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Established Contributor
TannerK
Posts: 1,275
Registered: ‎12-02-2010
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Re: American Express Gold Card is Crap!!!

He didnt file taxes last year so they asked for bank statements... seems legit.

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dharalex
Posts: 607
Registered: ‎09-08-2011
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Re: American Express Gold Card is Crap!!!


StealUrFace wrote:

So this guy is 18 year old, self employed and making $300+k a year???  If he is self employed  he most likely wouldn't have a paystub and amex would definitely want to see his tax returns for the FR.  Can you say troll?


Why must we automatically assume lying when we hear about things that seem different than what we are accustomed too? There are many entrepreneurs that are young. I, personally, tip my hat to someone who's willing to get his hands dirty instead of looking at how he can usurp the system and get a hand out. Do your thing, OP!


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Established Member
StealUrFace
Posts: 15
Registered: ‎09-26-2009
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Re: American Express Gold Card is Crap!!!

[ Edited ]

He said that he submitted paystubs.  Generally self employed people don't provide themselves paystubs.  Depending on how their business is set up, self employed people might provide themselves with a K1 but 99% of the time they don't get a paystub.  Unless he has a second job to suppliment his income, he wouldn't have a paystub to submit for FR

Established Contributor
TannerK
Posts: 1,275
Registered: ‎12-02-2010
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Re: American Express Gold Card is Crap!!!


StealUrFace wrote:

He said that he submitted paystubs.  Generally self employed people don't provide themselves paystubs.  Depending on how their business is set up, they might provide themselves with a K1 but 99% of the time they don't get a paystub.  Unless he has a second job to suppliment his income, he wouldn't have a paystub to submit for FR


Dont look into it so much. Were here to share info and help others out. He hasn't been responding to every message or gave any indication of lieing. The time for the FR matches also. By avoiding assumptions, we avoid pointless arguments and make the community better.

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GBPac12
Posts: 252
Registered: ‎12-09-2011
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Re: American Express Gold Card is Crap!!!


TannerK wrote:

StealUrFace wrote:

He said that he submitted paystubs.  Generally self employed people don't provide themselves paystubs.  Depending on how their business is set up, they might provide themselves with a K1 but 99% of the time they don't get a paystub.  Unless he has a second job to suppliment his income, he wouldn't have a paystub to submit for FR


Dont look into it so much. Were here to share info and help others out. He hasn't been responding to every message or gave any indication of lieing. The time for the FR matches also. By avoiding assumptions, we avoid pointless arguments and make the community better.



TannerK wrote:

StealUrFace wrote:

He said that he submitted paystubs.  Generally self employed people don't provide themselves paystubs.  Depending on how their business is set up, they might provide themselves with a K1 but 99% of the time they don't get a paystub.  Unless he has a second job to suppliment his income, he wouldn't have a paystub to submit for FR


Dont look into it so much. Were here to share info and help others out. He hasn't been responding to every message or gave any indication of lieing. The time for the FR matches also. By avoiding assumptions, we avoid pointless arguments and make the community better.


*Applause* Amen brotha, Preach Preach!!


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Established Contributor
TannerK
Posts: 1,275
Registered: ‎12-02-2010
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Re: American Express Gold Card is Crap!!!

lol

Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
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Re: American Express Gold Card is Crap!!!


TannerK wrote:

StealUrFace wrote:

He said that he submitted paystubs.  Generally self employed people don't provide themselves paystubs.  Depending on how their business is set up, they might provide themselves with a K1 but 99% of the time they don't get a paystub.  Unless he has a second job to suppliment his income, he wouldn't have a paystub to submit for FR


Dont look into it so much. Were here to share info and help others out. He hasn't been responding to every message or gave any indication of lieing. The time for the FR matches also. By avoiding assumptions, we avoid pointless arguments and make the community better.


+1




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android01
Posts: 1,226
Registered: ‎09-22-2009
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Re: American Express Gold Card is Crap!!!

[ Edited ]

LS2982 wrote:

TannerK wrote:

StealUrFace wrote:

He said that he submitted paystubs.  Generally self employed people don't provide themselves paystubs.  Depending on how their business is set up, they might provide themselves with a K1 but 99% of the time they don't get a paystub.  Unless he has a second job to suppliment his income, he wouldn't have a paystub to submit for FR


Dont look into it so much. Were here to share info and help others out. He hasn't been responding to every message or gave any indication of lieing. The time for the FR matches also. By avoiding assumptions, we avoid pointless arguments and make the community better.


+1


This all fine and good, but the thing that sets my alarm off is the fact that AMEX, in this case (which is the only one that I've ever heard of) settled for pay stubs and bank statements in lieu of a 4506-T.  Pay stubs and W-2 can easily be manufactured in any number of accounting software packages.  Bank statements, unless they are coming directly from the bank, can be "manipulated" as well, and don't really count for anything anyway as they don't give the kind of picture of personal finances that AMEX generally looks for.  So yes, call me skeptical when I see someone who is 18 years old and pulling down 300K+ a year.  

 

Just a reminder that the info "shared" here  can not be verified, it's an anonymous internet forum after all, and CAN do more harm than good.  It is unwise to not to bring questionable posts to the attention of the community.  No "pointless arguments" here, just a healthy skepticism.    

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Valued Member
Jstic
Posts: 43
Registered: ‎01-28-2009
0

Re: American Express Gold Card is Crap!!!

I am leary of this thread also as far as credibility. However, the OP does state that he had not filed taxes for the previous year as he is only 18 and this is not uncommon. So a 4506-T would be useless to the lender. However, another poster pointed out how easy it is to make up pay stubs, even w-2 forms. I am a business owner and could make up a year's worth of pay stubs and a w-2 to match in a couple of hours using Quickbooks or probably any other similar software.

 

What AMEX would be more interested in, IMHO is assets. Without some type of collateral, it would be difficult for any bank to extend this type of credit line, let alone a CC company. The thing that makes me the most suspicious about the thread are the reported FICO scores. At 18 years old I think it would be almost impossible to score 785 with any of the 3 bureaus. I could be wrong about this, but there is a good part of the score that is based on length of credit history. Given that, it seems like 785 would be almost out of reach for an 18 year old. Remember, we are currently in an environment of very strict lending standards, at any level.

Established Contributor
TannerK
Posts: 1,275
Registered: ‎12-02-2010
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Re: American Express Gold Card is Crap!!!


Jstic wrote:

I am leary of this thread also as far as credibility. However, the OP does state that he had not filed taxes for the previous year as he is only 18 and this is not uncommon. So a 4506-T would be useless to the lender. However, another poster pointed out how easy it is to make up pay stubs, even w-2 forms. I am a business owner and could make up a year's worth of pay stubs and a w-2 to match in a couple of hours using Quickbooks or probably any other similar software.

 

What AMEX would be more interested in, IMHO is assets. Without some type of collateral, it would be difficult for any bank to extend this type of credit line, let alone a CC company. The thing that makes me the most suspicious about the thread are the reported FICO scores. At 18 years old I think it would be almost impossible to score 785 with any of the 3 bureaus. I could be wrong about this, but there is a good part of the score that is based on length of credit history. Given that, it seems like 785 would be almost out of reach for an 18 year old. Remember, we are currently in an environment of very strict lending standards, at any level.


I would think that they would have also asked for his business bank statements with personal... I didnt realize how easy it is to fake pay stubs. The highest I ever got to was 763 TU and im currently 18. I was just approved for 2 new cards so that will bring it down... Maybe he was an AU and acheived the score that way?


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