Experience of Amex Credit Line increase with tax transcript request

[Ammer]

Hi,

I want to share my latest experiance with the AMEX Financial Review process :

Before FR :

I have a AMEX Platinum (AU of my wife), Everyday ($20.000), SPG ($14.200), BCP ($15.000), the other cards see signature.

One month ago I closed my PRG after I opened the Everyday to keep my points.

total Amex credit limit : $49.200 and I got to this limit without financial review.

Then I hit the trigger and requested a credit limit increase on the SPG to $25.000 they wanted me to sign form 4506-T to obtain my tax transcripts in order to be able to consider that increase.

I had to fax it 3 times, because I kept making small mistakes on the form. It is important to fill out everything absolutley correct and readable.

Also don't scribble or doodle even one line anywhere on the form, because then it will be rejected.

Now what I have learned:

August is an important cut off day for the FR, because when they request the FR before August they will get differnet years of your tax return than after August.

Example :

FR on 31.07.2014 : They get tax return from 2011 and 2012

FR on 01.08.2014 : They get tax return from 2012 and 2013

So if you have more income 2 and 3 years ago it's better to do it before August otherwise after.

btw.: I got the increase :-)

[longtimelurker]

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@Ammer wrote:

Hi,

I want to share my latest experiance with the AMEX Financial Review process :

Before FR :

I have a AMEX Platinum (AU of my wife), Everyday ($20.000), SPG ($14.200), BCP ($15.000), the other cards see signature.

One month ago I closed my PRG after I opened the Everyday to keep my points.

total Amex credit limit : $49.200 and I got to this limit without financial review.

Then I hit the trigger and requested a credit limit increase on the SPG to $25.000 they wanted me to sign form 4506-T to obtain my tax transcripts in order to be able to consider that increase.

I had to fax it 3 times, because I kept making small mistakes on the form. It is important to fill out everything absolutley correct and readable.

Also don't scribble or doodle even one line anywhere on the form, because then it will be rejected.

Now what I have learned:

August is an important cut off day for the FR, because when they request the FR before August they will get differnet years of your tax return than after August.

Example :

FR on 31.07.2014 : They get tax return from 2011 and 2012

FR on 01.08.2014 : They get tax return from 2012 and 2013

So if you have more income 2 and 3 years ago it's better to do it before August otherwise after.

btw.: I got the increase :-)

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And, this was not a Financial Review!  Just income verification.  Your cards remained active and if you hadn't supplied the form, your CLI request would have been cancelled but your cards would stay active.  In a real FR, your cards are frozen, and if you don't submit the form, your cards are closed.

I'm not so sure the dates are that clearcut either.  The form says that the current years tax forms are usually available from the IRS after August, but it doesn't seem to be guaranteed.  More, not available before.

[heyarrnold]

That's not a FR. 

You hit the limit of what Amex would grant you via their auto SP system. Thus, because you wanted a higher limit, they wanted to verify your income to grant you even more exposure. If you would have not sent in that form, your credit limit increase would have been denied but your accounts would have remained open. 

If this were a FR, your accounts would have been frozen until you sent in the requested form. Otherwise your accounts would have been closed.

[red259]

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@heyarrnold wrote:

That's not a FR. 

You hit the limit of what Amex would grant you via their auto SP system. Thus, because you wanted a higher limit, they wanted to verify your income to grant you even more exposure. If you would have not sent in that form, your credit limit increase would have been denied but your accounts would have remained open. 

If this were a FR, your accounts would have been frozen until you sent in the requested form. Otherwise your accounts would have been closed.

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+1 And if you failed to provide the tax information all that would have happened is they would have denied your credit line increase versus taking all your cards away. 

[Membersince2013]

Like others already pointed out, this is not an FR.

[Ammer]

I changed the title now.

[red259]

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@Ammer wrote:

I changed the title now.

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