topic Re: Amex Income Verification in Credit Cards

Amex Income Verification

DomLS3 — Wed, 29 Jul 2015 15:37:43 GMT

I've had my AMEX BCP since November of 2014. I did my first 3x CLI back on January 26th, 2015 and was instant approved from $5,000 to $15,000. I've now waited 180 days (a little over actually) to do my next 3x CLI. I called AMEX and asked for a $30,000 increase to a total of $45,000. The rep stated that in order for me to get approved for this, I would have to fill out an income verification form that would be emailed to me today. What exactly is this form? Will I have to attach bank statements or paystubs? Is this considered a FR?

Thanks

Re: Amex Income Verification

Anonymous — Wed, 29 Jul 2015 15:41:46 GMT

It's a 4506-T that allows Amex to access your tax return. No, it isn't considered a FR.

Re: Amex Income Verification

DomLS3 — Wed, 29 Jul 2015 15:49:42 GMT

Well, the amount I told them I make yearly will not match what my last year's tax return says because I've received an increase in salary for this year.

Last year's tax return will show just over $60,000, and I've been increased this year to right at $70,000 which is the amount I gave the rep on the phone which required her to have me fill out the form. If my previous year's tax return doesn't match the number I gave her on the phone (even though the number I gave her on the phone is correct for THIS year) will there be a problem?

Re: Amex Income Verification

Anonymous — Wed, 29 Jul 2015 15:53:56 GMT

@DomLS3 wrote:
Well, the amount I told them I make yearly will not match what my last year's tax return says because I've received an increase in salary for this year.

Last year's tax return will show just over $60,000, and I've been increased this year to right at $70,000 which is the amount I gave the rep on the phone which required her to have me fill out the form. If my previous year's tax return doesn't match the number I gave her on the phone (even though the number I gave her on the phone is correct for THIS year) will there be a problem?

Not sure what will happen with that, since I haven't been through it.

Re: Amex Income Verification

CreditCuriosity — Wed, 29 Jul 2015 15:57:17 GMT

Not sure if this will be an issue or not, just explain that to AMEX if you decide to go forward on the CLI and provide them the forms and offer to supplement bank statements to prove the additional income w/addition to the 4506-t if they will take that... It is going to be hard IMO to get 45k out of AMEX making 70k a year, kinda stretching it IMO.. I might put in a request for 25k instead and you might not even need to provide the forms, if that interests you call them back and explain you want to lower it and see if you can avoid the forms.. I just don't see you getting 45k from your income.. No offense meant either by that.

Re: Amex Income Verification

DomLS3 — Wed, 29 Jul 2015 16:01:50 GMT

No offense taken. I was simply doing it for the 3x CLI that everyone does. I have no interest in using that credit, even though I know AMEX doesn't care. I simply want it to make my utilization stay as low as possible.

Re: Amex Income Verification

DomLS3 — Wed, 29 Jul 2015 16:28:49 GMT

So I spoke to an AMEX rep. He told me that they need me to fill out 4506-T form and put down the tax years 2013 and 2014. 2013 I made 46k and 2014 I made 58k. In 2015 I will clear 70k, but they won't see that yet... so I'm not sure how this will go. Hopefully this doesn't trigger a FR. Does anyone know if they will counter offer a CLI, request more information, or just deny me altogether?

Re: Amex Income Verification

Anonymous — Wed, 29 Jul 2015 17:16:26 GMT

@DomLS3 wrote:
So I spoke to an AMEX rep. He told me that they need me to fill out 4506-T form and put down the tax years 2013 and 2014. 2013 I made 46k and 2014 I made 58k. In 2015 I will clear 70k, but they won't see that yet... so I'm not sure how this will go. Hopefully this doesn't trigger a FR. Does anyone know if they will counter offer a CLI, request more information, or just deny me altogether?

From what I understand, if you don't do the form you simply won't get the CLI. Others had followed that path, simply requested a smaller increase and got approved.

Re: Amex Income Verification

newdaddy113 — Wed, 29 Jul 2015 17:26:13 GMT

If this helps I had an outstanding balance of 25k on my Amex green and business gold NPSL cards in a month. 10 days ago amex called and they said they wanted to verify my income. The lady asked me my income and it was 40k more than what I filed in my last years tax return. The same problem, I stated my current income as opppsed to what i filed in my last tax return. Anyways I just sent in the 4506T form which wanted the last 2 years information and a few days ago my account was reinstated. BTW I have paid off the balance. Hope this helps. Goodluck.

Re: Amex Income Verification

DeeBee78 — Wed, 29 Jul 2015 17:46:27 GMT

You could decline, and then request a CLI to $25k, which seems to be a common threshold for income verification.

Re: Amex Income Verification

Anonymous — Wed, 29 Jul 2015 17:49:02 GMT

With Am Ex it is just better to not request clis that put your limit over $25,000. You are opening a can of worms unless you are a person that has a very high net income on paper.

Re: Amex Income Verification

DomLS3 — Wed, 29 Jul 2015 17:56:22 GMT

When you say request cli to $25k, do you mean $25k TOTAL (basically a $10k increase from my current $15k limit), or do you mean an increase of $25k to a total limit of $40k?

Re: Amex Income Verification

CreditCuriosity — Wed, 29 Jul 2015 17:57:26 GMT

@DomLS3 wrote:
When you say request cli to $25k, do you mean $25k TOTAL (basically a $10k increase from my current $15k limit), or do you mean an increase of $25k to a total limit of $40k?

A total CL of 25k basically only asking for a 10k CLI

Re: Amex Income Verification

DomLS3 — Wed, 29 Jul 2015 18:03:00 GMT

I will clear $70,000 this year on paper, and my only debt is my mortage and car payment totalling around $2,000 monthly including both of the payments.

Re: Amex Income Verification

yfan — Wed, 29 Jul 2015 18:05:11 GMT

@DomLS3 wrote:
I will clear $70,000 this year on paper, and my only debt is my mortage and car payment totalling around $2,000 monthly including both of the payments.

You cannot get out of sending them the required forms if you want the increase you requested. It is as simple as that. You can, however, request to submit additional documents like paystubs for a couple months immediately preceeding your request and see if Amex will consider those as well.

Re: Amex Income Verification

CreditCuriosity — Wed, 29 Jul 2015 18:11:15 GMT

general rule of thumb is Amex does not go higher than 40% of your income.. This isn't set in stone, but something to think about as well.. you might want to roll back your request to 25k if you haven't already submitted the paperwork, but ultimately it is up to you.. I don't see you getting 45k with your income. I just don't see them doing that kinda exposure.

Although I am not you my monthly bills are about 2k as well and make 6 figures of income and I wouldn't think of going 45k with them . Maybe 35k w/6 figures... This is just me though and I am not you.

Re: Amex Income Verification

DomLS3 — Wed, 29 Jul 2015 18:12:55 GMT

Well, I've already submitted the 4506-T, so I guess I'll have to wait and see what happens. If they come back and say additonal information is needed, or decline that CLI, can I just request another CLI with a lower amount (such as $25k as everyone has been suggesting) or will I have to wait for a certain amount of days for another CLI request?

Re: Amex Income Verification

Anonymous — Wed, 29 Jul 2015 18:20:56 GMT

@CreditCuriousity wrote:
general rule of thumb is Amex does not go higher than 40% of your income.. This isn't set in stone, but something to think about as well.. you might want to roll back your request to 25k if you haven't already submitted the paperwork, but ultimately it is up to you.. I don't see you getting 45k with your income. I just don't see them doing that kinda exposure.

Although I am not you my monthly bills are about 2k as well and make 6 figures of income and I wouldn't think of going 45k with them . Maybe 35k w/6 figures... This is just me though and I am not you.

I wonder if that includes business cards. Between my SimplyCash and ED, I'm already above that threshold.

Re: Amex Income Verification

CreditCuriosity — Wed, 29 Jul 2015 18:32:55 GMT

@Anonymous wrote:
@CreditCuriousity wrote:
general rule of thumb is Amex does not go higher than 40% of your income.. This isn't set in stone, but something to think about as well.. you might want to roll back your request to 25k if you haven't already submitted the paperwork, but ultimately it is up to you.. I don't see you getting 45k with your income. I just don't see them doing that kinda exposure.

Although I am not you my monthly bills are about 2k as well and make 6 figures of income and I wouldn't think of going 45k with them . Maybe 35k w/6 figures... This is just me though and I am not you.
I wonder if that includes business cards. Between my SimplyCash and ED, I'm already above that threshold.

alot of people are above 40% just a general rule of thumb, doesn't hold true for everyone by any means..... Not sure if that include business cards or not. Obviously you are fine . You just don't see alot of people on this forum with 40k+ Amex Expresses even though they make buckets of money, just not common although people do have high limit amex's, just not really hugely common from what I have seen on the forum, granted the sample size is fairly limited. This forum tends to push the limits alot on what lenders will/will not do .

Re: Amex Income Verification

NY2014 — Wed, 29 Jul 2015 19:51:00 GMT

hey Ops. how long you account open with Amex ? and credit profile ?..