Citi Costco CLI - 4506T?

[BetterMoves]

Hello –

Does Citi generally make a lot of requests for 4506-T when requesting a CLI? Wells Fargo did earlier this year for me (but changed their mind for some reason), and AmEx did when I applied recently -- but that was expected because of my history with them.

This would be for a 7-month old Citi Anywhere card which hasn’t exceeded 25% utilization. The income matches my transcript so it’s not actually a problem; I am just curious because having the form requested is getting to be a drag.

[FinStar]

It's very rare whenever Citi requests a 4506-T, especially with a CLI.

Two common (infrequent or rare) scenarios would be with first time applications or if an individual requests a CLI which places them near their max exposure with all Citi products (legacy, retail, DSNB).

If you request a CLI online, a prompt would display whether a CR [HP] is required or not.

[Anonymous]

I think its just case by case basis...with every applicant with any lender. I have known a person who got approved 5 months ago for a credit card with First Tech Credit Union for $65k SL..even though he never had any credit card more than $14k and very thin profile and 16 open revolving accounts..He was not asked for any POI nor he got any call from them. On the other hand, if you review most people's experiences on all kinds of forums on dealing with this union then you will find that most people were denied because of having too many accounts especially in last 6 months...and in many cases they were approved but a day later or so their credit card got cancelled or they were asked to provide POI.

I myself have too many accounts but nothing opened recently...41 accounts with very thick profile...I even have two cards with Wells Fargo, but I was never asked for POI except by Citi and Amex. Now, Amex will always ask for POI when you would reach a total credit limit of $35k or more on either their one card or combined cards. 99% of the times Amex cardholders will always get POI request in this situation, only 1% will not...by luck or whatever but they will get review sooner or later. I got away with them for many years but eventually they requested me to submit POI even though I didn't ask for any request for a new account or CLI. Citi did ask me to submit POI (tax transcript) once many years ago when I did apply a brand new account/card with them. In my opinion, Citi does ask POI more than any other lender.

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@BetterMoves wrote:

Hello –

Does Citi generally make a lot of requests for 4506-T when requesting a CLI? Wells Fargo did earlier this year for me (but changed their mind for some reason), and AmEx did when I applied recently -- but that was expected because of my history with them.

This would be for a 7-month old Citi Anywhere card which hasn’t exceeded 25% utilization. The income matches my transcript so it’s not actually a problem; I am just curious because having the form requested is getting to be a drag.

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[Anonymous]

Chase and Amex do ask for POI when you apply for their products left and right. They are easy in getting approved and generous in credit limit, and have all kinds of products. Chase doesn't always ask for POI unless when you reach to your limit with them or asking them to open an account but your income doesn't warrant total credit available to you with all lenders in their view or if your application ends up with a wrong person during manual underwriting. But the problem with Chase and Amex is- they both ask for POI at certain point and then all your accounts would get frozen unless you submit POI. Recently I read on another forum that a guy who was not working but his credit applications were getting approved left and right with Chase and Amex for the last 2 years. He got good credit score...He got so many personal and business credit cards with them...as many as they allow. He then kept asking credit limit increase as well then Chase all of sudden asked him to submit POI and Amex automatically asked me for POI. He lied about his income on applications for those cards to get big line of credit, so now he didn't have nothing to show to them as his income. So all his accounts with them closed down. These two banks are good ones but notorious too. That's why its better to diverse your portfolio with other lenders so that you would still have good amount of accounts in case your accounts with these two lenders get closed down for whatever reason. Most people get so many cards with these two lenders because of their awesome products but its risky because then people do lie about their income on applications anyway, more or less....

[FinStar]

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@Anonymous wrote:

Now, Amex will always ask for POI when you would reach a total credit limit of $35k or more on either their one card or combined cards. 99% of the times Amex cardholders will always get POI request in this situation, only 1% will not...by luck or whatever but they will get review sooner or later. I got away with them for many years but eventually they requested me to submit POI even though I didn't ask for any request for a new account or CLI. Citi did ask me to submit POI (tax transcript) once many years ago when I did apply a brand new account/card with them. In my opinion, Citi does ask POI more than any other lender.

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@Anonymous - It appears this is going a bit deeper than what the OP initially asked.

FWIW, I'm not sure your data support the actual outcomes (unless there's solid data sources or other verifiable statistical data), even as reported here on the forums or elsewhere.  That said, and specifically with AmEx, there's a difference between IV and POI via 4506-T.   IV requests are not always evident for accounts that reach $35K or higher.  It's all profile-dependent.  And, as reported by a variety of folks, CLI request amounts can be tweaked and still get approved without submitting IV.  Conversely, 4506-T requests typically involve some form of Adverse Action, such as FR.

@BetterMoves - my suggestion would be to click on the CLI request link online.  If you are offered the option to submit the request via SP (keyword being without a hard pull on your CR) then proceed as normal.  If you don't want to incur the HP (i.e. SP option unavailable) then just hold off and give it time.