topic Re: Considering triggering Amex 4506-T Req via CLI in Credit Cards

Considering triggering Amex 4506-T Req via CLI - Update: Got 4506-T'd

-Cal- — Wed, 19 Aug 2015 04:05:44 GMT

EDIT: TL;DR - I submitted a CLI request and I've been 4506-T'd.

Its been over 180 days since my last CLI with Amex. If I go 3x again, it will bring me to ~ $70k. I don't mind giving them access to my transcripts as long as its something I can easily do, I don't want to have to sit on hold with the IRS for 30+ minutes to do this.

My plan is to apply for a PRG 50k then BCP to take advantage of the 6% cash back then re-allocate part of the limit to balance things out if I don't get a satisfactory starting limit with the BCP. I know that the max exposure is 40% of income, I'll be well below that. If for some reason Amex doesn't approve opening a revolver in the future (given I'm below the max limit), would they let me take some funds from one card to open the next?

For those of you who have completed an Amex FR 4506-T request, please feel free to share your point of view/stories/tips especially how long it took.

If you think this is a bad idea, feel free to share your feedback. I welcome constructive criticism!

Re: Considering triggering Amex FR via CLI

Anonymous — Tue, 18 Aug 2015 18:57:08 GMT

If your income supports it then I say go for it. I believe Amex's max exposure for any individual is 100k. I've never been through an FR, but I've heard you can simply fill the form out online and then Amex and the IRS do the rest. Although I have also heard it can take a really long time for you to get an answer. Good luck!

Re: Considering triggering Amex FR via CLI

-Cal- — Tue, 18 Aug 2015 19:00:56 GMT

@Anonymous wrote:
If your income supports it then I say go for it. I believe Amex's max exposure for any individual is 100k. I've never been through an FR, but I've heard you can simply fill the form out online and then Amex and the IRS do the rest. Although I have also heard it can take a really long time for you to get an answer. Good luck!

I believe the 100k maximum is per revolver, meaning one could have at least two revolvers at 100k if their income supports it .

Re: Considering triggering Amex FR via CLI

CreditCuriosity — Tue, 18 Aug 2015 19:02:16 GMT

asking for that isn't a FR, just requesting a 4506-t if you want said limit.. Also 40% isn't the rule either, just a general guideline as many people are over this threshold.

Best of luck if you go for it! I believe it is all done online and you don't have to be on hold with IRS just give permission to IRS by online form to get your taxes

Re: Considering triggering Amex FR via CLI

Anonymous — Tue, 18 Aug 2015 19:07:42 GMT

As CC says above, a 4506-T request is not an FR. People her use the terms interchangeably and they are very different.

Re: Considering triggering Amex FR via CLI

Anonymous — Tue, 18 Aug 2015 19:13:34 GMT

@Anonymous wrote:
As CC says above, a 4506-T request is not an FR. People her use the terms interchangeably and they are very different.

Now you guys got me curious; what's the difference between the two?

Re: Considering triggering Amex FR via CLI

CreditCuriosity — Tue, 18 Aug 2015 19:17:41 GMT

FR = request your 4506-t and you can comply or face account closure. Charging during this time is suspended until you have made them happy. (don't have a choice if you want to keep account)

CLI = requesting over x amount might prompt them to ask for 4506-t, but if you don't provide it they won't shut down your account and it will stay active, just won't get said increase if you don't provide form. (you have a choice on this one)

this is the difference in a nutshell.. Sure people will correct anything I stated incorrectly.

Re: Considering triggering Amex FR via CLI

ojefferyo — Tue, 18 Aug 2015 19:16:56 GMT

@Anonymous wrote:
@Anonymous wrote:
As CC says above, a 4506-T request is not an FR. People her use the terms interchangeably and they are very different.
Now you guys got me curious; what's the difference between the two?

Basically one is to verify income and the other is to see whether you can pay them back or not

Re: Considering triggering Amex FR via CLI

UncleB — Tue, 18 Aug 2015 19:21:29 GMT

@Anonymous wrote:
As CC says above, a 4506-T request is not an FR. People her use the terms interchangeably and they are very different.

My understanding is that with a 4506-T request related to a CLI, you can actually safely 'ignore' it, and nothing bad will happen (other than your not getting the CLI).

On the other hand, when there's an FR they freeze your account(s) to new charges (usually without warning), and then they tell you what must be done to regain access to your account, part of which might include the 4506-T, which in this case isn't optional if you want to keep the account.

Somebody please correct me if I've got this wrong.

Re: Considering triggering Amex FR via CLI

Anonymous — Tue, 18 Aug 2015 19:25:27 GMT

@UncleB wrote:
@Anonymous wrote:
As CC says above, a 4506-T request is not an FR. People her use the terms interchangeably and they are very different.
+1

My understanding is that with a 4506-T request related to a CLI, you can actually safely 'ignore' it, and nothing bad will happen (other than your not getting the CLI).

On the other hand, when there's an FR they freeze your account(s) to new charges (usually without warning), and then they tell you what must be done to regain access to your account, part of which might include the 4506-T, which in this case isn't optional if you want to keep the account.

Somebody please correct me if I've got this wrong.

That's pretty much it. FRs can ask for a bit more information such as address verification but it mainly comes down to the consequences of not complying. FRs occur far more often on charge cards because Amex is trying to verify your spending habits. The 4506-T typically is requested from a consumer initiated request such as a CLI on a revolver. Of course these are just generalities and either can happen at any time.

Re: Considering triggering Amex FR via CLI

-Cal- — Tue, 18 Aug 2015 19:29:15 GMT

Thanks for clarifying things up everyone, the intent in my OP was to trigger a 4506-T request. I was too lazy to google the numbers

Re: Considering triggering Amex FR via CLI

CreditCuriosity — Tue, 18 Aug 2015 19:30:10 GMT

@-Cal- wrote:
Thanks for clarifying things up everyone, the intent in my OP was to trigger a 4506-T request

oh I am pretty sure they will ask for it if you go for 70k in credit with them .. So I believe you will get your wishes and intent.

Re: Considering triggering Amex FR via CLI

-Cal- — Tue, 18 Aug 2015 19:34:14 GMT

Yea I'm debating on if I should go for it now or if I should wait for my last unpaid lien to be withdrawn which could take around 90 days. Worse case is they say no and I retry in 90 days anyways.

Re: Considering triggering Amex FR via CLI

CreditCuriosity — Tue, 18 Aug 2015 19:46:03 GMT

@-Cal- wrote:
Yea I'm debating on if I should go for it now or if I should wait for my last unpaid lien to be withdrawn which could take around 90 days. Worse case is they say no and I retry in 90 days anyways.

yep 90 days either way.. No harm if you don't mind handing over the 4506 form..

Re: Considering triggering Amex 4506-T Req via CLI

-Cal- — Tue, 18 Aug 2015 20:26:30 GMT

I went a head and submitted my credit limit increase request for the full amount and got hit with the 4506-T Docusign form afterwards. I filled out the info which only took a few minutes. Now I wait 10-15 days to hear back. I will keep you guys updated.

Re: Considering triggering Amex 4506-T Req via CLI

Anonymous — Tue, 18 Aug 2015 20:31:25 GMT

@-Cal- wrote:
I went a head and submitted my credit limit increase request for the full amount and got hit with the 4506-T Docusign form afterwards. I filled out the info which only took a few minutes. Now I wait 10-15 days to hear back. I will keep you guys updated.

Good luck and keep us posted!

Re: Considering triggering Amex 4506-T Req via CLI

CreditCuriosity — Tue, 18 Aug 2015 20:34:52 GMT

Best of luck! Keep us informed

Re: Considering triggering Amex 4506-T Req via CLI

Anonymous — Tue, 18 Aug 2015 20:37:24 GMT

@-Cal- wrote:
I went a head and submitted my credit limit increase request for the full amount and got hit with the 4506-T Docusign form afterwards. I filled out the info which only took a few minutes. Now I wait 10-15 days to hear back. I will keep you guys updated.

Good luck with the approval good luck with the approval but it might not just be 10-15 days. Ask LTL's how long his has taken.

Re: Considering triggering Amex FR via CLI

SunriseEarth — Tue, 18 Aug 2015 20:49:50 GMT

@UncleB wrote:
@Anonymous wrote:
As CC says above, a 4506-T request is not an FR. People her use the terms interchangeably and they are very different.
+1

My understanding is that with a 4506-T request related to a CLI, you can actually safely 'ignore' it, and nothing bad will happen (other than your not getting the CLI).

On the other hand, when there's an FR they freeze your account(s) to new charges (usually without warning), and then they tell you what must be done to regain access to your account, part of which might include the 4506-T, which in this case isn't optional if you want to keep the account.

Somebody please correct me if I've got this wrong.

Correct. Providing the 4506-T is a form of income verification. Banks have various methods; my CU looked at my incoming deposits, whereas Cap One required me to fax in paycheck stubs. Income verification can be required as part of FR.

Re: Considering triggering Amex 4506-T Req via CLI

-Cal- — Tue, 18 Aug 2015 21:04:29 GMT

@Anonymous wrote:
@-Cal- wrote:
I went a head and submitted my credit limit increase request for the full amount and got hit with the 4506-T Docusign form afterwards. I filled out the info which only took a few minutes. Now I wait 10-15 days to hear back. I will keep you guys updated.
Good luck with the approval good luck with the approval but it might not just be 10-15 days. Ask LTL's how long his has taken.

long time lurker? which one? there's like two ... maybe even three of them

Do you have an idea of how long its been since one of them isn't participating in this thread.