topic Re: AMEX Blue Cash Preffered - 4506? in Credit Card Applications

AMEX Blue Cash Preffered - 4506?

Anonymous — Wed, 17 May 2017 21:32:32 GMT

Last month I applied for a Blue Cash Preferred, and I got a letter today stating I need to verify my income with a 4506. Would paystubs be suffient verification of income? I don't necessarily need the card, but those perks are hard to pass up. Only reason I don't want to use my tax return is because I started this year with my raise, and now I make 20k more than 2016. Of course I've been using my new raise annual income.

Re: AMEX Blue Cash Preffered - 4506?

Loquat — Wed, 17 May 2017 21:50:17 GMT

From what I gather here on the forum, the request is not negotiable. They want tax returns and I can't remember ever reading of them accepting anything else as far as income verification. Best of luck to you.

Re: AMEX Blue Cash Preffered - 4506?

Anonymous — Wed, 17 May 2017 21:53:13 GMT

Well if that's the case, no more hopes in that card until next year! My Blue Cash Everyday got a 10k limit with no request, I really hope I didn't add another zero...

Re: AMEX Blue Cash Preffered - 4506?

simplynoir — Wed, 17 May 2017 22:15:23 GMT

How unique is this situation? Because this is something I have never seen here before; thought 4506 requests were only asked when meeting certain CLI thresholds on cards with AMEX.

Re: AMEX Blue Cash Preffered - 4506?

Loquat — Wed, 17 May 2017 22:17:47 GMT

Just an FYI...try to only indicate income that you can prove via tax request (or at least via W2) just in case some you run into an issue again where a lender won't accept paystubs AND you're willing to comply. Most folks round these parts vehemently refuse to comply with such a request for many reasons...but to each his (or her) own.

Re: AMEX Blue Cash Preffered - 4506?

Anonymous — Wed, 17 May 2017 22:36:09 GMT

I will in the future, so I guess I'll be in the garden until I get my w2 for this year. I didn't inflate, I just used a conservative monthly income and did the math, not including my bonuses. This request also did not state what card they're asking income verification on, so I think this may be an oddball. I checked my app status via AMEX, and the application approved for the BCE was the one from February instead of the application in April. I just wont respond as it states "If we don't receive this information from you within 30 days of the date of this letter, we will be unable to provide additional consideration to your application." Seems almost optional, and with that I'll just sit a happy camper with my BCE and ED cards.

Could it also be do to the fact I've opened like 10 accounts in the past 60 days, and refinanced an auto loan? I'm going in to hiding, wish me luck.

Re: AMEX Blue Cash Preffered - 4506?

Anonymous — Wed, 17 May 2017 22:45:38 GMT

@Anonymous wrote:
I will in the future, so I guess I'll be in the garden until I get my w2 for this year. I didn't inflate, I just used a conservative monthly income and did the math, not including my bonuses. This request also did not state what card they're asking income verification on, so I think this may be an oddball. I checked my app status via AMEX, and the application approved for the BCE was the one from February instead of the application in April. I just wont respond as it states "If we don't receive this information from you within 30 days of the date of this letter, we will be unable to provide additional consideration to your application." Seems almost optional, and with that I'll just sit a happy camper with my BCE and ED cards.

Could it also be do to the fact I've opened like 10 accounts in the past 60 days, and refinanced an auto loan? I'm going in to hiding, wish me luck. <---this

Re: AMEX Blue Cash Preffered - 4506?

simplynoir — Wed, 17 May 2017 23:40:15 GMT

Yeah, I guess that will do it lol.

Re: AMEX Blue Cash Preffered - 4506?

Anonymous — Thu, 18 May 2017 14:56:23 GMT

@Anonymous wrote:
Last month I applied for a Blue Cash Preferred, and I got a letter today stating I need to verify my income with a 4506. Would paystubs be suffient verification of income? I don't necessarily need the card, but those perks are hard to pass up. Only reason I don't want to use my tax return is because I started this year with my raise, and now I make 20k more than 2016. Of course I've been using my new raise annual income.

I would still submit the 4506. I am in this situation as well b/c our merit increases go into effect June 1st. My tax returns will never match that year's salary. When I am asked about the difference by a lender I let them know this and offer to show paystubs or merit increase letters. If you submit the 4506 and are not asked and are denied, you should be reconning the app with that explanation. I have the BCE and I love the rewards so I would definitely encourage to see you go through with it. Good luck!

Re: AMEX Blue Cash Preffered - 4506?

UncleB — Sat, 20 May 2017 07:21:25 GMT

@Anonymous wrote:
@Anonymous wrote:
Last month I applied for a Blue Cash Preferred, and I got a letter today stating I need to verify my income with a 4506. Would paystubs be suffient verification of income? I don't necessarily need the card, but those perks are hard to pass up. Only reason I don't want to use my tax return is because I started this year with my raise, and now I make 20k more than 2016. Of course I've been using my new raise annual income.
I would still submit the 4506. I am in this situation as well b/c our merit increases go into effect June 1st. My tax returns will never match that year's salary. When I am asked about the difference by a lender I let them know this and offer to show paystubs or merit increase letters. If you submit the 4506 and are not asked and are denied, you should be reconning the app with that explanation. I have the BCE and I love the rewards so I would definitely encourage to see you go through with it. Good luck!

I agree with this... there's nothing to lose - the worst they can do is say 'no'.

As long as you're roughly in the ballpark I suspect they won't have a problem if the numbers don't quite match up... they've been doing this for a while, after all. This is assuming, of course, that you otherwise have no objections to the 4506-T request.

Re: AMEX Blue Cash Preffered - 4506?

trant3 — Sun, 21 May 2017 15:07:28 GMT

Whats there to lose? To be honest a $20k difference is probably indifferent to Amex, you'll still get the BCP regardless as long as you comply.

Re: AMEX Blue Cash Preffered - 4506?

krielly — Mon, 22 May 2017 18:04:11 GMT

Just a quick tip. If you DO decide to complete the 4506-T, do NOT forget/miss the little checkbox at the bottom of the form. I think it's in reference to attesting you are an authorized signatory or something similar.

If you forget to check this box, no error occurs, however you will probably wind up in the 4506-T Black hole with Amex. They will NOT let you know that your form was rejected and you will sit in 4506-T purgatory until you A: Try again or B:finally call only to find out you've been rejected, and hopefully get someone who will tell you how to fix it. LOL

Re: AMEX Blue Cash Preffered - 4506?

Anonymous — Tue, 23 May 2017 14:04:39 GMT

Others may disagree based on their experience but in my case, the income wasn't so much what they seemed concerned about but it seemed more like they were just making sure I was a legit tax payer. In my case, I got an AmEx with a $10K limit, immediately put an $8200 charge on it, then paid it as soon as it posted. Charged the other payment of $8200 right after (total charges of $16400).

Then I got a letter in the mail with my pin number for cash advances and called in to change it and got put thru to the credit department who wanted the 4506T for to "verify my ability to pay". I explained to her that my tax return filed in 2016 would not show my current retirement income of $40K since most came from the sale of my house and money inherited. She said they still needed to see them so I gave them to them. BTW, the income shown on the tax return was about $9600. After I faxed them to her, I called to confirm she received them since I had read about the 4506T black hole, and a few days later got a call from her that everything was ok with the account and no change to the $10K limit.

I would recommend calling the number provided and explaining to them about the income change and that the previous years income wont reflect current income. They should be use to most people increasing their income each year thru raises. As the others have said, nothing to lose.

Re: AMEX Blue Cash Preffered - 4506?

Anonymous — Tue, 23 May 2017 21:16:20 GMT

I appreciate all the advice on this issue, but to clear it up I was approved for the ED on April 19th for 1k SL, and then the BCE for 10k on April 27th. This 4506 requested was for the BCP, and I'm just going to let it pass. I'm just going to grow my cards that I have with them, slowly, and if they request a 4506 for increases I will surely use the advice you all gave me. Thank you!

Re: AMEX Blue Cash Preffered - 4506?

Spotsy — Tue, 23 May 2017 21:34:52 GMT

IMHO...never give an unsecured creditor your tax returns...they don't need it. If pay stubs are not sufficient then find a new issuer. AMEX is nothing special.