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New Contributor
gpfirestone
Posts: 93
Registered: ‎02-20-2013
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Re: amex fr problem

Just for those of you who are curious, this is what the message from Amex looks like when you get an FR:

 

From the Desk of:Mr. Corby

Extension:54972

Office Hours:Mon thru Fri > 2:30 pm to 11:00 pm - EST

Office Number: 1-800-762-8157

American Express recently requested that you complete and return a tax form called the 4506T in order to conduct a financial review. The 4506T authorizes American Express to retrieve tax information. We find the review process to be a necessary requirement in order to conduct our business in a prudent and successful manner.
Detailed instructions on how to fill out the 4506T are included below as well as in the American Express Fax Cover Sheet. It is critical that this information be completed correctly and faxed back to us within5 business days of the date of this email to avoid closure of the account.
Instructions to help ensure quicker review times 1. Print out the American Express Fax Cover Sheet 2. Print out the Blank 4506T Form

Instructions for completing this American Express Fax Cover Sheet1. Fill out the FROM field with your name as it appears on your card.2. Fill out your 15 digit account number (this is used for internal processing, your account number is not given to a third party)
 
Instructions for completing the Blank 4506T Form1. Please refer to your copy of the tax return you filed for accuracy. Information you provide must match IRS files, or the documents obtained may be insufficient and your account could be canceled.2. Please write legibly by hand. DO NOT do any of the following: type out the form, write your account number on the 4506T, or make corrections by whiting or crossing out (you must print out a new form). Doing any of those things will cause the 4506T to be rejected and could result in cancellation.3. Complete lines 1-44. Complete line 6. Line 6 must contain the name of the form you filed. Box 6C should be checked already.5. Leave lines 5,7,8 blank6. Line 9 must be completed as requested. Please do not add years not requested. Use mm/dd/yyyy format. If you are asked to fill in multiple years, please ensure you use the correct format mm/dd/yyyy for each date (place dates on separate lines)7. If you filed using a Tax ID instead of your Social Security Number, please put your Tax ID number in the Social Security Number filed. Names and socials must be on corresponding lines for the IRS to accept this document.8. Sign and date the 4506T3. After completing instructions for the American Express Cover sheet and Blank 4506T Form, return BOTH of the completed forms to:1 800 219 8549 Once the forms are received, they will be processed in 5-7 business days. If you have questions regarding your review, please call 1800 762 8157 and enter your account manager's five digit extension (listed at the top of this email) to avoid long wait times.
Thank you, The American Express Financial Review Team
:Capital One Spark Business $45k:::Chase Sapphire Preferred $18k:::Chase Amazon Visa $3k:::American Express BC $6k:::Chase Ink Plus $15k:::American Express Business Plum:::American Express Business Platinum::Citi Diamond Preferred $14k:::REI Visa $6k::Capital One Quicksilver $15k:

FIA/BOA is the plague. AVOID THEM!
Established Contributor
scenery_guy
Posts: 958
Registered: ‎07-24-2012
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Re: amex fr problem


NewYorkGuy wrote:

This is exactly why Amex behave the way they do. People buy into their delusion of grandeur. At the end of the day they are just another credit card company. I currently have the Amex Zync w/ NPSL. I would NEVER comply an Amex FR. Not because I have something to hide but just out of principle. I would gladly dump their plastic if I have to. You have to wonder the depesration of someone who would turn over 3 years of their tax return just to keep a credit card. There are far too many credit products on the market to put up with that crap... some with much better rewards and features than Amex. Whatever is on my taxes is between me, my family, and Uncle Sam. The only way I would even conceive of giving my tax returns to a creditor is if it is direclty connected to the acquisition of a tangible asset like a house for example... but for a revolving line of credit? HELL NO!!

 

 

 

 


To each his own I guess. The funny thing to me is a mortgage is a secured loan product. Miss payments and default and eventually they will get the home back, while in the process ruining your precious credit for 7 years or so. I'm not too keen on giving a mortgage company 4506-T form as I already have to give them copies of prior tax returns in the process of applying - for a secured loan with the home acting as collateral. When I received my mortgage a 4506-T was not required, just prior returns. Now thanks to the housing crash they are REQUIRED by most lenders. YMMV but my lender would want one. 

Now look at AMEX (or any other unsecured lender with credit cards) as they will lend up to the stated limit on a revolver or internal limit on a charge card with no collateral at all. None. Default and they are screwed out of the money and your credit is shot. Some of us have upwards of $100,000 available across multiple AMEX cards. That's more than what I still owe on my house and 100% unsecured. I don't blame them for wanting proof from a third party (the IRS). 

I'm not going to take issue with what they do with the info, just wanted to point out they do have the right to ask for verification of income both current and prior. As you stated you have the right to say no thanks, close the card and move on. You are correct as there are other lenders out there who don't seem to care but in my case the only lender actually close to how AMEX treats me is Chase. It's getting closer but it's still not there and I doubt it will ever get to the same point. 

I'm sure my FR day is coming. I just hope it's after this year's return has been filed as it's my best ever! I never overstated anything but if you look at this year I understated by a lot. 

Established Contributor
cashnocredit
Posts: 1,024
Registered: ‎07-18-2009
0

Re: amex fr problem


gpfirestone wrote:

btw Casteel, you can even call Amex and verify with them, they have no problem with people using personal cards as cards for their business expenses.  to them it is irrelevant and this is their company policy.


Yep. I'ved used my Amex a lot and a good part of it is obvious business expenses including an AU that only uses if for business.. The first 30 days I had my Amex I charged over 5k and have occasionally charged up to 50k+ though my mo. average is around 10k. I don;t care if they fr me but would have a problem if they turned the card off for a couple of weeks. I would expect that during an FR they would allow me to prepay anticipated expenses during that period, That is, it would be a kind of short term secured card. If they just shut down the card without that option I would close the account.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
New Contributor
Simplyjays
Posts: 61
Registered: ‎02-22-2013
0

Re: amex fr problem

lololol but i cant file the forum they want i need something else to file! enstead of that 4506-t **bleep**

Inquires= 0 as of 3/20/2013 till 4/1/2014
-Amex green NPSL -Discover it 1k -Capital One 1.25k -Walmart 700.00
-JDCU 500.00 -Credit one bank 400.00 (credit builder card =) -Babys R-us 200.00? =(
TU=649
EQ=632 as of 3/20/2013
New Contributor
Simplyjays
Posts: 61
Registered: ‎02-22-2013
0

Re: amex fr problem

thank you bro you ,made me feel better! 

Inquires= 0 as of 3/20/2013 till 4/1/2014
-Amex green NPSL -Discover it 1k -Capital One 1.25k -Walmart 700.00
-JDCU 500.00 -Credit one bank 400.00 (credit builder card =) -Babys R-us 200.00? =(
TU=649
EQ=632 as of 3/20/2013
Valued Contributor
j_casteel
Posts: 1,905
Registered: ‎06-21-2012
0

Re: amex fr problem


gpfirestone wrote:

btw Casteel, you can even call Amex and verify with them, they have no problem with people using personal cards as cards for their business expenses.  to them it is irrelevant and this is their company policy.


there are several threads on here where people have gotten shutdown for using personal credit cards to run a business rather than using business credit cards. i don't know from personal experience and it could all just be made up so calling AMEX to verify is a good idea, but i don't run my own business so i don't have a need to call.

| Walmart $5k | Amazon $5k | NFCU $19.5k | NLOC $15k | Lowes $17k | BoA $15k | Freedom $3k | IT $4k | CSP $5k | Marriott $5k | AMEX TE $9k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:709 TU:703
Goal Scores: 700
across the board
Established Contributor
cashnocredit
Posts: 1,024
Registered: ‎07-18-2009
0

Re: amex fr problem


j_casteel wrote:

gpfirestone wrote:

btw Casteel, you can even call Amex and verify with them, they have no problem with people using personal cards as cards for their business expenses.  to them it is irrelevant and this is their company policy.


there are several threads on here where people have gotten shutdown for using personal credit cards to run a business rather than using business credit cards. i don't know from personal experience and it could all just be made up so calling AMEX to verify is a good idea, but i don't run my own business so i don't have a need to call.



The way you get shut down with biz expenses is when you start buying your inventory with Amex or, even worse, you start using your Amex to buy from your own business which is against T&Cs.  OTOH, personal Amexes are  widely used for biz T&E expenses. Amex's own website suggests adding employees as additional cardmembers.

 

I've been using my personal Amex for some biz expenses and I have an AU that uses it only for biz expenses but I don't use it as a funding source. I't more of a convenience.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
Valued Contributor
j_casteel
Posts: 1,905
Registered: ‎06-21-2012
0

Re: amex fr problem


cashnocredit wrote:

j_casteel wrote:

gpfirestone wrote:

btw Casteel, you can even call Amex and verify with them, they have no problem with people using personal cards as cards for their business expenses.  to them it is irrelevant and this is their company policy.


there are several threads on here where people have gotten shutdown for using personal credit cards to run a business rather than using business credit cards. i don't know from personal experience and it could all just be made up so calling AMEX to verify is a good idea, but i don't run my own business so i don't have a need to call.



The way you get shut down with biz expenses is when you start buying your inventory with Amex or, even worse, you start using your Amex to buy from your own business which is against T&Cs.  OTOH, personal Amexes are  widely used for biz T&E expenses. Amex's own website suggests adding employees as additional cardmembers.

 

I've been using my personal Amex for some biz expenses and I have an AU that uses it only for biz expenses but I don't use it as a funding source. I't more of a convenience.


that's why i specified "run your business" not just use it for some business related expenses.

| Walmart $5k | Amazon $5k | NFCU $19.5k | NLOC $15k | Lowes $17k | BoA $15k | Freedom $3k | IT $4k | CSP $5k | Marriott $5k | AMEX TE $9k | Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:694 EX:709 TU:703
Goal Scores: 700
across the board
Established Contributor
cashnocredit
Posts: 1,024
Registered: ‎07-18-2009
0

Re: amex fr problem


j_casteel wrote:

cashnocredit wrote:

j_casteel wrote:

gpfirestone wrote:

btw Casteel, you can even call Amex and verify with them, they have no problem with people using personal cards as cards for their business expenses.  to them it is irrelevant and this is their company policy.


there are several threads on here where people have gotten shutdown for using personal credit cards to run a business rather than using business credit cards. i don't know from personal experience and it could all just be made up so calling AMEX to verify is a good idea, but i don't run my own business so i don't have a need to call.



The way you get shut down with biz expenses is when you start buying your inventory with Amex or, even worse, you start using your Amex to buy from your own business which is against T&Cs.  OTOH, personal Amexes are  widely used for biz T&E expenses. Amex's own website suggests adding employees as additional cardmembers.

 

I've been using my personal Amex for some biz expenses and I have an AU that uses it only for biz expenses but I don't use it as a funding source. I't more of a convenience.


that's why i specified "run your business" not just use it for some business related expenses.



I agree with the demarcation. I just want to clear up that Amex is completely cool with employees or even owners using their personal card for T&E. Many employees have their own since it goes with them when they change jobs. Very convenient if you are in sales or an area where you have to travel or entertain. That's actually Amex's primary target customer. Abuse of Amex cards by an owner will get you shut down but they can be remarkably flexible. My sister works for a woman who travels around the world making high end custom dresses. Like too many entrepreneurs, she runs on the edge and Amex regularly limits her card until she pays a somewhat late charge 30+ days after the bill posts. OTOH, she doesn't use it to buy her own stuff which is really a kind of fraud.

 

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
New Contributor
gpfirestone
Posts: 93
Registered: ‎02-20-2013
0

Re: amex fr problem

[ Edited ]

I would just avoid any high spending as advice for the OP.

:Capital One Spark Business $45k:::Chase Sapphire Preferred $18k:::Chase Amazon Visa $3k:::American Express BC $6k:::Chase Ink Plus $15k:::American Express Business Plum:::American Express Business Platinum::Citi Diamond Preferred $14k:::REI Visa $6k::Capital One Quicksilver $15k:

FIA/BOA is the plague. AVOID THEM!

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