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Does anyone know if it matters to AMEX if you report your total assets? It would seem not, based on their response today. Called in because the website has been broken for 5 days and rejects my submission when I try to update my income and assets. Got bounced around to 4 reps who either said "wrong department" or "not sure what you're talking about" or "we already have that info". I know they didn't ask for assets when I applied, though.
Anyone else having trouble with the website and updating that info? Does it influence CLIs at all?
@Anonymous wrote:Does anyone know if it matters to AMEX if you report your total assets? It would seem not, based on their response today. Called in because the website has been broken for 5 days and rejects my submission when I try to update my income and assets. Got bounced around to 4 reps who either said "wrong department" or "not sure what you're talking about" or "we already have that info". I know they didn't ask for assets when I applied, though.
Anyone else having trouble with the website and updating that info? Does it influence CLIs at all?
I tried to use that feature in early 2015 and it wasn't working then, either.
I'm not sure how much it matters.
I would think income matters many times more than assets, but giving them a number for assets IMO can only help you with respect to possible CLIs. The greater your assets are, the greater the chance is that you'll be able to continue paying your bill should your income stop or some other dramatic event happens that could make it difficult for one to keep up with payments.
Of course, it doesn't mean someone would necessarily use their assets to pay a CC bill... so I don't think that number is all too significant. However, someone with $0 assets vs $10k in assets could be perceived as slightly more risky. How much more risky and/or how much that impacts potential CLIs can be argued; my guess is not all too much.
I did put down my assets. Not sure if it helped or not though. I can say I have a PRG, Platinum and a 40k BCP with no 4506t form to fill out yet.
Amex's website says it can help. If you have sufficient income I am sure it doesn't matter. If you are having troubles, try a different browser. It worked last time I tried to update my income/assets.
if your assets are low like less than $50k it really shouldn't matter but if your assets are 250k and you have a low paying job you may get a card dispite the low income and low credit score. Thinking that you may be able to liquidate your other assets if you need to pay your AMEX bill.
I don't see how it can factor in at all as there is no good way of verifying non-taxable assets. I have several Rembrandts worth $100M+ each, which don't show up on my 4506-T since I haven't sold them yet!
(OK, I don't have several, just two)
It must factor in to some degree or in certain situations, otherwise why would it be asked or why would anyone fill it in?
Even if it only matters 1% in most cases, that's greater than zero.
@longtimelurker wrote:I don't see how it can factor in at all as there is no good way of verifying non-taxable assets. I have several Rembrandts worth $100M+ each, which don't show up on my 4506-T since I haven't sold them yet!
(OK, I don't have several, just two)
Please tell me you're joking or I swear I'm deleting my account as I would have had enough lol