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What happens when Amex does FR

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Red1Blue
Super Contributor

What happens when Amex does FR

What happens when Amex does FR and if you refuse to submit the Tax Returns?

Message 1 of 20
19 REPLIES 19
Creditaddict
Legendary Contributor

Re: What happens when Amex does FR

oh no did you get FR again?

 

I thought they would just close your accounts out?

Message 2 of 20
Red1Blue
Super Contributor

Re: What happens when Amex does FR


@Creditaddict wrote:

oh no did you get FR again?

 

I thought they would just close your accounts out?


I told the I'll not send the authorization for returns and I'll pay all the accounts in full and they can do what ever they have to do. When I login it shows my accounts are suspended. I went ahead and send the payment in full for all the accounts and it should post into my accounts by Monday. I am going to shred the cards and move on. I have plenty of credit and I can manage with out the Amex tantrums.

Message 3 of 20
Creditaddict
Legendary Contributor

Re: What happens when Amex does FR

lol, I'm sorry it's not really funny that it happened but obviously you like these cards because you closed them all last time they FR you and less than 2 years later here you are again with what 4 amex cards and your saying your willing to walk away again... why not just give them the documents and keep your 4 accounts and never be bothered with amex again?

Message 4 of 20
Red1Blue
Super Contributor

Re: What happens when Amex does FR


@Creditaddict wrote:

lol, I'm sorry it's not really funny that it happened but obviously you like these cards because you closed them all last time they FR you and less than 2 years later here you are again with what 4 amex cards and your saying your willing to walk away again... why not just give them the documents and keep your 4 accounts and never be bothered with amex again?


Last time I asked them to close the accounts. This time, I told them they have to do what they have to and I'll not authorization for Returns and let them do what ever they have to do. Looks to me the penfed card gives me better returns than Amex card and it will grow. I have more than $140k CL in personal and $100k+ on my business accounts. I am not going to loose my sleep over Amex.

 

Message 5 of 20
Creditaddict
Legendary Contributor

Re: What happens when Amex does FR

but why are you so against giving them the info.

you practically just gave that same info to USA fed to join, whats the difference

Message 6 of 20
Anonymous
Not applicable

Re: What happens when Amex does FR

make sure you are the one that close the account first, not amex

my brother  account suspended before, he didnt sign the   4056t form

at that time. they give him 5 days to fax the form while his amex still suspended, before the 5th day he call amex to close my acct, the NY card and my Gold.

Account closed by consumer in my credit report.

 

if your income dont change a lot within 2 yeard, you better sign the form, keep your Amex open !!.

this year, he apply for Zinc, approved, before they send the card, they ask him to sign the same form .. LOL, they still remember !!!


Message 7 of 20
Creditaddict
Legendary Contributor

Re: What happens when Amex does FR

 


@Anonymous wrote:

make sure you are the one that close the account first, not amex

i got my account suspended before, i didnt sign the   4056t form

at that time. they give me 5 days to fax the form while my amex still suspended, before the 5th day i call amex to close my acct, the NY card and my Gold.

Account closed by consumer in my credit report.



but really how does it matter that it says closed by consumer or closed by grantor, it's still going to be on the positive side of your credit report

 

Message 8 of 20
Anonymous
Not applicable

Re: What happens when Amex does FR

i believe doesnt effect the credit report

Message 9 of 20
Anonymous
Not applicable

Re: What happens when Amex does FR


@Creditaddict wrote:

but why are you so against giving them the info.

you practically just gave that same info to USA fed to join, whats the difference


Do you actually know what information is gleaned from your tax returns?  And do you know exactly how AmEx uses the information they obtain?

 

Unless AmEx swears they only obtain a simple 1099 / W-2 verification, there is the potential that they get a complete transcript of all your itemized deductions.  Do they really need data on your deductions for medical expenses because your spouse has cancer in order to determine that you are a good credit risk?  Do they need to know that you have $120k in interest income if you have chosen not to include that in your stated income when you applied for the AmEx card?

 

An AmEx FR is overkill and not only a sign of nefarious intent, but a serious invasion of privacy. 

Message 10 of 20
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