What the *4506T* do you mean you want to see my tax returns?!

[chasing8s]

In Feb I was approved for an Amex TE, and then a SKY about a week later.  Via phone with a CSR, I CLI'd my TE to 25k at the 61 day mark.  My SKY original approval amount is 9.9 and so after my 6 month mark, last week I requested it to be bumped to 18k via the online love button.  No love, instead I got the 7-10 day.  I was a little curious why, so I called the number on my card and they finally transferred me to someone that said they couldn't make a decision because Amex would need to see my returns to validate my income since any CLI would put my total credit limit with Amex  >35k. 

I didn't inflate my income so I'm not worried about that part of it, but I am not sure how I feel about  Amex having my tax returns just to verify my income! 

Looking for others to share their experience with this scenario please...

[longtimelurker]

I did it once, but don't plan to do it again!   It depends on how much you want the CLI vs privacy etc.  I am willing to provide tax returns for mortgages, not for CLIs!

[FinStar]

Some folks submit them without any issue or emotion and life goes on - it is what it is.  Others feel put off or the process as being intrusive.  At the end of the day, they're the lender and you have choices.  Of course, by not complying with the form simply does not grant any additional extensions of credit and you can have them cancel the CLI request.  However, should you entertain another CLI request in the future, it will trigger the 4506T form again.

[JonStur]

+1...since you were honest with them you have nothing to fear. They just want to make sure that their investment is protected that's all. By extending you credit they are making an investment in you, just like if you wanted to buy a stock hopefully you would do your due diligence and protect your investment as well.. It's just business not personal...

[chasing8s]

Thanks longtimelurker and finstar for your feedback. 

I've considered just doing it because I know I want to keep Amex for the AAoA and for their generous CLIs.  Do either of you know if I submit it this once if I would be asked to do it again if I asked for another CLI in six months?

[chasing8s]

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@JonStur wrote:

+1...since you were honest with them you have nothing to fear. They just want to make sure that their investment is protected that's all. By extending you credit they are making an investment in you, just like if you wanted to buy a stock hopefully you would do your due diligence and protect your investment as well.. It's just business not personal...

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I can see that perspective...good point.  Thanks.

[longtimelurker]

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@chasing8s wrote:

Thanks longtimelurker and finstar for your feedback. 

I've considered just doing it because I know I want to keep Amex for the AAoA and for their generous CLIs.  Do either of you know if I submit it this once if I would be asked to do it again if I asked for another CLI in six months?

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It depends on their reason for asking.  FWIW, the second time I asked for a CLI it was just granted, and generally I would think it depends on the reason for asking the first time.  If your tax returns satisfy any concerns, and can support the CLI you ask for next, probably be ok.  But I would think there are people who are asked every time.

[FinStar]

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@chasing8s wrote:

Thanks longtimelurker and finstar for your feedback. 

I've considered just doing it because I know I want to keep Amex for the AAoA and for their generous CLIs.  Do either of you know if I submit it this once if I would be asked to do it again if I asked for another CLI in six months?

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IMO, I would submit it if asked, but again that's just me ... no big issue.  Once they conduct their review and it's in their system, you shouldn't be prompted for this again unless something substantially changes on your overall profile.  However, only request a CLI if you truly absolutely *need* it and/or your spend patterns may warrant the additional purchasing power.