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AMEX FR - not so bad

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laboi_22
Established Contributor

AMEX FR - not so bad

I was the one who was always afraid to do anything that might trigger FR. Not so sure what I was scared about. I didn't report untruthful information on my app. I'm OK with submitting to the FR since I've nothing to hide. I really learned to love AMEX and now I don't much blame them for their practices. Here's why:

 

I work in sales. The other day I ordered a lunch for a client from a local restaurant. I've been doing this for years. This was the first time I've ever ran across a place that wanted my credit card number since the total order was over $100. I'm like what. Then I started to think. I wouldn't want cooked food wasted and unpaid for either. That is a loss for a small business. I know AMEX is not small but, if I ran AMEX and it was my money, I would want the same security as the restaurant. I'm lending money. In order to prevent big losses I'll do FRs with reason. Makes perfect sense to me.

 

Just a thought!

Current Scores: EX - 728 FICO (5/11/13) TU - 771 FICO (7/02/13) EQ ??

Current Cards: Chase Freedom $5,000, CSP $5,700, BofA Visa Signature $15,000, AMEX BCE $6,000, Walmart $4,150, Gap Visa $10,000, JC Penny $5,800, Lowes $8,500, Dillard's AMEX $8,000, AMEX Hilton HHonors - $2,000, Chase United $12,000, Citi AAdvantage & Simplicity $6,000/$6,000, SPG AMEX $1,000
Message 1 of 18
17 REPLIES 17
Anonymous
Not applicable

Re: AMEX FR - not so bad

People can either do it and move along or don't do it, get their account closed, and move along.

 

I did see a copy of what form they required you to send in the for the FR and I thought "there is no way in hell would I ever give a CC company that info when there are others out there." Their choice as a business to request it, my choice as a customer to not accept it. Easy peasy. 

 


Message 2 of 18
ChesterPDexter
Established Contributor

Re: AMEX FR - not so bad

I don't have an AMEX nor do I want one (I'm not part of the "cult of AMEX" here!  Smiley Happy  )  but I agree that if I were lending a large amount of money to anyone, I'd want to know anything and everything before taking on that risk.

_________________________________________________________
Too many accounts; too many debts; lots of open credit, and lots of utilized credit. Scores somewhere in the 600s - I have no earthly idea exactly what number, but not 700 like it was, briefly.
Message 3 of 18
Anonymous
Not applicable

Re: AMEX FR - not so bad

"Cult of AMEX"??....it sure does feel that way doesn't it?

 


Message 4 of 18
pizzadude
Credit Mentor

Re: AMEX FR - not so bad

 

I'm not clear - are you saying that you actually were FR'd ??   Or that you would go along if you get FR'd ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 5 of 18
laboi_22
Established Contributor

Re: AMEX FR - not so bad

I would submit to one if it happened
Current Scores: EX - 728 FICO (5/11/13) TU - 771 FICO (7/02/13) EQ ??

Current Cards: Chase Freedom $5,000, CSP $5,700, BofA Visa Signature $15,000, AMEX BCE $6,000, Walmart $4,150, Gap Visa $10,000, JC Penny $5,800, Lowes $8,500, Dillard's AMEX $8,000, AMEX Hilton HHonors - $2,000, Chase United $12,000, Citi AAdvantage & Simplicity $6,000/$6,000, SPG AMEX $1,000
Message 6 of 18
lithium78
Established Contributor

Re: AMEX FR - not so bad

I don't want any card enough to divulge my tax information to anybody.  It's just none of their business.  I'm really not impressed by Amex at all.  They make you jump through a lot of hoops for rewards that really aren't that competitive compared to other issuers.  Maybe in the past they were the best, but you can get pretty much everything Amex offers with other card, plus better rewards and no annual fee.  Also, you can't use Amex in as many places as other cards, because they overcharge merchants.

 

As far as I can tell, the main advantage of Amex is that you can feel rich and important whipping out their card to try to impress somebody.


Starting Score: TU: 566
Current Score: TU: 741 (Discover FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
Goal Score: 800

Take the FICO Fitness Challenge
Message 7 of 18
drkaje
Senior Contributor

Re: AMEX FR - not so bad


@lithium78 wrote:

I don't want any card enough to divulge my tax information to anybody.  It's just none of their business.  I'm really not impressed by Amex at all.  They make you jump through a lot of hoops for rewards that really aren't that competitive compared to other issuers.  Maybe in the past they were the best, but you can get pretty much everything Amex offers with other card, plus better rewards and no annual fee.  Also, you can't use Amex in as many places as other cards, because they overcharge merchants.

 

As far as I can tell, the main advantage of Amex is that you can feel rich and important whipping out their card to try to impress somebody.


You're divulging tax information to all creditors when applying.

 

I wouldn't have any problem with proving my ability to repay. My only concern would be what prompted the review.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 8 of 18
dalebb
Valued Contributor

Re: AMEX FR - not so bad


@lithium78 wrote:

I don't want any card enough to divulge my tax information to anybody.  It's just none of their business.  I'm really not impressed by Amex at all.  They make you jump through a lot of hoops for rewards that really aren't that competitive compared to other issuers.  Maybe in the past they were the best, but you can get pretty much everything Amex offers with other card, plus better rewards and no annual fee.  Also, you can't use Amex in as many places as other cards, because they overcharge merchants.

 

As far as I can tell, the main advantage of Amex is that you can feel rich and important whipping out their card to try to impress somebody.



the perks i get with amex makes it my goto card

Message 9 of 18
tengtengvn
Frequent Contributor

Re: AMEX FR - not so bad


American Express recently requested that you complete and return a tax form
called the 4506T in order to conduct a financial review.  The 4506T authorizes
American Express to retrieve tax information.  We find the review process to be
a necessary requirement in order to conduct our business in a prudent and
successful manner.

Detailed instructions on how to fill out the 4506T are included below as well
as in the American Express Fax Cover Sheet.  It is critical that this
information be completed correctly and faxed back to us within 5 business days
of the date of this email to avoid closure of the account.

Instructions to help ensure quicker review times
1.   Print out the American Express Fax Cover Sheet
2.   Print out the Blank 4506T Form

     Instructions for completing this American Express Fax Cover Sheet
     1.  Fill out the FROM field with your name as it appears on your card.
     2.  Fill out your 15 digit account number (this is used for internal
     processing, your account number is not given to a third party)

     Instructions for completing the Blank 4506T Form
     1.  Please refer to your copy of the tax return you filed for accuracy.
     Information you provide must match IRS files, or the documents obtained
     may be insufficient and your account could be canceled.
     2. Please write legibly by hand.  DO NOT do any of the following: type
     out the form, write your account number on the 4506T, or make corrections
     by whiting or crossing out (you must print out a new form).  These will
     cause the 4506T to be rejected and could result in cancellation.
     3.  Complete lines 1-4
     4.  Complete line 6. Line 6 must contain the name of the form you filed.
     Box 6C should be checked already.
     5.  Leave lines 5,7,8 blank
     6.  Line 9 must be completed as requested.  Please do not add years not
     requested.  Use mm/dd/yyyy format. If you are asked to fill in multiple
     years, please ensure you use the correct format mm/dd/yyyy for each date
     (place dates on separate lines)
     7.  If you filed using a Tax ID instead of your Social Security Number,
     please put your Tax ID number in the Social Security Number filed.  Names
     and socials must be on corresponding lines for the IRS to accept this
     document.
     8.  Sign and date the 4506T

3.   After completing instructions for the American Express Cover sheet and
Blank 4506T Form, return BOTH of the completed forms to:

Heck no!!!

What's in your wallet?
-Not Capital One.
Message 10 of 18
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