which said that I am eligible for a credit limit increase if I update my income. My question is, how would AmEx know if I am telling the truth.
For context, the only account I have with them is a Blue Cash Preferred credit card that I have had for the past 2+ years. I have always paid the monthly statement balance in full. I last updated my income with them when I applied for the card 2+ years ago.
I have the same card. Updated my salary as a guesstimate and got a credit increase. Idk I just didn’t think too hard about it
They likely have an income matrix that uses what you input for job title. E.g. if you put janitor and enter $500K income, that’s going to raise some flags.
It’s not a major piece of the equation in my experience bc it’s flawed (too much work to verify so they’ll only verify very high income earners who want insanely high credit limits). Your account history with Amex, your bureau data (fico, revolving balance), your existing utilization rate, etc all are bigger parts of the CL increase decision (hence the “you are eligible” language)
I’ve had the same card for about twice as long. They’ve never checked my income. I’ve always told true though.
Previously worked for Amex. They won’t know unless they ask you to verify, which is rare. If they do want to verify your income they could do income verification based on your tax filing, this would require your consent.
If you declined they would close your card. If your self-reported income is very different from your verified income they could close your account, but there’s a pretty generous amount of wiggle room there, so don’t worry about embellishing a bit.
They won’t until they choose to verify the information you have provided, which they can do at any time. If it turns out you lied, they will probably close your account. There are also potential civil and criminal penalties for lying on an application for credit.
It’s a really simple thing to tell the truth, so just do that.
Amex does occasionally ask its clients to verify income information. If you can’t provide evidence showing you make as much as you claim, they’ll close the card or give you a very low limit (like $1000).
If you ask for credit limit increase with Amex somewhere around $25k or more they will ask to pull your tax return transcript to verify income.
However rule of thumb with Amex is they will only triple your current limit so if you for e.g. currently have $5k limit you should just ask for $15k.
Be honest about your income. If it’s dropped significantly better to not update it or as ask for an increase.
Amex doesn’t do hard pull for credit limit increase so if you haven’t asked for one in the past 6 months just go ahead and ask. The lesser of 3x your current limit or $24k should be a safe amount.
FWIW I have only had one card ever give me an automatic increase. The rest have been initiated with me asking, 90% of the time without even a hard pull.
All 3 of the large US Credit Bureaus also have hooks into ADP and the like. So if your pay check is routed through one of the big processors – they’ll have a way to find out if it’s in the right ballpark.
Be careful about fudging, banks in part ask for income to make sure you will be able to afford the payments.
I’m not sure what you’re worried about? Credit is responsibility. From your post, I’m getting that Amex thinks you’re responsible as you said you’ve always paid your bill on time. I’d look at it as they gave you an opportunity. If your credit limit is raised your credit usage goes down, effectively raising your credit score.
Unless you’re concerned that you may change your habits and spend more…I don’t know this as you didn’t list the specifics, I’d take advantage of the offer and inflate your income a reasonable amount to take advantage of the credit increase. If I would do something like that, I’d base that amount off either your expected earnings next year, or combined household income, depending on your situation.
Credit card applications are legal documents. If you lie about your income, you can face penalties associated with loan application fraud. If the lender finds out, punishments can vary between simply having your account closed, paying fines, or jail time.
In my experience, incomes that are reported under a particular threshold don’t seem to warrant much investigation/verification on the lender’s part. That said, the approach that has worked best for me financially and legally has been: just don’t lie about your income.
Definition of income is pretty broad. If one has regular access to cash, can count it. For instance, college students can count money from parents given for expenses. Investment income counts. Does not have to be from a job.
They want you to spend more bud !
As others said, they ask for income proofs only if your account is under ‘Financial Review ‘.
It generally happens when you almost reach limit/payment returned/some strange spending pattern. In FR, your account is freezed (or 1K spend cap) until they get the info asked for.
You can join/search on r/amex for more details about FR
They likely have an ‘average income’ matrix and as long as you don’t fall far out of the ordinary then it won’t flag anything..
In reality, credit & loan providers make most money from people who overborrow and end up with high-interest debt. It’s actually better for them to increase your limit as much as possible in hopes of you overspending and maxing out your credit card.
It’s an ill system but yeah…
Lying to a credit card company is a federal crime. I’d try to avoid federal prison if I were you.
A credit limit increase is not really a benefit. Why would you want that?
they don’t, but if you over report what you make so you can have extra credit, you need to stop and wonder if you can afford it plus a 20% IR
there may or may not have been a financial crisis a long time ago or very, very recently about easy credit
personally, just think about it. I have credit beyond what I make, I never use any of it, just simply put in a random number I “make” because I don’t want them to actually that info
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