topic Re: Amex 4506-T woes! in Credit Cards

Amex 4506-T woes!

Anonymous — Thu, 24 Apr 2014 15:50:25 GMT

Anyway submitted a 4506-T to Amex recently? While I had no issue in the past, they keep rejecting mine with comments like signature not clear enough etc. Guy I spoke to yesterday said that they "have to be very careful" so don't know if the IRS is being more stringent. Unfortunately it takes them two or three days to look at the submission so things are slow....

Re: Amex 4506-T woes!

Revelate — Thu, 24 Apr 2014 16:20:53 GMT

@Anonymous wrote:
Anyway submitted a 4506-T to Amex recently? While I had no issue in the past, they keep rejecting mine with comments like signature not clear enough etc. Guy I spoke to yesterday said that they "have to be very careful" so don't know if the IRS is being more stringent. Unfortunately it takes them two or three days to look at the submission so things are slow....

Strange; have been a lot of news reports of fraudulent tax returns and similar over the last two years, but I didn't have any issues getting my own tax transcripts from the IRS when I was cleaning things up late last year, and it's not like anyone's signature is more than the written equivalent of gobbledygook anyway these days.

Re: Amex 4506-T woes!

takeshi74 — Thu, 24 Apr 2014 17:51:33 GMT

I did earlier this year with no issues. I think I faxed it to AmEx.

Re: Amex 4506-T woes!

Anonymous — Fri, 25 Apr 2014 17:11:46 GMT

Just called to check today, and was told that they had received it and it was "perfect" So only three times. Now of course the real process begins!

Re: Amex 4506-T woes!

Anonymous — Fri, 25 Apr 2014 17:55:51 GMT

@Anonymous wrote:
Just called to check today, and was told that they had received it and it was "perfect" So only three times. Now of course the real process begins!

Good luck with this, longtimelurker. From the sound of it, you shouldn't have any issues at all. I'm sure you'll be glad when it's over, though. I think I missed it. Is this for a CLI (accounts not suspended) or is this an actual FR and accounts suspended?

Please keep us in the loop. Very curious of outcome.

Re: Amex 4506-T woes!

Anonymous — Fri, 25 Apr 2014 18:03:16 GMT

Just a CLI request

Re: Amex 4506-T woes!

PlasticOrPlastic — Sat, 26 Apr 2014 20:13:09 GMT

AMEX requested this? I don't know the more I read on these forums the less I want an AMEX card, they seem like a real pain. I don't know why everybody wants a card they have to tip toe around to use. I see multiple threads about spending money with the card and hoping AMEX doesnt close it...now I see they are wanting tax transcripts...meh, think I just moved CSP to the top of my wish list and AMEX to the bottom lol.

Good luck with everything!

~edited to keep it "G" rated, ~pizzadude, myFICO moderator

Re: Amex 4506-T woes!

navigatethis12 — Sat, 26 Apr 2014 20:13:25 GMT

@EndlessRoad wrote:
AMEX requested this? I don't know the more I read on these forums the less I want an AMEX card, they seem like a real pain. I don't know why everybody wants a card they have to tip toe around to use. I see multiple threads about spending money with the card and hoping AMEX doesnt close it...now I see they are wanting tax transcripts...meh, think I just moved CSP to the top of my wish list and AMEX to the bottom lol.

Good luck with everything!

For them paystubs aren't sufficient, so they ask for tax returns. Usually if you want a limit over 25,000 they will ask, but some have reported getting that without needing to provide anything. I do agree with you about not constantly skating on thin ice because you're afraid a credit card company may close your card. This case isn't a financial review, just a credit limit increase.

Re: Amex 4506-T woes!

azguy13 — Sat, 26 Apr 2014 20:13:51 GMT

@navigatethis12 wrote:
@EndlessRoad wrote:
AMEX requested this? I don't know the more I read on these forums the less I want an AMEX card, they seem like a real pain. I don't know why everybody wants a card they have to tip toe around to use. I see multiple threads about spending money with the card and hoping AMEX doesnt close it...now I see they are wanting tax transcripts...meh, think I just moved CSP to the top of my wish list and AMEX to the bottom lol.

Good luck with everything!
For them paystubs aren't sufficient, so they ask for tax returns. Usually if you want a limit over 25,000 they will ask, but some have reported getting that without needing to provide anything. I do agree with you about not constantly skating on thin ice because you're afraid a credit card company may close your card. This case isn't a financial review, just a credit limit increase.

To save me the trouble, I will just request $24K for my CLI

Re: Amex 4506-T woes!

Anonymous — Sat, 26 Apr 2014 20:14:28 GMT

@EndlessRoad wrote:
AMEX requested this? I don't know the more I read on these forums the less I want an AMEX card, they seem like a real pain. I don't know why everybody wants a card they have to tip toe around to use. I see multiple threads about spending money with the card and hoping AMEX doesnt close it...now I see they are wanting tax transcripts...meh, think I just moved CSP to the top of my wish list and AMEX to the bottom lol.

Good luck with everything!

I understand, but a few points: 1st, a lot of things are blown out of proportion on this (and similar) forums. As you say, you get the impression that if you do one thing wrong with Amex (spend too much, spend too little, pay in full, carry a balance, pay multiple times, buy something green) you will be hit by AA/FR etc. These things happen very rarely. Similarly with Barclays, where people are coming up with scary stories about being closed after additional apps.

The other issue is that Amex is actually (a little bit) more transparent than other issuers. Chase and Citi will happily close all your cards with them if some back office security group so decides. At least in theory, with an Amex FR, you have the opportunity to put your side of the case. While it may not help often, people do come out without closed cards or, in some cases, no changes at all. Once Citi/Chase close your cards, you basically are out of luck.

And then onto the 4506-T. While this is used for Financial Reviews, it's also used when you ask for a CLI and Amex wants to confirm that you are stating income correctly. There are real valid privacy concerns here, and I had decided I wouldn't do it. But then, since I want/need a CLI on this card, I am happy to abandon my principles!

TL/DR: Amex isn't really any more scary than other issuers. Just talked about more here, and they give you a chance to defend yourself.

Re: Amex 4506-T woes!

PlasticOrPlastic — Fri, 25 Apr 2014 18:42:43 GMT

Appreciate that clarification longtime, makes sense. I opened Barclays and started hearing the horror stories, yet everything has been great on those two cards. I guess with credit limits like that (didnt see that before) they have reason to need a little "proof". Thanks again and my want for an AMEX continues on ha ha.

Re: Amex 4506-T woes!

Kenny — Sat, 26 Apr 2014 03:05:54 GMT

Hope you get the CLI you wish for.

Re: Amex 4506-T woes!

takeshi74 — Sat, 26 Apr 2014 14:12:04 GMT

Any discussion forum on any topic presents a skewed perspective since people post when they have problems. Additionally, as pointed out above, the AmEx fears -- especially of FR --- are way overblown. FR's do happen but people seem think that any little thing will set one off and that's just not the case. I don't tiptoe with my AmEx cards. I just use them. AmEx hasn't been a pain in my experience and they've given me some very good CLI's in the time that I've had my new cards open with them. In less than a year I've gone from $12.5K total to $44K total. I've carried balances with them but I've kept utilization at 30% or less when doing so on promotional offers (all expired now so it's all PIF) and haven't had any issues so far. Be careful making assessments relying on posts about AmEx FR paranoia i.e. consider the source -- is it a person who actually went through an FR or is it just a person afraid of FR without knowing what actually triggers one?

The 3x CLI thread indicates that 4506-T's for income verification seem to be common for CL requests of $25K or higher. I was able to get to $25K one on card and above $25K total CL without income verification but when I attempted to go to $45K total they wanted a 4506-T and eventually responded with the counteroffer that took me to $44K. It was really no big deal IMO but there are certainly those that feel that tax transcripts are too invasive. That's a call that each needs to make for his/her self.

Re: Amex 4506-T woes!

Creditaddict — Sat, 26 Apr 2014 14:48:08 GMT

@takeshi74 wrote:
Any discussion forum on any topic presents a skewed perspective since people post when they have problems. Additionally, as pointed out above, the AmEx fears -- especially of FR --- are way overblown. FR's do happen but people seem think that any little thing will set one off and that's just not the case. I don't tiptoe with my AmEx cards. I just use them. AmEx hasn't been a pain in my experience and they've given me some very good CLI's in the time that I've had my new cards open with them. In less than a year I've gone from $12.5K total to $44K total. I've carried balances with them but I've kept utilization at 30% or less when doing so on promotional offers (all expired now so it's all PIF) and haven't had any issues so far. Be careful making assessments relying on posts about AmEx FR paranoia i.e. consider the source -- is it a person who actually went through an FR or is it just a person afraid of FR without knowing what actually triggers one?

The 3x CLI thread indicates that 4506-T's for income verification seem to be common for CL requests of $25K or higher. I was able to get to $25K one on card and above $25K total CL without income verification but when I attempted to go to $45K total they wanted a 4506-T and eventually responded with the counteroffer that took me to $44K. It was really no big deal IMO but there are certainly those that feel that tax transcripts are too invasive. That's a call that each needs to make for his/her self.

Re: Amex 4506-T woes!

Scuba — Sat, 26 Apr 2014 14:53:16 GMT

To OP

Which tax year did they ask for 2012 or 2013 since we just filed 2013 a few weeks ago?

Re: Amex 4506-T woes!

Anonymous — Sat, 26 Apr 2014 16:04:35 GMT

@Scuba wrote:
To OP

Which tax year did they ask for 2012 or 2013 since we just filed 2013 a few weeks ago?

They wanted the last two available years, 2012 and 2011. In the instructions they say that last years returns (i.e. 2013) aren't available to them until August.

Re: Amex 4506-T woes!

Scuba — Wed, 30 Apr 2014 22:44:28 GMT

Is it always 2 years of returns?

Re: Amex 4506-T woes!

NoAnchoviesPlease — Thu, 01 May 2014 00:24:03 GMT

@Revelate wrote:
Strange; have been a lot of news reports of fraudulent tax returns and similar over the last two years, but I didn't have any issues getting my own tax transcripts from the IRS when I was cleaning things up late last year, and it's not like anyone's signature is more than the written equivalent of gobbledygook anyway these days.

I heard this too... apparently Indiana has a new program requiring security questions (like when you get your annual credit report) before sending your tax refund (if you're in the 1-3% chosen as of possible concern, i.e. address matches, missing/mismatched docs).

Completely understand the privacy concerns, and the coverage/security concerns on the other side. All comes down to how badly do you want the Amex card or increases.

Re: Amex 4506-T woes!

Anonymous — Thu, 01 May 2014 01:21:01 GMT

@Scuba wrote:
Is it always 2 years of returns?

It has been both times for me (not a huge sample!). The form itself has space for up to four years. But I think Amex wants two, which makes things like an unusually high bonus one year have less weight.

Still waiting, but then they only told me the form was fine on Friday, so probably two or more weeks to go.

Re: Amex 4506-T woes!

Revelate — Thu, 01 May 2014 01:55:17 GMT

@Anonymous wrote:
@Scuba wrote:
Is it always 2 years of returns?
It has been both times for me (not a huge sample!). The form itself has space for up to four years. But I think Amex wants two, which makes things like an unusually high bonus one year have less weight.

Still waiting, but then they only told me the form was fine on Friday, so probably two or more weeks to go.

2 years prior tax returns are the industry standard for income verification for self-employed... or for others claiming income outside of the standard W2 paycheck so I would assume it's the same for everyone typically.