citi smilicity wants 4506-t Request for Transcript of Tax Return

[Anonymous]

did anyone ever get this request from them they gave me 3k credit limit then when i get card go online they asked for it or it says card will be cancled???

4506-t Request for Transcript of Tax Return

[Anonymous]

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@Anonymous wrote:

did anyone ever get this request from them they gave me 3k credit limit then when i get card go online they asked for it or it says card will be cancled???

4506-t Request for Transcript of Tax Return

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yess!! when i applied for my amex a few years ago and in october simplicy did ask for the transpcript.. will your income match the application and transcript 

[Anonymous]

well,there asking since 2012 2012 i was not working,i started to make what i told them this year and i dont file for it untill next year,new job started last week,and what i make on this new job is what i posted on the app so it wont match

[gdale6]

If you want to keep the card you have to do it. No one has ever been successful at getting me to sign the form, none of their business, they get 2 paystubs and thats it with me, I dont care if they terminate the card.

[Anonymous]

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@Anonymous wrote:

well,there asking since 2012 2012 i was not working,i started to make what i told them this year and i dont file for it untill next year,new job started last week,and what i make on this new job is what i posted on the app so it wont match

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i think you should call them first explain and ask them what they want to do

[Anonymous]

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@gdale6 wrote:

If you want to keep the card you have to do it. No one has ever been successful at getting me to sign the form, none of their business, they get 2 paystubs and thats it with me, I dont care if they terminate the card.

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Right, but it depends how much you want the card.   I did one for Amex for a CLI when I didn't really know better, but once I did, decided "Never again".   But since then, I decided I want to keep the BC sufficiently so that if they FR me, I will comply.  

In other words, my principles are for sale to the highest bidder.

[Gornet]

Is this a bad thing?

What does it mean?

Sorry i am new to this whole credit thing and ws wondering!

[Anonymous]

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@Gornet wrote:

Is this a bad thing?

What does it mean?

Sorry i am new to this whole credit thing and ws wondering!

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It's a bad thing in the sense it means that the lender has questions about your income, and if you don't comply you will lose the card in some cases, or just be denied the requested increase in others.

Some people are concerned about privacy, generally tax returns are considered very private, and here is a credit card company asking for it.  (We are generally more OK giving mortgage companies the info, because there is a lot of money at stake there)  If you file a joint return, and your partner has no interest in the card, the credit card company now gets to see info involving their earnings as well.

So you decide how much you want the card/increase versus how much you value privacy.

ETA: didn't fully answer your question.   What it means is that the issuer is asking you to sign a form, 4506-T, that gives them permission to obtain a transcript of your tax return from the IRS.   They always go straight to the IRS rather than asking you for copies for obvious reasons.   The transcript asked for usually isn't the full detail you would find in the tax return, more some summarized items.

[gdale6]

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@Anonymous wrote:

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@Gornet wrote:

Is this a bad thing?

What does it mean?

Sorry i am new to this whole credit thing and ws wondering!

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It's a bad thing in the sense it means that the lender has questions about your income, and if you don't comply you will lose the card in some cases, or just be denied the requested increase in others.

Some people are concerned about privacy, generally tax returns are considered very private, and here is a credit card company asking for it.  (We are generally more OK giving mortgage companies the info, because there is a lot of money at stake there)  If you file a joint return, and your partner has no interest in the card, the credit card company now gets to see info involving their earnings as well.

So you decide how much you want the card/increase versus how much you value privacy.

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Very well stated