topic Re: amex fr in Credit Cards

amex verification

Anonymous — Thu, 30 Apr 2015 15:49:10 GMT

Be careful how many and how soon you apply for Amex cards. I had the gold card, everyday card, and then applied for the starwood card and turns out it put me into fr. All Amex cards are zero balance also. Deciding on what I plan to do. I'm not 100% against sending it in as long as I get the new card with a decent limit.

Re: amex fr

ibmrad7 — Thu, 30 Apr 2015 02:10:55 GMT

It has barely anything to do with how soon you apply for Amex cards. There are tons of other factors that trigger FRs. MS, Income, your overall credit profile to name a few.

Re: amex fr

chalupaman — Thu, 30 Apr 2015 02:14:03 GMT

@Anonymous wrote:
Be careful how many and how soon you apply for Amex cards. I had the gold card, everyday card, and then applied for the starwood card and turns out it put me into fr. All Amex cards are zero balance also. Deciding on what I plan to do. I'm not 100% against sending it in as long as I get the new card with a decent limit.

It's just a reminder that it can happen to anyone regardless of any perceived loyalty. It happened to me when I least expected it after I made a phone call to them.

Re: amex fr

-Cal- — Thu, 30 Apr 2015 02:16:50 GMT

@chalupaman wrote:
@Anonymous wrote:
Be careful how many and how soon you apply for Amex cards. I had the gold card, everyday card, and then applied for the starwood card and turns out it put me into fr. All Amex cards are zero balance also. Deciding on what I plan to do. I'm not 100% against sending it in as long as I get the new card with a decent limit.
It's just a reminder that it can happen to anyone regardless of any perceived loyalty. It happened to me when I least expected it after I made a phone call to them.

Did you go through with it? I know I'm going to get hit with a FR once I ask for my next increase.

Re: amex fr

chalupaman — Thu, 30 Apr 2015 02:45:16 GMT

@-Cal- wrote:
@chalupaman wrote:
@Anonymous wrote:
Be careful how many and how soon you apply for Amex cards. I had the gold card, everyday card, and then applied for the starwood card and turns out it put me into fr. All Amex cards are zero balance also. Deciding on what I plan to do. I'm not 100% against sending it in as long as I get the new card with a decent limit.
It's just a reminder that it can happen to anyone regardless of any perceived loyalty. It happened to me when I least expected it after I made a phone call to them.
Did you go through with it? I know I'm going to get hit with a FR once I ask for my next increase.

Happened a few days after they did a CLD on two of my cards. It happened right after I called Amex to ask some questions about the status of what was going on with my Delta card and how I sent in documents for it.

In the end, I just closed all of their cards and moved on. My patience with them had slowly wore thin anyway and I wasn't using their cards that much anymore.

Re: amex fr

joedtx — Thu, 30 Apr 2015 02:53:47 GMT

@chalupaman wrote:
@Anonymous wrote:
Be careful how many and how soon you apply for Amex cards. I had the gold card, everyday card, and then applied for the starwood card and turns out it put me into fr. All Amex cards are zero balance also. Deciding on what I plan to do. I'm not 100% against sending it in as long as I get the new card with a decent limit.
It's just a reminder that it can happen to anyone regardless of any perceived loyalty. It happened to me when I least expected it after I made a phone call to them.

It can happen to anyone with any Creditor.

Re: amex fr

NRB525 — Thu, 30 Apr 2015 04:39:10 GMT

@Anonymous wrote:
Be careful how many and how soon you apply for Amex cards. I had the gold card, everyday card, and then applied for the starwood card and turns out it put me into fr. All Amex cards are zero balance also. Deciding on what I plan to do. I'm not 100% against sending it in as long as I get the new card with a decent limit.

To clarify, are you going through a full-on Financial Review where they have frozen your existing cards, and demand the 4506-T,

or you apped for another AMEX, your limits are already fairly high compared to your income, and they requested you return the 4506-T to verify income and proceed with the app?

Two very different situations.

Re: amex fr

takeshi74 — Thu, 30 Apr 2015 12:48:11 GMT

@Anonymous wrote:
Be careful how many and how soon you apply for Amex cards. I had the gold card, everyday card, and then applied for the starwood card and turns out it put me into fr. All Amex cards are zero balance also. Deciding on what I plan to do. I'm not 100% against sending it in as long as I get the new card with a decent limit.

Applying by itself isn't going to trigger an FR. It could be the straw that breaks the camel's back but that would require other risky behavior.

It also sounds like you may be confusing income verification with an FR. If it's an FR your accounts are frozen and you have no choice but to comply or close out all your accounts. However, you can decline an income verification with no impact aside from not getting the new account or CLI. If it's an income verification you won't find out what limit you stand to get without sending in the 4506-T. The whole point of the income verification is to determine if you really qualify with what they consider sufficient evidence.

@chalupaman wrote:
It's just a reminder that it can happen to anyone regardless of any perceived loyalty.

Loyalty is irrrelevant and anyone expecting loyalty from a corporation is setting one's self up for disappointment IMO. It's all business and all about risk assessment.

Re: amex fr

Anonymous — Thu, 30 Apr 2015 15:06:32 GMT

@-Cal- wrote:
@chalupaman wrote:
@Anonymous wrote:
Be careful how many and how soon you apply for Amex cards. I had the gold card, everyday card, and then applied for the starwood card and turns out it put me into fr. All Amex cards are zero balance also. Deciding on what I plan to do. I'm not 100% against sending it in as long as I get the new card with a decent limit.
It's just a reminder that it can happen to anyone regardless of any perceived loyalty. It happened to me when I least expected it after I made a phone call to them.
Did you go through with it? I know I'm going to get hit with a FR once I ask for my next increase.

Income verification or FR? The former is pretty harmless as you can decline without much impact.

Re: amex fr

TRC_WA — Thu, 30 Apr 2015 15:48:29 GMT

@chalupaman wrote:
It's just a reminder that it can happen to anyone regardless of any perceived loyalty. It happened to me when I least expected it after I made a phone call to them.

Another reason to not buy into this "family" nonsense.

Welcome to the AmEx family!

Bleh... consumers are just a number.

Re: amex fr

Anonymous — Thu, 30 Apr 2015 15:50:05 GMT

It could just be me, but I don't see an issue with income verification.

Re: amex fr

Anonymous — Thu, 30 Apr 2015 15:58:25 GMT

I updated the title since its more of a verification but still not my first choice.

If I want the starwood Ill have to send in the forms. Thats fair enough so no problem with that. What I do have a problem with is them lowering my everyday limit after trying for the new card. Not sure what im going to do but im kind of over amex at this point so I may just ditch them altogether. Amex gets worse while bank of america and chase are treating me better than ever. Whatever I do im going to wait before I decide, dont want to make a haste decision.

Re: amex fr

Anonymous — Thu, 30 Apr 2015 16:26:45 GMT

@Anonymous wrote:
It could just be me, but I don't see an issue with income verification.

There's a spectrum. So some lenders want you to send in paystubs. I think relatively few would have an issue with that, as it is straight forward income verificaton. Now that won't work for all, such as self-employed or those without a normal income .

Then there is the tax transcript, which has more information, and that's where some feel privacy concerns, especially if it is a joint return and the card is just for one person.

And then you imagine more intrusive things, put all your spend in MINT and sent it to the issuer for a year, to make sure that you are not spending to much so their credit line is not at risk.

At some point, I would expect you to have an issue!

Re: amex fr

Anonymous — Thu, 30 Apr 2015 16:39:18 GMT

@Anonymous wrote:
@Anonymous wrote:
It could just be me, but I don't see an issue with income verification.
There's a spectrum. So some lenders want you to send in paystubs. I think relatively few would have an issue with that, as it is straight forward income verificaton. Now that won't work for all, such as self-employed or those without a normal income .

Then there is the tax transcript, which has more information, and that's where some feel privacy concerns, especially if it is a joint return and the card is just for one person.

And then you imagine more intrusive things, put all your spend in MINT and sent it to the issuer for a year, to make sure that you are not spending to much so their credit line is not at risk.

At some point, I would expect you to have an issue!

I mentioned income verification, not the full FR

I would not have an issue with sending my tax return and w2 to AMEX. But if they require anymore than that, they can have their card back. I don't have a high enough credit line (24.5k) with them to bother.

Re: amex fr

Anonymous — Thu, 30 Apr 2015 17:11:38 GMT

@Anonymous wrote:
I updated the title since its more of a verification but still not my first choice.

If I want the starwood Ill have to send in the forms. Thats fair enough so no problem with that. What I do have a problem with is them lowering my everyday limit after trying for the new card. Not sure what im going to do but im kind of over amex at this point so I may just ditch them altogether. Amex gets worse while bank of america and chase are treating me better than ever. Whatever I do im going to wait before I decide, dont want to make a haste decision.

You may think Amex is getting worse from your perspective but have you thought that maybe American Express, Inc. may just not like you. . . ahem, meant may not like your PROFILE?

As far as lowering the ED CL, that is their choice. Again, send the forms, sit back and let the analysts decide if you should get the Starwood or not.

Your other choice is to just kiss their toes and move on. Simple-dimple.

Re: amex fr

Anonymous — Thu, 30 Apr 2015 17:15:25 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
It could just be me, but I don't see an issue with income verification.
There's a spectrum. So some lenders want you to send in paystubs. I think relatively few would have an issue with that, as it is straight forward income verificaton. Now that won't work for all, such as self-employed or those without a normal income .

Then there is the tax transcript, which has more information, and that's where some feel privacy concerns, especially if it is a joint return and the card is just for one person.

And then you imagine more intrusive things, put all your spend in MINT and sent it to the issuer for a year, to make sure that you are not spending to much so their credit line is not at risk.

At some point, I would expect you to have an issue!
I mentioned income verification, not the full FR

I would not have an issue with sending my tax return and w2 to AMEX. But if they require anymore than that, they can have their card back. I don't have a high enough credit line (24.5k) with them to bother.

Right, my point is that other people draw the line at the tax return as a form of income verification, you obviously also have a line, just afer that!

Re: amex verification

Anonymous — Thu, 30 Apr 2015 17:49:31 GMT

I plan to do the forms today to see if I get the new card. If I get that ill be happy.