Asked to verify income even though I already have 3 Amex cards?

[baec_newbie]

I’ve just applied for the Amex Gold, mainly because of the 2 points per £ on airline spending. I had looked on the eligibility checker before applying and was told I had a 7.5/10 chance of being approved so I thought I’d give it a shot.

However, to my surprise, my application was neither approved nor rejected. Instead I got an email saying that Amex needed me to verify my income.

Now that’s no problem, I uploaded my payslip. But I’m just a little bit bemused at to why they’ve asked for this given that I’ve been a cardholder for years (currently have 3 other Amex cards) and have never missed a payment with them or any other lender.

The figure I entered is also only slightly higher than the one I entered when applying for the Platinum earlier this year (I’ve had a payrise since).

Has anyone else experienced this?

I wouldn’t be terribly fussed if they do reject the application, I’d probably only use the card for a handful of non-BA flight purchases anyway. I’d be more worried if they closed my other accounts for some reason though, as I’ve nearly spent enough on the BAPP to trigger the voucher but I’m holding off until I’m ready to book.

[Harrier25]

Welcome to the tightening of credit lines from lenders and card providers due to tougher economic conditions and unfortunately, no one is exempt.

[baec_newbie]

Harrier25 wrote:

Welcome to the tightening of credit lines from lenders and card providers due to tougher economic conditions and unfortunately, no one is exempt.

Appreciate that, but I was approved for the Plat earlier this year, when economic conditions were arguably tougher and my income was slightly lower.

This also isn’t a straight rejection. It just doesn’t really make sense, unless they think I’m lying?

[JDB]

@baec_newbie – there are two elements to this, a) your application for a fourth card and seeking more credit from Amex (even if you pay them all off, so don’t use the current credit lines) and b) the act of applying for a fourth card triggers the requirement for Amex to undertake periodic evaluation of your circumstances. As advised by @Harrier25 this is merely part of a reversion to more normal financial conditions that many seem to have forgotten.

[baec_newbie]

JDB wrote:

@baec_newbie – there are two elements to this, a) your application for a fourth card and seeking more credit from Amex (even if you pay them all off, so don’t use the current credit lines) and b) the act of applying for a fourth card triggers the requirement for Amex to undertake periodic evaluation of your circumstances. As advised by @Harrier25 this is merely part of a reversion to more normal financial conditions that many seem to have forgotten.

Yes, I always pay off in full. I do have quite a high combined credit limit (~50% of my annual income) so perhaps that’s a factor.

Is the fourth card application a general trigger? Not had them ask for evidence like this before. I’m not particularly fussed, more curious really.

[JDB]

@baec_newbie – the fourth card is a trigger in combination with overall £ credit; it simply raises questions, even if Amex proprietary credit analysis systems think you are OK. While people take these things personally, there is a pattern to this that can cause concern to card providers because some people, particularly around failing relationships and/or losing their jobs often open significant new credits lines and can go from being paying off in full customers to defaulters remarkably quickly.

[Harrods]

This is easy, its got to do with the overall credit limit Amex is willing to extend to you across all cards. Reduce the limit on one the next time you apply.

I would not say this has to do with reversion to more normal financial conditions, I had the same experience few years ago when applying for third credit card.

[baec_newbie]

Fair enough. I’ve just received an email from Amex to say that my application has been approved. No indication of my credit limit yet though.

I wait with bated breath to see if they’ll manage to get the card out to me tomorrow, before I head off again on my next trip!

[BuildBackBetter]

I would think submitting an application within 6 months with a higher income than the previous application is a reasonable trigger to prompt a review?
Glad to know it’s approved.
Credit limit close to half the income is a bit too high in my opinion.

[baec_newbie]

That’s only across my Amex cards… I have the same again across other cards! Not even sure why I have such high credit limits on some of them. Anyway, thanks for the explanations and case closed, I guess!

[Reney]

If they haven’t checked your income for a while, it seems like a good practice to do it every so often. Not the least their internal monitoring would improve when have better idea which income scale you are on and better affordability calculations.