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@Anonymous wrote:Sorry to hear about the FR. But this is a hard lesson learn since you already know what is going to happen and your admission of fibbing a bit on the application. There was a big recent thread about this.
Hope others learn from it also.
Yes there was a thread "Your Income on applications... be honest "
There was a A LOT of feedback on this and it was def a hot topic. I believe the poster inflated their income by $4k to get to the next $10k income threshold. Some posters admitted to "fluffing" their income while others said they put their exact income. Others posted they understated their income (most of these posters were self-employed).
What does FR stand for? I am a bit new to the forum and I am not 100% up on all of the acronyms.
@trant3 wrote:Submitted the 4056t form this evening along with the tax docs, I'm just going to cross my fingers and hope Amex will have mercy. I fluffed the income by +$20k and I'm really shameful of it. The credit greed got the best of me and here are the consequences. I thought I've learned hard credit lessons after my credit downfall years ago, but here's another one.
Thanks everyone for listening and encouragement, I'll post outcome in a few days.
Thanks for the info! How many Amex accts do you have?
Sorry to hear about your FR How has your activity been on your Amex accounts? Gift card purchases, PayPal? Inquiries? I wonder what triggered it.
@Discover2016 wrote:Sorry to hear about your FR How has your activity been on your Amex accounts? Gift card purchases, PayPal? Inquiries? I wonder what triggered it.
He apped for a new card - was the trigger.
Many things can raise the eyebrows of lenders especially more savoy ones like Amex that something might be wrong with a persons stated income. Such things as acount history and payment history with amex and other lenders along with big increases in said income among most likely other 3rd party data sources that we aren't always privy to or might know about. I am guessing it was the fluffing personally. I applaud the OP for being honest though and showing the full story.
I recently got declined for a 1k CLI from Amex.. Only reason was basically "enough credit with Amex relative to income and other obligations(debt). That was the only reason and they didn't request a 4506-t or anything of the sorts. 48k exposure + NPSL.
@trant3 wrote:Submitted the 4056t form this evening along with the tax docs, I'm just going to cross my fingers and hope Amex will have mercy. I fluffed the income by +$20k and I'm really shameful of it. The credit greed got the best of me and here are the consequences. I thought I've learned hard credit lessons after my credit downfall years ago, but here's another one.
Thanks everyone for listening and encouragement, I'll post outcome in a few days.
20K may or may not be that much. If you income is 200K and you said 220K I do not think it will be an issue. If you income is 20K and you said 40K well, that is another story. What %age does that 20% represent?
@Anonymous wrote:
@trant3 wrote:Submitted the 4056t form this evening along with the tax docs, I'm just going to cross my fingers and hope Amex will have mercy. I fluffed the income by +$20k and I'm really shameful of it. The credit greed got the best of me and here are the consequences. I thought I've learned hard credit lessons after my credit downfall years ago, but here's another one.
Thanks everyone for listening and encouragement, I'll post outcome in a few days.
20K may or may not be that much. If you income is 200K and you said 220K I do not think it will be an issue. If you income is 20K and you said 40K well, that is another story. What %age does that 20% represent?
Yes., that was my question! And even $20K to $40K may not be so bad. Tax returns reflect past income, and people's income can change quite a lot from previous years. I would expect the threshold for "you lied" to be quite a bit higher, but only Amex knows.
Good luck, and to be non-FSR (it's that time of the week), ponder how many other lies people who are preaching "never lie about income" tell in their daily lives!