topic Re: GOT FR by AMEX ! Have questions... in Credit Cards

GOT FR by AMEX ! Have questions...

Anonymous — Mon, 26 Mar 2012 18:34:25 GMT

So I just got FR by AMEX, but not really quite sure why...they told me they needed to verify income was enough to support my 2 AMEX cards both opened 2 months ago (statements have cut twice), SPG has 2,000 limit--min. charges and BCP (CL of 7,900) charged a total of like 2000 for the two months to get the bonus for spending 1500 in 3 months---all cards paid in full. At the time of approval I had 5 inquires on my EX and after opening AMEX cards had 3 more inq on ex--1 to chase, 1 to bofa, and another to somewhere else I forgot

I got approved for Chase Freedom and Chase SP but they have yet to report on my credit report. I got approved for bofa visa sig and that one does report on my ex as a new account and I have paid in full but it doesn't show paid in full...in fact ot shows up as maxed out since bofa visa sig doesn;t report credit limit, shows as flex spending account.

Do you think it is the new bofa account that has flagged AMEX to do an FR (was softed by AMEX on Sat, and given a call on Sunday by the FR dept). They requested my tax returns, and I said I will not allow creditors to invade my privacy and would be willing to give them bank statements, they said no, so I cancelled. Do you guys agree with this move? If I decide in a year to reapply do you think I will be FR right off the bat again?

Thanks all in advance for any insight...

Re: GOT FR by AMEX ! Have questions...

crunching_numbers — Mon, 26 Mar 2012 18:40:08 GMT

@Anonymous wrote:
So I just got FR by AMEX, but not really quite sure why...they told me they needed to verify income was enough to support my 2 AMEX cards both opened 2 months ago (statements have cut twice), SPG has 2,000 limit--min. charges and BCP (CL of 7,900) charged a total of like 2000 for the two months to get the bonus for spending 1500 in 3 months---all cards paid in full. At the time of approval I had 5 inquires on my EX and after opening AMEX cards had 3 more inq on ex--1 to chase, 1 to bofa, and another to somewhere else I forgot

I got approved for Chase Freedom and Chase SP but they have yet to report on my credit report. I got approved for bofa visa sig and that one does report on my ex as a new account and I have paid in full but it doesn't show paid in full...in fact ot shows up as maxed out since bofa visa sig doesn;t report credit limit, shows as flex spending account.

Do you think it is the new bofa account that has flagged AMEX to do an FR (was softed by AMEX on Sat, and given a call on Sunday by the FR dept). They requested my tax returns, and I said I will not allow creditors to invade my privacy and would be willing to give them bank statements, they said no, so I cancelled. Do you guys agree with this move? If I decide in a year to reapply do you think I will be FR right off the bat again?

Thanks all in advance for any insight...

IMHO- If I ask someone to extend me credit, it is reasonable for them to ask me to prove I have the means to pay them back. I personally do not have an issue providing tax returns or 1099's. I do it for the mortgage companies, I would do it for AMEX too. But I am sure others may not agree with me.

Re: GOT FR by AMEX ! Have questions...

LS2982 — Mon, 26 Mar 2012 19:03:51 GMT

I dont know how I would react if AMEX did an F/R on me. I understand why they do it, just doesn't seem right for a CCC to get tax return info.

Re: GOT FR by AMEX ! Have questions...

Anonymous — Mon, 26 Mar 2012 19:05:53 GMT

@LS2982 wrote:
I dont know how I would react if AMEX did an F/R on me. I understand why they do it, just doesn't seem right for a CCC to get tax return info.

I would/have given it to them before. That was before they issued a card which is the way I like it. I hate how in some threads on here Amex FR's a card and doesnt tell anyone untill its denied.

Re: GOT FR by AMEX ! Have questions...

Anonymous — Mon, 26 Mar 2012 19:06:28 GMT

You basically have given them a really condensed version of your "tax return" when you filled out your income on their application and they take it in good faith. They probably just want to make sure that it does match, at that point.

Re: GOT FR by AMEX ! Have questions...

LS2982 — Mon, 26 Mar 2012 19:13:15 GMT

@Tanner I agree, some type of communication would be nice instead of getting declined in a store!

Re: GOT FR by AMEX ! Have questions...

crunching_numbers — Mon, 26 Mar 2012 19:15:17 GMT

@LS2982 wrote:
@Anonymous I agree, some type of communication would be nice instead of getting declined in a store!

It is not all that different from a CLD, and then getting declined at PoP. They send out a letter about the CLD, but you don't get it for a week or two later.

Re: GOT FR by AMEX ! Have questions...

afbar1114 — Mon, 26 Mar 2012 19:15:20 GMT

@Anonymous wrote:
So I just got FR by AMEX, but not really quite sure why...they told me they needed to verify income was enough to support my 2 AMEX cards both opened 2 months ago (statements have cut twice), SPG has 2,000 limit--min. charges and BCP (CL of 7,900) charged a total of like 2000 for the two months to get the bonus for spending 1500 in 3 months---all cards paid in full. At the time of approval I had 5 inquires on my EX and after opening AMEX cards had 3 more inq on ex--1 to chase, 1 to bofa, and another to somewhere else I forgot

I got approved for Chase Freedom and Chase SP but they have yet to report on my credit report. I got approved for bofa visa sig and that one does report on my ex as a new account and I have paid in full but it doesn't show paid in full...in fact ot shows up as maxed out since bofa visa sig doesn;t report credit limit, shows as flex spending account.

Do you think it is the new bofa account that has flagged AMEX to do an FR (was softed by AMEX on Sat, and given a call on Sunday by the FR dept). They requested my tax returns, and I said I will not allow creditors to invade my privacy and would be willing to give them bank statements, they said no, so I cancelled. Do you guys agree with this move? If I decide in a year to reapply do you think I will be FR right off the bat again?

Thanks all in advance for any insight...

it might have been the amount of time between both cards opened... or the amount you spent in such a short ammount of time in realtion to your income or..that it was a saturday... or that ...this list can go on forever no one know the reasons why amex FR's you and not the appbar's

Re: GOT FR by AMEX ! Have questions...

Walt_K — Mon, 26 Mar 2012 19:19:53 GMT

@Anonymous wrote:
So I just got FR by AMEX, but not really quite sure why...they told me they needed to verify income was enough to support my 2 AMEX cards both opened 2 months ago (statements have cut twice), SPG has 2,000 limit--min. charges and BCP (CL of 7,900) charged a total of like 2000 for the two months to get the bonus for spending 1500 in 3 months---all cards paid in full. At the time of approval I had 5 inquires on my EX and after opening AMEX cards had 3 more inq on ex--1 to chase, 1 to bofa, and another to somewhere else I forgot

I got approved for Chase Freedom and Chase SP but they have yet to report on my credit report. I got approved for bofa visa sig and that one does report on my ex as a new account and I have paid in full but it doesn't show paid in full...in fact ot shows up as maxed out since bofa visa sig doesn;t report credit limit, shows as flex spending account.

Do you think it is the new bofa account that has flagged AMEX to do an FR (was softed by AMEX on Sat, and given a call on Sunday by the FR dept). They requested my tax returns, and I said I will not allow creditors to invade my privacy and would be willing to give them bank statements, they said no, so I cancelled. Do you guys agree with this move? If I decide in a year to reapply do you think I will be FR right off the bat again?

Thanks all in advance for any insight...

I would expect so, yes. Have seen other reports that this has happened. YMMV.

As far as the bigger question as to whether you made the right move, only you can decide that. For me, I don't view the request as being that invasive. But we all have different threshholds. There are other lenders out there, so it is certainly reasonable to go with someone who will not require this information if that is how you feel.

Re: GOT FR by AMEX ! Have questions...

Anonymous — Mon, 26 Mar 2012 19:20:10 GMT

luckily I haven't been using it since I passed the 1500 spend to get the bonus threshold, so I didn't get the embarrassment of being declined at a store! I have been using my Chase Freedom pretty heavily now since I find that the rewards are a bit better for me and my spending, and I have the Chase Freedom and the CSP and checking account combo so the rewards just in the first couple of months have been amazing so far. I am not really sad about being out of the AMEX family, since Chase shows me more love :-)

Just a question though, if in a year I decide to apply for another AMEX card do you guys think I will get FR right away because I had an FR before I closed my cards this year?

Re: GOT FR by AMEX ! Have questions...

afbar1114 — Mon, 26 Mar 2012 19:21:11 GMT

@Anonymous wrote:
luckily I haven't been using it since I passed the 1500 spend to get the bonus threshold, so I didn't get the embarrassment of being declined at a store! I have been using my Chase Freedom pretty heavily now since I find that the rewards are a bit better for me and my spending, and I have the Chase Freedom and the CSP and checking account combo so the rewards just in the first couple of months have been amazing so far. I am not really sad about being out of the AMEX family, since Chase shows me more love :-)

Just a question though, if in a year I decide to apply for another AMEX card do you guys think I will get FR right away because I had an FR before I closed my cards this year?

who knows....

Re: GOT FR by AMEX ! Have questions...

Anonymous — Mon, 26 Mar 2012 19:21:23 GMT

Thanks walt for answering my question (or really reading my mind :-)

Re: GOT FR by AMEX ! Have questions...

LS2982 — Mon, 26 Mar 2012 19:26:47 GMT

No one knows for sure but i would think AMEX keeps good records or their cardholders and will more than likely see your FR and closing on an account review

Re: GOT FR by AMEX ! Have questions...

Anonymous — Mon, 26 Mar 2012 19:29:13 GMT

If I had to make a guess just on the info you supplied, it would probably have something to do with opening another 3-4 new accounts just 2 months after you opened 2 revolving cc's with them. Their credit cards are already more difficult to get than charge cards and to get 2 (on the same day I assume) plus getting more accounts just a few months after could have been a red flag. Especially with the way the BoA card reports, what amex sees is a new account that is already maxed out.

As far as being able to apply later on, I've heard some reports that you could try it 90 days later and everything is fine. Others have said even after a year, they may get approved but their charging will be suspended the day they get their card. YMMV.

Re: GOT FR by AMEX ! Have questions...

Anonymous — Mon, 26 Mar 2012 19:41:24 GMT

Hey longhorn,

Thanks for replying. In regards to the 3 new accounts, my chase accounts have not yet reported so the only thing AMEX is seeing is the bofa visa sig card. At least getting the 100 bonus covered my 75 annual fee for the AMEX BCP (SPG AF was waived the first year). Good thing I didnt get a charge card or else I would have lost my welcome bonus points...

Re: GOT FR by AMEX ! Have questions...

LS2982 — Mon, 26 Mar 2012 19:44:27 GMT

@bcbglover Have you tried calling the executive offices about it? (number in backdoor # thread at top of CC forum)

Re: GOT FR by AMEX ! Have questions...

Anonymous — Mon, 26 Mar 2012 19:52:34 GMT

Hey LS,

I would call if I actually thought they could help me avoid releasing my tax returns...anybody else have success with FR recon via exec offices at AMEX?

Re: GOT FR by AMEX ! Have questions...

LS2982 — Mon, 26 Mar 2012 20:04:55 GMT

It may not be successful but its always worth a shot! Cant hurt!

Re: GOT FR by AMEX ! Have questions...

CreditCrusader — Mon, 26 Mar 2012 20:05:44 GMT

Please help me understand, friends...but what is so unnerving about a FR? So you have to send them your tax returns to match the income and employment info you provided when they approved you. Why is this a bother to so many? They are showing good faith extending the credit/charge account to you in the first place. As long as information hasn't been fudged (not accusing...just saying in general...) on the app, there shouldn't be an issue.

Re: GOT FR by AMEX ! Have questions...

Anonymous — Mon, 26 Mar 2012 20:12:35 GMT

If Amex decided to FR me, I wouldn't go through with it. I consider it too invasive, but I think I'm a very private person in general. There are plenty of other lenders that will issue me a card without that process, so I'd go to somebody else.