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AMEX Financial Review: DO NOT BE SCARED

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Community Leader
Mega Contributor

Re: AMEX Financial Review: DO NOT BE SCARED

Can someone explain to me what the big deal is with a 4056T? Amex already has your personal info from when you applied. People are willing to give their paystubs, bank statements, investment statementa, and W2. So what if they get a copy of your taxes? What other info will they get that you aren't willing to give already? They're just verifying that your stated income euals what you really make. I can see it being a problem if you lied about your income or claimed household income as your own, but I don't see the big deal.







Message 11 of 44
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Community Leader
Super Contributor

Re: AMEX Financial Review: DO NOT BE SCARED


@CreditInspired wrote:
I can’t recall if other lenders request this or not.

Citi has been known to do it for new apps, if you refuse the app is declined.



(10/2020)
FICO 8 (EX) 810 (TU) 805 (EQ) 794
FICO 9 (EX) 835 (TU) 822 (EQ) 828

$1M+ club

Artist formerly known as ColdFusion
Message 12 of 44
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Mega Contributor

Re: AMEX Financial Review: DO NOT BE SCARED


@Brian_Earl_Spilner wrote:

Can someone explain to me what the big deal is with a 4056T? Amex already has your personal info from when you applied. People are willing to give their paystubs, bank statements, investment statementa, and W2. So what if they get a copy of your taxes? What other info will they get that you aren't willing to give already? They're just verifying that your stated income euals what you really make. I can see it being a problem if you lied about your income or claimed household income as your own, but I don't see the big deal.


As a simple example, you might have applied using just your own income.   If you are married filing jointly, the transcript will include information from your spouse, which he/she may not think is any of Amex's business.   

Message 13 of 44
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Community Leader
Super Contributor

Re: AMEX Financial Review: DO NOT BE SCARED

@AJC

I was thinking the same thing.

 

Once my AmX is a year old in March2019, I’m definitely requesting the 3X again. Robot Happy


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 14 of 44
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Community Leader
Super Contributor

Re: AMEX Financial Review: DO NOT BE SCARED

Oh tons have been written on the pros, cons, yays, and nays.

 

Do a search on 4506T


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 15 of 44
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Community Leader
Mega Contributor

Re: AMEX Financial Review: DO NOT BE SCARED


@longtimelurker wrote:

@Brian_Earl_Spilner wrote:

Can someone explain to me what the big deal is with a 4056T? Amex already has your personal info from when you applied. People are willing to give their paystubs, bank statements, investment statementa, and W2. So what if they get a copy of your taxes? What other info will they get that you aren't willing to give already? They're just verifying that your stated income euals what you really make. I can see it being a problem if you lied about your income or claimed household income as your own, but I don't see the big deal.


As a simple example, you might have applied using just your own income.   If you are married filing jointly, the transcript will include information from your spouse, which he/she may not think is any of Amex's business.   


That's a good example. Personally, I wouldn't care if they had my info, but my wife would. Anything else?







Message 16 of 44
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Community Leader
Mega Contributor

Re: AMEX Financial Review: DO NOT BE SCARED


@CreditInspired wrote:

Oh tons have been written on the pros, cons, yays, and nays.

 

Do a search on 4506T


Thanks, I'll do that. The only time I see it mentioned here is basically in amex threads with a rare mention in regards to other banks.







Message 17 of 44
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Moderator

Re: AMEX Financial Review: DO NOT BE SCARED


@Brian_Earl_Spilner wrote:

@longtimelurker wrote:

@Brian_Earl_Spilner wrote:

Can someone explain to me what the big deal is with a 4056T? Amex already has your personal info from when you applied. People are willing to give their paystubs, bank statements, investment statementa, and W2. So what if they get a copy of your taxes? What other info will they get that you aren't willing to give already? They're just verifying that your stated income euals what you really make. I can see it being a problem if you lied about your income or claimed household income as your own, but I don't see the big deal.


As a simple example, you might have applied using just your own income.   If you are married filing jointly, the transcript will include information from your spouse, which he/she may not think is any of Amex's business.   


That's a good example. Personally, I wouldn't care if they had my info, but my wife would. Anything else?


Your dependent children's social security numbers.

 

If there was a data breach, since your dependents aren't Amex customers (you are) who would be responsible?  It's not clear, but I would hate to find out.

 

I have no kids, but that would be a show-stopper for me.

 

Also any line-item deductions (i.e. medical expenses you claim) would be shown to them, which some people might object to.

Message 18 of 44
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Regular Contributor

Re: AMEX Financial Review: DO NOT BE SCARED

Synchrony is known to ask for the 4506T....Many of us have recieved the "blue envelope" requesting this Smiley Happy

Message 19 of 44
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Frequent Contributor

Re: AMEX Financial Review: DO NOT BE SCARED

I disagree with a FR. A credit report is as intrusive as you can get. If your credit score is an 850 then it shouldn't matter what your income is. They can always do an FR on someone making $250k/yr with an 800 FICO and then they lose their job or get sick or a family member gets sick and have to file for bankruptcy or they become late.

 

Some people get bonuses every year and if one year the company decides not to give any, the person now may make $10k less for that ONE year. Should they be a greater risk over $10k for one year? I don't think so. 

 

It's all a farce. Stick to the FICOs. The future can never be predicted with any accuracy. On the other hand, credit card companies can lock you out of credit, reduce your credit line, or close your account altogether. 

 

To me, an FR from a credit card company that I have low utilization and a perfect payment history for would be an insult and would compel me to close my account. I don't care how much credit line I have with them. It's like what else do you want me to do? I can't stand situations where I have to walk on eggshells when I'm doing what I'm supposed to do and playing by the rules. If I have to worry about some FR every year, it's not worth it. I'd rather go back to cash. You don't need a FR for that. :-)

Message 20 of 44
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