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Valued Contributor
Posts: 1,275
Registered: ‎09-22-2009
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Re: AMEX FR after having my Zync for 2 Weeks

[ Edited ]

joeyh2007 wrote:

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


1099 income is reported on Schedule C which is either reported on, or attached to your 1040.

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Regular Contributor
Posts: 138
Registered: ‎12-13-2011
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Re: AMEX FR after having my Zync for 2 Weeks

good luck to you..if i were you i'd rather let them close my account just to play safe.

Valued Contributor
Posts: 2,982
Registered: ‎02-09-2012
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Re: AMEX FR after having my Zync for 2 Weeks

I hope he reports back their findings.

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Established Contributor
Posts: 864
Registered: ‎05-05-2010
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Re: AMEX FR after having my Zync for 2 Weeks


joeyh2007 wrote:

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.


What did Amex actually request from you?

 

I was in a similar situation. What I did was pay the balance, and in addition to the IRS 4056-T authorization, I sent in copies of my bank statements, and a cover letter explaining my situation. Example:

 

I am a consultant currently with X amount fo clients and my 2012 YTD income is $xxx and I project my income will be $xx for 2012.

 

I have attached copies of mybank statement for reference and review.

 

 

Frequent Contributor
Posts: 377
Registered: ‎06-01-2011
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Re: AMEX FR after having my Zync for 2 Weeks

[ Edited ]

mokong wrote:

good luck to you..if i were you i'd rather let them close my account just to play safe.


I'll have to agree. As others have said, you could have a bigger issue with the IRS if you are lying about your income or not reporting all of it.

 

I had a FR with Amex around the same time as you last year. Had a few days before paying my first Amex balance and they contacted me. I had to submit my paystubs for the last 3 months. I was "on call" in which I didn't work full time (40 hours a week)  in those previous 3 months, but when I did be app for my zync I put the max income I would make if I were to work full time. I explained all this to them and they were understanding, they knew I wasn't lying by looking at my hourly on my paystubs plus x amount of tips and get a ball park of how much I was able to make. They ended up giving me a hard limit and it still stands today a year later which is sad because I have PIF all my cards and on time within the last year. Good thing is the limit they gave me is still pretty good so I'm not complaining to much.

 

Anyway good luck! Let us know how it turns out.

 

 
Regular Contributor
Posts: 183
Registered: ‎05-18-2012
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Re: AMEX FR after having my Zync for 2 Weeks

FR are not really a big deal.  And if you find yourself needing to use the card while under FR, you can call the CSR assigned to your files to temporarily release the hold on your account. 

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Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: AMEX FR after having my Zync for 2 Weeks


DonGonzalo wrote:

FR are not really a big deal.  And if you find yourself needing to use the card while under FR, you can call the CSR assigned to your files to temporarily release the hold on your account. 


It is when your tax transcript doesn't come close to your stated income and your additional sources of income are essentially unreported income.
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Regular Contributor
Posts: 183
Registered: ‎05-18-2012
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Re: AMEX FR after having my Zync for 2 Weeks


Crashem wrote:

DonGonzalo wrote:

FR are not really a big deal.  And if you find yourself needing to use the card while under FR, you can call the CSR assigned to your files to temporarily release the hold on your account. 


It is when your tax transcript doesn't come close to your stated income and your additional sources of income are essentially unreported income.

Oh. Well  telling a lie always come back to hunt people. 

Let's Go Heat!! Vamos Heat!
Valued Contributor
Posts: 1,367
Registered: ‎04-20-2012
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Re: AMEX FR after having my Zync for 2 Weeks

Subscribed for updates. I sure hope you're reporting the full $60k on your taxes, because I think this FR may open a can of worms for you if that's not the case.

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New Contributor
Posts: 59
Registered: ‎08-04-2009
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Re: AMEX FR after having my Zync for 2 Weeks

sorry, what does FR mean?

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