CLI asking for 4506-T, but I just got a new job/raise

[Cashbackjunky]

Hey all!

Sorry if this has been asked or talked about. I searched and couldn't find anything.

I'm preparing for my AmEx 3x CLI (my 60 days from account open is almost up!) My card got a SL of $14,500 and I've read on this forum that if you generally ask for a CLI above $25k (my requested new CL would be $40,000 (I'm aware that my 3x is $43,500 but that's such a weird CL)) AmEx will typically ask you to fill out a 4506-T to gain access to your tax information of the previous available year.

My question is, what do I do if I'm asked for this but I've changed employers and am now making significantly more than I was before? The income they would be looking at in my tax info would be 40% less than I'm making now.
I don't want to have to put down last year's income as I feel it will hurt my odds of approval.

Does anyone know if I can call and explain my situation and maybe provide proof of income another way - in conjunction with the 4506-T?

What do you suggest I do?

Cheers!

[Anonymous]

You could try 34k or back it down to 24k if needed.  Then leave it there and wait until next year before giving them your 4506t.

[Anonymous]

I wouldn't worry too much, however, you can always call ahead of time to confirm..

I was 4506-T'd quite a few times. I owned my own business and my income grew from 116k to 1.5m to 2m to 600k to 350k, then I sold it. My monthly spend was 10k, 22k, 45k, 33k, 15k respectively. 

1) They never decreased my spending limit

2) They 4506-T'd me randomly and I told them exactly what you're saying

3) They looked at my bank statements and allowed me to move forward each time

In short, you can explain yourself, send them statements. I'm not sure if things have changed since 2014, but it used to be like that..

**EDIT I should mention that I was in fact penalized after my very first 4506-T.. This was having only used the card for a week. My spend at the time was 10k, I immediately paid it off, they dropped me to 3.5k and I grew almost immediately to virtually no limit.

[Anonymous]

Unless you need the limit I would personally stick with requesting $24k or $24.5 and let that sit for a bit and let your new job gather some pay checks. Then 6 mo later if you want ask for more.

Personally I don't like to poke the bear and Amex is one I would not mess with as they are important to me. If they are not for you.... request the full amount .

[Cashbackjunky]

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@Anonymous wrote:

I wouldn't worry too much, however, you can always call ahead of time to confirm..

I was 4506-T'd quite a few times. I owned my own business and my income grew from 116k to 1.5m to 2m to 600k to 350k, then I sold it. My monthly spend was 10k, 22k, 45k, 33k, 15k respectively. 

1) They never decreased my spending limit

2) They 4506-T'd me randomly and I told them exactly what you're saying

3) They looked at my bank statements and allowed me to move forward each time

In short, you can explain yourself, send them statements. I'm not sure if things have changed since 2014, but it used to be like that..

**EDIT I should mention that I was in fact penalized after my very first 4506-T.. This was having only used the card for a week. My spend at the time was 10k, I immediately paid it off, they dropped me to 3.5k and I grew almost immediately to virtually no limit.

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Thank you for this detailed description! This is exactly what I needed to know. 

Cheers!

[Jerry45]

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@Cashbackjunky wrote:

Hey all!

Sorry if this has been asked or talked about. I searched and couldn't find anything.

I'm preparing for my AmEx 3x CLI (my 60 days from account open is almost up!) My card got a SL of $14,500 and I've read on this forum that if you generally ask for a CLI above $25k (my requested new CL would be $40,000 (I'm aware that my 3x is $43,500 but that's such a weird CL)) AmEx will typically ask you to fill out a 4506-T to gain access to your tax information of the previous available year.

My question is, what do I do if I'm asked for this but I've changed employers and am now making significantly more than I was before? The income they would be looking at in my tax info would be 40% less than I'm making now.
I don't want to have to put down last year's income as I feel it will hurt my odds of approval.

Does anyone know if I can call and explain my situation and maybe provide proof of income another way - in conjunction with the 4506-T?

What do you suggest I do?

Cheers!

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seems like a good problem to have. Good Luck