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09Lexie
Posts: 26,327
Registered: ‎09-13-2012
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Re: Amex and 4506-T Form

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Angko
Posts: 115
Registered: ‎04-23-2013
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Re: Amex and 4506-T Form

And I hope this has nothing to do with the apps spree that I did a few months ago, right?

 



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09Lexie
Posts: 26,327
Registered: ‎09-13-2012
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Re: Amex and 4506-T Form

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.
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takeshi74
Posts: 3,042
Registered: ‎06-05-2013
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Re: Amex and 4506-T Form

[ Edited ]

Angko wrote:
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.

http://www.irs.gov/uac/About-Form-4506T

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OnTheRebound
Posts: 457
Registered: ‎08-05-2009
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Re: Amex and 4506-T Form


09Lexie wrote:
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?

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09Lexie
Posts: 26,327
Registered: ‎09-13-2012
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Re: Amex and 4506-T Form

Amex specifically asks an applicants assets on the application. Depending on the asset it could be listed on one's tax return
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cashnocredit
Posts: 1,028
Registered: ‎07-18-2009
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Re: Amex and 4506-T Form


09Lexie wrote:
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.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

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sjt
Posts: 721
Registered: ‎05-05-2010
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Re: Amex and 4506-T Form


Angko wrote:

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.

 

 

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sandman2435
Posts: 439
Registered: ‎01-22-2011
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Re: Amex and 4506-T Form

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

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AndySoCal
Posts: 1,947
Registered: ‎04-07-2009
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Re: Amex and 4506-T Form

4506T is to request tax forms from the IRS.  AMEX is verifying your income.

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