It happened!! 4506 T Request-UPDATE

[DI]

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@smallfry wrote:

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@DI wrote:

I changed the checking account that I pay them from, so that may have caused it.  Plus,only make small charges.   But anyway, I am thankful to have a zero balance on both cards,  and a host of other cards  to use whatever the outcome may be. 

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That ain't it.

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 I can call the person back and asked, but I really don't care what the reason is.   I submitted the info requested.  It is what it is.   Banks do not make me get bent out of shape by its actions, expecially if I owe nothing to it. 

[john398]

Maybe its the USAA card you just got, wasn't that pretty high?

[DI]

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@john398 wrote:

Maybe its the USAA card you just got, wasn't that pretty high?

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May be. I have $9000 CL with USAA, $7000 line with BOA and $8000 line with Chase.

[unlucky_hove]

Is Amex the only creditor that does this? How is this beneficial for them? I want an account with them, but after reading some of the horror stories here im definitely second guessing that. Seems like to much info to share for a simple CC.

[DI]

What so funny about the whole things is, when the lady called me, she sounded like the sitatution was more important than an audit with the IRS.  She even told me the call was being recorded.   If this was any other bank requesting this info, I would've just closed the account.  But since I benefit greately with the backdating, I gave them what they wanted. 

[android01]

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@DI wrote:

What so funny about the whole things is, when the lady called me, she sounded like the sitatution was more important than an audit with the IRS.  She even told me the call was being recorded.   If this was any other bank requesting this info, I would've just closed the account.  But since I benefit greately with the backdating, I gave them what they wanted. 

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I understand your sentiments about backdating, but even that isn't worth a F/R  to me.  Although I've added an AMEX account that gave me an extra year or so to AAoA, my FICO scores would be just fine without backdating.  Besides, If your score is 760 or above, and you have a relatively thick file with good history, your going to get the best available rates from lenders anyway.  Having an 800+ FICO score is more of an ego thing than a practical thing and is just icing on an already delicious cake.  To each his own!

[DI]

I spoke with an AMEX rep.  The purpose for the F/R is to see if one's income supports their credit lines.  Nothing really prompts it.  It happens randomly, but mostly after requesting CLIs. 

Also, there is an option to close one's AMEX accounts.  One would have 90 days to have the account reopen without  applying for a new card.  But, if one's account is under F/R, there's no guarantee AMEX will reopen the account if its reinstated.   

IMO, I think it really doesn't matter if one's credit reports says 'Closed by Consumer', or Closed by Creditor'. 

[Jazzzy]

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@dallasjetfan wrote:

This is why I will never go for an AMEX.  It is none of their business how much money I make nor what I pay for taxes!!!  

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I will respectfully disagree. They are granting you credit. They have every right to know how much money you make. In fact, I think it's part of the new credit card laws that it is the card company's responsibility to show that you can afford the credit they've given you.

[Anonymous]

Bottom line is it's their money and if you want credit with them, you play by their rules.  How many of us when we're laid off or get a pay cut run to the phone to let our credit card companies in on it?  Am Ex has their reasons for this and these policies might have kept WAMU and Wachovia in business had they been half as prudent.

I wonder how many of us who are concerned about our financials and taxes use software programs like Quicken.  Ever wonder whether your information might be polled by a central computer somewhere you don't know about?  Imagine someone hacking into H&R Blocks mainframes?  And don't even get me started on the cloud and all the personal stuff people keep there.

Incidentally, the fallout from the Murdoch scandal has revealed a nifty little device police in some states carry that let them scan the text messages and other docs on a person's cellphone if the phone is on and the police are in close proximity to the citizen.  Am I the only one with account numbers and passwords stored in his cellphone?

[smc733]

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@LynetteM wrote:

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@dallasjetfan wrote:

This is why I will never go for an AMEX.  It is none of their business how much money I make nor what I pay for taxes!!!  

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I will respectfully disagree. They are granting you credit. They have every right to know how much money you make. In fact, I think it's part of the new credit card laws that it is the card company's responsibility to show that you can afford the credit they've given you.

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Thank you!!!!  While I sympathize with DI, as this is a hassle to deal with, lynetteM makes a good point that few seem to share with me.  Would you give credit to someone without knowing their income (loan a friend with no job $1,000)???

Anyway, I went through this just to GET my Zync, and I never questioned the reasons for doing so for a second.  I understood the risks for them, and I happily proved my income.  Interestingly enough, my student income is $5,700, which is what my 4506 listed, and what I told them, and I guess they look at my other lines (which are also based solely on my income), and my "Check your spending", I've tried up to and including $2,000, and never got denied!  Who knows...