AMEX Blue Cash Preffered - 4506?

[Anonymous]

Last month I applied for a Blue Cash Preferred, and I got a letter today stating I need to verify my income with a 4506. Would paystubs be suffient verification of income? I don't necessarily need the card, but those perks are hard to pass up. Only reason I don't want to use my tax return is because I started this year with my raise, and now I make 20k more than 2016. Of course I've been using my new raise annual income. 

[Loquat]

From what I gather here on the forum, the request is not negotiable.  They want tax returns and I can't remember ever reading of them accepting anything else as far as income verification.  Best of luck to you. 

[Anonymous]

Well if that's the case, no more hopes in that card until next year! My Blue Cash Everyday got a 10k limit with no request, I really hope I didn't add another zero...

[simplynoir]

How unique is this situation? Because this is something I have never seen here before; thought 4506 requests were only asked when meeting certain CLI thresholds on cards with AMEX.

[Loquat]

Just an FYI...try to only indicate income that you can prove via tax request (or at least via W2) just in case some you run into an issue again where a lender won't accept paystubs AND you're willing to comply.  Most folks round these parts vehemently refuse to comply with such a request for many reasons...but to each his (or her) own. 

[Anonymous]

I will in the future, so I guess I'll be in the garden until I get my w2 for this year. I didn't inflate, I just used a conservative monthly income and did the math, not including my bonuses. This request also did not state what card they're asking income verification on, so I think this may be an oddball. I checked my app status via AMEX, and the application approved for the BCE was the one from February instead of the application in April. I just wont respond as it states "If we don't receive this information from you within 30 days of the date of this letter, we will be unable to provide additional consideration to your application." Seems almost optional, and with that I'll just sit a happy camper with my BCE and ED cards. 

Could it also be do to the fact I've opened like 10 accounts in the past 60 days, and refinanced an auto loan? I'm going in to hiding, wish me luck. 

[Anonymous]

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@Anonymous wrote:

I will in the future, so I guess I'll be in the garden until I get my w2 for this year. I didn't inflate, I just used a conservative monthly income and did the math, not including my bonuses. This request also did not state what card they're asking income verification on, so I think this may be an oddball. I checked my app status via AMEX, and the application approved for the BCE was the one from February instead of the application in April. I just wont respond as it states "If we don't receive this information from you within 30 days of the date of this letter, we will be unable to provide additional consideration to your application." Seems almost optional, and with that I'll just sit a happy camper with my BCE and ED cards. 

Could it also be do to the fact I've opened like 10 accounts in the past 60 days, and refinanced an auto loan? I'm going in to hiding, wish me luck. <---this

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[simplynoir]

Yeah, I guess that will do it lol.

[Anonymous]

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@Anonymous wrote:

Last month I applied for a Blue Cash Preferred, and I got a letter today stating I need to verify my income with a 4506. Would paystubs be suffient verification of income? I don't necessarily need the card, but those perks are hard to pass up. Only reason I don't want to use my tax return is because I started this year with my raise, and now I make 20k more than 2016. Of course I've been using my new raise annual income. 

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I would still submit the 4506. I am in this situation as well b/c our merit increases go into effect June 1st. My tax returns will never match that year's salary. When I am asked about the difference by a lender I let them know this and offer to show paystubs or merit increase letters.  If you submit the 4506 and are not asked and are denied, you should be reconning the app with that explanation. I have the BCE and I love the rewards so I would definitely encourage to see you go through with it. Good luck!

[UncleB]

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@Anonymous wrote:

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@Anonymous wrote:

Last month I applied for a Blue Cash Preferred, and I got a letter today stating I need to verify my income with a 4506. Would paystubs be suffient verification of income? I don't necessarily need the card, but those perks are hard to pass up. Only reason I don't want to use my tax return is because I started this year with my raise, and now I make 20k more than 2016. Of course I've been using my new raise annual income. 

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I would still submit the 4506. I am in this situation as well b/c our merit increases go into effect June 1st. My tax returns will never match that year's salary. When I am asked about the difference by a lender I let them know this and offer to show paystubs or merit increase letters.  If you submit the 4506 and are not asked and are denied, you should be reconning the app with that explanation. I have the BCE and I love the rewards so I would definitely encourage to see you go through with it. Good luck!

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+1

I agree with this... there's nothing to lose - the worst they can do is say 'no'. 

As long as you're roughly in the ballpark I suspect they won't have a problem if the numbers don't quite match up... they've been doing this for a while, after all.  This is assuming, of course, that you otherwise have no objections to the 4506-T request.