Originally Posted by
ChuckDDD
Hopefully this is helpful, Jatink.
1. You might or might not be screwed on the FR. Submit the documents that you can and see what happens. If you are really paranoid, you can always cancel the card before they do.
2. You should not have had a business card in the first place. Selling a few items on eBay isn't a business. And it is not income if you're selling the items at a loss (reselling your iPhone case for instance). Those overseas electronic sales are dubious, but there's no need to worry about that if it was only a couple times. That's not a business.
It seems there are a lot of overreacting people on here. You don't need an attorney. The IRS isn't going to hunt you down. AMEX won't come find you and demand your first born.
You might be burned here for signing up for a card that you really didn't need or qualify for. Chalk it up as a lesson learned.
I realize that now.
Had to do a bit of digging but I finally found the post on Million Mile Secrets.
here it is
This is why I thought I'd qualify too. Though, most of my brain shut down once it saw the 100k offer. So yeah, guilty.
The MAIN question about Amex cancelling my card is, will it say on my credit report, Amex cancelled his credit card because his income did not match the income mentioned when he signed up" or something of that nature...
As you can imagine, having a note like that would probably never get me approved for a card again!
Originally Posted by
drminn
It depends entirely on the bank whether they consider that income, they just might - I was told by my bank (Wells Fargo) that the tuition, room and board I pay for my son's college would be considered income for HIM if he applies for a credit card through them. And no, this wasn't with me co-signing.
Also to the OP, I wouldn't worry at this point about the IRS, everybody and his brother at some point or another under reports income if they can figure out a way to do it. Wait until they come to you (highly unlikely at your income level) - at that point you can answer their questions.
Will keep that in mind. Thanks!