Why Not Go Ahead and Send Tax Return now than wait? AMEX

[Anonymous]

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@creditguy wrote:

Sounds like a swell idea, why not send DNA samples to all your local law enforcement agencies too, just in case there's a crime, you can be excluded.

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Couldn't have said it better myself

[Anonymous]

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@Anonymous wrote:

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@creditguy wrote:

Sounds like a swell idea, why not send DNA samples to all your local law enforcement agencies too, just in case there's a crime, you can be excluded. No way I'm sending a credit card my tax statements as a pre emptive move not even if they request them, sorry but if I'm suspected of fraud, no tax document can solve that issue unless it's an income issue.

When you applied you gave them all your info and they agreed to extend credit on that info, if you were honest there should be no issue and they shouldn't bother you. They assume a certain amount of risk and its up to them to extend credit, if they decide later on they want your tax info I'd say take a long walk on a short pier, but it's your call.

Do as you please, but I'd certainly refrain from sending anything that hasn't been requested of you. They probably wouldn't even know what to do with your taxes if they haven't been requested, heck they'd probably even get suspicious of you for doing so, who knows. Just enjoy your card and don't fear the unknown that's likely to never happen anyway.

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lol! I'm sorry just asking the question - and you are absolutely right. I'm so new to all these, and I can't think of anything that's in my tax return that will be just for "personal" it has all the regulars, mortgage, income and that's it... I meant nothing by it by asking. 

I mean if I was to send it, I'll call and tell them that I want to send my 4506T so they can verify my income now  

My AMEX though open just recently has been a member for ten years and requested it closed back then and paid in full. I dont know I'm just paranoid, dont mind this foo

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Aside from the question as to whether you should ever submit the form to a cc issuer (and there is a split here), as others have said, you are overestimating Amex's ability to process the unexpected!   There have been cases where people are asked for another 4506-T for the same tax year, which shows how little intelligence there is in the system.   

[takeshi74]

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@Anonymous wrote:

Anyway, to resolve any potential problem (e.g. hold on the account, suspend for 2 weeks or more) - why not go ahead and submit your Tax return now than wait till you get "FR"?

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Because your assumption is flawed.  Your credit profile and your income can change.  Submitting now doesn't mean that you won't run into income verification or an FR down the road.  It's not like AmEx or Sync will have no concerns for the rest of your life if you submit a 4506-T now.  If they're not requesting it they won't look at it anyway.  FR's and income verifcation aren't just random.  You won't run into them unless you engage in suspicious activity.  Don't just read threads and assume that the experiences of others are relevant to you.

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@Anonymous wrote:

I'm specially curious with AMEX. Specially being a charge card and all, and only taking your "words" for your income. 

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AmEx issues both charge and credit cards.  Don't conflate AmEx and charge card.

Additionally, not everyone is ok with providing a 4506-T.  I personally have no problems and have run into income verification with AmEx twice but I wouldn't have the $25K limits that I have now without going through the process.

[creativeZero7]

Ditto on the stated here. I would never give my tax info to a credit card company, even if they asked for it. That is private information between you and the government and should not be collected by a third party.

You are allowed to list any reasonable income you may expect to pay towards your account via your spouse's income. My wife and I file jointly as well and I only state my income on any applications as does she, so in the similar situation where if asked for full tax returns, the income stated would be higher. The point is that they are asking for sensative, private information. I'd rather face account closures than give a company access to information they have no right to. That data will be stored and shared. Maybe not now, but wait until the company is acquired again, and again, and again over the years. Or spun off, etc.

If this is a broader signal of lending issues in the economy then we are all in trouble. It means either the CC companies lost track of the market and are now overexposed, or there is fraud on the rise that they are trying to deal with. Both are signs of problems and I surely hope this is just one massive technology issue where accounts are being flagged.

I agree with the previous statement as well, don't expect AMEX to know what to do with anything you send them. So much was lost in translation between them and I. My wife wanted to simply add me as an AU on her account and the CSR didn't get it....he instead gave me full access to her account as a manager. A second call did no better and what they couldn't achieve in a simple five minutes was done in one minute online. So beware!

[Anonymous]

I think a lot of people have a hesitation to fill out the tax form for multiple reasons:

1. It's Synchrony Bank

2. Possibility of them finding out that incorrect income was given

3. THoughts of personal information being shared

Take me for example, I have one Synchrony card, Walmart with a $15k limit. At the same time I have multiple Amex cards, Platinum, BCE, ED. If Amex asked me to fill out the form I would not have a problem doing so, but if Synchrony asked me to do so, I would just cancel my card. Alot of it is the way these two different companies are viewed. I couldn't care less if my relationship with Synchrony continued but I do want to keep my relationship with Amex, why, because I got a lot more use keeping Amex than I do keeping Synchrony.

That is just my thoughts on this whole thing.

[Anonymous]

Thanks James for chiming in and I do see the difference of both. I only ask because I've always been proactive, bad habit I guess, I rather do things now than wait for it later and I guess I totally misunderstood.

Thanks for clairifcation for all that shared!

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@Anonymous wrote:

I think a lot of people have a hesitation to fill out the tax form for multiple reasons:

1. It's Synchrony Bank

2. Possibility of them finding out that incorrect income was given

3. THoughts of personal information being shared

Take me for example, I have one Synchrony card, Walmart with a $15k limit. At the same time I have multiple Amex cards, Platinum, BCE, ED. If Amex asked me to fill out the form I would not have a problem doing so, but if Synchrony asked me to do so, I would just cancel my card. Alot of it is the way these two different companies are viewed. I couldn't care less if my relationship with Synchrony continued but I do want to keep my relationship with Amex, why, because I got a lot more use keeping Amex than I do keeping Synchrony.

That is just my thoughts on this whole thing.

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[Anonymous]

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@creditguy wrote:

Sounds like a swell idea, why not send DNA samples to all your local law enforcement agencies too, just in case there's a crime, you can be excluded. 

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Off topic, but this really made me giggle lol

[Anonymous]

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@creditguy wrote:

Sounds like a swell idea, why not send DNA samples to all your local law enforcement agencies too, just in case there's a crime, you can be excluded. No way I'm sending a credit card my tax statements as a pre emptive move not even if they request them, sorry but if I'm suspected of fraud, no tax document can solve that issue unless it's an income issue.

When you applied you gave them all your info and they agreed to extend credit on that info, if you were honest there should be no issue and they shouldn't bother you. They assume a certain amount of risk and its up to them to extend credit, if they decide later on they want your tax info I'd say take a long walk on a short pier, but it's your call.

Do as you please, but I'd certainly refrain from sending anything that hasn't been requested of you. They probably wouldn't even know what to do with your taxes if they haven't been requested, heck they'd probably even get suspicious of you for doing so, who knows. Just enjoy your card and don't fear the unknown that's likely to never happen anyway.

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Sounds like a plan

[Anonymous]

As a counterpoint to the "I'm never sending my tax returns to anyone other than the government" crowd: have any of you ever applied for a mortgage? Many circumstances nowadays require one or two years of complete personal tax returns. It's pretty industry standard for a home loan depending on your income profile and real estate portfolio (in general, if you're either a 1099 earner, self-employed, or own any rental properties). Probably not as much so for a credit card, but nevertheless, if you're comfortable providing returns to a mortgage lender, why not a credit card lender?

I'm sorry, but I don't get the mass hysteria about providing a tax return if needed, which quite honestly has very little on it that can't either be gleaned elsewhere (SSNs, address history, dependents, etc) or estimated. What exactly do you think is going to happen to you if a financial institution sees your tax returns? I guess I'm desensitized working in lending where we see hundreds of returns in a given year, but please someone explain it to me.

With that being said, I DO agree with most posters that AmEx likely wouldn't know what to do with your returns if you sent them in unsolicited. Furthermore, it would be no guarantee that later down the line they wouldn't want a more recent copy of those returns for some reason.

[Anonymous]

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@Anonymous wrote:

As a counterpoint to the "I'm never sending my tax returns to anyone other than the government" crowd: have any of you ever applied for a mortgage? Many circumstances nowadays require one or two years of complete personal tax returns. It's pretty industry standard for a home loan depending on your income profile and real estate portfolio (in general, if you're either a 1099 earner, self-employed, or own any rental properties). Probably not as much so for a credit card, but nevertheless, if you're comfortable providing returns to a mortgage lender, why not a credit card lender? This was kinda my point, specially for charge card (AMEX), and your UTI is not even affected, they really arent getting so much from the money they are lending you month to month. If they are kind enough to let you borrow $15,000 in 1 month just to be sure to pay them in full at the end of the month, why would it be so hard to show them that you are capable to pay? 

I'm sorry, but I don't get the mass hysteria about providing a tax return if needed, which quite honestly has very little on it that can't either be gleaned elsewhere (SSNs, address history, dependents, etc) or estimated. What exactly do you think is going to happen to you if a financial institution sees your tax returns? I guess I'm desensitized working in lending where we see hundreds of returns in a given year, but please someone explain it to me. I wanted to see the actual explanation on this as well and, why is it "nerve wracking" when you were asked to send tax return? 

With that being said, I DO agree with most posters that AmEx likely wouldn't know what to do with your returns if you sent them in unsolicited. Furthermore, it would be no guarantee that later down the line they wouldn't want a more recent copy of those returns for some reason. I also understand this, I'm just being pro-active and just thought well, if they want it for this year - here you go... I dont know I was just really asking and trying to get other points of views. 

Thanks!

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