aeropix

Hi All, I keep getting prompted by my AMEX app and website login to “verify my income”. The dilemma is that they show my income about 5x higher than it actually is. I’ve never falsely stated this income to them but I guess their computer algorithm thinks I’m super rich because I always pay in full.

what’s your opinion. Should I let it be, or should I correct it.

If I let it be, maybe I get better offers from AMEX, who think I’m super wealthy? But on the other hand it may get to the IRS for example and maybe I’d be audited because “Amex shows your income as 5x what you report on your tax forms”.

if I change it to something closer to the actual income is there some kind of disbenefit to doing so? Maybe it suddenly becomes more difficult to use the card or some transaction gets declined after I make the reduction in income value?

Personally I rather keep the honest way, but it’s just such a large difference I don’t want to “shoot myself in the foot” unnecessarily.

Thanks in advance for the advice.

garykung

Your spending ability is based on your stated income on file.

So if your actual number is lower than what's on file. Any future charges may be impacted. Your credit line (if not charge card) can be reduced as well.

It is entirely up to you if you want to update this. This number always stays with AMEX and will not be shared to others.

gnomie

FYI - Credit card companies do not report income verification data to the IRS.

notquiteaff

FWIW, Amex has been asking me to update my income, but it shows what I last reported. And like most here I always pay my statement balance in full by the due date. I doubt that Amex is using an algorithm to guess your income based on payment history.

LDNConsultant

+1 its mostly to determine your spending ability more than anything its not the IRS..

mia

In which country is your American Express card account issued?

In which currency is your card billed?