Reply
New Contributor
Posts: 70
Registered: ‎09-29-2013
0

Re: Interesting situation. Need opinions from the experts... or people who know american Express

he may be your friend but he also may not be telling you everything. there is a reason why hes only paying the minimum after already paying off the 30k. if hes buying all these expensive suits and watches ect then he cares about his image and if hes spent all of his money he might not be telling you because he doesnt want it to get out. there has to be something going on. 

 

im not trying to be rude or disrepectful. if im coming off that way then im sorry because i dont mean to be. just trying to figure out what your friend is thinking

Chase Sapphire Preferred - American Express Platinum - American Express PRG -American Express SPG -American Express BCP - BofA Cash Rewards Visa Siggy - Citi TYP - Discover IT - PenFed Gold

In Garden
Valued Contributor
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Interesting situation. Need opinions from the experts... or people who know american Express


enharu wrote:

09Lexie wrote:
While this situation raises several alarms; let's remember to be respectful and supportive of each other -friends too. Smiley Wink

Thanks!

I'm certainly not trying to be disrespectful or rude. Sorry if it came off that way. I just figured it's best to be honest and down to earth about his situation, even if it means getting the message across in a not-so-nice way. There's really no sugarcoating certain stuff, such as fraud. 

 

The story itself is somewhat flawed, or that the "friend" is just not too bright (to put it in a nicer way). 100k in balances (doesn't matter where it came from. My guess is that it came from his parents), which probably is making less than 1% interest per annum, and he rather drag high balances and pay interest on some cards that doesn't have any 0% promo. There's really no reason why he isn't using that 100k to pay off that card, unless that 100k that he has isn't meant to be spent (such as parents putting money with him just so he has liquidity in the event of an emergency). This is too stupid ridiculous to be true. 

 

Anyhow, given the situation he has put himself in, it's best he pay off all those balances with his "100k balance", close the Amex accounts, and walk away from Amex for the near future. And hopefully, he learns his lesson and doesn't put himself in the same situation again.

 


I'm earning 4.2% interest in my savings account here! Returns aren't that lousy everywhere Smiley Happy

 

In all fairness, he got exactly what he deserved. It's easy to be foolish with money when it wasn't his to begin with. I think everything that needs to be said has been already.

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Community Leader
Super Contributor
Posts: 7,524
Registered: ‎09-22-2012
0

Re: Interesting situation. Need opinions from the experts... or people who know american Express

I can honestly say I had your friends "I dont care" attitude 12 years ago and it took me a solid 10 years to recover. If your friend isnt on here seeking advice first-hand its all probably a moot point as his mind is obviously made up.

Yeah, I would agree it will get ugly and his only possible saving grace is paying everything in full ASAP and re-evaluate when the dust settles.

Established Contributor
Posts: 554
Registered: ‎09-28-2012
0

Re: Interesting situation. Need opinions from the experts... or people who know american Express


myjourney wrote:

Jmdurbz wrote:

The 100k was given to him. 

 

 

And for your information the 2012 Tax form shows 11k. So this should be interesting


WOW 


picture says it all.  Also if this was my son we would have a nice long "talk".



TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!


Contributor
Posts: 567
Registered: ‎10-04-2012
0

Re: Interesting situation. Need opinions from the experts... or people who know american Express

Best option IMO is to preemptively close the accounts. Paying them off won't make an FR go away once one has been initiated.

 

If he submits legitimate tax returns, AMEX will IMO without a doubt close the accounts. If he submits fudged forms, he is committing a further instance of fraud.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Established Member
Posts: 36
Registered: ‎08-09-2013
0

Re: Interesting situation. Need opinions from the experts... or people who know american Express

the amex guy told him he is asking for the tax papers because he couldnt get them from the government because of the shutdown. almost seems as if they were going to close the accounts swiftly by their own.

we will see what happens. hopefully for him they give him lower credit lines , and a stricter spending limit. but it looks unanimous on here that you all think he is going to get the accounts closed.

i sent him this thread to read... hes more nervous now.
21 Year Old, College Student in NYC.

Discover IT - 2000 ; Chase Freedom - 2000 ; American Express GPR - NPSL ; American Express Delta Sky Miles Gold - 6000 ; Chase Saph Pref - 9000 ; Citi Thank You Pref - 9500

Valued Contributor
Posts: 1,997
Registered: ‎01-24-2012
0

Re: Interesting situation. Need opinions from the experts... or people who know american Express


Jmdurbz wrote:
the amex guy told him he is asking for the tax papers because he couldnt get them from the government because of the shutdown. almost seems as if they were going to close the accounts swiftly by their own.

we will see what happens. hopefully for him they give him lower credit lines , and a stricter spending limit. but it looks unanimous on here that you all think he is going to get the accounts closed.

i sent him this thread to read... hes more nervous now.

I personally don't believe it will be as bad as everyone is making it out to be. Maybe he shouldn't have lied, but it's not as if he has balances that he cannot pay off. As long as he has some income and maybe show bank statements the accounts most likely will not all be closed.

Contributor
Posts: 567
Registered: ‎10-04-2012
0

Re: Interesting situation. Need opinions from the experts... or people who know american Express


Jmdurbz wrote:
the amex guy told him he is asking for the tax papers because he couldnt get them from the government because of the shutdown. almost seems as if they were going to close the accounts swiftly by their own.

we will see what happens. hopefully for him they give him lower credit lines , and a stricter spending limit. but it looks unanimous on here that you all think he is going to get the accounts closed.

i sent him this thread to read... hes more nervous now.

Sounds shady. No lender can pull your tax return transcripts without a signed 4506T, and those expire - they do not remain active in perpetuity. If he hasn't already given them a recently signed 4506T, they have no ability to pull his tax returns on their own. Shutdown or no shutdown.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Valued Contributor
Posts: 1,292
Registered: ‎08-19-2012
0

Re: Interesting situation. Need opinions from the experts... or people who know american Express

 


I'm earning 4.2% interest in my savings account here! Returns aren't that lousy everywhere Smiley Happy

 

In all fairness, he got exactly what he deserved. It's easy to be foolish with money when it wasn't his to begin with. I think everything that needs to be said has been already.



Can you let me in on your secret, I'm only getting 1% on my savings.... I need get on your plan!

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Valued Contributor
Posts: 1,997
Registered: ‎01-24-2012
0

Re: Interesting situation. Need opinions from the experts... or people who know american Express


Elcid89 wrote:

Sounds shady. No lender can pull your tax return transcripts without a signed 4506T, and those expire - they do not remain active in perpetuity. If he hasn't already given them a recently signed 4506T, they have no ability to pull his tax returns on their own. Shutdown or no shutdown.


Perhaps that's what the representative meant. Since the goverment is on holiday, they can't access the tax records even with the form, so the customer could send them to get around that.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.