Financial Review discussion

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Earlier discussion is in this thread: Financial Review Discussion [2009-2013]


In the USA a Financial Review typically includes a request to submit an IRS form 4506-T which authorizes American Express to obtain a transcript of your Federal Income Tax Return for a specific year. It does not authorize a copy of the actual return. Download the form here: http://www.irs.gov/pub/irs-pdf/f4506t.pdf

Order your own transcript here: https://sa2.www4.irs.gov/irfof-tra/start.do


Other USA-based rewards card issuers also audit accounts and end unsatisfactory relationships.

Bank of America: 2013

Citibank: 2013

JP Morgan Chase: 2013.1 2013.4 2013.9 2013.12
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Old May 6, 16, 1:03 pm
  #661  
mia
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Originally Posted by Nepasser View Post
Should I just submit the form and see what they respond
On the application how did you answer the questions about Business Income and Total Income?
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Old May 6, 16, 2:05 pm
  #662  
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Submitting a 4506T, knowing there are no tax returns, seems like taunting Amex. I'm guessing your F/R rep wouldn't be happy to be jerked around like that.
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Old May 6, 16, 9:06 pm
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So if in say 25 and have access to parents income and live in parents household and included that on my application, mine plus parents income as annual income, I'll be fine? As long as I include parents info in the tax request forms?
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Old May 6, 16, 9:07 pm
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Originally Posted by hiima View Post
So if in say 25 and have access to parents income and live in parents household and included that on my application, mine plus parents income as annual income, I'll be fine? As long as I include parents info in the tax request forms?
No.
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Old May 6, 16, 9:40 pm
  #665  
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Originally Posted by hiima View Post
So if in say 25 and have access to parents income and live in parents household and included that on my application, mine plus parents income as annual income, I'll be fine? As long as I include parents info in the tax request forms?
If it's a personal card, I'd maybe lean more towards yes. But I don't know how you would articulate all this to AmEx. The application says this:
Include all income available to you. If under age 21, include only your own income. Income includes wages, retirement income, investments, rental properties, etc.
Alimony, child support, or separate maintenance need not be revealed if you do not wish to rely upon it.
which leads me to believe that if your parents are willing to pay the bill, then their income can be added. But I don't know how AmEx goes about figuring all this out.
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Old May 6, 16, 9:45 pm
  #666  
 
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Originally Posted by United747 View Post
If it's a personal card, I'd maybe lean more towards yes. But I don't know how you would articulate all this to AmEx. The application says this: which leads me to believe that if your parents are willing to pay the bill, then their income can be added. But I don't know how AmEx goes about figuring all this out.
No. Gifts are not income.

Your parents giving you money is not the same as being entitled to alimony or child support.
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Old May 6, 16, 10:13 pm
  #667  
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Originally Posted by greg99 View Post
No. Gifts are not income.

Your parents giving you money is not the same as being entitled to alimony or child support.
I know I'm splitting hairs, but for certain people, "income available to you" would be parent's income. I'm not at all saying that hiima should go out and do it, but you'd think AmEx would just say "personal income" or "Income for joint filers" if that's all they wanted.
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Old May 6, 16, 11:33 pm
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Originally Posted by United747 View Post
I know I'm splitting hairs, but for certain people, "income available to you" would be parent's income. I'm not at all saying that hiima should go out and do it, but you'd think AmEx would just say "personal income" or "Income for joint filers" if that's all they wanted.
Again, no. If you hand someone $100, it's not income. It's a gift, for which the giver is subject to tax. That's all that's happening if the parents are covering the child's credit card bills.

I'm assuming that hiima didn't have his parents as co-applicants, in which there's no issue, but given the way he's describing this situation, it doesn't seem that's the case.

The language is worded that way because of 40+ year old legislation around fair access to credit, in particular related to alimony and child support:

Alimony, Child Support, or Separate Maintenance Income (§ 202.5(d)(2))

A bank may ask if an applicant is receiving alimony, child support, or separate maintenance payments. However, the bank must first disclose to the applicant that such income need not be revealed unless the applicant wishes to rely on that income in the determination of creditworthiness. An appro.priate notice to that effect must be given whenever the bank makes a general request concerning income and the source of that income. Therefore, a bank either must ask questions designed to solicit only information about specific income (for exam. ple, ‘‘salary,’’ ‘‘wages,’’ ‘‘employment,’’ or other specified categories of income) or must state that disclosure of alimony, child support, or separate maintenance payments is not required.

fair_lend_reg_b.pdf
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Old May 8, 16, 11:44 am
  #669  
 
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Originally Posted by United747 View Post
I know I'm splitting hairs, but for certain people, "income available to you" would be parent's income. I'm not at all saying that hiima should go out and do it, but you'd think AmEx would just say "personal income" or "Income for joint filers" if that's all they wanted.
I'm pretty sure it's a no too. Amex doesn't care, they're going by what comes off the 4056T. If he really has no IRS reported income, he doesn't have income.
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Old Jun 30, 16, 11:07 am
  #670  
 
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I currently have 2 personal Amex cards and put a fair bit of spending through on it. Amex just increased my limit yet again (they seem to do so 3 times per year), now I'm at 22k on one card and 23k on the other. Reported income is ~70k. I'm interested in applying for the SPG Business Amex for the club access and free boingo. Is this just asking for a review as my combined limits are over the 34.5k threshold?
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Old Jun 30, 16, 11:21 am
  #671  
 
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Originally Posted by Reid View Post
I currently have 2 personal Amex cards and put a fair bit of spending through on it. Amex just increased my limit yet again (they seem to do so 3 times per year), now I'm at 22k on one card and 23k on the other. Reported income is ~70k. I'm interested in applying for the SPG Business Amex for the club access and free boingo. Is this just asking for a review as my combined limits are over the 34.5k threshold?
I hadn't heard of the 34.5k threshold. Is that referenced in a wiki somewhere?
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Old Jun 30, 16, 11:50 am
  #672  
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Originally Posted by Carl View Post
I hadn't heard of the 34.5k threshold.
Nor have I.
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Old Jun 30, 16, 12:02 pm
  #673  
 
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Originally Posted by mia View Post
Nor have I.
It was referenced on Myfico and a few other sites. Maybe the information I received was inaccurate.
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Old Jul 2, 16, 5:49 am
  #674  
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Originally Posted by Carl View Post
I hadn't heard of the 34.5k threshold. Is that referenced in a wiki somewhere?
my total credit line is > that # and when I applied for a new card recently there was financial review or anything like it. Been a member for a long time and my income easily supports the credit line I have ... so I'd say it is a decision using an algorithm rather than a cut-off
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Old Aug 4, 16, 10:16 am
  #675  
 
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Cancelling cards (rather than submit 4506-T) strain relationship with Amex?

A few months ago I was FR'd by Amex. I had a PRG card and a SPG personal card with Amex at the time. I was offended by Amex FRing me despite never missing a payment, so instead of talking to them and giving them the tax form that they wanted, I transferred my points and closed my two cards instead. Fast forward a few months, and I tried on two separate occasions to apply for an Amex card (Hilton and Everyday), and each time, I was asked to provide a tax form, which I did. However, after that I would never hear from them again. When I check online, it would say that the application is "cancelled" not "denied".

Please share your opinions as to how I should proceed with Amex cards, if at all, from now on. Much appreciated!
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