New twist on AMEX F/R

[android01]

A little bit of History:  I have total revolving limits with AMEX  of $35,000.  I also have an AMEX Business Platinum that gets about $500,000 run through it each year.  I've been an AMEX member for 25 years.   I recently requested a CLI on my AMEX Costco TE card online and got the 7-10 day message, much to my surprize.  Ten days later I received a letter from AMEX stating that:

"We appreciate your interest in a credit line increase and would like to process your application as soon as possible.  Before we can finish your application we need to have you provide the following information:

IRS 4506-T form".

"We look forward to receiving the documentation mentioned so we can complete the process of your application.  Please note, if we do not hear from you within 30 days,  we will give no further consideration to your application."

So, needless to say I'm not sending the cursed 4506-T to them, so no CLI.  I'm thinking I have perhaps reached the revolving limit they feel comfortable with, but were still giving me a chance to increase my CL if I wanted to, which I don't if it involves F/R.  It's the first time I've heard about 4506-T being an option vs. being forced to send it in to keep an account open.

I'm sure that someone else must have experienced this, but i haven't read about it yet, so I thought I'd post this "new twist" on the dreaded 4506-T.   

[pizzadude]

While this request might seem like too much, it seems reasonable to me. AMEX wants to verify your income in order to grant you additional CLIs above the $35K that you already have. The only way to do this is to either see your W2 / 1099s or to see your 1040s. Just my 2¢.

[android01]

---

@pizzadude wrote:
While this request might seem like too much, it seems reasonable to me. AMEX wants to verify your income in order to grant you additional CLIs above the $35K that you already have. The only way to do this is to either see your W2 / 1099s or to see your 1040s. Just my 2¢.

---

I'd be more than happy to send W-2's, but the 1040 is to much, IMO.  There is way too much other non relevent personal info on the 1040.  Even the summary! 

[pizzadude]

----->   I'd be more than happy to send W-2's, but the 1040 is to much, IMO.  There is way too much other non relevent personal info on the 1040.  Even the summary! 

Yeah, I hear ya.   There is a lot of stuff there other than income.   But I guess they want to get a complete financial picture, your income is part of it but so are liabilities/deductions, etc..

Most of us probably wouldn't think twice about giving this info to a bank or CU when applying for a mortgage or personal loan.   Personally I would trust AMEX to keep my info protected more than say, Cap1 or First Premier.  

[tntexans72]

Just out of curiousity to the orginal poster: is that total revolving $35,000 for 2 cards or 1 when you requested a CLI?

And just happen so if it's 2 cards, is 1 at $25k limit already? and that's when you requested a CLI?

btw...Sorry to hear

[android01]

---

@tntexans72 wrote:

Just out of curiousity to the orginal poster: is that total revolving $35,000 for 2 cards or 1 when you requested a CLI?

And just happen so if it's 2 cards, is 1 at $25k limit already? and that's when you requested a CLI?

btw...Sorry to hear

---

It is two cards -  a Delta at  25K and a TE at 10K.  I was looking to up the limit on the TE.  Its no big deal i didn't get the CLI, I don't really need it anyway although I did want it. The TE is the newer of the two, I opened it in February of this year.   

[JusdoNit]

I see your scores are all inline with each other.  my EQ beacon5 is like 50 points lower than my EQ fico score.  Cancelled my eq service because I really dont understand the gap and the one from the lenders for EQ are in line with myfico. WTHeck????

[android01]

---

@JusdoNit wrote:

I see your scores are all inline with each other.  my EQ beacon5 is like 50 points lower than my EQ fico score.  Cancelled my eq service because I really dont understand the gap and the one from the lenders for EQ are in line with myfico. WTHeck????

---

Beacon 5 is a FICO score, and I believe it is the EQ score used here at MyFico.  If you are referring to an "EQ service" from the Equifax website, those are not FICO scores, and lenders don't use them.  I'm pretty sure those are PLUS scores (FAKO) or some variation that EQ came up with.  The EQ Beacon 5 FICO would be the score that lenders use.

[JusdoNit]

ok. when i went to cancel my eq thats what they said to get me to stay with them (it was a beacon 5 although it's 50 points lower than the eq fico shown  on here), but I'm good with the scorese here. they are near to what I see from creditors.

[haulingthescoreup]

---

@android01 wrote:

A little bit of History:  I have total revolving limits with AMEX  of $35,000.  I also have an AMEX Business Platinum that gets about $500,000 run through it each year.  I've been an AMEX member for 25 years.   I recently requested a CLI on my AMEX Costco TE card online and got the 7-10 day message, much to my surprize.  Ten days later I received a letter from AMEX stating that:

"We appreciate your interest in a credit line increase and would like to process your application as soon as possible.  Before we can finish your application we need to have you provide the following information:

IRS 4506-T form".

"We look forward to receiving the documentation mentioned so we can complete the process of your application.  Please note, if we do not hear from you within 30 days,  we will give no further consideration to your application."

So, needless to say I'm not sending the cursed 4506-T to them, so no CLI.  I'm thinking I have perhaps reached the revolving limit they feel comfortable with, but were still giving me a chance to increase my CL if I wanted to, which I don't if it involves F/R.  It's the first time I've heard about 4506-T being an option vs. being forced to send it in to keep an account open.

I'm sure that someone else must have experienced this, but i haven't read about it yet, so I thought I'd post this "new twist" on the dreaded 4506-T.   

---

So if you don't comply, you won't get a CLI, but you will be able to keep your cards?

That's a new one on me! Sorry about the CLI, but whew on not getting closed down.