Double my income on my AMEX Profile or no?

[Anonymous]

Hello fellow FICO-score obsessed forumers, 

I'm 19 and have six lines of credit. Anyway, my most presitigious one (in my opinion) is my AMEX Gold Card. I have not had it for even three weeks yet. Anyway, when I applied for the card, I stated my income as 65,000 because I was worried they would not believe my actual income of almost 130,000. In other words, I put half of what I actually make. The most I've been pre-approved for is 6,000 at once but I'm wondering how I can go about updating my income? Should I raise it by 2,000 a month, 8,000 a year, do nothing? I've spent well over 4,000 in the first three weeks on the card, (I paid things such as my phone bill and others things, not just food and groceries). Anyway, would there by any consequences or can I expect the IRS to show up or something? I've got proof of income and taxes and everthing too. 

[simplynoir]

If you had tax documentation to provide for AMEX for income verification in the event they ask for it (there's no way to know what really triggers it in this instance) then why did you under-report your income in the first place? I'm confused why you took that course of action despite your explanation. For me I'd update your income to what it actually is and go from there. Worst case if AMEX asks for it just provide what they ask and everything should be fine.

[Anonymous]

+1

Report actual income. 

[Anonymous]

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@Anonymous wrote:

Hello fellow FICO-score obsessed forumers, 

I'm 19 and have six lines of credit. Anyway, my most presitigious one (in my opinion) is my AMEX Gold Card. I have not had it for even three weeks yet. Anyway, when I applied for the card, I stated my income as 65,000 because I was worried they would not believe my actual income of almost 130,000. In other words, I put half of what I actually make. The most I've been pre-approved for is 6,000 at once but I'm wondering how I can go about updating my income? Should I raise it by 2,000 a month, 8,000 a year, do nothing? I've spent well over 4,000 in the first three weeks on the card, (I paid things such as my phone bill and others things, not just food and groceries). Anyway, would there by any consequences or can I expect the IRS to show up or something? I've got proof of income and taxes and everthing too. 

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A 19 year old reporting an income of $130,000 will likely catch Amex's attention and they may require completion of IRS Form 4506-T to authorize them to obtain access to transcripts of your tax returns directly from the IRS.

[rbentley]

Did you just graduate High School?  How long have you had that high of an income?  Self employement or wage earner?  Do you even have past tax returns or W-2s or 1099s to support that amount of income?  What was the income on your 2018 tax returns that you just filed in April of this year?

You have nothing to fear from reporting your true, verifiable income.  You have a lot to fear if you fraudulently inflate your income to obtain credit.  That is a federal felony offense and in the case of default it would render the debts non dischargable in bankruptcy.

[CreditInspired]

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@Anonymous wrote:

Hello fellow FICO-score obsessed forumers, 

I'm 19 and have six lines of credit. Anyway, my most presitigious one (in my opinion) is my AMEX Gold Card. I have not had it for even three weeks yet. Anyway, when I applied for the card, I stated my income as 65,000 because I was worried they would not believe my actual income of almost 130,000. In other words, I put half of what I actually make. The most I've been pre-approved for is 6,000 at once but I'm wondering how I can go about updating my income? Should I raise it by 2,000 a month, 8,000 a year, do nothing? I've spent well over 4,000 in the first three weeks on the card, (I paid things such as my phone bill and others things, not just food and groceries). Anyway, would there by any consequences or can I expect the IRS to show up or something? I've got proof of income and taxes and everthing too. 

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Ooooooooo I’m super jealous! 19 yo with $130K income. Sounds like a

trustfund baby, lottery winner, or beneficiary. And whom am I to assume. You may be a Bill Gates replica. 

Anyway, income comes in many forms so there’s no need to tip-toe around it. Just give your income and if/when questions arise, which likely it will, you go BAM! Here’s my documentation. 

[Anonymous]

I know I shouldn't have lied but I felt AMEX would've declined me had I put the actual income. Also, I own a business. 

[Petit3tee]

There's nothing wrong with making great money at a young age. If you can prove it down the road when they'd like to verify, I don't see why not. That's very humble of you though! Congrats on the gold, it's a nice looking card

[Asilomar]

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@Anonymous wrote:

I know I shouldn't have lied but I felt AMEX would've declined me had I put the actual income. Also, I own a business. 

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Because 19 year old. 

[Anonymous]

Yea that's the issue. I'm 19. It's quite annoying, really. Also, as much as I would love to say I did everything on my own and built it myself, it was passed onto me. Some of the first couple cards I put my actual income and had to wait 7-10 days and provide additional details. When I applied for the AMEX Gold, I lied about my income (put half) and was approved within two minutes.