@Anonymous wrote:Question for Amex card holders!
I can't really find an answer to this one. So if you go under account services/income profile/your income information there are two fields to fill in. "Total Annual Income" and "Total Assets." Income is pretty straight forward and I've seen a thousand discussions on this forum regarding income, but never any discussing the assets side of it.
When you click on the "info" icon next to where it asks for Total Assets, it says "Include all financial assets available to you. If under age 21, include only your assets. Assets include savings accounts, checking accounts, retirement accounts and other investments (stocks, bonds, brokerage accounts etc)."
This seems pretty vague to me. Assets to me means either cash or anything you can liquidate for cash. So if you own a $250k home that's 100% paid off (ie you can sell it and walk away with $250k) would you include that $250k as part of your assets? I would think so. Just curious how all of you filled in this field, what you considered when doing it, etc.
While income can certainly be verified fairly easily, I would think verifying total assets for someone like Amex would be next to impossible as I have trouble myself even coming up with a number based on what I choose to include.
I would also think that compared to "Total Annual Income" that the "Total Assets" category is less significant to Amex when using that information to determine potential CLIs and such, but I'd like to hear your opinions on that as well.
A home is not so much a liquid asset. Yes you can sell it and potentially make the money but it's not guaranteed for any specific amount and it could take months to sell.
Don't overthink this. Liquid assets are simply monies that you have ready access to and can quickly produce. Savings, checking, investments (albeit may have to take a fee to withdraw them), etc. Homes and cars are assets in a sense, but they are not really the kind of liquid assets a credit card company would take into consideration.
You are free to put down whatever you want, but I wouldn't recommend it. Amex may not be able to verify your claims one way or another, but since most people probably aren't putting "250k" under assets, you will be standing out and probably not in a good sense.
Message 7 of 26
@Anonymous wrote:Question for Amex card holders!
I can't really find an answer to this one. So if you go under account services/income profile/your income information there are two fields to fill in. "Total Annual Income" and "Total Assets." Income is pretty straight forward and I've seen a thousand discussions on this forum regarding income, but never any discussing the assets side of it.
When you click on the "info" icon next to where it asks for Total Assets, it says "Include all financial assets available to you. If under age 21, include only your assets. Assets include savings accounts, checking accounts, retirement accounts and other investments (stocks, bonds, brokerage accounts etc)."
This seems pretty vague to me. Assets to me means either cash or anything you can liquidate for cash. So if you own a $250k home that's 100% paid off (ie you can sell it and walk away with $250k) would you include that $250k as part of your assets? I would think so. Just curious how all of you filled in this field, what you considered when doing it, etc.
While income can certainly be verified fairly easily, I would think verifying total assets for someone like Amex would be next to impossible as I have trouble myself even coming up with a number based on what I choose to include.
I would also think that compared to "Total Annual Income" that the "Total Assets" category is less significant to Amex when using that information to determine potential CLIs and such, but I'd like to hear your opinions on that as well.
A home is not so much a liquid asset. Yes you can sell it and potentially make the money but it's not guaranteed for any specific amount and it could take months to sell.
Don't overthink this. Liquid assets are simply monies that you have ready access to and can quickly produce. Savings, checking, investments (albeit may have to take a fee to withdraw them), etc. Homes and cars are assets in a sense, but they are not really the kind of liquid assets a credit card company would take into consideration.
You are free to put down whatever you want, but I wouldn't recommend it. Amex may not be able to verify your claims one way or another, but since most people probably aren' t putting "250k" under assets, you will be standing out and probably not in a good sense .
I seriously doubt Amex takes note of $250K in assets as standing out. That isn't that high and a lot of people have considerably more than that. Maybe if you put $2.5 million they might notice if you put $35Kas your income but who knows.
