10-18-2012 03:21 PM
Since I just went through this I thought it would be good to start a thread of the actual outcomes of a FR to help others that might be going through it!
Type of AMEX: Zync
Open: 1.5 months ago
Cause: I was told due to excesive inquires (bought a truck)
Information requested: IRS transcripts
How long did it take to complete: Almost 3 weeks
Outcome: They called and emailed to state they put a $3000.00 limit - then called 3 days later to say they made a mistake (you know my heart sank)...increased the limit to $5000.00??!! Strange but I'll take it.
I am hoping it does not happen again, even though the process was painless...the suspension is a pain. And I have learned to carry a backup card especially if on vacation
I am also interested to hear if people have been FR'ed more than once.
10-18-2012 03:29 PM
I have nothing to contribute--I just wanted to thank you for doing this, I think that it will be of interest to many!
10-18-2012 03:36 PM
how many new inquirys did you have and in how short of a span?
10-18-2012 03:46 PM
I only went to one dealer and everything was done on the same day. Looking at my Credit Karma it looks like they submitted my application to every bank...lol. Total was 10, however it should only count as 1 for credit scoring purposes, but I guess Amex looks at it differently.
10-18-2012 03:52 PM
10-18-2012 04:03 PM
i had about 12 inq on 8/30/12 amex being my last.
dealership pulled all 3 of my reports then toyota pulled all three of my reports
amex pulled all three of my reports.
still no fr though. maybe since they were last?
question? when they did how do you get transcripts?
i personally use turbotax and do my own taxes. and my income was slightly less last year since i started a new job in may/june. but i have stubs to prove of the increase in income. would that suffice?
|Current: Discover Fico 689 9/14 Walmart Fico 689 9/14|
Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014
|Amex Zync(Unicorn) |
Citi Diamond Preferred$6000
10-18-2012 04:12 PM
They send you the form to fill out. You have only 5 days to complete. They prefill most of it and send you details instructs on how to fill out the rest. You then send in the completed form to American Express, they submit it to the IRS. There is no fee and it's only one piece of paper you need to fill out and sign. When filling out my application I stated my current income - which does not match what the IRS has from last year due to new job and increased income. It appears it was not an issue since they did not ask for any proof of my current income. (I had my paystubs ready...lol).
10-18-2012 04:13 PM
The banks still see all the inquirys and still use them to judge you, it's just fico counts them as one as far as your score goes... Two separate things
10-18-2012 04:40 PM
10-18-2012 04:41 PM
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