BONDMI6

Amex requested a FR back in June of 2013. Since my stated income did not match my actual income, I decided not to not to submit papers for the FR and I closed all my Amex CCs.

How many years does need to wait before I can apply for a new Amex CC without submitting IRS income info access?

Anyone here in a similar situation?

BONDMI6

happyvoid

Try 3 years and I think you can apply again. That is what happened to my aunt.

I was wondering I just applied for the Amex green card and got declined and got this message

"The amount of your annual income and/or financial assets known to us is insufficient in relation to the credit you've applied for and your overall debt obligations as reflected in our records and on your credit report."

I was wondering if this will cause a financial review?

ecgz88

Can you still transfer your MR points under AMEX FR? if they decide to cancel all your cards, how many days do you have to transfer your MR points out?

barschools

I've been doing increased MS volume in recent months on my SPG card and I wouldn't be shocked if I get a financial review at some point. I stated my actual income when applying so that won't be an issue. My concern is if they ask for bank statements from the account that I've been paying the card with. Its a CU that I use for MS only. 100K per month in MO deposits and CC payments. Anyone have experience submitting bank statements to Amex from a MS account?

Stgermainparis

Any evidence that plastiq is a trigger?

Also, just got an AX plat biz in January with the recent 100k offer. There is an upgrade offer on my Gold biz that I'd like to do. Any known FR threat with this?

PeaceandPost

So I got FR'ed in November and my OBC CL got reduced to 3k. It'd be nice if I could just move some CL from another one of my Amex CC's that wasn't affected to bump the OBC up to 5k or so but I wonder if that's a smart move. I mean Amex intentionally lowered my limits as a result of the FR. Does anyone have experience with going through an FR, having limits reduced and then later moving CL around to increase limits without further issue?

mia

You may not be able to do this, see here:

http://www.flyertalk.com/forum/ameri...-after-fr.html

LiquidMovz

I am new to the hobby and look forward to learning and sharing with you guys and gals!

Would appreciate any experienced input or direction to links regarding DPs on my AMEX FR scenario...

Pretty sure the answer is to shut the accounts down...but would love to hear I might have a chance.

Here's the situation:

Got approved for my first cards (3) with AMEX and have a thin file.
SPG Personal ($2K) - 35K Bonus Points after spend
SPG Biz ($3K) - 35K Bonus Points after spend
BRG - 50K Bonus Points after spend

Got the cards and immediately put (like the 2nd or 3rd day) a big spend compared to their limits on them:

$5K (the Card Power Button said I could the day before on the BRG to the Harley Dealership (to make the new Harley go vrooom better) of course this was a marketing expense

$2200 on the SPG BIZ on legit travel, as I was leaving for AZ the day before the cards were delivered for 8 days (had them overnighted to me at the hotel)

Got FR'd within an hour of activating the personal and never used it.

I also added the same AU to all accounts (my GF).

I get that I goofed and should have eased into the cards with spending, but excitement to meet the spend took over and I was making the purchases anyway and have the money to do it...rookie mistake!

I have a legit BIZ almost 5 years old doing $100K Gross/yr...an LLC - I haven't filed tax returns (no profit>no pass through>no income>no return), I didn't start pulling paychecks until January of this year (2017)...haven't had a personal checking account until then either...I just payed personal expenses out of the biz account as a draw...

AMEX wants the 4506-T for 2015, which was never filed. Meeting with the accountant this Friday to start getting that all good with reporting income this year, as I want to prep for refinancing my house, in 2-3 years, I am am about to buy on a CD this year...as well as document to build my credit profile etc...

I have Biz Bank statements going back to 7/2012 that I could provide...but that's it.

They show a consistent 8-10K every mo for deposits except for a 20K/mo in 2013 avg...then a drop to 5-6K for a couple months in 2014....last 24 months are solid for showing deposits between 9-12K.

The withdrawals pretty much match the deposits...leaving a consistent ending balance of 1-2K.

I could pay the $7200 off prior to speaking to AMEX on the request by my 25th deadline (although, this would be a push for me, as I was planning to do it in 3-4 Weeks when they would have been due (statements cycle on the 17th and 18th) - if I swing for it, I know this would need to be part of the plan.

Anyone have any DPs on getting through a FR on Biz Bank Statements alone? And is showing Gross Deposits going to work if they would go there for me?

Also would a "Closed by Institution" show up on CRs for Biz accounts?

I am thinking my risk/worst case of trying the Biz Bank Statement route (IF they would even go there) is...obviously them closing the accounts...but only 1 (the Personal) showing up on my CR - which could possibly be disputed with AMEX, as they shut it down immediately?

I know if I close them I am out of the sand box with them until I can show them TRs If I OR they close them (should be June of Next Year for the 4506-Ts for 2017)

As I stated above...I am pretty sure the right move here is to just shut them down and work with the other lenders with an expensive lesson (losing those points AND the Opportunity to build with AMEX out of the gate) until I can get them TRs.

Also one other issue I need to make a decision on...at the same time (JUST before actually) I got approved, I got my mother approved for both the SPG Biz and Personal and added me on as an AU on Both (I didn't think I was going to get approved personally) - DO I pull myself off her cards, as my situation could flag her account (either with me closing my accounts or not passing the FR if I roll the dice)?

I am 50 years old and don't live with her...not even the same last name, as she's been remarried...

Sorry for the long post, just wanted to get as much data as possible for any comments...

Thank you in advance for any experienced direction here!

Mods, if this belongs in another section, please forgive me and if you would move it, I would be grateful!

Thanks to everyone who participates on here! I have learned a ton so far (and still learning!) and look forward to giving back...

baccarat_king

Wouldn't the assumption be that you filed your personal taxes for 2015? (You are supposed to file whether you owe or not...) Especially since you had to advise your current income to get the cards. Unless I am missing something, I'm thinking AMEX is going to want to see your taxes or proof of income in some form. Obviously, tax transcripts are very "official" proof of income. I would say, anyone who is "fudging" (I use that term very loosely) needs to be extra cautious.

Perhaps, I am missing something.

mysterym

so it wasn't a partnership or corporate llc?

you made a huge mistake paying personal expenses out of the biz account or vice-a-versa. that usually is one major flag to invalidate a llc.

mia

Do you mean that you did not file a personal tax return for 2015 or only that the return does not include any information about the business?

United747

Are you paying all personal expenses out of the LLC?

baccarat_king

Isn't the 4506-T for your personal return? Or, shall we say, all that AMEX really can request is information about your personal return since the applications are based on your SSN not a business tax ID #.

mia

Yes, but this doesn't tell us if LiquidMovz is unable, or merely reluctant, to provide a transcript for 2015.

Not necessarily, it depends on the legal structure of the business, which American Express will know from the card application. If the card application shows a Sole Proprietor or Partnership the business results are passed through to the owners' personal return. Same for some types of corporations, but other corporations file their own tax returns and the results are not reflected on the owners' personal tax returns. (This is based on the legal form of the business, and not the size. It doesn't match up with the marketing distinction between "Business" and "Corporate" cards.)

baccarat_king

I get that. But, that's sort of my query, since the "pass through" personal return would denote there is actually a personal return. I understand, it might not be a "pass through" and this could be a C-Corp (or other structure that does not "pass through"); but I'm also going out on a limb guessing that this is not the case. I guess, my question is why would there be no personal return filed at this point for 2015.

Based on what the OP mentions, I would sort of assume the least sophisticated corporate structure for such a small business. But, hey, I'm no accountant and maybe I am 100% wrong in that assumption.