10-28-2013 09:23 PM
And I hope this has nothing to do with the apps spree that I did a few months ago, right?
10-28-2013 09:30 PM
10-29-2013 05:22 AM - edited 10-29-2013 05:25 AM
Since I am confident that all my cards are in good standing, I opted to fill up the form and will send it to them via fax. Will advise all of you of their verdict.
Your cards aren't really relevant to the 4506-T. It isn't to review your cards. It's to pull a tax return transcript from the IRS to verify income.
10-29-2013 10:23 AM
Amex SP's your CR's and they will take your internal score, income, assets into consideration when granting CLI's. It is never a guarantee that you will receive the 3x CLI.
Question. How would Amex, or any other lender know my assets, besides a mortgage and car loan, whitch I don't have, that they can see on a credit report when the only relationship I have with them is a credit card?
10-29-2013 10:30 AM
10-29-2013 12:33 PM
Amex specifically asks an applicants assets on the application. Depending on the asset it could be listed on one's tax return
Just as in income verification, for those with substantial assets Amex could well ask for verification (e.g. a broker's statement) or just take it as stated. It can also be correlated with spend. These days someone with a lot of assets but not much income due to low interest rates or growth oriented investments could well spend more than their income alone would allow. This way Amex can make a better model, offer higher CLs in some cases and be a better lender than if they didn't have this info.
Interestingly, Cap One also asks about assets.
When I first applied for an Amex, and was declined, I frequently pointed out they didn't ask about assets. I was glad to see that changed by the time I did app, and get, an Amex.
10-29-2013 01:58 PM
Hello again MyFicoers!
Need help. Last week, I requested for a 3XCLI on my Amex Blue Sky Preferred and got a message that they will be sending something by mail. When I got the mail, it was a 4506-T form. And for them to be able to process my CLI request (from 2K to 6K), I need to fill up the form and either mail or fax it to them. Am I in trouble or somethin'? Is this an FR?
Not an FR, they just want to verify your income.
One of the things that will draw a red flag with Amex is if they see balances go up over a period of time, which isnt the case with you.
10-29-2013 05:24 PM
everytime I've aked for a limit increase from AMEX they want a 4506-T from me as well..And I've been a card member for 23 years..I never once sent it in..I think they get spooked as I have a ton of credit..Its ok as I really don't need anymore lol
10-29-2013 06:50 PM
4506T is to request tax forms from the IRS. AMEX is verifying your income.
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