Amex requested my bank statement to approve my application.

[Anonymous]

I am a contractor and most of the times getting paid cash (I stated correct income). Amex requested copy of my bank statement or tax form to verify my income. My income is not visible there, so I am not too sure about my next step. My credit is only 4 months old, and they said that these request was made because my FICO score is not generated yet. What happens if I don't comply with their request and re apply in 3 months? Will I automatically get FR request again since I didn't comply these time? 

[Anonymous]

Possibly. Call recon and talk to them. Explain that they wont find much in your statement in terms of direct deposit. Ask if a W2 will suffice.

[CreditCuriosity]

If you don't comply the simply won't issue you the card...  Why can't you provide them with bank statements?  Seems pretty easy to me...Most people have a bank account and do deposits into them even if you are consulting..  Or do you just cash your checks and keep the cash?

So you get paid cash I am guessing as long as they can see the deposits into your bank acocunt that might work, if not then you might be SOL if you are getting paid under the table..  Curious what others have to say about this.

[Zorasmiles]

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@Anonymous wrote:

I am a contractor and most of the times getting paid cash (I stated correct income). Amex requested copy of my bank statement or tax form to verify my income. My income is not visible there, so I am not too sure about my next step. My credit is only 4 months old, and they said that these request was made because my FICO score is not generated yet. What happens if I don't comply with their request and re apply in 3 months? Will I automatically get FR request again since I didn't comply these time? 

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Simply put AMEX will cancel your accounts if you don't submit your bank statements or tax income for verification.  Considering the strict requirements applying in 3 months with a FICO will yield the same results or an automatic denial.  Being a contractor you will always show the gross income but whatever you write off for adjustments to yield your gross will affect you as well.  I believe perhaps this is what AMEX is looking for.

[wacdenney]

I've never understood why anyone wouldn't just send them what they asked for.  If you send them your bank statement and tax return then the worse thing that can happen is you don't get the card.  If you don't send them the forms then you DEFINATELY don't get the card.  By not sending it you are guaranteed the worse possible outcome.

Send them the paperwork so you at least have a chance at getting approved.  Why wouldn't you?!?

[Anonymous]

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@Anonymous wrote:

I am a contractor and most of the times getting paid cash (I stated correct income). Amex requested copy of my bank statement or tax form to verify my income. My income is not visible there, so I am not too sure about my next step. My credit is only 4 months old, and they said that these request was made because my FICO score is not generated yet. What happens if I don't comply with their request and re apply in 3 months? Will I automatically get FR request again since I didn't comply these time? 

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If you don't comply, your account will be noted and everytime you apply you will be FR.  

[Anonymous]

I keep cash..

[Zorasmiles]

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@Anonymous wrote:

I keep cash..

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Kind of figured that much lol Which in itself is a reason a lot of folks have been tagged for failure to pay taxes lol Either you want the card or you don't..it's your call.

[Open123]

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@wacdenney wrote:

I've never understood why anyone wouldn't just send them what they asked for.  

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Well, from my perspective, there are several reasons.  

1.  Privacy - none of theirs or anyone's business.

2.  Increase risk of security breach.

3.  Inconvenience.

If Amex processes information, say, in India where US privacy laws do not apply, there is most assuredly a very good reason not to provide such senstive information for a credit card.

So, the just give them what they ask for makes very little sense to me.  If their CCs aren't that important to the OP, I'd tell them to pound sand.

[Zorasmiles]

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@Open123 wrote:

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@wacdenney wrote:

I've never understood why anyone wouldn't just send them what they asked for.  

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Well, from my perspective, there are several reasons.  

1.  Privacy - none of theirs or anyone's business.

2.  Increase risk of security breach.

3.  Inconvenience.

If Amex processes information, say, in India where US privacy laws do not apply, there is most assuredly a very good reason not to provide such senstive information for a credit card.

So, the just give them what they ask for makes very little sense to me.  If their CCs aren't that important to the OP, I'd tell them to pound sand.

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Hence why OP can either submit the requested data or move on to another CC issuer.  There are quite a few threads where FR's have been an issue for the applicant.