AMEX wants my tax returns, but I've never filed taxes before, help?

[Anonymous]

Small update for anyone that's interested!

I was finally approved for a $2000 limit and I just received my card in the mail 3 months after I applied!

The 4506-T form that I filled out apparantly had an "error" on the address line so they couldn't pull it. They sent me snail mail telling me to resend 4506-T form OR bank statement OR paystub again. I decided to just fax them both my current bank statement and pay stub again and hope for the best.

Timeline of my application journey looks something like this if you guys are interested:

Jan 15th: Applied for Amex BCE card through friend refferal.

Jan 15th: Received email saying that they need more information.

Jan 17th: Received email saying that they received my documents (bank statement).

Jan 2?th: Received snail mail saying document was insufficient.

Feb 8th: Received email saying that they received my documents (paystub).

Feb 1?th: Received snail mail saying document was insufficient, call the CSR indicates that only 4506-T form can save me now.

Feb 21st: Posted here asking for help.

Mar 8th: Received email saying that they received my documents (4506-T).

Mar 2?th: Received snail mail saying there was an error with my 4506-T form.

Mar 29th: Faxed bank statement and paystub separately to Amex.

Mar 31st: Received email saying they received my documents.

April 3rd: Received email saying they received my documents again.

April 3rd (12 mins later): Received email saying that I was approved! Attempted to setup online account with my Ref ID but apparantly mt Ref ID expired LOL

April 4th: Received genereic snail mail dated on April 1st saying my provided document was insufficient (not sure if paystub or bank statement since I sent them at the same time).

April 6th: Received email saying that my card has shipped.

April 8th: Card arrived in my mail box.

April 9th: Activated card online, finally sees that I received a CL of 2000.

Was a heck of a rollercoaster ride, thank you all for the help and advice! (Still waiting my my 500 dollar Alliant loan to report...)

ORIGNAL POST BELOW

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Hi all! New here, been lurking for the past 2 months and finally decided to register for an account to ask some questions.

So I've had absolutely no credit before this year, never filed taxes and just got my SSN and my first job 75K/year salary.

I decided to apply for a few credit cards to get my credit rolling. Got my Chase/Amazon Prime Visa Signature 1900 limit and Discover it Secured 2500 limit both approved, but the Amex Blue Cash Everyday card application is giving me a lot of problems. They wanted me to verify my income by giving them either my bank statement or most recent pay stub or filling out 4506T for my tax returns.

So first I give them my bank statement, comes back saying its not sufficient. Then I send them my pay stub, still not sufficient. Now they will only take the 4506T form, otherwise I would be denied.

The problem I have now is that since I have never filed any taxes before, what good will my tax return transcript do for them? It will basically show nothing, not even my income. I have called their rep and explained the situation but they absolutely require the 4506T form. Do I just send them the form anyways? Or should I just forget about it since I will be denied regardless?

Both my TU and EQ scores are 711 according to Credit Karma after my Chase and Discover cards reported for their first time. But I don't think the scores are relevant since I applied to Amex together with Chase and Discover.

[austinguy907]

Sounds like you got caught in a ctach 22 with this one.  I don't even know what to say about this since you haven't filed a tax return your 4506 will respond with nothing found.  AMEX doesn't deviate much from standard practices they have in place.  I'd fill out the 4506 and let them see for themselves that there's nothing there and if they deny you then wait 6 months and try again.  If you have anything report for 2016 they'll be able to see it on a 4506 in August if you file a return this year.  

[Anonymous]

So I've had absolutely no credit before this year, never filed taxes and just got my SSN and my first job 75K/year salary.

_________________

I would ask for documents also.  They want to see proof.  Some people never have that kind of salary in their entire life.

[UncleB]

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@Anonymous wrote:

Hi all! New here, been lurking for the past 2 months and finally decided to register for an account to ask some questions.

So I've had absolutely no credit before this year, never filed taxes and just got my SSN and my first job 75K/year salary.

I decided to apply for a few credit cards to get my credit rolling. Got my Chase/Amazon Prime Visa Signature 1900 limit and Discover it Secured 2500 limit both approved, but the Amex Blue Cash Everyday card application is giving me a lot of problems. They wanted me to verify my income by giving them either my bank statement or most recent pay stub or filling out 4506T for my tax returns.

So first I give them my bank statement, comes back saying its not sufficient. Then I send them my pay stub, still not sufficient. Now they will only take the 4506T form, otherwise I would be denied.

The problem I have now is that since I have never filed any taxes before, what good will my tax return transcript do for them? It will basically show nothing, not even my income. I have called their rep and explained the situation but they absolutely require the 4506T form. Do I just send them the form anyways? Or should I just forget about it since I will be denied regardless?

Both my TU and EQ scores are 711 according to Credit Karma after my Chase and Discover cards reported for their first time. But I don't think the scores are relevant since I applied to Amex together with Chase and Discover.

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First of all, welcome to myFICO! 

You mention that you just got your Social Security number... that indicates to me that you might be new to the country (if so, welcome to the U.S. as well!)

Relative to many companies Amex is pretty good with issues such as this, and working with people new to the country isn't a new thing for them, either.  If it were me, I would simply give them what they are asking for (the 4506-T); there's really no alternative, anyway... at least if you want the process to move forward.

Once they get the form and find out from the IRS that there's nothing to report they'll either deny you, or they'll decide to give you other options.  The worst-case scenario is that you're denied and have to reapply in a few months once you're more established, and the best-case scenario is that they work with you to push your application forward.  If you don't comply, however, it will be the worst-case scenario by default.

Good luck whatever you decide!  

[Creditplz]

Any CC company has the right to request these documents, I'd sign the 4506-T and cross my fingers, I'd call and see if I could send additional bank statements showing Direct Deposits/pay stubs.. GL to you!

[Anonymous]

I've read all over the internet, and people aren't fond of giving up their tax return history to CC companies. Why is this the case? Just curious.

But it seems like the general consensus for me is to just send them the 4506-T form anyways, since I've got no history and nothing to lose.

Will report back their decision after I send it to them.

Also, is there a better number to call them other than the application status check number for me to explain my situation?

Thank you all for the help!

[UncleB]

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@Anonymous wrote:

I've read all over the internet, and people aren't fond of giving up their tax return history to CC companies. Why is this the case? Just curious.

But it seems like the general consensus for me is to just send them the 4506-T form anyways, since I've got no history and nothing to lose.

Will report back their decision after I send it to them.

Also, is there a better number to call them other than the application status check number for me to explain my situation?

Thank you all for the help!

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People on here have varied opinions on the 4506-T; many who object do so due to the level of information that can be on the tax return (for example, medical expenses if you itemize as well as your dependents names/social security numbers, etc.)  I'll also add that many people have no problem with it, and of course any creditor can request it as a condition of having (or keeping) an account.  If you have never filed taxes there's no concern with the 4506-T, anyway.

Of course you can keep reaching out to Amex, but it sounds as if they've already told you what they want, and any further push-back at this point might make them think you have something to hide.  I'll be surprised if once they see that you've never filed taxes (and they see you have nothing to hide) if they don't give you another option.

[Anonymous]

You could send in the requested form-
You could call and try and speak with a senior UW and explain-
You could withdrawal your application.

I don't really see any more options.

Since you just got your SSN there is no damaging info on the 4506-i am one of the "I'm not sending my tax info in for a cc" people but in your case it is different since there is no super personal info on there.

Keep us posted and GL with the process. If you are denied remember it isn't the end of the world. We all get denied at times. Try again after you file your taxes the first time.

Welcome to MF & the US as well.

[newhis]

OP don't worry too much about it. With 2 cards you can build good history.

I started with 2 cards and then applyed for Amex after 7 months. My first TU FICO was 730 (after 6 months with 2 cards).

Have you read about the secured loan technique? This helps you by getting a better credit mix on your reports. It will give you some extra FICO points and is easy to do. Check the first couple of posts from this thread:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

Remember that you don't need a lot of cards to build history. Only apply for what you need or it is helpful (like good welcome bonus that you can meet by your normal expending).

People starting with a clean report could get a 800 score in 2-3 years.

[Anonymous]

AMEX gets to make the rules here, I would file the form and see what they say.  As stated above some folks have big issues with this level of disclosure but anyone who has bought a house has had to disclose a crazy amount of info, that who he who holds the gold gets to make the rules deal.  If AMEX denies you its not the end of the world, you are just starting out, have two accounts that you can build a history with,  in a few months you will have no problems getting the cards you want.  Building solid credit history is a marathon not a sprint so be patient and you will be rewarded.