DW just got a $10k cli and left assests section blank (said optional).
Six figure income.
GL!
@Anonymous wrote:
@Anonymous wrote:
@M_Smart007 wrote:
@Save-n-Invest wrote:Last time I checked the online account the update income and assets appeared in smaller font on the page. Today when I logged in the update your income and assets was superimposed over the accont page requiring a close box to get rid of it.
There was some nonsense about better serving me with that info. Balance as of the December close date is higher than usual. I bought a $750 item at Best Buy and used Amex as the extened warranty benefit expires 1/1/2020. That spend udually went to Double Cash in the past.
No other unusual spend on Amex or any other card. I PIF early each month.
Any reason to divulge assets? I realize that Amex can refuse credit if that is now a requirement. I'm ok with that. Providing anet worth statement not so much.
Thanks!
I don't think you have to divulge Assets. If you do, I think if a said person was to default on the account,
I think? , Amex could come after those Assets. ( and I could be corrected on that.)
I don't think they can come after assets, because its unsecured debt, hence ridiculous interest rates on cards. But there could be some odd situation where they can. I think listing assets maybe gives them a warm feeling inside that if something happens to your income, etc., you (or them) won't be in immediate trouble.
They cannot directly go after your assets but if you file for bankruptcy and it comes out that you lied about the assets, the trustee can deny your discharge just like they can if you lied about your income.
Directly no, but a court judgement can and often does turn into a lien if there's a monetary award.
It's somewhat basic from a risk modeling perspective: in my case they know I own a condo, and they can easily lookup the estimated value and compare that to the loan on the credit report... if I default on what, probably the 50K or so unsecured limit I have with Amex across all the cards, they know they can beat it out of me. Similarly if you disclose assets of equities of call it 200k or whatever, same principle applies. Presumably if I'm heading towards a BK that'll show up on my credit report long before I get to that point, but even when I maxxed out my smallish HELOC while unemployed in 2017 nobody blinked and I assume the fact they all know the address, and that I own, factored into that decision.
Anyway rambling aside, disclosing assets probably equals being more likely to get the approval and with a larger limit if you're pushing such things... but in this day and age of easy approvals and generous limit extentions anyway, I don't think it's that relevant.
@Save-n-Invest wrote:Thank you for all the helpful responses. The asset request was the sort o strange one for me. I understand wanting updated income. This year is not closed out yet. The CPA and I exchanged a few emails but we are far from prepared to give precise data. I'll see how it goes wiht Amex.
Thanks again!
Just fudge the number somewhat lower.
I do and nobody is going to complain undervaluing your assets if something goes wrong in the future. Actually I do this with both assets and income.