Reply
Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
0

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


navigatethis12 wrote:

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.


Possibly, although I personally would be surprised if they accepted it unless the return in question was signed off by one's CPA, etc. The entire reason for requesting the 4506T is that people can, and will, forge a tax return in order to avoid adverse action, so it buys AMEX nothing really to request one from a customer they are investigating to begin with.

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
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

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

Just have a few comments:

 

1) I also think people are being overly pessimistic.  My guess is that AMEX is likely to just place hard limits on his charge cards and possibly reduce his blue sky card.  People's incomes change for lots of reasons that do not involve fraud/deception.  AMEX and pretty much every other card issuer doesn't want to be in the law enforcement business.  They won't care that he "lied" on application as long as he can pay his bill.

 

2) Good Job AMEX FR.  He spent 30k on 40k declared income and paying minimum payment.  Seems pretty obvious is this case, but I am still impressed by AMEX. They stopped the guy from really getting in more trouble while still getting a bunch of transaction fees.

 

As for what your friend should do, he should just take the FR and see what happens.  He will not get blacklisted for lying on his application as long as he pays his accounts.  Almost definitely will have limits placed or reduced.  He hopefully learns his lesson here to watch his credit card spending as he seems to be treating credit card limits as gifts that dont need to be paid back like the money he got from his dad.  Also, he should hopefully learn not to lie in the future.  If he had racked up bills so he could not afford to pay back, this could have been a much worse situation.

               LIMITS IN CARD DESCRIPTIONS
Valued Contributor
navigatethis12
Posts: 1,954
Registered: ‎01-24-2012
0

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


Elcid89 wrote:

navigatethis12 wrote:

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.


Possibly, although I personally would be surprised if they accepted it unless the return in question was signed off by one's CPA, etc. The entire reason for requesting the 4506T is that people can, and will, forge a tax return in order to avoid adverse action, so it buys AMEX nothing really to request one from a customer they are investigating to begin with.


I never thought of that, but you're right. We'll just have to see what happens next.

Frequent Contributor
OnTheRebound
Posts: 472
Registered: ‎08-05-2009
0

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


ryanbush wrote:

 


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

 

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!


I'm interested as well. Is there a maximum balance that they pay 4.2% on? I searched and searched and the best I found was 6%. I got all excited until I read that 6% only applies to the first $5000.00. Doesn't do me any good at all. I ended up going with PenFed at 2% 5 yr certificate.

Mine- Amex BCE $11.1 / Citi Diamond Preferred WMC $12K / Citi Double Cash WMC $3.8K / Comenity Total Rewards Visa $2.5K / Citi Home Depot $5K / DW's- I'm AU on most- Amex BCP $12K / Chase Freedom Visa $11014.00 / PenFed Platinum Rewards Visa Signature $6K / Citi Simplicity MC $4.4K / GE Lowes $10K / GE CareCredit $5K
myFico Scores as of 10/03/2014
Equifax 798 / Experian 811 / TransUnion 814
Valued Contributor
ryanbush
Posts: 1,292
Registered: ‎08-19-2012
0

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


OnTheRebound wrote:

ryanbush wrote:

 


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

 

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!


I'm interested as well. Is there a maximum balance that they pay 4.2% on? I searched and searched and the best I found was 6%. I got all excited until I read that 6% only applies to the first $5000.00. Doesn't do me any good at all. I ended up going with PenFed at 2% 5 yr certificate.


6% on 5k is still 300/year in free money.... where did you see this at?

 

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
Super Contributor
longtimelurker
Posts: 8,055
Registered: ‎04-22-2013
0

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


ryanbush wrote:

 


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

 

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!


I believe "here" refers to Australia.

Frequent Contributor
OnTheRebound
Posts: 472
Registered: ‎08-05-2009
0

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


ryanbush wrote:

OnTheRebound wrote:

ryanbush wrote:

 


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

 

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!


I'm interested as well. Is there a maximum balance that they pay 4.2% on? I searched and searched and the best I found was 6%. I got all excited until I read that 6% only applies to the first $5000.00. Doesn't do me any good at all. I ended up going with PenFed at 2% 5 yr certificate.


6% on 5k is still 300/year in free money.... where did you see this at?

 


It's Christian Community CU. I checked them again just now and they decreased the interest rate to 5% with a $2500 maximum. I believe you have to be a member or employee of a church organization to join. I'm not a church member but if it was 5% and no maximum I would join a church just for the benefits:smileyhappy:

Mine- Amex BCE $11.1 / Citi Diamond Preferred WMC $12K / Citi Double Cash WMC $3.8K / Comenity Total Rewards Visa $2.5K / Citi Home Depot $5K / DW's- I'm AU on most- Amex BCP $12K / Chase Freedom Visa $11014.00 / PenFed Platinum Rewards Visa Signature $6K / Citi Simplicity MC $4.4K / GE Lowes $10K / GE CareCredit $5K
myFico Scores as of 10/03/2014
Equifax 798 / Experian 811 / TransUnion 814
Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

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


longtimelurker wrote:

ryanbush wrote:

 


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

 

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!


I believe "here" refers to Australia.


+1. Unlike the US and Europe, economic conditions here have generally been much better here as we missed the recession.

 

There is no limit on deposits for the person who asked.

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
Frequent Contributor
SuperKirby
Posts: 494
Registered: ‎02-08-2013
0

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

Ughhh,... I want to move to Australia so bad (for other reasons, but the 4% on Savings is another icing on the cake)! 

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

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


SuperKirby wrote:

Ughhh,... I want to move to Australia so bad (for other reasons, but the 4% on Savings is another icing on the cake)! 


Any specific reasons?

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

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}