about topic!
Maybe someone (near) rich and or famous could enlighten us just a bit 🤞
Honestly, since I do not understand the use of such information when appong, I never felt comfortable disclosing any. One CSR said I could tell them how much I have in my bank account... uh, why exactly and how exactly do the consider than if they are not asking for bank statements?
I spoke with an amex underwriter a few months back and asked about it. He stated to choose whichever option would include all options to be able to pay back my debt, so bank accounts, investment accounts, etc. I said they were fairly big windows and I would barely fit into one of them and he said it was fine, because they would base their decision off the low end of the window. I asked what if I was at the high end and he said they could do a financial review to show I was in the high end of the window.
