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BCP CLI Approved for less after 4506T request

jawshoeuh
Regular Contributor

Re: BCP CLI Approved for less after 4506T request

I don't think it's that far off.  My wife is a mortgage loan processor and the stories people give her about why they can't/won't produce certain requested documents is quite absurd.  Stating that someone might add a slight buffer to their actual income and not want to provide actual proof via 4506 isn't that crazy of an idea.  In my case, I took a new job working for the State this year, so the 4506 would actually provide me a benefit as it shows a greater income last year than what I'll make this year.  I was simply giving a reason as to why someone might not want to provide the transcipts.  That isn't the only reason why someone may not want to do so. 


@sccredit wrote:

@jawshoeuh wrote:

I would assume people don't want to send in transcripts because they are telling AMEX they make $75k/yr, in reality they are making $60k/yr and don't want (insert creditor here) to realize what their real income is.  Same reason a mortgage requires W2s, tax returns, paystubs, and 4506s.


I think that would be a rather foolish and naive assumption.


 


Green thumb since 11/12/2017
Message 11 of 13
awp317
Frequent Contributor

Re: BCP CLI Approved for less after 4506T request


@jawshoeuh wrote:

I don't think it's that far off.  My wife is a mortgage loan processor and the stories people give her about why they can't/won't produce certain requested documents is quite absurd.  Stating that someone might add a slight buffer to their actual income and not want to provide actual proof via 4506 isn't that crazy of an idea.  In my case, I took a new job working for the State this year, so the 4506 would actually provide me a benefit as it shows a greater income last year than what I'll make this year.  I was simply giving a reason as to why someone might not want to provide the transcipts.  That isn't the only reason why someone may not want to do so. 


@sccredit wrote:

@jawshoeuh wrote:

I would assume people don't want to send in transcripts because they are telling AMEX they make $75k/yr, in reality they are making $60k/yr and don't want (insert creditor here) to realize what their real income is.  Same reason a mortgage requires W2s, tax returns, paystubs, and 4506s.


I think that would be a rather foolish and naive assumption.


 


This is part of what I was getting at and what some of the stories on this thread seemed like. Not judging, just curious if there were any legitimate reasons other than income not lining up which to me, if you explained some of the excuses mentioned here to them, they would roll their eyes. They are a financial institution, I trust them enough with mine and anybody else's info on my tax return to give it to them. Especially when they are extending that amount of credit, honestly I'm surprised it's not asked more often with other creditors. I think it's completely justified if I were to lend someone 10 20 30k and so on for some proof that they can pay me back. Otherwise I could give it to you, and never hear from you again and spend years in court and tons on lawyers to not see a dime. 

 

My tax return shows less income earned than I reported. I explained that in a letter that I faxed to them and they never questioned it. I just have a good accountant and he was creative with my income.  Doesn't mean I lied to them. In fact my last car I purchased in July of this year I also had to prove income and I said no problem will have my CPA fax us my tax return for 15 and he said he would prefer me just print off my last 6 months bank statements as Mercedes Benz actually prefers to see that, I liked that better as that lines up exactly with what I told them on the lease application. 

 

 

Regardless Congrats on your CLI, surprised amex let you do that and didn't just say "ok enough" in some way. 

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Message 12 of 13
Vegas4Play
Valued Contributor

Re: BCP CLI Approved for less after 4506T request

Congrats on your CLI approval, way to be persistent, lol !!

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Message 13 of 13
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