topic Re: CIti Financial Review in Credit Cards

CIti Financial Review

Anonymous — Thu, 24 Aug 2017 15:45:09 GMT

Hello, I am new here and I have a qustion that may have been asked before.

So I got the Citi Thank You Premier card with a SL of $5,000. Two weeks after approval I got a letter that they need 4506-T form Request for Tax Transcript.

I don't want to give them access to my personal tax return as it contains the most sensitve data.

If this is the case I don't need their business.

Do you think not sending in the form would result in something negative apart from Closing the account?

I want to call them and close and just tell them to close my account.

What do you think?

Much appreciated.

Re: CIti Financial Review

Anonymous — Thu, 24 Aug 2017 15:58:57 GMT

Older threads here:

Re: CIti Financial Review

Anonymous — Thu, 24 Aug 2017 16:05:34 GMT

@Anonymous wrote:
Hello, I am new here and I have a qustion that may have been asked before.

So I got the Citi Thank You Premier card with a SL of $5,000. Two weeks after approval I got a letter that they need 4506-T form Request for Tax Transcript.
I don't want to give them access to my personal tax return as it contains the most sensitve data.
If this is the case I don't need their business.
Do you think not sending in the form would result in something negative apart from Closing the account?
I want to call them and close and just tell them to close my account.
What do you think?
Much appreciated.

@Anonymous

Welcome to MyFICO

The links are good to read but to answer your question about something negative happening other than closing your accounts), the answer is no, nothing negative would happen but you can expect that you won't ever be able to get a Citi card in the future without providing them the forms,

Re: CIti Financial Review

Anonymous — Thu, 24 Aug 2017 16:41:41 GMT

@Anonymous wrote:
@Anonymous wrote:
Hello, I am new here and I have a qustion that may have been asked before.

So I got the Citi Thank You Premier card with a SL of $5,000. Two weeks after approval I got a letter that they need 4506-T form Request for Tax Transcript.
I don't want to give them access to my personal tax return as it contains the most sensitve data.
If this is the case I don't need their business.
Do you think not sending in the form would result in something negative apart from Closing the account?
I want to call them and close and just tell them to close my account.
What do you think?
Much appreciated.
@Anonymous

Welcome to MyFICO

The links are good to read but to answer your question about something negative happening other than closing your accounts), the answer is no, nothing negative would happen but you can expect that you won't ever be able to get a Citi card in the future without providing them the forms,

This sounds correct in general but not always 100%. Quite some time back (not prior to 2014 to clarify) I applied for one of the Hilton cards. Was met with an immediate 4506 request to which I said FU and wrote it off. At some point down the road I applied for the Prestige and was immediately approved and have gained (2) very good sized increases since with Citi.

Also, when I applied for the Hilton card my profile was clean and utiilization was 2% so when I applied for the Prestige the only different in profile was a little more age.

Re: CIti Financial Review

Anonymous — Thu, 24 Aug 2017 16:45:14 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Hello, I am new here and I have a qustion that may have been asked before.

So I got the Citi Thank You Premier card with a SL of $5,000. Two weeks after approval I got a letter that they need 4506-T form Request for Tax Transcript.
I don't want to give them access to my personal tax return as it contains the most sensitve data.
If this is the case I don't need their business.
Do you think not sending in the form would result in something negative apart from Closing the account?
I want to call them and close and just tell them to close my account.
What do you think?
Much appreciated.
@Anonymous

Welcome to MyFICO

The links are good to read but to answer your question about something negative happening other than closing your accounts), the answer is no, nothing negative would happen but you can expect that you won't ever be able to get a Citi card in the future without providing them the forms,
This sounds correct in general but not always 100%. Quite some time back (not prior to 2014 to clarify) I applied for one of the Hilton cards. Was met with an immediate 4506 request to which I said FU and wrote it off. At some point down the road I applied for the Prestige and was immediately approved and have gained (2) very good sized increases since with Citi.

Also, when I applied for the Hilton card my profile was clean and utiilization was 2% so when I applied for the Prestige the only different in profile was a little more age.

Oh, that's good to hear and am glad to be wrong. Guess that they aren't quite as stringent as Amex regarding same issue.

Re: CIti Financial Review

Anonymous — Thu, 24 Aug 2017 16:49:52 GMT

Thank you for the information. I am just waiting for the payment to post, I paid in full my balance and then I will give them a call.

This is my first ever request for 4506.

It was for a larger than usual purchase - which was denined in the first place.

Re: CIti Financial Review

K-in-Boston — Thu, 24 Aug 2017 17:04:33 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Hello, I am new here and I have a qustion that may have been asked before.

So I got the Citi Thank You Premier card with a SL of $5,000. Two weeks after approval I got a letter that they need 4506-T form Request for Tax Transcript.
I don't want to give them access to my personal tax return as it contains the most sensitve data.
If this is the case I don't need their business.
Do you think not sending in the form would result in something negative apart from Closing the account?
I want to call them and close and just tell them to close my account.
What do you think?
Much appreciated.
@Anonymous

Welcome to MyFICO

The links are good to read but to answer your question about something negative happening other than closing your accounts), the answer is no, nothing negative would happen but you can expect that you won't ever be able to get a Citi card in the future without providing them the forms,
This sounds correct in general but not always 100%. Quite some time back (not prior to 2014 to clarify) I applied for one of the Hilton cards. Was met with an immediate 4506 request to which I said FU and wrote it off. At some point down the road I applied for the Prestige and was immediately approved and have gained (2) very good sized increases since with Citi.

Also, when I applied for the Hilton card my profile was clean and utiilization was 2% so when I applied for the Prestige the only different in profile was a little more age.
Oh, that's good to hear and am glad to be wrong. Guess that they aren't quite as stringent as Amex regarding same issue.

MissingCalifornia, did you actually receive the Hilton card? I ask because I am wondering if not submitting the tax transcript authorization during an application process is treated differently than when it is asked for on an existing account? Sounds like Citi got spooked either by the first charges or from an account review.

Re: CIti Financial Review

Anonymous — Thu, 24 Aug 2017 17:32:06 GMT

When I spoke with them they told me your card is suspended for 30 days because of that large purchase. I was planning to pay it off as soon as it would have posted.

All is good.

C'est la vie, how the french would say.

Re: CIti Financial Review

DeeBee78 — Thu, 24 Aug 2017 17:53:55 GMT

@Anonymous wrote:
When I spoke with them they told me your card is suspended for 30 days because of that large purchase. I was planning to pay it off as soon as it would have posted.
All is good.
C'est la vie, how the french would say.

"Your card is suspended because you used it."

Makes perfect sense.

Maybe my failure to get back in with Citibank isn't as terrible as I think.

Re: CIti Financial Review

Anonymous — Thu, 24 Aug 2017 18:14:43 GMT

@DeeBee78 wrote:
@Anonymous wrote:
When I spoke with them they told me your card is suspended for 30 days because of that large purchase. I was planning to pay it off as soon as it would have posted.
All is good.
C'est la vie, how the french would say.
"Your card is suspended because you used it."

Makes perfect sense.

Maybe my failure to get back in with Citibank isn't as terrible as I think.

Exactly what I said. My mistake was that I did not called them to let them know that I will make a large purchse. I have also got Chase, Capital One and whenever I would make a large purchase they would just send me an email asking me to verify if I made the purchase.

Re: Citi Financial Review

UncleB — Thu, 24 Aug 2017 18:58:36 GMT

@Anonymous wrote:
@DeeBee78 wrote:
@Anonymous wrote:
When I spoke with them they told me your card is suspended for 30 days because of that large purchase. I was planning to pay it off as soon as it would have posted.
All is good.
C'est la vie, how the french would say.
"Your card is suspended because you used it."

Makes perfect sense.

Maybe my failure to get back in with Citibank isn't as terrible as I think.
Exactly what I said. My mistake was that I did not called them to let them know that I will make a large purchse. I have also got Chase, Capital One and whenever I would make a large purchase they would just send me an email asking me to verify if I made the purchase.

That is strange, indeed. Was there anything 'odd' about the declined charge other than being large?

Re: Citi Financial Review

Anonymous — Thu, 24 Aug 2017 19:17:31 GMT

I'm sure (and can be other reasons) they just wanted to make sure you have the income to back up your spending and not bail out.

Re: Citi Financial Review

Anonymous — Thu, 24 Aug 2017 20:38:34 GMT

@UncleB wrote:
@Anonymous wrote:
@DeeBee78 wrote:
@Anonymous wrote:
When I spoke with them they told me your card is suspended for 30 days because of that large purchase. I was planning to pay it off as soon as it would have posted.
All is good.
C'est la vie, how the french would say.
"Your card is suspended because you used it."

Makes perfect sense.

Maybe my failure to get back in with Citibank isn't as terrible as I think.
Exactly what I said. My mistake was that I did not called them to let them know that I will make a large purchse. I have also got Chase, Capital One and whenever I would make a large purchase they would just send me an email asking me to verify if I made the purchase.

That is strange, indeed. Was there anything 'odd' about the declined charge other than being large?

I don't think so. The purchase was for $1,020 and it was one of the first transcations (I had some small transcations like for gas and dining before this one). I think they thought this would be my regular spending on a $5,0000 CL. Otherwise I don't know.

Here are some data, not sure if this counts or not.

7 inquires in the past 24 months

6 new accouints in the past 24 months (2 AU) - Citi will be my 7th

Scores:

EX: 727

TU 734

EQ: 729

Re: Citi Financial Review

Anonymous — Thu, 24 Aug 2017 20:35:55 GMT

@Anonymous wrote:
I'm sure (and can be other reasons) they just wanted to make sure you have the income to back up your spending and not bail out.

And I don't blame them for that.

Re: Citi Financial Review

Anonymous — Thu, 24 Aug 2017 20:56:00 GMT

Was that $1,020 spend on Paypal, Venmo, Plastiq or some pther credit->cash app or website?

Re: Citi Financial Review

Anonymous — Thu, 24 Aug 2017 21:25:25 GMT

ABCD2199 wrote:

Was that $1,020 spend on Paypal, Venmo, Plastiq or some pther credit->cash app or website?

Yup, Bingo. I was trying to pay the rent. They don't like those sites?

Re: Citi Financial Review

Anonymous — Thu, 24 Aug 2017 21:32:09 GMT

@Anonymous wrote:

Yup, Bingo. I was trying to pay the rent. They don't like those sites?

Nope. Happens to new Amex customers, too. All the time.

When people use those sites, the creditors freak out that the new creditee/customer is too poor to write a check. So then it flags their internal system to CONSIDER vetting the customer better.

I never, ever, ever put on a credit->cash charge on a new charge device. I'll wait 12 months. I don't even use Paypal with my CC -- I have it transfer from my checking account. Way too risky, way too many stories of FR over using those websites, especially with new credit vehicles.

Re: Citi Financial Review

UncleB — Thu, 24 Aug 2017 21:38:19 GMT

@Anonymous wrote:
@Anonymous wrote:

Yup, Bingo. I was trying to pay the rent. They don't like those sites?
Nope. Happens to new Amex customers, too. All the time.

When people use those sites, the creditors freak out that the new creditee/customer is too poor to write a check. So then it flags their internal system to CONSIDER vetting the customer better.

I never, ever, ever put on a credit->cash charge on a new charge device. I'll wait 12 months. I don't even use Paypal with my CC -- I have it transfer from my checking account. Way too risky, way too many stories of FR over using those websites, especially with new credit vehicles.

OK, now things are making more sense.

Re: Citi Financial Review

Anonymous — Thu, 24 Aug 2017 21:43:44 GMT

@Anonymous wrote:
@Anonymous wrote:

Yup, Bingo. I was trying to pay the rent. They don't like those sites?
Nope. Happens to new Amex customers, too. All the time.

When people use those sites, the creditors freak out that the new creditee/customer is too poor to write a check. So then it flags their internal system to CONSIDER vetting the customer better.

I never, ever, ever put on a credit->cash charge on a new charge device. I'll wait 12 months. I don't even use Paypal with my CC -- I have it transfer from my checking account. Way too risky, way too many stories of FR over using those websites, especially with new credit vehicles.

While you're right, it needs to be emphasized that as you state this is about new customers because neither Citi nor Amex have issues with established customers using either PP or Plastiq. I can't count how many times that I have used my cards on those two sites without a peep. It did unfortunately appear to be the cause of the problems for @Anonymous. Just don't want other forum members to feel that they can't use their cards at those places.

Re: Citi Financial Review

Anonymous — Thu, 24 Aug 2017 21:50:26 GMT

Yep -- it only seems to happen to new customers, but I've seen it happen to at least one guy who did a large charge ($3000?) to Plastiq and then pushed a $3000 payment from his bank account before charge posted. He's sorta a neighbor of mine and he got FR'd on an Amex he's had for a decade -- he just sent in bank statements with a letter telling them to eff off. I think he makes 7 figures a year, but he was done with them after that. Also closed his many business cards his employees used for travel expenses. Probably cost them a ton in charge fees over an FR for $3000 measly dollars.

So even if you're a long term customer, it's also wise to be cautious on using those sites if you do anything else that might concern them -- such as anything that may trigger a money launder or "MS" concern. He thinks his pre-payment is what caused it as he'd used the site before with no issue.