topic Re: Logix "proof of income" ? in Credit Cards

Logix "proof of income" ?

2FixMyCredit — Mon, 14 Oct 2013 08:08:43 GMT

My brother applied and got this message:

He is wondering if they just call to confirm income or if he will have to send in paystubs?

Also received an email stating:

Congratulations! We are pleased to offer you the low rate of xxxx APR on a new credit card loan. For a balance equal to your credit limit of $xxxxxx, your monthly payment would be $xxxxxx.

A Loan Officer will contact you within one (1) business day to finalize the details of your loan request.

Congratulations once again, and thank you for choosing Logix.

Sincerely,

Logix

Card Name

Interest Rate

Credit Limit

Select

PLATINUM CREDIT CARD

xxxxx

$xxxxxx

Stipulations

Proof of Income

Re: Logix "proof of income" ?

Kenny — Mon, 14 Oct 2013 08:27:03 GMT

I would assume pay stubs, but that would just be an assumption.

Re: Logix "proof of income" ?

2FixMyCredit — Mon, 14 Oct 2013 08:27:59 GMT

That is what I told him as well, he said he does not feel comfortable sending paystubs in so I guess we will see what happens when they call him tomorrow.

Re: Logix "proof of income" ?

2FixMyCredit — Mon, 14 Oct 2013 08:35:45 GMT

If anyone else may know please do let me know and I will relay all messages to him He's new to credit and still dosn't believe that I know what I am doing LOL!!

Re: Logix "proof of income" ?

Kenny — Mon, 14 Oct 2013 09:20:29 GMT

Just from a google of Logix.. it's a credit union right? Why doesn't he feel comfortable sharing that with the CU? Should be a no-brainer really. Just hold his hand through it! lol!

Re: Logix "proof of income" ?

2FixMyCredit — Mon, 14 Oct 2013 09:25:55 GMT

Yes a credit union, and other than not feeling comfortable with it he has said a reason lol. He put what he really makes and everything so who knows...brothers are funny sometimes.

Re: Logix "proof of income" ?

09Lexie — Mon, 14 Oct 2013 17:46:54 GMT

Most CUs require poi ESP if the relationship is new.

Re: Logix "proof of income" ?

Creditaddict — Mon, 14 Oct 2013 18:42:04 GMT

What's the cl they are offering?

Re: Logix "proof of income" ?

2FixMyCredit — Mon, 14 Oct 2013 21:40:26 GMT

CL would be $8k+ if he gets it. Forgot to do was Columbus day so I guess he hasn't heard from them because I haven't heard from him. I was reading other places online and people have said theirs said the same thing and they got an email saying its been approved to expect card in the mail.

Re: Logix "proof of income" ?

youngandcreditwrthy — Tue, 15 Oct 2013 01:00:48 GMT

What are his other CLs like?
If $8k would be one of the highest, I'd do it. Otherwise, if his highest is like $20k, they can keep it.

Re: Logix "proof of income" ?

2FixMyCredit — Tue, 15 Oct 2013 01:28:09 GMT

He has two other cards with 1500 and 2350 so it would be his highest. He is still saying no to sending in paystubs!

Re: Logix "proof of income" ?

j_casteel — Tue, 15 Oct 2013 01:37:19 GMT

If he's being honest with stated income then there shouldn't be any concern complying unless he doesn't want the card that bad.

Re: Logix "proof of income" ?

youngandcreditwrthy — Tue, 15 Oct 2013 01:37:12 GMT

Oh. I'd do it then!
He stands to gain points on his FICO.
I understand how much of a hassle it can be though. GE really pissed me off when they made me send in all that junk, and I had a banking relationship w them for 5+ years! Ugh

Re: Logix "proof of income" ?

2FixMyCredit — Tue, 15 Oct 2013 01:39:48 GMT

I'm breaking him down I think, you guys saying he should to is helping. He is just a private person I think and worries about stuff too much sometimes.

Re: Logix "proof of income" ?

Anonymous — Tue, 15 Oct 2013 01:54:55 GMT

They asked for paystub is just normal.I dont understand why he said NO,but i may understand why he said No lol. If they asked you guy for pull something from IRS like Amex then i will not.

They may ask me why.

1: I may listed my personal income and tried to hide Business income

2: I may have something like personal family ..............related to IRS

3: I US citizen but i have my Business in my country,home,.....etc

4: I may filed income with one super star and don't want them to know it. LOL

But if they requested my Paystub or tax return,i do not scare to give it to them !

Nobody can do anything about your paystub,why don't you just send it out? you listed your income bla bla bla,then they asked for your income and you don't want to give it to them?That sound not right !

Re: Logix "proof of income" ?

2FixMyCredit — Tue, 15 Oct 2013 02:00:13 GMT

Well I figured out what the problem with him was, he thought they were going to want like a full years worth of income proof, I told him now, most likely just a paystub to ensure he is in fact working. He is ok with it now. You know, I never understand how he got so far with knowing so little about credit! HAHA JK I love my brother

Re: Logix "proof of income" ?

SnackTrader — Tue, 15 Oct 2013 04:10:35 GMT

@TrishN - I couldn't quite tell if this is what you were getting at, but you seemed to mention you WOULDN'T comply with a 4506-T from Amex, but WOULD give a lender a tax return? Is that correct?

I just want to clarify that a 4506-T and just handing over a tax return is basically the same thing... there is no additional information collected from the IRS. The lender won't pull your family's returns or anything like that...

From veri-tax.com:

What is the IRS Form 4506-T?
Form 4506-T is an Internal Revenue Service (IRS) document that is used to retrieve past tax returns, W-2, and 1099 transcripts that are on file with the IRS. The document gives permission for a third party to retrieve the tax payer’s data. The taxpayer must sign and date the 4506-T.

Re: Logix "proof of income" ?

Anonymous — Tue, 15 Oct 2013 05:12:38 GMT

Yeah. But if they just ask for Tax return or W2 that's fine. Pulling something from IRS i guess so many people don't trust enough to let them do so.to SnackTrader, Amex is big company,but don't ever think another company is smaller company,not fun at all when i telling you this. i may don't have 1B but with couple % from Amex company i can have it with value of my Company ! So some of people like me, i tried to hide my business income and........ ect. i won't let any employee of any company pulling my Business income and my informatons just for CC. Well not anybody is a same. They may hided something and don't want another people to know it !You may don't know about peoples making moneys by minute or second

1: No important informations sell out !

Why?

Business is Black and White, they can change to black or white in second Protected your information = protected moneys = protected business = protected family

Simple: Do you ever read millionaire or Billionaire people they filed bankruptcy but they still M and B? I guess you don't really know about this

Re: Logix "proof of income" ?

SnackTrader — Tue, 15 Oct 2013 04:59:01 GMT

I don't really understand what you're trying to say about Amex and hiding income - so lets keep names out of it. You brought up Amex in your post, so I tried to keep it consistent.

But when a company requests your tax transcripts from the IRS using a Form 4506-T, they don't get anything more than your tax return and (depending on circumstance) W-2s. Handing over a paper copy of a tax return fulfills the same purpose, but is less trustworthy because those can be doctored, etc. The only reason the IRS gets involved is because they can confirm the validity of tax transcripts. So, the way I see it, if I am comfortable giving a credit card company my tax returns, I am similarly comfortable signing a form (4506-T) that lets the company contact the IRS to get that SAME information.

Now, not being comfortable providing tax returns is a completely different scenario that I won't go into, and which I know nothing about. Most businesses I have encountered run above board with the exception of some cash transactions that might not make themselves onto the books. Providing financial information to creditors is a very normal part of banking.

Re: Logix "proof of income" ?

Anonymous — Tue, 15 Oct 2013 05:11:05 GMT

yes providing financial informations to creditor is normal,but go though IRS that's can not be ! to you is easy,but to someone is not easy. I guess you need to take long road to know the reason why !. Yeah we better off this Topic.We're going so far on this OP. Sorry OP