topic Re: AMEX Financial Review in Credit Cards

AMEX Financial Review

Anonymous — Thu, 10 Oct 2019 23:52:35 GMT

Amex suspend my cards and when i talked to them the ask me to send the 4506T form and i didn't file tax return from 2 years ago How can i deal with this situation ? Is my credit score will fall down if they cancel my account? there is any other way to handel this situation with out send 4506T?

It is better to request to close the account rather than then they cancell the acount ? If they cancel the account do i have still have chance to apply to the AMEX credit cards in the future?

P.S: my credit score in FICO 767

Thanks

Re: AMEX Financial Review

ChargedUp — Fri, 11 Oct 2019 00:01:09 GMT

You can go ahead and let them have the 4506-T and they'll see you didn't file one year. It's up to you if you choose to comply.

If you don't send the 4506-T, they will close your cards in a few weeks if they're zero balance. If you have a balance, you can still pay it off according to the original cardmember agreement terms from when you applied.

Sorry you're having to deal with this, but if you do a search on the forums here, you'll find others that have dealt with the same situation.

Welcome to My FICO!

Re: AMEX Financial Review

grower1 — Thu, 10 Oct 2019 23:58:08 GMT

Did they provide a reason why your cards were suspended?

Re: AMEX Financial Review

Anonymous — Fri, 11 Oct 2019 00:06:57 GMT

I purchased 4 New Iphone and new Macbook Pro it cost around $9000 and i already covered this expenses before they call I purchased 4 New Iphone and new Macbook Pro it cost around $9000 and i already covered this expenses before they call me They told me you income in my application $25000 and they need to verify my income from tax return I am not American citizen i have visa so i travel a lot and most of my income from USA not Taxable and rest of my income from private business outside USA

P.S: I purchased the 4 Ipohne to send back to my family outside USA

Re: AMEX Financial Review

ChargedUp — Fri, 11 Oct 2019 00:16:12 GMT

@Anonymous wrote:
I purchased 4 New Iphone and new Macbook Pro it cost around $9000 and i already covered this expenses before they call I purchased 4 New Iphone and new Macbook Pro it cost around $9000 and i already covered this expenses before they call me They told me you income in my application $25000 and they need to verify my income from tax return I am not American citizen i have visa so i travel a lot and most of my income from USA not Taxable and rest of my income from private business outside USA
P.S: I purchased the 4 Ipohne to send back to my family outside USA

Ahh, ok... You can send them the 4506-T and try sending documentation of your other income, but I'm not sure if they'll take it into consideration. Either way, they will want the tax form before going any further.

Seeing you spend over a third of your stated income in one shot likely triggered a manual review.

Re: AMEX Financial Review

grower1 — Fri, 11 Oct 2019 00:22:14 GMT

I have seen Amex income verification requests for credit limit increases, but I'm not aware of a purchase triggering this request. I'm sure someone in the forum with more knowledge on this topic will be able to provide you with insights. In the meantime, search in the forum with keywords such as "Amex 4506T", you may find others with a similar situation.

Re: AMEX Financial Review

Anonymous — Fri, 11 Oct 2019 02:08:51 GMT

I am not surprised at all to see the request based on the size of the purchase and OP’s stated income. Whether you comply with the request or not depends on how much you want to keep your accounts - if you don’t comply, they will be closed. In the future if you reapply, expect to have to comply with a new 4506-T before they’ll grant another card.

Re: AMEX Financial Review

FinStar — Fri, 11 Oct 2019 03:04:33 GMT

@Anonymous wrote:
Amex suspend my cards and when i talked to them the ask me to send the 4506T form and i didn't file tax return from 2 years ago How can i deal with this situation ? Is my credit score will fall down if they cancel my account? there is any other way to handel this situation with out send 4506T?
It is better to request to close the account rather than then they cancell the acount ? If they cancel the account do i have still have chance to apply to the AMEX credit cards in the future?
P.S: my credit score in FICO 767
Thanks

Hello @Anonymous and welcome to the forums.

Not sure if the [FR] situation may be similar, but feel free to check out the recent thread below:

https://ficoforums.myfico.com/t5/Credit-Cards/Amex-TPC-under-Financial-Review/m-p/5726912

Re: AMEX Financial Review

CreditInspired — Fri, 11 Oct 2019 14:25:11 GMT

@Anonymous wrote:
I am not surprised at all to see the request based on the size of the purchase and OP’s stated income. Whether you comply with the request or not depends on how much you want to keep your accounts - if you don’t comply, they will be closed. In the future if you reapply, expect to have to comply with a new 4506-T before they’ll grant another card.

Ditto.
OP those are pretty big charges for a $25K income even with PIF. Yes, you will be shut down if you dont comply. No, you will not get approved for another AmX card until you comply. If CC balance is $0, no negative impact to UT.

It doesnt matter how it is reported--closed by creditor or closed by customer--no negative impact to credit.

Since you havent filed, it would be in your best interest to do so because there have been postings that Disco has asked new account holders for 4506-T, so who knows what other creditors may follow suit.

Re: AMEX Financial Review

Anonymous — Fri, 11 Oct 2019 19:23:42 GMT

I asked accountant about my situation and he told me you are not subject to tax return

Do you think i still need to file the tax return?

Re: AMEX Financial Review

CreditInspired — Fri, 11 Oct 2019 19:39:35 GMT

@Anonymous wrote:
I asked accountant about my situation and he told me you are not subject to tax return
Do you think i still need to file the tax return?

Your accountant may be correct but the problem is AmX wants a 4506-T and you're not providing one. I guess you could call and speak to a CSR and tell them what your accountant said, but to be honest, I don't think it will matter.

Re: AMEX Financial Review

Anonymous — Fri, 11 Oct 2019 19:37:43 GMT

@Anonymous wrote:
I asked accountant about my situation and he told me you are not subject to tax return
Do you think i still need to file the tax return?

If you're not having taxes witheld and not a "resident" you may/not be subject to the IRS while on a Visa.

It gets a bit confusing not having been through the process...

https://www.irs.gov/individuals/individual-taxpayer-identification-number

https://www.irs.gov/individuals/international-taxpayers/determining-alien-tax-status

So, if your income is taxable from a US Business then you should be filing a tax return if taxes are being witheld and you're over the baseline amount ($12K)

I suspect the last thing you want is your Visa to be revoked and deported back to your country. Make sure you're following all of the rules when it comes to taxes because the IRS is more powerful than most US Agencies when it comes to enforcement options. After all they did take down Al Capone back in the day.

Re: AMEX Financial Review

Anonymous — Fri, 11 Oct 2019 19:39:54 GMT

@CreditInspired wrote:
Your accountant may be correct ~~but the problem is IRS wants a 4506-T and you're not providing one.~~ I guess you could call and speak to a CSR and tell them what your accountant said, but to be honest, I don't think it will matter.

Amex wants the 4506 to send to the IRS to verify income because they don't accept other forms of POI verification.

Re: AMEX Financial Review

trant3 — Fri, 11 Oct 2019 20:26:36 GMT

Amex will shut you down if you dont comply. This is how they objectively verify income, no way around it. Your accountant is right, but these are Amex's rules and if you want the card, you have to play by their rules.

Re: AMEX Financial Review

Anonymous — Fri, 11 Oct 2019 20:29:31 GMT

@trant3 wrote:
Amex will shut you down if you dont comply. This is how they objectively verify income, no way around it. Your accountant is right, but these are Amex's rules and if you want the card, you have to play by their rules.

So, you can submit one and when they don't get results back is when things may//not return in your favor. Since Amex issues cards worldwide they might be able to move the account to your home country and verify income through that country instead.

Re: AMEX Financial Review

Anonymous — Fri, 11 Oct 2019 22:00:29 GMT

Thanks for your replay

Do you think it's better to tell them i didn't fill the tax return for last year and if i did that what will be their action?

Thanks

Ahmed

Re: AMEX Financial Review

Anonymous — Fri, 11 Oct 2019 22:03:03 GMT

@Anonymous wrote:
@Anonymous wrote:
I asked accountant about my situation and he told me you are not subject to tax return
Do you think i still need to file the tax return?

If you're not having taxes witheld and not a "resident" you may/not be subject to the IRS while on a Visa.

It gets a bit confusing not having been through the process...

https://www.irs.gov/individuals/individual-taxpayer-identification-number
https://www.irs.gov/individuals/international-taxpayers/determining-alien-tax-status

So, if your income is taxable from a US Business then you should be filing a tax return if taxes are being witheld and you're over the baseline amount ($12K)

I suspect the last thing you want is your Visa to be revoked and deported back to your country. Make sure you're following all of the rules when it comes to taxes because the IRS is more powerful than most US Agencies when it comes to enforcement options. After all they did take down Al Capone back in the day.

Right, so I would certainly not do anything against the advice of a (good!) accountant (and immigration lawyer) just to please Amex. That said, you can submit the form, IRS will confirm that nothing was filed, and Amex will do with that info what they want to do....