Citi Request for IRS Form 4506-T: Advice Sought
#1
Original Poster
Join Date: Aug 2001
Location: SFO
Programs: AC SE, AA EXP MM, UA Gold MM, Hyatt Glob, Marriott Titanium, HH Dia, IHG Plat
Posts: 4,766
Citi Request for IRS Form 4506-T: Advice Sought
In my recent App-o-rama I applied for 8 credit cards and received 7 right away, including the Citi Aadvantage Visa. The exception was the Citi Aadvantage Amex, where Citi wants me to send them an IRS Form 4506-T, Request for Transcript of Tax Form.
This seems very intrusive, and I'm not inclined to send them the completed form if there's a chance I could get the card without it in my next App-o-rama.
Any thoughts? Did I wait too long between same-day Citi card applications? Is it worth sending the form, especially if the tax return shows income somewhat below the level originally stated? Or is it better just to wait until the next application opportunity?
Thanks.....
This seems very intrusive, and I'm not inclined to send them the completed form if there's a chance I could get the card without it in my next App-o-rama.
Any thoughts? Did I wait too long between same-day Citi card applications? Is it worth sending the form, especially if the tax return shows income somewhat below the level originally stated? Or is it better just to wait until the next application opportunity?
Thanks.....
#2
Join Date: Aug 2011
Location: DFW
Programs: AA PLT, HH Gold, SPG/Marriott Gold
Posts: 1,091
You can fill it out and send it in but it will most likely (if not 100%) involve another credit pull. Also there is no guarantee you would get the bonus since it would be well after the initial visa approval. You will have to wait 18 months +/- to apply for the AA cards again so you cannot include it in an upcoming app spree. This same thing happened to me, I just let it go and focused on getting the biz card 65+ days later. Not worth the trouble IMO.
#3
Join Date: Jan 2010
Programs: AA BA CO DL UA US
Posts: 814
My relative got the same request for tax transcript as well. The Citi AA visa was instant approval, but not the Amex version. Any more experiences here beyond longhorn11's? Will the bonus still be available? Will there be another credit pull?
#4
Join Date: Aug 2011
Location: DFW
Programs: AA PLT, HH Gold, SPG/Marriott Gold
Posts: 1,091
There are more experiences in the master AA card thread, just search 4506-T.
#5
A FlyerTalk Posting Legend; Moderator: American Express, Capital One, Citi, Chase, Credit Card Programs, Diners Club, Signatures
Join Date: Jun 2003
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#6
Join Date: Apr 2004
Posts: 1,614
In my recent App-o-rama I applied for 8 credit cards and received 7 right away, including the Citi Aadvantage Visa. The exception was the Citi Aadvantage Amex, where Citi wants me to send them an IRS Form 4506-T, Request for Transcript of Tax Form.
This seems very intrusive, and I'm not inclined to send them the completed form if there's a chance I could get the card without it in my next App-o-rama.
Any thoughts? Did I wait too long between same-day Citi card applications? Is it worth sending the form, especially if the tax return shows income somewhat below the level originally stated? Or is it better just to wait until the next application opportunity?
Thanks.....
This seems very intrusive, and I'm not inclined to send them the completed form if there's a chance I could get the card without it in my next App-o-rama.
Any thoughts? Did I wait too long between same-day Citi card applications? Is it worth sending the form, especially if the tax return shows income somewhat below the level originally stated? Or is it better just to wait until the next application opportunity?
Thanks.....
#7
Join Date: Aug 2011
Location: DFW
Programs: AA PLT, HH Gold, SPG/Marriott Gold
Posts: 1,091
I know some have had this argument before but if I recall correctly, spouses, dependents (children), deductions, etc. are listed on your transcript that the banks receive. To some that is intrusive since a pay stub or W-2 could provide the same type of assurance. My opinion, if you want to fill it out for Amex go for it but with Citi you are getting another credit pull with the risk of not getting the bonus.
#8
Original Poster
Join Date: Aug 2001
Location: SFO
Programs: AC SE, AA EXP MM, UA Gold MM, Hyatt Glob, Marriott Titanium, HH Dia, IHG Plat
Posts: 4,766
Clearly it's not worth it if another credit pull is involved. So I didn't return it.
Regarding income, I've never previously seen this as a major factor in bank decisions, even though they ask for a figure. So I've never been concerned about being exact. It sounds like some folks are recommending you be exact, but tax returns omit deferred compensation that in my case amounts to well over $20K annually. So there's a discrepancy right off the bat.
It's a hassle, and your ability to pay really depends on your ability to manage money and limit wasteful spending (for example, by owning a house but not a car), rather than your income. But banks don't have the time, resources, or waivers of privacy laws to delve into customer's finances to that extent.
Regarding income, I've never previously seen this as a major factor in bank decisions, even though they ask for a figure. So I've never been concerned about being exact. It sounds like some folks are recommending you be exact, but tax returns omit deferred compensation that in my case amounts to well over $20K annually. So there's a discrepancy right off the bat.
It's a hassle, and your ability to pay really depends on your ability to manage money and limit wasteful spending (for example, by owning a house but not a car), rather than your income. But banks don't have the time, resources, or waivers of privacy laws to delve into customer's finances to that extent.
#11
A FlyerTalk Posting Legend; Moderator: American Express, Capital One, Citi, Chase, Credit Card Programs, Diners Club, Signatures
Join Date: Jun 2003
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#13
A FlyerTalk Posting Legend; Moderator: American Express, Capital One, Citi, Chase, Credit Card Programs, Diners Club, Signatures
Join Date: Jun 2003
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Posts: 48,884
I ordered one for curiosity and was surprised how little detail is disclosed. Your spouse's name and Social Security number are included, but the Adjusted Gross Income is not broken out by earner or source. The exception is if there is Self Employment income, which is listed by earner.
See my post in the Membership Rewards forum here for a list of the data fields.
As more issuers are using these to verify income I think it's worthwhile ordering a copy from the IRS (it's free), before deciding whether or not to release it. I have no problem with it.
See my post in the Membership Rewards forum here for a list of the data fields.
As more issuers are using these to verify income I think it's worthwhile ordering a copy from the IRS (it's free), before deciding whether or not to release it. I have no problem with it.
#14
Join Date: Jan 2010
Programs: AA BA CO DL UA US
Posts: 814
exception is if there is Self Employment income, which is listed by earner.
See my post in the Membership Rewards forum here for a list of the data fields.
See my post in the Membership Rewards forum here for a list of the data fields.
#15
Join Date: Sep 2012
Location: Born and raised in South Carolina, now in New York City.
Posts: 534
I have a question about this. I get a bonus that isn't paid out until Feb (and likely will going forward). I've been including this amount in how much I make a year assuming that the card companies care more about how much I make right now instead of how much I made last year. If they were to ask me for my tax records for 2011 or 2012 this wouldn't show up even after I received the bonus in Feb. Would I be able to send them my bonus paycheck statement as proof?