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Does CITI bank do FR? Or ask to sumbit documents taxes or pay stubs?
Yes, there have been a couple of posts here where Citi has sent 4506T for transcripts. Might be if self employed applicants, or for verification purposes. As always, state your reported income when applying, and be truthful. There may be others here who have more info on this as well.
Any CC issuer has the ability to FR someone, but I hear far less of Citi doing it than Amex or others. I would only worry about a FR if you charge close to your CL and only pay the minimum over the next year.
FR is nothing to worry about if you keep up on your payments and keep your uti below 80%
@KIPPIE12 wrote:Yes, there have been a couple of posts here where Citi has sent 4506T for transcripts. Might be if self employed applicants, or for verification purposes. As always, state your reported income when applying, and be truthful. There may be others here who have more info on this as well.
Were these at times of application? (I seem to remember one that was). Or are there cases were Citi, like Amex, at some point just asks for a 4506T (or the card will be closed)
@enharu
What do you mean by FR though? Isn't the point of 4506T getting the consumer's permission to pull tax docs?
I equate Amex FR with releasing tax docs to them.
I'm just not sure of what procedure other issuers follow during a review. Can they just get your info from the IRS without you even knowing?
He/she means that every bank does soft pulls periodically on their credit customers, to evaluate their risk position. Based on the information in the SP, they may do nothing, they may increase your CLI and they may decrease it. You don't know it's happening unless you see a change.
@Dubious wrote:
What do you mean by FR though? Isn't the point of 4506T getting the consumer's permission to pull tax docs?
I equate Amex FR with releasing tax docs to them.
I'm just not sure of what procedure other issuers follow during a review. Can they just get your info from the IRS without you even knowing?
Elcid pretty much said what I meant.
It really depends on what the motive of the financial review itself is.
Sometimes, the bank(s) just want to verify that you are not lying or painting a rosy picture about your finances, or just that they have the most up-to-date accurate info about you. For situations like that, they ask for your permission to pull your tax docs.
Amex does conduct financial reviews on customers even when they're not asking for your tax docs. If the reason for a FR is not related to the validity of your income, there's really no need to ask you for such info. There are people do have their accounts closed or CLD without a single call or mail from Amex asking for tax docs. They probably saw something that wasn't to their liking, and went ahead with AA in those cases.