topic Re: Amex and Financial Reviews? in Credit Cards

Amex and Financial Reviews?

CreditWorld2013 — Mon, 27 Feb 2012 01:41:01 GMT

Since I'm in garden mode I decided it would be best to ask a question that I've been curious about. I was thinking of applying for an AMEX eventually (6 - 18 Months). I get claimed as a dependent and was curious how a FR would work. I know AMEX requests a 4506-T but how would that work(exceptions?) if you don't file. I get my income via school grants( which they allow as added income), Child Support, cash gifts under the report requirement, etc. Would they accept bank statements showing the CS, Deposits/transfers, and letter from school (Grant verification) as enough documentation? Now onto a general topic about Financial Reviews: Any other banks require documents and what were your experiences like?

Re: Amex and Financial Reviews?

namvet — Mon, 27 Feb 2012 01:54:33 GMT

@CC365 wrote:
Since I'm in garden mode I decided it would be best to ask a question that I've been curious about. I was thinking of applying for an AMEX eventually (6 - 18 Months). I get claimed as a dependent and was curious how a FR would work. I know AMEX requests a 4506-T but how would that work(exceptions?) if you don't file. I get my income via school grants( which they allow as added income), Child Support, cash gifts under the report requirement, etc. Would they accept bank statements showing the CS, Deposits/transfers, and letter from school (Grant verification) as enough documentation? Now onto a general topic about Financial Reviews: Any other banks require documents and what were your experiences like?

When you apply for Amex your reported income must make sense to them. If it doesn't you will turned down for the card. Most credit unions will ask for income documentation i have heard. All my credit experience has been with banks (small and large) and Amex before it was a bank. IME i have never been asked to verify anything reported on my application. Your credit history is most important when applying for a credit card. The amount of income is not that much of a factor in the decesion making process but as i said, it's got to make sense. There a many posts here that have already addressed this question.

Re: Amex and Financial Reviews?

Anonymous — Mon, 27 Feb 2012 01:55:03 GMT

Okay, I'm hardly a tax specialist, so I could be compltely wrong - but I'm pretty sure that even if someone claims you as a dependant, you can still file taxes and have a tax return. Are you saying you haven't had any sort of tax returns filed on your behalf?

And Amex is the only company I've heard of doing serious FR's. Other banks might require proof of income (pay stubs, W2's or 1099's, whatever you have), but Amex seems to take it to a completely different level.

Re: Amex and Financial Reviews?

corymcd88 — Mon, 27 Feb 2012 02:10:37 GMT

@Anonymous wrote:
Okay, I'm hardly a tax specialist, so I could be compltely wrong - but I'm pretty sure that even if someone claims you as a dependant, you can still file taxes and have a tax return. Are you saying you haven't had any sort of tax returns filed on your behalf?

And Amex is the only company I've heard of doing serious FR's. Other banks might require proof of income (pay stubs, W2's or 1099's, whatever you have), but Amex seems to take it to a completely different level.

I have AMEX and they told me that it almost never happens a FR. Only if you keep buying large things at once IE Computer at 1,200 in Jan, 1,00 on a TV in Feb.... I'm saying on one thing not 1,200 over a mouth like 20 hear 35 thier.

Re: Amex and Financial Reviews?

Anonymous — Mon, 27 Feb 2012 02:19:04 GMT

@corymcd88 wrote:
@Anonymous wrote:
Okay, I'm hardly a tax specialist, so I could be compltely wrong - but I'm pretty sure that even if someone claims you as a dependant, you can still file taxes and have a tax return. Are you saying you haven't had any sort of tax returns filed on your behalf?

And Amex is the only company I've heard of doing serious FR's. Other banks might require proof of income (pay stubs, W2's or 1099's, whatever you have), but Amex seems to take it to a completely different level.
I have AMEX and they told me that it almost never happens a FR. Only if you keep buying large things at once IE Computer at 1,200 in Jan, 1,00 on a TV in Feb.... I'm saying on one thing not 1,200 over a mouth like 20 hear 35 thier.

Yep. I think due to the negative experiences people have had with FRs, it's gotten everyone paranoid about it. I really doubt Amex has the time and resources (or any interest in) FRing everyone. I'd say it's only likely to happen if something suspicious is going on or something really catches their attention.

Re: Amex and Financial Reviews?

Anonymous — Mon, 27 Feb 2012 02:24:33 GMT

@Anonymous wrote:
@corymcd88 wrote:
@Anonymous wrote:
Okay, I'm hardly a tax specialist, so I could be compltely wrong - but I'm pretty sure that even if someone claims you as a dependant, you can still file taxes and have a tax return. Are you saying you haven't had any sort of tax returns filed on your behalf?

And Amex is the only company I've heard of doing serious FR's. Other banks might require proof of income (pay stubs, W2's or 1099's, whatever you have), but Amex seems to take it to a completely different level.
I have AMEX and they told me that it almost never happens a FR. Only if you keep buying large things at once IE Computer at 1,200 in Jan, 1,00 on a TV in Feb.... I'm saying on one thing not 1,200 over a mouth like 20 hear 35 thier.
Yep. I think due to the negative experiences people have had with FRs, it's gotten everyone paranoid about it. I really doubt Amex has the time and resources (or any interest in) FRing everyone. I'd say it's only likely to happen if something suspicious is going on or something really catches their attention.

I tend to agree with this. After all, it takes the time of their personnel to conduct a FR, which of course translates into money. Add to that the potential to upset the customer and possibly lose him or her. These two things taken together lead me to believe that Amex only does this if they feel that they have good reason. Of course, I could be completely wrong, but this seems logical to me.

Re: Amex and Financial Reviews?

afbar1114 — Mon, 27 Feb 2012 02:38:53 GMT

i put every thing on my amex right now and i MEAN everything i have been leaving my debit card at home because i spend less if i dont have it so everything goes on amex even if its 85 cents at my job lol.....

Re: Amex and Financial Reviews?

corymcd88 — Mon, 27 Feb 2012 02:42:45 GMT

@Anonymous wrote:
@corymcd88 wrote:
@Anonymous wrote:
Okay, I'm hardly a tax specialist, so I could be completely wrong - but I'm pretty sure that even if someone claims you as a dependent, you can still file taxes and have a tax return. Are you saying you haven't had any sort of tax returns filed on your behalf?

And Amex is the only company I've heard of doing serious FR's. Other banks might require proof of income (pay stubs, W2's or 1099's, whatever you have), but Amex seems to take it to a completely different level.
I have AMEX and they told me that it almost never happens a FR. Only if you keep buying large things at once IE Computer at 1,200 in Jan, 1,00 on a TV in Feb.... I'm saying on one thing not 1,200 over a mouth like 20 hear 35 their.
Yep. I think due to the negative experiences people have had with FRs, it's gotten everyone paranoid about it. I really doubt Amex has the time and resources (or any interest in) FRing everyone. I'd say it's only likely to happen if something suspicious is going on or something really catches their attention.

As I always said they should me worried about the people that are always late or not paying their bill. Because I think that this is nuts because if my uncle tells me to buy a computer for him because he does not know what he is buying and is working and will pay me back, should I have to be scared that AMEX is going to say something about it?

Re: Amex and Financial Reviews?

corymcd88 — Mon, 27 Feb 2012 02:45:08 GMT

@Anonymous wrote:
@Anonymous wrote:
@corymcd88 wrote:
@Anonymous wrote:
Okay, I'm hardly a tax specialist, so I could be compltely wrong - but I'm pretty sure that even if someone claims you as a dependant, you can still file taxes and have a tax return. Are you saying you haven't had any sort of tax returns filed on your behalf?

And Amex is the only company I've heard of doing serious FR's. Other banks might require proof of income (pay stubs, W2's or 1099's, whatever you have), but Amex seems to take it to a completely different level.
I have AMEX and they told me that it almost never happens a FR. Only if you keep buying large things at once IE Computer at 1,200 in Jan, 1,00 on a TV in Feb.... I'm saying on one thing not 1,200 over a mouth like 20 hear 35 thier.
Yep. I think due to the negative experiences people have had with FRs, it's gotten everyone paranoid about it. I really doubt Amex has the time and resources (or any interest in) FRing everyone. I'd say it's only likely to happen if something suspicious is going on or something really catches their attention.

I tend to agree with this. After all, it takes the time of their personnel to conduct a FR, which of course translates into money. Add to that the potential to upset the customer and possibly lose him or her. These two things taken together lead me to believe that Amex only does this if they feel that they have good reason. Of course, I could be completely wrong, but this seems logical to me.

I agree with you, what happens if you are buying for work or for a friend. My Mum spends a lot on her credit card for work and gets pay back for it.

Re: Amex and Financial Reviews?

smc733 — Mon, 27 Feb 2012 03:30:36 GMT

As a "victim" of an FR before getting an Amex card, I can confim, Amex will NOT accept any subsitutes for the documents they request...

Re: Amex and Financial Reviews?

Anonymous — Mon, 27 Feb 2012 06:21:27 GMT

I have AMEX and they told me that it almost never happens a FR. Only if you keep buying large things at once IE Computer at 1,200 in Jan, 1,00 on a TV in Feb.... I'm saying on one thing not 1,200 over a mouth like 20 hear 35 thier.

That is not encouraging, it sounds like my spending habbits on Amex.

Re: Amex and Financial Reviews?

LS2982 — Mon, 27 Feb 2012 11:51:51 GMT

@Anonymous wrote:
@Anonymous wrote:
@corymcd88 wrote:
@Anonymous wrote:
Okay, I'm hardly a tax specialist, so I could be compltely wrong - but I'm pretty sure that even if someone claims you as a dependant, you can still file taxes and have a tax return. Are you saying you haven't had any sort of tax returns filed on your behalf?

And Amex is the only company I've heard of doing serious FR's. Other banks might require proof of income (pay stubs, W2's or 1099's, whatever you have), but Amex seems to take it to a completely different level.
I have AMEX and they told me that it almost never happens a FR. Only if you keep buying large things at once IE Computer at 1,200 in Jan, 1,00 on a TV in Feb.... I'm saying on one thing not 1,200 over a mouth like 20 hear 35 thier.
Yep. I think due to the negative experiences people have had with FRs, it's gotten everyone paranoid about it. I really doubt Amex has the time and resources (or any interest in) FRing everyone. I'd say it's only likely to happen if something suspicious is going on or something really catches their attention.

I tend to agree with this. After all, it takes the time of their personnel to conduct a FR, which of course translates into money. Add to that the potential to upset the customer and possibly lose him or her. These two things taken together lead me to believe that Amex only does this if they feel that they have good reason. Of course, I could be completely wrong, but this seems logical to me.

Re: Amex and Financial Reviews?

Happychap — Mon, 27 Feb 2012 21:11:48 GMT

I got a FR about two weeks after they sent me a Amex Zinc. At the time of the request I had only charged around $500 to the card in two transactions. I closed the account once I received the request, as to be honest I was angry that they wanted my tax returns as the ony people I have ever shown my tax returns too were our mortgage provider. I wouldn't have minded if I was buying an house or they wanted to give say a 100k limit. However, im sure my limit was no more than 3k for a new user. The other ironic point about it was I actually gave my income as less than what it actually was, as I never included investments and rental property income, I only included my employment salary. My tax return therefore would have shown more. However, I was not comfortable in showing such info just for a credit card so I went with CITI instead. Strange lot at AMEX

Re: Amex and Financial Reviews?

cashnocredit — Mon, 27 Feb 2012 21:15:58 GMT

I'm retired but have a lot of income. I half expected a FR but I used the lowest income over the last three years. If they FR me they would see much higher income than on my app.

I ran up about 10k the first month and no FR. Who knows how they work. I sure don't.

Re: Amex and Financial Reviews?

Anonymous — Mon, 27 Feb 2012 21:20:17 GMT

@Happychap wrote:
I got a FR about two weeks after they sent me a Amex Zinc. At the time of the request I had only charged around $500 to the card in two transactions. I closed the account once I received the request, as to be honest I was angry that they wanted my tax returns as the ony people I have ever shown my tax returns too were our mortgage provider. I wouldn't have minded if I was buying an house or they wanted to give say a 100k limit. However, im sure my limit was no more than 3k for a new user. The other ironic point about it was I actually gave my income as less than what it actually was, as I never included investments and rental property income, I only included my employment salary. My tax return therefore would have shown more. However, I was not comfortable in showing such info just for a credit card so I went with CITI instead. Strange lot at AMEX

I've had my Zync card for just over a month now and I haven't had any problems yet. I'm not sure how I'd feel if they decided to FR me right now. I think mostly I'd be really confused as to WHY they'd be doing it. I just mailed my tax papers to my accountant last week so I'll have my new tax return soon, so I could (and probably would) provide it to Amex if they asked for it. But mostly I'd be wondering why they're doing it.

I think more than anything, that's really the question - why? What basis do they FR you on? I think it would only be fair on their part if they had to state why they decided to FR someone, instead of them arbitrarily deciding you have to send them a stack of financial documents.

Re: Amex and Financial Reviews?

pipeguy — Mon, 27 Feb 2012 21:35:00 GMT

@CC365 wrote:
Since I'm in garden mode I decided it would be best to ask a question that I've been curious about. I was thinking of applying for an AMEX eventually (6 - 18 Months). I get claimed as a dependent and was curious how a FR would work. I know AMEX requests a 4506-T but how would that work(exceptions?) if you don't file. I get my income via school grants( which they allow as added income), Child Support, cash gifts under the report requirement, etc. Would they accept bank statements showing the CS, Deposits/transfers, and letter from school (Grant verification) as enough documentation? Now onto a general topic about Financial Reviews: Any other banks require documents and what were your experiences like?

I think this is more a question of want vs need. Given that you are claimed as a dependent, which would assume your living conditions are not self supporting at this time, and that your income per se consists of "cash gifts" etc, do you really think you need an AmEx at this point? Charge Amex cards carry AFs, an unnecessary expense. Child support is not disposable income nor are the school grants going to last forever. I know the AmEx fans probably won't agree, but I would suggest that you not even consider AmEx until your financial situation becomes a lot more self supporting.

Re: Amex and Financial Reviews?

smc733 — Mon, 27 Feb 2012 21:44:31 GMT

@pipeguy wrote:
@CC365 wrote:
Since I'm in garden mode I decided it would be best to ask a question that I've been curious about. I was thinking of applying for an AMEX eventually (6 - 18 Months). I get claimed as a dependent and was curious how a FR would work. I know AMEX requests a 4506-T but how would that work(exceptions?) if you don't file. I get my income via school grants( which they allow as added income), Child Support, cash gifts under the report requirement, etc. Would they accept bank statements showing the CS, Deposits/transfers, and letter from school (Grant verification) as enough documentation? Now onto a general topic about Financial Reviews: Any other banks require documents and what were your experiences like?
I think this is more a question of want vs need. Given that you are claimed as a dependent, which would assume your living conditions are not self supporting at this time, and that your income per se consists of "cash gifts" etc, do you really think you need an AmEx at this point? Charge Amex cards carry AFs, an unnecessary expense. Child support is not disposable income nor are the school grants going to last forever. I know the AmEx fans probably won't agree, but I would suggest that you not even consider AmEx until your financial situation becomes a lot more self supporting.

+1, especially since Amex will not take any excuses in the F/R process.

Re: Amex and Financial Reviews?

CreditWorld2013 — Tue, 28 Feb 2012 00:45:46 GMT

The only reason I wanted an amex was because of the backdating. If I were able to get even a Zync now and for whatever reason it gets closed over a FR now it wound't matter to me...but I'm logged in as a member since 2012. So in a few years once I graduate and gain full time employment if I ever decided to get an amex at that point I would be backdated to 2012. Beyond that I'm not interested in amex. I don't travel much(just 2-3 times a year) their reward system i think is comparable to that of Chase and Discover. I just know credit scores count history length which would benefit me later on in life.

Re: Amex and Financial Reviews?

CreditScholar — Tue, 28 Feb 2012 01:56:00 GMT

@smc733 wrote:
@pipeguy wrote:
@CC365 wrote:
Since I'm in garden mode I decided it would be best to ask a question that I've been curious about. I was thinking of applying for an AMEX eventually (6 - 18 Months). I get claimed as a dependent and was curious how a FR would work. I know AMEX requests a 4506-T but how would that work(exceptions?) if you don't file. I get my income via school grants( which they allow as added income), Child Support, cash gifts under the report requirement, etc. Would they accept bank statements showing the CS, Deposits/transfers, and letter from school (Grant verification) as enough documentation? Now onto a general topic about Financial Reviews: Any other banks require documents and what were your experiences like?
I think this is more a question of want vs need. Given that you are claimed as a dependent, which would assume your living conditions are not self supporting at this time, and that your income per se consists of "cash gifts" etc, do you really think you need an AmEx at this point? Charge Amex cards carry AFs, an unnecessary expense. Child support is not disposable income nor are the school grants going to last forever. I know the AmEx fans probably won't agree, but I would suggest that you not even consider AmEx until your financial situation becomes a lot more self supporting.

+1, especially since Amex will not take any excuses in the F/R process.

+2. You're essentially living on other peoples money, and it might be quite awhile before you find a job even after you graduate. This isn't the group Amex really wants as it's target audience. Become self-sufficient and then worry about getting one. Do things in the proper order.