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@dharalex wrote:
I think everyone is entitled to his or her opinion about the FR, but think about ut. You want a company to just allow you to use up to $5,10,20+ thousand dollars, but you don't expect to prove your income. It's not personal. And if others didn't lie and cheat to get credit and mess things up for the honest ones, Amex wouldn't have to take such drastic measures.
I heard all the horror stories about Amex, but I'm ready and willing to go thru a FR. I refuse to tip toe around using buttons and calling the csr for fear of a FR. I still gave no other card that has come close to my Amex CL or customer service, so I will take my chances....however, I will keep my trusted Citi card in my wallet just in case. Lol
I'd certainly submit a W-2 or paystubs. I'd even let them see my bank records for a few months to document cash going in and coming out. I'd NEVER submit to letting them have access to my tax returns. The following is a list of information they have access to just from a 1040 transcript.
Concept & 1040 Line #
1) Names & SSNs of your entire family and your ex-spouse: 6a, 6b, 6c, 31a
2) Marital status: Right at the top of the form.
3) Alimony & child support: 11
4) HSA contributions: 25
5) Blind: 39a
6) Immigration status: 39b (also they can tell by your SSN)
7) Bank account number: 74b, 74c, 74d
8) Children adopted: 71b
9) Qualified health insurance plan:
10) Combat zone pay: 64b
11) Child care expenses: 48
12) First time home buyer: 67
13) Continuing education: 49 & 66 & 34
14) Retirement funds: 50
15) Unemployed you / spouse at any period during the year: 19
16) Rental income: 17
17) Social security benefits: 20a
18) What fuel does your car consume: 70
19) Energy-related home improvements:52
20) Own or rent your home: 52 & 67
It will also cost you $57 to submit yourself to this.
@android01 wrote:
@haulingthescoreup wrote:There's more than one reason to dislike F/R's.
Some of us feel that they are over-intrusive. For me, you want paystubs? --OK; tax returns? --fuhgeddaboudit.
I don't lie on my apps, and I don't have anything to hide on my tax returns. I just feel that that's an unjustified level of nosiness. Others feel differently.
There's no one correct answer on whether to agree to an F/R. It's an individual decision.
+1000. There is no credit card worth having that demands that level of intrusion.
I agree especially when there are other brands (Visa/MC) that are far more widely accepted.
@timmis1127 wrote:
Two words.... SHOT DOWN!
There's still hope... My wife got an Amex Gold Pre-Selected offer in the mail!
Thanks for everyone's help!
More detail please! You called and they refused to reinstate you? Did they give you any reasons?
I think more detail on a lot of factors is needed.
You said in an earlier post that you had been FR'd on a prior account and decided to close the account rather than give them the info. Was this an FR or did they just cancel the account?
They did the same to me about 6 months ago. Said my utilization was too high. The account was open just long enough to collect the annual fee and spend enough to earn the bonus and then bam...they closed it. It is more common than many you think. Amex is not the prestigious credit card company it used to be decades ago. With all the obsessive monitoring they do of your credit report, having to hold your breath when you make a large purchase to see if it will be approved, the hefty annual fee on some cards, etc. they're just not worth the hassle IMHO! In this age of competition for consumer business, there are so many better credit card companies out there these days. Who cares about Amex?
What other circumstances have you had? Here's the thing, I've had sky high utilization and not even had an FR with Amex before. I think information is key in situations like this so we can all get a clear idea of what not to do. Its rarely just random.
Shocking they closed the accounts without giving you any notification. A FR is at least a chance for you to speack up if you disagree with their decisions.