Hello and thanks in advance for your help. I had recently received a solicitation in the mail from American Express saying I had been selected to apply for a Gold Card. I had assumed since they had sent me this I was a lock on being pre approved. However when I applied I was initially turned down. I called and they were very nice and helpful, but told me I would need to submit a 4506t form so they could look at my tax records since I do not have a long history. I have since faxed this form and am waiting to hear back.
I am a 21 year old student and my only real credit history is my Discover Student card which I have had for 7 months. I always pay the bill in full and never have had a late payment. I have a high household income(I indicated this on the application) due to my parents having good jobs, but I do not make a whole lot as a college student and only working part time. I am worried when they look at my tax record they will think I lied on my application when I told them of a high household income even though I make very little of the total. Did I foolishly apply for a card I can't qualify for? Is there anything I can do to be approved? Is it possible if I'm not going to be accepted for gold I could "downgrade" my application to a green or zync?
Thanks so much for your help.