AMEX 4506-t request on apps

Anonymous · ‎09-29-2018

So guys here is my question and I am not sure if anyone has had experience with this but figured I would give this a shot. AMEX has basically approved me for three cards but need me to send in a 4506 form. The issue is the majority of my income is not taxable. I am also certain what is flagging me everytime is the high number of new accounts and inquiries. Do any of you think it's possible if I garden for about a year if I'll not get hit with another 4506 or once I'm flagged I'll always be flagged? Any help would be greatly appreciated!

AverageJoesCredit · ‎09-30-2018

Weird. Im not sure. As i dont make alot i dont have the financial knowledge to make an educated opinion. What cards did you apply for? May i ask why the majority of your income is not taxable? Someone one may ask what kind of income range are you putting down for your applications. The one good thing i could see from you doing a 4506 is you would know Amex has the correct info on your income and perhaps getting appropriate limits woild be easier. Best of luck i hope you can get this resolved

Jnbmom · ‎09-30-2018

Not sure. I know others have asked for high CLI and amex requests POI then they lowered their amount requested and they didn't have to provide it.

Not sure of course of your income and what not, but it's always best to put down what you can actually document.

EXP 780 EQ 796 TU 810

Cred4All · ‎09-30-2018

I have not experienced this myself but from past reading, here are a few things I learned about the 4506-T:

If you choose to not submit the 4506-T form, you simply will not get a CLI, easy as that. No harm no foul. (Not the same as a financial review)
Amex pays a fee to submit that form which lends credance to the fact they are trying to extend you more credit, provided the income provided was true, it's doubtful you would be denied a CLI as long as it was submitted.
By submitting this, Amex will see a tax transcript, not your full tax return.

Viva-LV · ‎09-30-2018

@Anonymous wrote:
So guys here is my question and I am not sure if anyone has had experience with this but figured I would give this a shot. AMEX has basically approved me for three cards but need me to send in a 4506 form. The issue is the majority of my income is not taxable. I am also certain what is flagging me everytime is the high number of new accounts and inquiries. Do any of you think it's possible if I garden for about a year if I'll not get hit with another 4506 or once I'm flagged I'll always be flagged? Any help would be greatly appreciated!

Not sure about their view on new apps. I did the 4506T for a $5k cli request on my HHR card last year (25k to 30K). Got a $700 bump! I was wondering about future cli"s, same as you. When the Magnet came out, got approved for $10k sl (pleasant surprise). Received an auto cli on my BCP of $2300 this summer, just picked up the SPG ($6800 sl). Due for the six-month cli in December, we'll see what happens. The 4506T hasn't held me back, and my IRS income was about 10k short of what I stated. So, since the 4506T, Am Ex has increased my cl's by $19k. Not too bad!

Anonymous · ‎09-30-2018

The problem as I see it is that you are applying for new credit cards and not just requesting credit line increases. Amex is probably looking at income information from one of the secondary consumer reporting companies and it doesn't match up with the income you stated in your credit applications. If that is the case its likely they will always hit you with the 4506-T request when you apply.

If you aren't aware there are several companies that collate income information... Equifax has a subsidiary called The Work Number that estimates an individual's income, and there are others that do the same. So its important that the income on your applications is in line with available public information.

AverageJoesCredit · ‎09-30-2018

Good point Maize. Thats why i try and put same income on all apps or cli requests. Those pesky other mini bureaus if uou will can be a pain as we normslly just go off the big 3. I recently tried to join Unify CU but was unable to join as they said they coildnt verify me. Lol, yeah right , nlessing in disguise i guess but even though i felt i answered their weird security questions, if they didnt was probably because of some obscure piece of info that may not even be correct.

Anonymous · ‎09-30-2018

@AverageJoesCredit wrote:
Weird. Im not sure. As i dont make alot i dont have the financial knowledge to make an educated opinion. What cards did you apply for? May i ask why the majority of your income is not taxable? Someone one may ask what kind of income range are you putting down for your applications. The one good thing i could see from you doing a 4506 is you would know Amex has the correct info on your income and perhaps getting appropriate limits woild be easier. Best of luck i hope you can get this resolved

SSDI, SSI, I get a small income from my non profit very small and then I have a small income from my job as an inhome care provider. So that last income is all that is taxed and it's not even $10,000 a year. Thanks so much for your reply AJ! I would love to have an Amex but the majority of my income will not be on any tax return as for one I haven't filed one in YEARS!

Anonymous · ‎09-30-2018

@Jnbmom wrote:
Not sure. I know others have asked for high CLI and amex requests POI then they lowered their amount requested and they didn't have to provide it.

Not sure of course of your income and what not, but it's always best to put down what you can actually document.

I never put down more than I can prove I do get however the only thing they want is the 4506 which will not have any of my current income as I haven't filed for years and my taxable income is new! Like 2 months new. So not filed taxes on it yet.

Anonymous · ‎09-30-2018

@Anonymous wrote:
The problem as I see it is that you are applying for new credit cards and not just requesting credit line increases. Amex is probably looking at income information from one of the secondary consumer reporting companies and it doesn't match up with the income you stated in your credit applications. If that is the case its likely they will always hit you with the 4506-T request when you apply.

If you aren't aware there are several companies that collate income information... Equifax has a subsidiary called The Work Number that estimates an individual's income, and there are others that do the same. So its important that the income on your applications is in line with available public information.

Maize thanks so much for that valuable info. As the majority of my income isn't taxed I do not know how all of it would be reported to places such as you named. I could send in the 4506 but it would not state anything useful to me as I haven't filed in ages. So I think I am at a point where I dont know which route to take next.