Credit Cards

[Repo-ed]

---

jake619 wrote:

---

android01 wrote:

CLOSE IT.  Having an AMEX or any other flavor of credit card is simply not worth the level of intrusion into your personal finances that allowing them to have your tax returns does.  I've been an AMEX customer for 27 years, and although I've never been F/R'd, I would close every AMEX account I have without even thinking twice should they ask for one.

---

Why do you say this? They already have your personal information, SS#, employment data, etc... what's the big problem backing up what was stated on an app?

---

Agreed

[android01]

---

Repo-ed wrote:

---

jake619 wrote:

---

android01 wrote:

CLOSE IT.  Having an AMEX or any other flavor of credit card is simply not worth the level of intrusion into your personal finances that allowing them to have your tax returns does.  I've been an AMEX customer for 27 years, and although I've never been F/R'd, I would close every AMEX account I have without even thinking twice should they ask for one.

---

Why do you say this? They already have your personal information, SS#, employment data, etc... what's the big problem backing up what was stated on an app?

---

Agreed

---

Because there is far more information in your tax returns than just SSN#, and employment data.  here's a list from what can be gleaned from a 1040 alone, not to mention other schedules they would have access to.

With only a 1040 transcript they can get:

Concept & 1040 Line #

1) Names & SSNs of your entire family and your ex-spouse:  6a, 6b, 6c, 31a
2) Marital status:  Right at the top of the form.
3) Alimony & child support: 11
4) HSA contributions: 25
5) Blind: 39a
6) Immigration status: 39b (also they can tell by your SSN)
7) Bank account number: 74b, 74c, 74d
8) Children adopted: 71b
9) Qualified health insurance plan:
10) Combat zone pay: 64b
11) Child care expenses: 48
12) First time home buyer: 67
13) Continuing education: 49 & 66 & 34
14) Retirement funds: 50
15) Unemployed you / spouse at any period during the year: 19
16) Rental income: 17
17) Social security benefits: 20a
18) What fuel does your car consume: 70
19) Energy-related home improvements:52
20) Own or rent your home: 52 & 67
21) Pay taxes in installments: 68

[Revelate]

---

Repo-ed wrote:

---

jake619 wrote:

---

android01 wrote:

CLOSE IT.  Having an AMEX or any other flavor of credit card is simply not worth the level of intrusion into your personal finances that allowing them to have your tax returns does.  I've been an AMEX customer for 27 years, and although I've never been F/R'd, I would close every AMEX account I have without even thinking twice should they ask for one.

---

Why do you say this? They already have your personal information, SS#, employment data, etc... what's the big problem backing up what was stated on an app?

---

Agreed

---

We had a big thread about this recently with opinions ranging all over the map.  I really don't want to go down that rabbit hole (again), so here's the thread for reference:

http://ficoforums.myfico.com/t5/Credit-Cards/Why-is-a-FR-so-bad/td-p/1765362

[jake619]

Haha, that was my thread! Thanks Rev for stopping this before it went viral again.

[bs6054]

Covered by others

[slippy84]

So did they at least call you before you tried using your card and it was declined?

All these stories about people being declined then calling in to find out that they are on FR are just crazy. If AMEX really wants to initiate a FR, they should at least have the decency to call you before they freeze your card.

[navigatethis12]

I asked about differing income and the female said that as long as you can show some income, they will not close it. 8000 does not seem unrealistic for 45000 income so they may just leave the limit the same. Their cards are really nothing special though, so if you have no use for them I would just close it.

[LostTime]

---

slippy84 wrote:

So did they at least call you before you tried using your card and it was declined?

All these stories about people being declined then calling in to find out that they are on FR are just crazy. If AMEX really wants to initiate a FR, they should at least have the decency to call you before they freeze your card.

---

no they called after.

[Dustink]

---

LostTime wrote:

---

slippy84 wrote:

So did they at least call you before you tried using your card and it was declined?

All these stories about people being declined then calling in to find out that they are on FR are just crazy. If AMEX really wants to initiate a FR, they should at least have the decency to call you before they freeze your card.

---

no they called after.

---

I doubt they will close it with an income of $45k. Maybe CLD, but you can call underwriting and explain what's up.

Not a lost cause.

[Happychap]

Least they called you, no one has yet called me and my card got suspended a week ago. I did send the tax form since I knew I was being FR'd when i saw the red suspension message and i still wait a response. It is a bad service in suspending your account with no contact, I suspect I will get a letter this week informing me of my FR.