GOT FR by AMEX ! Have questions...

[Anonymous]

So I just got FR  by AMEX, but not really quite sure why...they told me they needed to verify income was enough to support my 2 AMEX cards both opened 2 months ago (statements have cut twice), SPG has 2,000 limit--min. charges and BCP (CL of 7,900) charged a total of like 2000 for the two months to get the bonus for spending 1500 in 3 months---all cards paid in full.  At the time of approval I had 5 inquires on my EX and after opening AMEX cards had 3 more inq on ex--1 to chase, 1 to bofa, and another to somewhere else I forgot

I got approved for Chase Freedom and Chase SP but they have yet to report on my credit report.  I got approved for bofa visa sig and that one does report on my ex as a new account and I have paid in full but it doesn't show paid in full...in fact ot shows up as maxed out since bofa visa sig doesn;t report credit limit, shows as flex spending account.

Do you think it is the new bofa account that has flagged AMEX to do an FR (was softed by AMEX on Sat, and given a call on Sunday by the FR dept).  They requested my tax returns, and I said I will not allow creditors to invade my privacy and would be willing to give them bank statements, they said no, so I cancelled.  Do you guys agree with this move?  If I decide in a year to reapply do you think I will be FR right off the bat again?

Thanks all in advance for any insight...

[crunching_numbers]

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@Anonymous wrote:

So I just got FR  by AMEX, but not really quite sure why...they told me they needed to verify income was enough to support my 2 AMEX cards both opened 2 months ago (statements have cut twice), SPG has 2,000 limit--min. charges and BCP (CL of 7,900) charged a total of like 2000 for the two months to get the bonus for spending 1500 in 3 months---all cards paid in full.  At the time of approval I had 5 inquires on my EX and after opening AMEX cards had 3 more inq on ex--1 to chase, 1 to bofa, and another to somewhere else I forgot

I got approved for Chase Freedom and Chase SP but they have yet to report on my credit report.  I got approved for bofa visa sig and that one does report on my ex as a new account and I have paid in full but it doesn't show paid in full...in fact ot shows up as maxed out since bofa visa sig doesn;t report credit limit, shows as flex spending account.

Do you think it is the new bofa account that has flagged AMEX to do an FR (was softed by AMEX on Sat, and given a call on Sunday by the FR dept).  They requested my tax returns, and I said I will not allow creditors to invade my privacy and would be willing to give them bank statements, they said no, so I cancelled.  Do you guys agree with this move?  If I decide in a year to reapply do you think I will be FR right off the bat again?

Thanks all in advance for any insight...

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IMHO- If I ask someone to extend me credit, it is reasonable for them to ask me to prove I have the means to pay them back. I personally do not have an issue providing  tax returns or 1099's. I do it for the mortgage companies, I would do it for AMEX too.  But I am sure others may not agree with me.

[LS2982]

I dont know how I would react if AMEX did an F/R on me. I understand why they do it, just doesn't seem right for a CCC to get tax return info.

[Anonymous]

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@LS2982 wrote:
I dont know how I would react if AMEX did an F/R on me. I understand why they do it, just doesn't seem right for a CCC to get tax return info.

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I would/have given it to them before. That was before they issued a card which is the way I like it. I hate how in some threads on here Amex FR's a card and doesnt tell anyone untill its denied. 

[Anonymous]

You basically have given them a really condensed version of your "tax return" when you filled out your income on their application and they take it in good faith. They probably just want to make sure that it does match, at that point.

[LS2982]

@Tanner I agree, some type of communication would be nice instead of getting declined in a store!

[crunching_numbers]

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@LS2982 wrote:
@Anonymous I agree, some type of communication would be nice instead of getting declined in a store!

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It  is not all that different from a CLD, and then getting declined at PoP.  They send out a letter about the CLD, but you don't get it for a week or two later.

[afbar1114]

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@Anonymous wrote:

So I just got FR  by AMEX, but not really quite sure why...they told me they needed to verify income was enough to support my 2 AMEX cards both opened 2 months ago (statements have cut twice), SPG has 2,000 limit--min. charges and BCP (CL of 7,900) charged a total of like 2000 for the two months to get the bonus for spending 1500 in 3 months---all cards paid in full.  At the time of approval I had 5 inquires on my EX and after opening AMEX cards had 3 more inq on ex--1 to chase, 1 to bofa, and another to somewhere else I forgot

I got approved for Chase Freedom and Chase SP but they have yet to report on my credit report.  I got approved for bofa visa sig and that one does report on my ex as a new account and I have paid in full but it doesn't show paid in full...in fact ot shows up as maxed out since bofa visa sig doesn;t report credit limit, shows as flex spending account.

Do you think it is the new bofa account that has flagged AMEX to do an FR (was softed by AMEX on Sat, and given a call on Sunday by the FR dept).  They requested my tax returns, and I said I will not allow creditors to invade my privacy and would be willing to give them bank statements, they said no, so I cancelled.  Do you guys agree with this move?  If I decide in a year to reapply do you think I will be FR right off the bat again?

Thanks all in advance for any insight...

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it might have been the amount of time between both cards opened... or the amount you spent in such a short ammount of time in realtion to your income or..that it was a saturday... or that ...this list can go on forever no one know the reasons why amex FR's you and not the appbar's

[Walt_K]

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@Anonymous wrote:

So I just got FR  by AMEX, but not really quite sure why...they told me they needed to verify income was enough to support my 2 AMEX cards both opened 2 months ago (statements have cut twice), SPG has 2,000 limit--min. charges and BCP (CL of 7,900) charged a total of like 2000 for the two months to get the bonus for spending 1500 in 3 months---all cards paid in full.  At the time of approval I had 5 inquires on my EX and after opening AMEX cards had 3 more inq on ex--1 to chase, 1 to bofa, and another to somewhere else I forgot

I got approved for Chase Freedom and Chase SP but they have yet to report on my credit report.  I got approved for bofa visa sig and that one does report on my ex as a new account and I have paid in full but it doesn't show paid in full...in fact ot shows up as maxed out since bofa visa sig doesn;t report credit limit, shows as flex spending account.

Do you think it is the new bofa account that has flagged AMEX to do an FR (was softed by AMEX on Sat, and given a call on Sunday by the FR dept).  They requested my tax returns, and I said I will not allow creditors to invade my privacy and would be willing to give them bank statements, they said no, so I cancelled.  Do you guys agree with this move?  If I decide in a year to reapply do you think I will be FR right off the bat again?

Thanks all in advance for any insight...

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I would expect so, yes.  Have seen other reports that this has happened.  YMMV.

As far as the bigger question as to whether you made the right move, only you can decide that.  For me, I don't view the request as being that invasive.  But we all have different threshholds.  There are other lenders out there, so it is certainly reasonable to go with someone who will not require this information if that is how you feel. 

[Anonymous]

luckily I haven't been using it since I passed the 1500 spend to get the bonus threshold, so I didn't get the embarrassment of being declined at a store!  I have been using my Chase Freedom pretty heavily now since I find that the rewards are a bit better for me and my spending, and I have the Chase Freedom and the CSP and checking account combo so the rewards just in the first couple of months have been amazing so far.  I am not really sad about being out of the AMEX family, since Chase shows me more love :-) 

Just a question though, if in a year I decide to apply for another AMEX card do you guys think I will get FR right away because I had an FR before I closed my cards this year?