With few exceptions, non-quadratic homogeneous polynomials have received little attention as possible candidates for yield functions. One reason might be that not every such polynomial is a convex function. In this paper we show that homogeneous polynomials can be used to develop powerful anisotropic yield criteria, and that imposing simple constraints on the identification process leads, aposteriori, to the desired convexity property. It is shown that combinations of such polynomials allow for modeling yielding properties of metallic materials with any crystal structure, i.e. both cubic and hexagonal which display strength differential effects. Extensions of the proposed criteria to 3D stress states are also presented. We apply these criteria to the description of the aluminum alloy AA2090T3. We prove that a sixth order orthotropic homogeneous polynomial is capable of a satisfactory description of this alloy. Next, applications to the deep drawing of a cylindrical cup are presented. The newly proposed criteria were implemented as UMAT subroutines into the commercial FE code ABAQUS. We were able to predict six ears on the AA2090T3 cup's profile. Finally, we show that a tension/compression asymmetry in yielding can have an important effect on the earing profile.