Amex T4506 request !!

[ironchef]

So a little update ..... I went online to do my 3x CLI for my EDP Amex & it came back with the T4506 request, per the boards i lowered it to 35k still the same answer ..

SO I called and asked if I can provide some Business Banking Forms instead and they said no.

My question is can I try again for a CLI request tomorrow and under 35? 

I dont have a issue with my income but not willing to provide my taxes not ness. My imcome is Solid & Honest , jUst like to keep my stuff private.,

[KJinNC]

If you reduced your ask to $35k, what was the original requested CL??

I am planning to stop at $30k (if I am ever in position to even make that decision) to avoid the possibility of a T4506 request.

Maybe someone else can answer what would happen if you dropped your request again. If I were you, I would try that, and if they still made the T4506 request, I would forget about it and live with my current CL, or close the account if you aren't happy with your CL.

Amex has the right to make whatever request they want, within reason, but that doesn't mean we have to like it or go along with it, and this is where I'd draw the line. I don't think this is an appropriate or reasonable request, and I would close my Amex cards (as central as they are to my profile) before I'd do this. JMO. Good luck!

[Anonymous]

You can just keep hitting the back button and lowering your request until it’s accepted, then move on with life. When you get the stack of 4506-T forms in the mail a week or so later, they can be safely thrown away.

[Harvey26]

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@ironchef wrote:

So a little update ..... I went online to do my 3x CLI for my EDP Amex & it came back with the T4506 request, per the boards i lowered it to 35k still the same answer ..

SO I called and asked if I can provide some Business Banking Forms instead and they said no.

My question is can I try again for a CLI request tomorrow and under 35? 

I dont have a issue with my income but not willing to provide my taxes not ness. My imcome is Solid & Honest , jUst like to keep my stuff private.,

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Same thing happened to me a couple years back and they actually locked my cards and made me fill it out but each time I sent it I did something wrong and you only have 3 tries before they close your accounts. I recently applied for the Gold Card and it went pending and what comes in the mail a 4506-T Form. I will fill it out correctly and hope they approve me this time. 

[Anonymous]

This is all really blown out of proportion around here.

The 3X CLI method is great for growing quickly and significantly.  The problem with it is if you start out at 10K for an opening limit and follow the method to the madness you hit 30K+ in less than 2-3 months.  Which is fine and dandy but, not very many lenders will go beyond that w/o some POI... it's reasonable to ask for it if you just met someone and they wanted to move into your place right?

So, the 35K ~ceiling~ before getting asked is somewhat well documented.  So, if you don't want to provide the 4506 ask for less or ask less often.

If you don't mind providing it and have enough income to substantiate it then you'll get approved....... IF you have the spend to back it up.  I went for 100K from 50K and of course went through the 4506 for a 2nd time just to see if they would do it.  Well, they countered with an additional $700 CLI because the spend wasn't there but the $700 meant they didn't have to report it as a denial under FCRA.

There have been some / many instances outside of the bingeing on CLI's.... so, if you go up to 30K and then drop your CLI's to 5K every 6 months you can slowly push up beyond the ceiling.  More time, less bingeing, means more CL.  

[KJinNC]

We've had a prior conversation about Amex and tax transcripts (won't derail by describing that discussion further), and my position then was "hell no" and your position was along the lines of "it's up to you, but it's no big deal." About the same as our positions so far in this thread

Speaking only for myself, if I can stop at $30k and never deal with this, that is fine. For my own lifestyle/spend/etc, I don't anticipate needing a card limit above $30k for the foreseeable future. Inflation may change that one day, but it'll be a while. So, that's fine if $30k is under the radar for this.

But, if I hit a point where they do require this, I simply won't do it unless I am out of options, for two main reasons:

1 - I think it is an absurd and excessive violation of data security and privacy.

2 - I don't think it's even a very useful measure; it is easy to imagine life situations where income in a given year has little predictive power about either income in another year, or overall financial health. You could have had a good job last year, gotten fired in January, so your tax transcript looks good, but you're actually living in poverty; or the opposite. You could be retired. You could be living on sale of stock or a small business, so you had no income, but you have plenty of cash and are just taking a break before the next thing. Or on and on ... At best, this is a sniff test that is no more solid than many other, less invasive, sniff tests they could choose. Wouldn't bank statements be a lot more telling? Or paystubs for people with jobs ... Or, I don't know .... your credit report?!

Then again, I am a corporate ham and egger. If I were a high roller, I would probably see it differently. But, JMO ... long as Amex keeps this on the north side of $30k limits, that works for me.

[Anonymous]

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@KJinNC wrote:

We've had a prior conversation about Amex and tax transcripts (won't derail by describing that discussion further), and my position then was "hell no" and your position was along the lines of "it's up to you, but it's no big deal." About the same as our positions so far in this thread

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I'm making a broader statement not specific to anyone.  It's a choice but, detailing out the options is always a good practice as well.

[Anonymous]

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@Anonymous wrote:

This is all really blown out of proportion around here.

The 3X CLI method is great for growing quickly and significantly.  The problem with it is if you start out at 10K for an opening limit and follow the method to the madness you hit 30K+ in less than 2-3 months.  Which is fine and dandy but, not very many lenders will go beyond that w/o some POI... it's reasonable to ask for it if you just met someone and they wanted to move into your place right?

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Agreed, i think the 3X CLI formula is meant for people who start out lower. Somehwere around $1K, this way it enables someone to tripple that in 61 days, then again in 181 days for a total CL of $9K in just under one year. If all goes well.

But like you say, there are some who want to push it with much higher SL. Thus getting to one';s ceiling much quicker, and Amex is simply being cautious. Plus it seems T4506 requests are becoming more common in certain situations.

I haven't even bothered asking for a CLI on any of my $10K SL cards, that's sufficient for my needs short term with all the other TLs. So I feel I've got plenty of time to addrees them later.

[Anonymous]

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@Anonymous wrote:

This is all really blown out of proportion around here.

The 3X CLI method is great for growing quickly and significantly.  The problem with it is if you start out at 10K for an opening limit and follow the method to the madness you hit 30K+ in less than 2-3 months.  Which is fine and dandy but, not very many lenders will go beyond that w/o some POI... it's reasonable to ask for it if you just met someone and they wanted to move into your place right?

So, the 35K ~ceiling~ before getting asked is somewhat well documented.  So, if you don't want to provide the 4506 ask for less or ask less often.

If you don't mind providing it and have enough income to substantiate it then you'll get approved....... IF you have the spend to back it up.  I went for 100K from 50K and of course went through the 4506 for a 2nd time just to see if they would do it.  Well, they countered with an additional $700 CLI because the spend wasn't there but the $700 meant they didn't have to report it as a denial under FCRA.

There have been some / many instances outside of the bingeing on CLI's.... so, if you go up to 30K and then drop your CLI's to 5K every 6 months you can slowly push up beyond the ceiling.  More time, less bingeing, means more CL.  

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What is FCRA? If I ask for a CLI and get denied it is reported and recorded somewhere?  

[Anonymous]

Lenders keep copies of everything and get audited when there's a spike in complaints.  It might not fall under FCRA but, there are regulations in place that require retention of documents for X years just like your tax forms if the IRS were to audit your returns.

Think of the blacklists that are mentioned around here.