AMEX CLI help

[mccallb]

Could someone tell me why the 4506 is so frown upon? Like why don't people want to do them?

They just get a copy of your tax records, right?

[Anonymous]

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@mccallb wrote:

Could someone tell me why the 4506 is so frown upon? Like why don't people want to do them?

They just get a copy of your tax records, right?

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Yes.  As for why people don't like them, most often the reason given is that they don't like the idea of a bank/creditor having their income tax information which includes the 1040 and any and all schedules.  Some view it as a privacy issue.  Some might not like the idea because their tax records won't show what they claim to be their income (not saying that is why OP is reluctant to do so). Others have no problem in providing them.

[mccallb]

Ah ok.  I"m not shifty at all, and I'm ready for all my cards to get into the high 5 digits so I don't care if someone pulls my tax records for income verif, I just want the CLS

I don't know why anyone would care about someone seeing your tax records for privacy unless you were doing some really wonky sketchy stuff. But I"m naive.

[FinStar]

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@mccallb wrote:

Ah ok.  I"m not shifty at all, and I'm ready for all my cards to get into the high 5 digits so I don't care if someone pulls my tax records for income verif, I just want the CLS

I don't know why anyone would care about someone seeing your tax records for privacy unless you were doing some really wonky sketchy stuff. But I"m naive.

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That's been the case in most anecdotally reported FRs (questionable income, usage and/or transactions) and/or the lack of providing such income substantiation method via the 4506-T.  For those who don't skirt the sketchy stuff issue, it's a matter of principle of not providing it based on their privacy stances, just like Irish mentioned above.

[Anonymous]

i love you irish. 

[DoroLucky]

I have 27 more days to go and BAM I can do my Amex CLI requets....patiently awaits March 14th . FYI, that's 181 days from my last CLI request. I actually requested another one on 11/26/15 and was denied because it had not been 6 months since my last request. Today a rep told me I could request another one on or after 2/26/16 (which will be 90 days from my last request), but I'm not going to since it hasn't been 6 months. 

[JustBPatient]

"That's been the case in most anecdotally reported FRs (questionable income, usage and/or transactions) and/or the lack of providing such income substantiation method via the 4506-T.  For those who don't skirt the sketchy stuff issue, it's a matter of principle of not providing it based on their privacy stances, just like Irish mentioned above."

I  would guess that 95% of the time the reason people fearing the FORM is them bloating their income.  CCC's dont just hand out big SL's without a reasonable income to support it.  So there is the lure of bumping the income level up in hopes of bigger lines.  Just my opinion, but I think its spot on!!

[Anonymous]

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@Anonymous wrote:

Hey guys,

I read the Definitive AMEX 3x CLI guide and I would like some opinions on what I should do:

1) Once I receive my new BCE, apply for a CLI to make my CL 20,000

2) Put major spend on BCE for 1-2 months, then apply for CLI to make CL 20,000

I do not want a 4506-T FR, and am looking to avoid that as much as I can.

Total exposure with AMEX is (10k TE + 10k BCE). I know max exposure before 4506T across AMEX is 34.5k per the guide. (which is why I will only request a 10k cli) 

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Can't tell you what you whould do, but what I did was to request a CLI immediately upon activating my Amex BCP. My SL limit was 10k, the same as yours, and I asked for and was approved for 2.5X