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AMEX FR after having my Zync for 2 Weeks

New Contributor

AMEX FR after having my Zync for 2 Weeks

If you saw my original post, I got a Zync card and just got the dreaded call from the FR department. To this point in time, I have only spend $900 which I was planning to pay off in 3 days isn't due until the 12th. 

 

I'm really nervous because I'm a freelancer, and as all freelancers, have a unique situation.

 

Most of my clients pay cash which I deposit in a bank for proof of income. Also, I work for about 100 different clients, so the clients that pay over $700/yr send me a 1099.

 

My total income that I have to report to the IRS is $4,000, but my TRUE income is $60,000. 

 

So, will AMEX be able to look at my situation rationally and use my bank statements as proof of income combined with my tax forms. I ask this because I read that they only look at tax records, but I feel that they should look at any money you bring in as money that can be used to pay the card bill.

 

So would anybody pleease give me some constructive tips so I may pass this FR. I start the process tomorrow (monday) morning.

 

Thanks.

In my wallet: Amex Platinum NPSL, Amex EP $1000, CSP: $12500, Citi Hilton Honors Visa Signature: $15000, First Financial Bank: $11500, Discover More: $12000, Barclays Apple Financing: $6600, Macy's: $1000

Business: Chase Ink Cash World Mastercard: $5000

In my SD: CapOne $3000
Message 1 of 62
61 REPLIES
Valued Contributor

Re: AMEX FR after having my Zync for 2 Weeks

They are likely going to ask you for tax transcript which is going to be an issue for you.  Even if you get less than 700 in income from particular client, are you saying you didn't declare as income?  If that is the case, I am not sure how flexible AMEX is.  Best bet is just try and work with F/R department.

               LIMITS IN CARD DESCRIPTIONS
Message 2 of 62
Mega Contributor

Re: AMEX FR after having my Zync for 2 Weeks

Fingers crossed for you!!!

 

 




EQ FICO 548 3/3/16
Message 3 of 62
Established Contributor

Re: AMEX FR after having my Zync for 2 Weeks


joeyh2007 wrote:

My total income that I have to report to the IRS is $4,000, but my TRUE income is $60,000. 



While I can't comment on the FR itself, I'm not sure how you got to that conclusion about your taxable income. Even if they don't send you a 1099, you still have to report the income on your taxes. Clients are not obligated to send you 1099's unless they paid you $500 or more in that tax year, but their income is still taxable. Even if they only paid you $100, you still have to pay taxes on that $100 you made. In other words, your whole $60k is taxable - if you're only reporting $4k as income, it's tax evasion, and you really don't want to get caught for that.

And you're going to have a hard time explaining that to Amex, since if you tell them you make $60k but only $4k is reported on your 1040.. it's going to look really bad to them.

EQ 679 FICO (02/24/2012)
TU 721 FICO (03/10/2012)
EX 703 FICO (05/05/2012)

Cards: NFCU cashRewards $14k, NFCU Platinum $14k, USAA Amex $7k, Amazon Visa $3k, Chase Freedom $2.5k, Amex Zync NPSL, Discover More $1k, Amazon Store $1.3k, Walmart Store $700
Message 4 of 62
New Contributor

Re: AMEX FR after having my Zync for 2 Weeks

My big question is.....do they only look at 1040 income?

In my wallet: Amex Platinum NPSL, Amex EP $1000, CSP: $12500, Citi Hilton Honors Visa Signature: $15000, First Financial Bank: $11500, Discover More: $12000, Barclays Apple Financing: $6600, Macy's: $1000

Business: Chase Ink Cash World Mastercard: $5000

In my SD: CapOne $3000
Message 5 of 62
New Contributor

Re: AMEX FR after having my Zync for 2 Weeks

I was able to get a car loan and manage various other credit accounts. I hope I can talk to someone in the FR department who listens. Maybe they will only put a limit on my account. Just have to sleep and call first thing in the morning.

In my wallet: Amex Platinum NPSL, Amex EP $1000, CSP: $12500, Citi Hilton Honors Visa Signature: $15000, First Financial Bank: $11500, Discover More: $12000, Barclays Apple Financing: $6600, Macy's: $1000

Business: Chase Ink Cash World Mastercard: $5000

In my SD: CapOne $3000
Message 6 of 62
Contributor

Re: AMEX FR after having my Zync for 2 Weeks

You do realize AMEX isn't your issue here. You have a larger issue with the IRS if and when they ask AMEX to send them your annual reports and sees that there was no way you could have spent that much with how much income you're reporting.

Message 7 of 62
Established Contributor

Re: AMEX FR after having my Zync for 2 Weeks


joeyh2007 wrote:

I hope I can talk to someone in the FR department who listens. 


 

I hope so; but the FR folks are notoriously rigid in their requirements.  I had the dreaded FR a year ago, and no matter what I said re: my income, it was whatever was on the tax transcript only - no exceptions. Ever.

 

Keep us posted.

About $215,000 total credit among 11 cards
Message 8 of 62
Valued Contributor

Re: AMEX FR after having my Zync for 2 Weeks

This is not necessarily true.  There are sources of income that are not on your tax transcript.  I forget how AMEX asks for your income.  If it has additional sources of income or just a single income statement.  Although not sure how you can explain your income situation without putting yourself at risk with IRS.

               LIMITS IN CARD DESCRIPTIONS
Message 9 of 62
Valued Contributor

Re: AMEX FR after having my Zync for 2 Weeks


joeyh2007 wrote:

I was able to get a car loan and manage various other credit accounts. I hope I can talk to someone in the FR department who listens. Maybe they will only put a limit on my account. Just have to sleep and call first thing in the morning.


Unfortunately, if you have been "creative" with your reported income, Amex may wonder if you'll be "creative" with paying your bills.  Good luck to you, but I wouldn't get my hopes up.  You can always refuse to submit your tax information to them, and they'll likely close your account as a result.  IMO, that's not a bad idea, particularly if there is something you are trying to hide.    

EQ Fico 8 - 846
TU Fico 8 - 848
EX Fico 8 - 836
Message 10 of 62