What triggered a financial review by American Express?
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: What triggered a financial review by American Express?
Posted: Thu Aug 03, 2006 9:13 am
Question is what you do when the F/R IS triggered.
If you don't provide the information requested, AmEx is likely to reduce your credit limits and/or close your accounts.
I've read elsewhere that AmEx these days are insisting on that 4506 form--which gives them full access to your complete tax return. That's NOT something any of us agreed to give them when we applied for the card. In fact, the application specifically stated that we didn't have to reveal certain kinds of income.
I don't mind telling AmEx how much I earn. But I don't want AmEx to know what stocks I'm buying/selling, what income I'm getting from my rentals, what medical deductions I'm taking, what I'm paying my employees, how large my business inventory is, etc. etc. All that information is on my full tax return--and it's none of AmEx's business.
Plus the information from the last two tax returns often has little to do with today's income/situation. One graduate student on a board complained that he's now out of graduate school with a good paying job and a graduate degree--but his last two years of tax returns show little income even though he's earning a lot NOW. AmEx isn't interested--it doesn't want to see pay stubs, just the tax returns. And it wants to pull the returns itself directly through the IRS, not just letting you send copies!
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: Messiah
Posted: Thu Aug 03, 2006 12:52 pm
mouse wrote:
Quote:
"Messiah"
? I dont know why. Never late on payments.
This is the famous F/R (financial review)
Unless AMEX is your ONLY accounts I (personally) would call and close the accounts.
WHAT YOU DO IS UP TO YOU...BUT I DON'T LIKE THE IDEA THAT THEY ARE ASKING FOR STUFF MONTHS or YEARS AFTER THEY APPROVED YOU
NEVER LATE DOESN'T DESERVE TO HAVE TO BEND OVER AND SPREAD THEM FOR THE DEEP RECTAL EXAM
(this is a RECTAL EXAM for no reason)
I sent it in. Hopefully that be the end of it. I guess using my amex for everything was a bad idea? heh. Was already faxed nothing I can do about it now.
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Guest: nobodyyouknow
Posted: Thu Aug 03, 2006 3:20 pm
just out of curiosity, what else has happened with you -- one or more of the changes mouse mentioned?
i actually ran across this & other sites about a year ago solely because of wondering about Amex. I got one of their cards then & they wanted all sorts of info prior to approval. No tax returns, but about everything short of it. At the time i was wondering if it was routine or what, just struck me as bizarre... all the other interesting stuff is what's kept me reading these boards.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Aug 03, 2006 3:51 pm
MONTHS or YEARS AFTER APPROVAL IS WRONG!!!
CREDIT UNIONS ASK IN ADVANCE FOR SOME PEOPLE
I CONSIDER THIS A COWARD'S WAY OUT
A BACK SHOOTER
(THE OLD WEST)
AT LEAST LET ME FACE YOU WHEN YOU DRAW DOWN ON ME SO I HAVE A CHANCE TO DEFEND MYSELF WITH MY OWN GUN!!!
THEY CUT YOU OFF FIRST...ASK QUESTIONS LATER
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: What triggered a financial review by American Express?
Posted: Thu Aug 03, 2006 9:13 am
Question is what you do when the F/R IS triggered.
If you don't provide the information requested, AmEx is likely to reduce your credit limits and/or close your accounts.
I've read elsewhere that AmEx these days are insisting on that 4506 form--which gives them full access to your complete tax return. That's NOT something any of us agreed to give them when we applied for the card. In fact, the application specifically stated that we didn't have to reveal certain kinds of income.
I don't mind telling AmEx how much I earn. But I don't want AmEx to know what stocks I'm buying/selling, what income I'm getting from my rentals, what medical deductions I'm taking, what I'm paying my employees, how large my business inventory is, etc. etc. All that information is on my full tax return--and it's none of AmEx's business.
Plus the information from the last two tax returns often has little to do with today's income/situation. One graduate student on a board complained that he's now out of graduate school with a good paying job and a graduate degree--but his last two years of tax returns show little income even though he's earning a lot NOW. AmEx isn't interested--it doesn't want to see pay stubs, just the tax returns. And it wants to pull the returns itself directly through the IRS, not just letting you send copies!
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Messiah
Posted: Thu Aug 03, 2006 12:52 pm
mouse wrote:
Quote:
"Messiah"
? I dont know why. Never late on payments.
This is the famous F/R (financial review)
Unless AMEX is your ONLY accounts I (personally) would call and close the accounts.
WHAT YOU DO IS UP TO YOU...BUT I DON'T LIKE THE IDEA THAT THEY ARE ASKING FOR STUFF MONTHS or YEARS AFTER THEY APPROVED YOU
NEVER LATE DOESN'T DESERVE TO HAVE TO BEND OVER AND SPREAD THEM FOR THE DEEP RECTAL EXAM
(this is a RECTAL EXAM for no reason)
I sent it in. Hopefully that be the end of it. I guess using my amex for everything was a bad idea? heh. Was already faxed nothing I can do about it now.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: nobodyyouknow
Posted: Thu Aug 03, 2006 3:20 pm
just out of curiosity, what else has happened with you -- one or more of the changes mouse mentioned?
i actually ran across this & other sites about a year ago solely because of wondering about Amex. I got one of their cards then & they wanted all sorts of info prior to approval. No tax returns, but about everything short of it. At the time i was wondering if it was routine or what, just struck me as bizarre... all the other interesting stuff is what's kept me reading these boards.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Aug 03, 2006 3:51 pm
MONTHS or YEARS AFTER APPROVAL IS WRONG!!!
CREDIT UNIONS ASK IN ADVANCE FOR SOME PEOPLE
I CONSIDER THIS A COWARD'S WAY OUT
A BACK SHOOTER
(THE OLD WEST)
AT LEAST LET ME FACE YOU WHEN YOU DRAW DOWN ON ME SO I HAVE A CHANCE TO DEFEND MYSELF WITH MY OWN GUN!!!
THEY CUT YOU OFF FIRST...ASK QUESTIONS LATER
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 5:20 PM
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