@Anonymous wrote:
Anyone know the threshold (even hypothetical) that will trigger a FR for the CSP and Capital1. I've heard of a limit for the Amex BCE of $25,000. Wanted to see what the limit is for other cards as well.
Don't conflate FR with income verification. They are two entirely different things. Even with AmEx $25 isn't guaranteed. Some encounter income verifcation at $25 individual/$35K overall, some do not. For more info specifically on AmEx definitely read the 3x CLI Guide.
FR's aren't just about CLI requests. Credit profile, activity, etc are relevant.
@Anonymous wrote:
I was recently on AMEX's website, and hoovered over the luv button with my mouse, but chickened out and cancelled the request for fear of a FR...lol. Thinking about a $15,000 increase....
Would request use a SP or a HP?
You're not going to get an FR from AmEx with a CLI request. However, you might run into income verification. If you don't want to go through with it you can ignore it and abandon the CLI request. You cannot ignore an FR as your accounts will be frozen and if you do not comply they will be closed out.
The SP question and much, much more is covered in the 3x CLI Guide. Definitely read it.
@Gmood1 wrote:
The Amex threshold is bogus. I've learned you just request what you want with Amex. If FR is required, lower the amount and hit the luv button again..until it is an instant approval.
As indicated in the 3X CLI Guide the thresholds are not guarantees. Some run into income verification (not FR) at $25/$35K. Some do not. You cannot assume broad trends based solely on your own experience.
Odds are that if you run into income verification at a certain point that you will hit a ceiling until you deal with the income verification.
@Gmood1 wrote:
Yes thanks for the clarification LTL, I figured he/she meant when they ask for tax forms.
That's a 4506-T. It's used for FR's but not just FR's.
@Anonymous wrote:
I've never requested an Amex CLI before... is it "best" to do it online or over the phone? Does it matter? Would be cool hearing from those that have had experience with both methods as they can vary from creditor to creditor.
Does not matter with any creditor as method of request doesn't change your credit profile or your income.
@Anonymous wrote:
After seeing thread after thread about problems with AMEX shutting cards down, requesting tax forms, doing financial reviews, etc., it makes me question if I should even apply for one when I garden a bit more and watch my credit score grow. I think it's a pretty bad idea to do business with a company that's so paranoid about everything.
You always need to consider your sources. The credit profiles of those being impacted are why they are getting shut down, running into 4506-T's, FR's etc. AmEx and other creditors do not just randomly take such action. Quote often the people posting about these things say there is no reason but there is a reason -- they just don't see it or understand.
You also need to consider the nature of any discussion forum and how it skews the data. Any discussion forum will make issues seem exaggerated. People don't post when everything is going fine. They post when they have problems and when they have questions.
Yes, some creditors and products are more conservative and may have tougher underwriting requirements but that's just half of the equation. An indivual's credit profile is also a very important factor. If one's credit profile presents too much risk then any creditor can take adverse action. If one has a sufficiently strong credit profile then one isn't going to run into such issues.
Whiile there are certainly those who consider a 4506-T too invasive, running into one for income verifcation isn't a problem in and of itself. If one doesn't have sufficient income then it's the income that is the problem -- not the 4506-T itself. I've gone through with a 4506-T for AmEx twice for income verification and received the CLI's I requeted. YMMV depending on your profile and your income.
@Anonymous wrote:
I received an offer via email to apply for the Platinum card, but I could not justify paying the $495 annual fee. With the Amex cards you own are you taking advantage of the points or not? I would love to get your input on this as I may have missed something in my earlier conclusion.
First off, don't just respond to offers and don't just assume that Platinum > Gold. If you're looking to earn MR's on spend and you have sufficent spend in the bonus categories then the PRG is probably a better fit.
You can't just poll others on these things and you need to do a careful analysis starting with your spend and other needs/wants, using that info to select cards that suit you. Don't select a card and then try to justify it. If you're looking for bang for the buck then the Platinum is probably a poor fit. It generally benefits those who can leverage its premium travel benefits. However, if you do want to look at maximizing value there's a thread on FlyerTalk on what to do with a new Platinum account. Take a look at it and see if you can make use of everything it mentions and if that would justify the AF for you.
For any rewards program like Membership Rewards, Ultimate Rewards, Thank You, etc you need to look beyond the points earn rates. You have to crunch the numbers for your spend all the way from earning points on spend through the entire redemption process. The redemption methods you can use with a given program can have a signficant impact on rewards value. You also need to ensure that you have sufficient spend to benefit from the program. These progams typically require running a large amount of spend through them to benefit from rewards on spend.
In my case, at best I can get 0.6 to 0.8 cents per MR while I can get much more with UR. That's why I focus on UR. Do not just take another person's point valuation. You need to run the numbers for your own spend and redemptions and sort this out for yourself to compare programs. Equipped with this information you can also compare against cash back cards. For many, cash back cards are a better fit.
