topic Re: Amex wants to verify my income in Credit Cards

Amex wants to verify my income

Anonymous — Tue, 06 Jan 2015 16:45:39 GMT

I saw this discussed previously, but I had a specific question-- I received a call from amex stating that they wanted to discuss a business matter, and I assumed it was merely to get my payment, and then I received a letter saying they wanted to basically discuss their underwriting requirements and said I needed to call and they'd tell me what information they wanted. Now, at the time, I had a very high balance, but I don't have that balance any longer. I'm concerned they are doing to ask to see my tax returns, and I really feel strongly that I don't want to provide them. My question is-- is there something else I can give them? Copies of my bank deposits throughout the year, etc, to verify my income without granting them access to my personal information on my tax returns? Also, because that high balance is now paid, and I don't intend for it to get that high again anytime soon, can I just ignore it?

Thanks!

Re: Amex wants to verify my income

joltdude — Tue, 06 Jan 2015 16:51:56 GMT

Did they shut off your cards?

Re: Amex wants to verify my income

Anonymous — Tue, 06 Jan 2015 16:58:52 GMT

How do they want to verify? They should tell you what they need thus, tax return, paystubs, bank statements etc.. All we can do is speculate as to what they will need in your case. Some people have been able to do paystubs, others tax returns among others..

Re: Amex wants to verify my income

Anonymous — Tue, 06 Jan 2015 17:08:06 GMT

What was the balance and how long did you carry the balance?

Re: Amex wants to verify my income

baller4life — Tue, 06 Jan 2015 17:20:58 GMT

I know many have said differently but this story and many many others confirms my belief that Amex prefers you not to carry a balance. And I never ever will.

Re: Amex wants to verify my income

ojefferyo — Tue, 06 Jan 2015 17:28:15 GMT

@baller4life wrote:
I know many have said differently but this story and many many others confirms my belief that Amex prefers you not to carry a balance. And I never ever will.

I don't think carrying a balance will trigger this, my sister carries a balance on hers and have had no problems whatsoever. I beleive that when AMEX wants to verify income is when you spend more than what they think you can pay back coupled with a big balance and possible small payments.

Re: Amex wants to verify my income

Anonymous — Tue, 06 Jan 2015 17:40:37 GMT

If this is a FR, they will ask for specific things (tax statements, checking account statements etc). From there you have three options

1. Provide what they want.

2. Close all your accounts

3. Do nothing and have Amex close all your accounts (and lose your points if you have any).

There is no negotating in case of a FR

Re: Amex wants to verify my income

CreditCuriosity — Tue, 06 Jan 2015 17:43:25 GMT

I guess my thought on this is if you didn't lie on your application who really cares if they ask for pay stubs or tax returns? Ya a FR is a pain in the butt, but they are covering there butt as well. If I ever need to carry a balance on an Amex I will as that is a point of a revolver thus they give you this option. Will it sucks if I get FR'ed ya? Will I come out of it fine if I do as I am hiding nothing, yep.. People worry way to much about this. They could just shut down your account like other lenders, but they give you a chance to prove you are able to re-pay, and didn't lie on your application. Just my 2 cents on this. You should not apply for an amex card if you are worried about getting a FR. It is very rare, but it does happen.

Re: Amex wants to verify my income

TRC_WA — Tue, 06 Jan 2015 17:47:45 GMT

@baller4life wrote:
I know many have said differently but this story and many many others confirms my belief that Amex prefers you not to carry a balance. And I never ever will.

I just got mine and I don't plan to either.

Re: Amex wants to verify my income

TRC_WA — Tue, 06 Jan 2015 17:48:29 GMT

@ojefferyo wrote:
@baller4life wrote:
I know many have said differently but this story and many many others confirms my belief that Amex prefers you not to carry a balance. And I never ever will.
I don't think carrying a balance will trigger this, my sister carries a balance on hers and have had no problems whatsoever. I beleive that when AMEX wants to verify income is when you spend more than what they think you can pay back coupled with a big balance and possible small payments.

This too.

If I am going to carry a balance it won't be on my Amex.

Re: Amex wants to verify my income

Anonymous — Tue, 06 Jan 2015 17:50:41 GMT

@CreditCuriousity wrote:
I guess my thought on this is if you didn't lie on your application who really cares if they ask for pay stubs or tax returns? Ya a FR is a pain in the butt, but they are covering there butt as well. If I ever need to carry a balance on an Amex I will as that is a point of a revolver thus they give you this option. Will it sucks if I get FR'ed ya? Will I come out of it fine if I do as I am hiding nothing, yep.. People worry way to much about this. They could just shut down your account like other lenders, but they give you a chance to prove you are able to re-pay, and didn't lie on your application. Just my 2 cents on this. You should not apply for an amex card if you are worried about getting a FR. It is very rare, but it does happen.

THere are valid privacy concerns that some care about.

I disagree with: "You should not apply for an amex card if you are worried about getting a FR. It is very rare, but it does happen."

Precisely because it is very rare, it makes perfect sense to get an Amex, and, if in the very rare event you get an FR, choose not to comply.

Re: Amex wants to verify my income

ElBarrbaro — Tue, 06 Jan 2015 17:54:01 GMT

@CreditCuriousity wrote:
I guess my thought on this is if you didn't lie on your application who really cares if they ask for pay stubs or tax returns? Ya a FR is a pain in the butt, but they are covering there butt as well. If I ever need to carry a balance on an Amex I will as that is a point of a revolver thus they give you this option. Will it sucks if I get FR'ed ya? Will I come out of it fine if I do as I am hiding nothing, yep.. People worry way to much about this. They could just shut down your account like other lenders, but they give you a chance to prove you are able to re-pay, and didn't lie on your application. Just my 2 cents on this. You should not apply for an amex card if you are worried about getting a FR. It is very rare, but it does happen.

Agreed. I see way to many people on here worried about this...it is what it is. Either you make what you said you make or you don't.

Re: Amex wants to verify my income

CreditCuriosity — Tue, 06 Jan 2015 17:55:44 GMT

@Anonymous wrote:
@CreditCuriousity wrote:
I guess my thought on this is if you didn't lie on your application who really cares if they ask for pay stubs or tax returns? Ya a FR is a pain in the butt, but they are covering there butt as well. If I ever need to carry a balance on an Amex I will as that is a point of a revolver thus they give you this option. Will it sucks if I get FR'ed ya? Will I come out of it fine if I do as I am hiding nothing, yep.. People worry way to much about this. They could just shut down your account like other lenders, but they give you a chance to prove you are able to re-pay, and didn't lie on your application. Just my 2 cents on this. You should not apply for an amex card if you are worried about getting a FR. It is very rare, but it does happen.
THere are valid privacy concerns that some care about.

I disagree with: "You should not apply for an amex card if you are worried about getting a FR. It is very rare, but it does happen."
Precisely because it is very rare, it makes perfect sense to get an Amex, and, if in the very rare event you get an FR, choose not to comply.

It is intrusive I don't disagree.. You gotta play by there rules though if you do get FR'ed you can either comply and give them what they want or just have them shut down your card and cut your ties.. Pretty much that simple. It is rare, so most people don't have to worry. So I guess if you do get a person does get a FR they have a choice whether to provide the information or throw amex out the window of being a lender they do business with.

I still don't see what all the fuss is about carrying balances though, might make you more of a target? I am on my first amex of my own, but my parents have been with amex for over 30 years probaby and i know within the last 5 years they have carried balances at times with no AA.. Probably depends on payments and how long you carry the balance. Who knows, I sure don't.

Re: Amex wants to verify my income

ElBarrbaro — Tue, 06 Jan 2015 18:00:31 GMT

@CreditCuriousity wrote:
@Anonymous wrote:
@CreditCuriousity wrote:
I guess my thought on this is if you didn't lie on your application who really cares if they ask for pay stubs or tax returns? Ya a FR is a pain in the butt, but they are covering there butt as well. If I ever need to carry a balance on an Amex I will as that is a point of a revolver thus they give you this option. Will it sucks if I get FR'ed ya? Will I come out of it fine if I do as I am hiding nothing, yep.. People worry way to much about this. They could just shut down your account like other lenders, but they give you a chance to prove you are able to re-pay, and didn't lie on your application. Just my 2 cents on this. You should not apply for an amex card if you are worried about getting a FR. It is very rare, but it does happen.
THere are valid privacy concerns that some care about.

I disagree with: "You should not apply for an amex card if you are worried about getting a FR. It is very rare, but it does happen."
Precisely because it is very rare, it makes perfect sense to get an Amex, and, if in the very rare event you get an FR, choose not to comply.
It is intrusive I don't disagree.. You gotta play by there rules though if you do get FR'ed you can either comply and give them what they want or just have them shut down your card and cut your ties.. Pretty much that simple. It is rare, so most people don't have to worry. So I guess if you do get a person does get a FR they have a choice whether to provide the information or throw amex out the window of being a lender they do business with.

I still don't see what all the fuss is about carrying balances though, might make you more of a target? I am on my first amex of my own, but my parents have been with amex for over 30 years probaby and i know within the last 5 years they have carried balances at times with no AA.. Probably depends on payments and how long you carry the balance. Who knows, I sure don't.

Well said. Intrusive, yes. Unfair, no. They are protecting their interests and no one here knows exactly what triggers them except the people who work on those matters at AMEX...therefore everything else is simply speculation.

Re: Amex wants to verify my income

baller4life — Tue, 06 Jan 2015 18:05:19 GMT

Call me overly cautious. But one would think those that pif are less likely to be fr'd. I'm just saying. Of course it's their right to cover their butts. But, I personally find it intrusive and a pita.

Re: Amex wants to verify my income

ojefferyo — Tue, 06 Jan 2015 18:14:57 GMT

@baller4life wrote:
Call me overly cautious. But one would think those that pif are less likely to be fr'd. I'm just saying. Of course it's their right to cover their butts. But, I personally find it intrusive and a pita.

I would say yes that ones who do pay in full are less likely to get FR, why? becuase you don't owe them month to month and they already see that you can pay the bill. it's like you lending $100 to your friend. At first it's no big deal then he ask for more but pays you back only 1/4 of what he borrowed. I'm sure you'd like to know he can pay you back before you lend him some more money right?

Re: Amex wants to verify my income

baller4life — Tue, 06 Jan 2015 18:17:11 GMT

Right!

Re: Amex wants to verify my income

Anonymous — Tue, 06 Jan 2015 18:28:20 GMT

@ElBarrbaro wrote:
@CreditCuriousity wrote:
@Anonymous wrote:
@CreditCuriousity wrote:
I guess my thought on this is if you didn't lie on your application who really cares if they ask for pay stubs or tax returns? Ya a FR is a pain in the butt, but they are covering there butt as well. If I ever need to carry a balance on an Amex I will as that is a point of a revolver thus they give you this option. Will it sucks if I get FR'ed ya? Will I come out of it fine if I do as I am hiding nothing, yep.. People worry way to much about this. They could just shut down your account like other lenders, but they give you a chance to prove you are able to re-pay, and didn't lie on your application. Just my 2 cents on this. You should not apply for an amex card if you are worried about getting a FR. It is very rare, but it does happen.
THere are valid privacy concerns that some care about.

I disagree with: "You should not apply for an amex card if you are worried about getting a FR. It is very rare, but it does happen."
Precisely because it is very rare, it makes perfect sense to get an Amex, and, if in the very rare event you get an FR, choose not to comply.
It is intrusive I don't disagree.. You gotta play by there rules though if you do get FR'ed you can either comply and give them what they want or just have them shut down your card and cut your ties.. Pretty much that simple. It is rare, so most people don't have to worry. So I guess if you do get a person does get a FR they have a choice whether to provide the information or throw amex out the window of being a lender they do business with.

I still don't see what all the fuss is about carrying balances though, might make you more of a target? I am on my first amex of my own, but my parents have been with amex for over 30 years probaby and i know within the last 5 years they have carried balances at times with no AA.. Probably depends on payments and how long you carry the balance. Who knows, I sure don't.

Well said. Intrusive, yes. Unfair, no. They are protecting their interests and no one here knows exactly what triggers them except the people who work on those matters at AMEX...therefore everything else is simply speculation.

Don't think people are claiming "unfair", It's the privacy issues that some are concerned about. I had them as well but in one case decided (for CLI) that the positives of getting the CLI outweighed my privacy concerns, but in outer situations, and other people, will decide differently.

Basically people should be aware that it is not only people who have lied about their income who don't want to submit the 4506-T. Some believe it is just too much info for a simple cc lender (most put up with for a mortgage, because that is clearly real money being lent!)

Re: Amex wants to verify my income

baller4life — Tue, 06 Jan 2015 18:45:48 GMT

Yeah tax docs for a cc is a bit much IMO. I'm more than happy to give pay stubs. But tax docs? Not so much.

Re: Amex wants to verify my income

CreditCuriosity — Tue, 06 Jan 2015 19:05:46 GMT

I don't disagree.. I wouldn't be happy handing over Tax Doc's either.. It is a PITA.. They make the rules though and as stated it can happen anytime to anyone, but ya you most likely can limit the risk by PIF each month, but that is surely no gurantee either a FR won't be coming your way or my way or whomevers way.

Just see these posts every few weeks and wonder why people are shocked when they get them. It is a tiny percentage you only hear about people that get then not the ones that don't. Anyways, back to work for me