AMEX - income change and financial review

[hardworkrebuilding]

My wife and I have been AMEX cardholders for about a year. She has a Gold card (I'm an AU) and I have a BCE.  When we applied all information regarding income was accurate and correct. Since then my wife and I have had our first child and we decided to make her extended leave of absence permanent.  My income is sufficient to meet our needs and maintain our financial responsibilities. Recently I have read about the AMEX financial review. It doesn't really bother me, and I'm OK if that is part of doing business with AMEX. That said while an "FR" on me would be no problem, one on my wife may not make AMEX happy even though the info she gave when she applied was true at that time.  Should I contact AMEX, let them know we have made changes that affect my wife's income, and see if they want to make it a joint account or make me the primary and her the AU as I'm an AMEX cardholder also?

[SwiftTone]

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@hardworkrebuilding wrote:

My wife and I have been AMEX cardholders for about a year. She has a Gold card (I'm an AU) and I have a BCE.  When we applied all information regarding income was accurate and correct. Since then my wife and I have had our first child and we decided to make her extended leave of absence permanent.  My income is sufficient to meet our needs and maintain our financial responsibilities. Recently I have read about the AMEX financial review. It doesn't really bother me, and I'm OK if that is part of doing business with AMEX. That said while an "FR" on me would be no problem, one on my wife may not make AMEX happy even though the info she gave when she applied was true at that time.  Should I contact AMEX, let them know we have made changes that affect my wife's income, and see if they want to make it a joint account or make me the primary and her the AU as I'm an AMEX cardholder also?

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Although some see an FR as frightful, if everything at the time of the application is true then I wouldn't be worried about it. If they do FR, she can provide documents that would have been relavent for when she applied. Worse comes to worse, they may decrease her limit or close the account, but what's to say they won't do that anyways if you call and tell them now.

[bs6054]

My general rule is never contact or give info to issuers unless I really want something from them.    If they do ever do a FR, then you can deal with it then and ask for options. 

Others may of course disagree.

[patsfan1453]

I recently got a promotion and pay raise to about 17k higher than what I said I was making when I applied and I have the 3x coming up soon, would it be a good idea for me to update them? (Sorry to thread jack)

[hardworkrebuilding]

That's basically what my wife said, why bring it up? We pay prior to due date each month. She spends 1k-2k on it each month, and there will be some months with no spending (certain times each year I prefer to run balances which you can't do on Gold).  Some have proposed an AMEX FR is triggered (although I don't believe they know with certainty) by abnormal spending, large single purchases, checking spending availability, etc.  If that is in fact the case, I don't see any reason for concern.  I've just never been an "it's better to ask for forgivness instead of permission" person.  I've worked hard to rebuild  after poor decision making earlier in young adulthood. I want to keep my financial dealings honest and upfront.

[GoldenloveNY]

"If it isn't broken, don't fix it".

Unless AMEX FR you,  I wouldn't do anything. I am sure some may disagree, but I wouldn't contact any company to reveal anything unless they asked me too.

[scenery_guy]

When the time comes for a FR (if it ever does) deal with it honestly. In the mean while live your life and use the tools that they extended to you. One would assume that they know almost everyone's situation changes as the years progress. I bet they hope to learn new information when and if you apply for new products. Perfect opportunity to so a look see. 

As far as concerns over a FR forget about it. I doubt they are triggered over large single purchases (I have done plenty) abnormal spends (all the time for me) and checking spend ability (yep, do that a lot). As long as you are in good standing and pay as required I like the ask for forgiveness route. 

Best of luck and enjoy the new change in your lives!

[bs6054]

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@patsfan1453 wrote:

I recently got a promotion and pay raise to about 17k higher than what I said I was making when I applied and I have the 3x coming up soon, would it be a good idea for me to update them? (Sorry to thread jack)

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So this is an example where you do want something from them.   But I would raise it only when you are ready to ask for 3x.  They ask your annual income, and this time you can provide your new higher income.   If it is important to their decision, they may ask for proof, but presumably that's ok.

[patsfan1453]

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@bs6054 wrote:

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@patsfan1453 wrote:

I recently got a promotion and pay raise to about 17k higher than what I said I was making when I applied and I have the 3x coming up soon, would it be a good idea for me to update them? (Sorry to thread jack)

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So this is an example where you do want something from them.   But I would raise it only when you are ready to ask for 3x.  They ask your annual income, and this time you can provide your new higher income.   If it is important to their decision, they may ask for proof, but presumably that's ok.

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Do they ask for your income when you hit the LUV button online? Or is it better to call?