topic Re: American express pull tax returns in Credit Cards

American express pull tax returns

Anonymous — Tue, 01 Nov 2016 23:41:50 GMT

American express wants to pull my tax returns and I don't want to give them that access. If I cancel my American express blue cash will it effect my American express platinum card. Or my credit report negatively for canceling a card.

Re: American express pull tax returns

Anonymous — Wed, 02 Nov 2016 01:49:44 GMT

It'll be on your record for 10 years. Then it will fall off.

Re: American express pull tax returns

MugenCivicSi83 — Wed, 02 Nov 2016 01:57:46 GMT

@Anonymous wrote:
American express wants to pull my tax returns and I don't want to give them that access. If I cancel my American express blue cash will it effect my American express platinum card. Or my credit report negatively for canceling a card.

Why don't you want them to have your tax returns? Did you lie about how much you make? Honesty is the best policy in the credit game.

Re: American express pull tax returns

wasCB14 — Wed, 02 Nov 2016 01:58:14 GMT

@Anonymous wrote:
American express wants to pull my tax returns and I don't want to give them that access. If I cancel my American express blue cash will it effect my American express platinum card. Or my credit report negatively for canceling a card.

Are we talking 4506-T or full FR? Do you have a pending CLI request?

Re: American express pull tax returns

dragontears — Wed, 02 Nov 2016 02:01:26 GMT

If it is a full FR all your accounts (cards with amex) will be locked and if you don't comply they will be closed. If it is just income verification for a cli then you can ignore it and nothing bad will happen to any of your cards.

Re: American express pull tax returns

red259 — Wed, 02 Nov 2016 02:35:45 GMT

@MugenCivicSi83 wrote:
@Anonymous wrote:
American express wants to pull my tax returns and I don't want to give them that access. If I cancel my American express blue cash will it effect my American express platinum card. Or my credit report negatively for canceling a card.
Why don't you want them to have your tax returns? Did you lie about how much you make? Honesty is the best policy in the credit game.

What's it matter? They could not want to turn over their tax information for any number of reasons doesn't mean they lied about anything. I'm not sure I'd give amex that info. Their cards aren't all that special and if they don't want my business other lenders will.

Re: American express pull tax returns

Anonymous — Wed, 02 Nov 2016 03:40:37 GMT

Giving any credit bureau that information dose not sit well with me. Plus issues with my taxes that are not on my report are still documented with the irs if they go back farther than just the year they are asking. Who knows if they just pull 2015 or more. The question isn't if I lied, I make plenty money now. But why should I be judged on times I could not pay verses now.

I'd rather close the account myself. Thanks for the comments every one who didn't have a slick response.

Re: American express pull tax returns

Anonymous — Wed, 02 Nov 2016 03:45:12 GMT

Wascb14 all I know is they say they won't 2015, and they sent me a fax cover sheet so they can put the paperwork in, on my behalf. And I have the card already. After I requested a balance transfer questions about my finances came up.

Re: American express pull tax returns

sarge12 — Wed, 02 Nov 2016 03:56:56 GMT

Count me in with those that will never...ever...willingly give access to my tax returns, just to keep a credit card...period!!!! I would only do that for a home mortgage. I just do not love credit cards that much, and the practice of 4506-T requests are becoming all too common.

Re: American express pull tax returns

Anonymous — Wed, 02 Nov 2016 04:05:26 GMT

I'm with y'all. If they request any of that info I'm closing my account. Unless there's something extraordinary going on, I just don't see the reason of them needing that information.

Re: American express pull tax returns

UncleB — Wed, 02 Nov 2016 04:06:43 GMT

Usually when we hear of an Amex FR all cards are impacted, not just one.

If your Platinum card is still working you might could ignore the request and be OK with the Platinum, but of course there's no guarantee. If it's just income verification for a CLI those can generally be safely ignored (although you probably wouldn't get the CLI).

Since this has been prompted by a BT I'm thinking it might be treated similar to the CLI scenario (where if you ignore it they just cancel the BT) but I admit that's speculation, since I've never read of this exact scenario.

However you decide to move forward please let us know how it works out.

Sidenote: I understand that there are differing opinions on this, but there's no card out there that would be worth my signing over a tax transcript. This would be even more so if I had dependent children's information on my returns.

Re: American express pull tax returns

Anonymous — Wed, 02 Nov 2016 04:16:12 GMT

Agreed UncleB.

Re: American express pull tax returns

wasCB14 — Wed, 02 Nov 2016 04:22:10 GMT

@Anonymous wrote:
Wascb14 all I know is they say they won't 2015, and they sent me a fax cover sheet so they can put the paperwork in, on my behalf. And I have the card already. After I requested a balance transfer questions about my finances came up.

It sounds like they have some concerns, and I'd be surprised if you could "silence the alarm" by cancelling the BT request (that said, it's not my area of expertise, I could easily be wrong). I would expect them to close both accounts if you don't comply. Also, if you apply for a card with them in the future, they may want to see your tax returns before (or very shortly after) they approve you.

Your credit would only suffer from having a presumably very short-lived account (or two, if your Platinum is young) and a lower AAoA.

Also, be aware that not providing any return is worse in their eyes than providing a return with low income or other complications.

Re: American express pull tax returns

Anonymous — Wed, 02 Nov 2016 04:30:39 GMT

Sounds like if I don't want to give up that kind of information I should beat them to the punch and cancel my self. I have 8 other cards so I won't miss the blue card or Platinum. But I don't want any negatives on my report. Thanks for the feed back. I think I'll stick to visa and master cards.

Re: American express pull tax returns

Anonymous — Wed, 02 Nov 2016 04:34:30 GMT

Thanks for the reply. They said if I don't do this in two weeks they will shut the card off. So I guess they will kill both. I've only had both for a few days. So if I close both I'll only loss some points and credit lines. But avoid negatives

Re: American express pull tax returns

UncleB — Wed, 02 Nov 2016 04:57:09 GMT

@Anonymous wrote:
Thanks for the reply. They said if I don't do this in two weeks they will shut the card off. So I guess they will kill both. I've only had both for a few days. So if I close both I'll only loss some points and credit lines. But avoid negatives

I'm sorry to hear that... I was hoping you would at least be able to keep your Platinum.

I don't blame you at all for preemptively closing the Blue Cash, but have you considered holding off on the Platinum to see how it turns out?

Unless they've used the term "Financial Review" there's a chance the Platinum might survive... that you don't mention having any issues using the Platinum now makes me think you might not be under an actual FR, but something else related to your BT request. (If your Platinum is still working now that's a good sign... during an FR usually all cards are impacted/frozen.)

Again, I'm just putting this out there to consider.

Re: American express pull tax returns

Credit_hawk — Wed, 02 Nov 2016 07:01:25 GMT

These unfortunate stories where the card gets shut down within days of issuance always intrigue me. What does one do to blow up their spot like that?

Re: American express pull tax returns

Anonymous — Wed, 02 Nov 2016 08:57:36 GMT

@Anonymous wrote:
Thanks for the reply. They said if I don't do this in two weeks they will shut the card off. So I guess they will kill both. I've only had both for a few days. So if I close both I'll only loss some points and credit lines. But avoid negatives

I've been under AmEx FR and I respect everyone's opinion about releasing tax returns to them. If it's FR, all cards will be frozen. Do you manage your accounts online? If it's FR, you'll see all accounts flagged with "charging suspended". I didn't realize they will request tax returns for CLI as well.

1. If it's 4506- T they are requesting, I believe the tax return year they have access to is just what they request. I can be from 1 to 3 yrs I think. And you have to specify on the form they send you what year you are granting permission for release.

2. What I've read on here, if you voluntarily close your account (consumer closure), it won't have as much negative impact than "lender closure" status on your credit report which can last from 7-10 yrs.

3. You said you've only had both cards "for just a few days" ?!? It sounds like a financial review. I triggered the FR on my account after I've had the Delta Platinum and Delta Reserve for 3 months, and the Business Platinum Card for a month. The day I received and activated/used my Personal Platinum Card, an hour later, it had been suspended.

4. In my experience, I valued having my AmEx cards, so I complied. It took about 14 days for them to complete Financial Review. Luckily for me, all went well. No closures or changes on credit lines to all my AmEx Cards. I know everyone has different results. I've heard some people's Platinum Card all of a sudden had a credit limit to it from "no present spending limit". I've been able to show AmEx I can be responsible with my cards. I know it's something I wouldn't need, but they also exntened me pay over time and extended payment options to both my Personal and Business Platinum cards.

5. I find the benefits of the Platinum Cards very useful (airline credits, elite statuses to hotels & car rentals, concierge, last minute reservations to dining, entertainment), but my cards for daily use is my Chase Sapphire Preferred and Ritz Carlton Rewards Card. I tried to get the Sapphire Reserve, but I'm way over the 5/24 limit with Chase.

Good luck !!!

Re: American express pull tax returns

Anonymous — Wed, 02 Nov 2016 11:06:38 GMT

@sarge12 wrote:
Count me in with those that will never...ever...willingly give access to my tax returns, just to keep a credit card...period!!!! I would only do that for a home mortgage. I just do not love credit cards that much, and the practice of 4506-T requests are becoming all too common.

+infinity

I don't care which of my creditors were to ask I will simply tell them to go fark themselves and close my account(s). I've had zero issues with showing tax returns for real estate loans over the years but for anything below that no way in hell.

Re: American express pull tax returns

lg8302ch — Wed, 02 Nov 2016 11:47:26 GMT

If you decide to close the accounts instead of providing tax returns you might want to ask Amex if they could just cancel both accounts and not report the accounts. This would only be a favour and not the official way but like this you could prevent the cut in AAoA from the 2 cards. Good luck!