Author Topic: Amex F/R Master Thread (Read 1875393 times)

dirah · « **Reply #1680 on:** October 29, 2012, 06:21:53 PM »

Quote from: dirah on October 20, 2012, 06:26:19 PM

Just got notice of F/R.
I have tax records to backup income, but:
My returns are filed under a foreign address.
I imagine AMEX will not like that, since the card is only for US residents.
Presumably, I could tell them that I am back and forth between US and foreign country, which is true.
Would this be a problem?
About half of my income is excluded from AGI as Foreign Earned Income. Will they still see this income? Will they care that it is excluded from AGI?
My returns state my occupation, unlike the "Self-Employed" I usually state when applying for credit cards. Actually, both are true, as I do some freelance stuff here and there. Would this be an issue?
I need to decide quick if I am going ahead with review, or pre-emptively closing.
Thanks.

I weathered the storm.
They just cut credit lines. [Combined ~40K to ~20K.]

Moishebatchy · « **Reply #1681 on:** October 29, 2012, 07:38:55 PM »

Quote from: dirah on October 29, 2012, 06:21:53 PM

I weathered the storm.
They just cut credit lines. [Combined ~40K to ~20K.]

Mazel tov! Always nice to hear a happy ending.

daganster · « **Reply #1682 on:** October 29, 2012, 11:21:20 PM »

Quote from: dirah on October 29, 2012, 06:21:53 PM

I weathered the storm.
They just cut credit lines. [Combined ~40K to ~20K.]

Nice. I guess Amex is more civilized than Chase.

yudel · « **Reply #1683 on:** October 30, 2012, 11:21:42 AM »

well just got the dreaded call for my wife's (business) accounts

trigger seems to be adding 3-4 AU's...
So what's the common wisdom when there's no business income on record but there's decent household income on the tax return?
Can one pass the f/r like that?

Name Changed · « **Reply #1684 on:** October 30, 2012, 11:26:18 AM »

Quote from: yudel on October 30, 2012, 11:21:42 AM

well just got the dreaded call for my wife's (business) accounts
trigger seems to be adding 3-4 AU's...
So what's the common wisdom when there's no business income on record but there's decent household income on the tax return?
Can one pass the f/r like that?

You could pass.

I would say all depends on what info you put on the application

yudel · « **Reply #1685 on:** October 30, 2012, 11:31:13 AM »

Quote from: Name Changed on October 30, 2012, 11:26:18 AM

You could pass.

I would say all depends on what info you put on the application

I put household income

Name Changed · « **Reply #1686 on:** October 30, 2012, 11:33:05 AM »

Quote from: yudel on October 30, 2012, 11:31:13 AM

I put household income

From what I hear, Amex doesnt use household income to determine CL they want to know the account holders income

meshugener · « **Reply #1687 on:** October 30, 2012, 11:47:34 AM »

But if the household filed jointly

yudel · « **Reply #1688 on:** October 30, 2012, 11:56:40 AM »

We did

dirah · « **Reply #1689 on:** October 30, 2012, 06:07:37 PM »

Quote from: yudel on October 30, 2012, 11:21:42 AM

So what's the common wisdom when there's no business income on record but there's decent household income on the tax return?
Can one pass the f/r like that?

I just did.
When asked about income, I told the rep that since I am self-employed, I just find it easier to file everything on my personal returns. She didn't seem to have a problem with that.
Also, my stated income matched the total income on my joint returns.
As I wrote earlier, I passed, they just cut credit lines. [Combined ~40K to ~20K.]

After going through f/r, I get the sense (and I could be wrong) that they only care about the bottom line figure, they don't care about the details of how you get your income.

meshugener · « **Reply #1690 on:** October 30, 2012, 06:22:46 PM »

Quote from: dirah on October 30, 2012, 06:07:37 PM

After going through f/r, I get the sense (and I could be wrong) that they only care about the bottom line figure, they don't care about the details of how you get your income.

+1
And I'm not even sure they have a way to see who of the household earned how much.

dirah · « **Reply #1691 on:** October 30, 2012, 06:34:12 PM »

Quote from: meshugener on October 30, 2012, 06:22:46 PM

And I'm not even sure they have a way to see who of the household earned how much.

From tax records - they don't.
If you are not self employed, that might be different, because they could ask for paychecks.

yoyo6713 · « **Reply #1692 on:** October 31, 2012, 04:00:10 PM »

Both of us were called separately and were told to send in 4506T which we did promptly. Considering the minimum information that will be revealed to AMEX by granting this form I wonder why some people on the board choose to close accounts? Cards closed by grantor do not seem to affect credit scores. So there seemed no advantage to preemptively close accounts under review. What's the worst that can happen to the AMEX cards if application information do not match with what's on the tax return? Will AMEX say 'bad dog' and close accounts under this circumstance?

Name Changed · « **Reply #1693 on:** October 31, 2012, 04:01:28 PM »

Quote from: yoyo6713 on October 31, 2012, 04:00:10 PM

Both of us were called separately and were told to send in 4506T which we did promptly. Considering the minimum information that will be revealed to AMEX by granting this form I wonder why some people on the board choose to close accounts? Cards closed by grantor do not seem to affect credit scores. So there seemed no advantage to preemptively close accounts under review. What's the worst that can happen to the AMEX cards if application information do not match with what's on the tax return? Will AMEX say 'bad dog' and close accounts under this circumstance?

Yes, if Amex closes your account it will be much harder to get back on (IME)

yoyo6713 · « **Reply #1694 on:** October 31, 2012, 04:28:59 PM »

Quote from: Name Changed on October 31, 2012, 04:01:28 PM

Yes, if Amex closes your account it will be much harder to get back on (IME)

Thank you. I have my fingers crossed.

yoyo6713 · « **Reply #1695 on:** November 01, 2012, 10:05:42 AM »

My accounts were locked on Oct 26th @ 9:00pm EDT and fax was sent @ 10:00pm and this morning (Nov, 1st) all my accounts were unlocked (personal and business). That was faster than expected. My SO's accounts are still locked, though.

AsherO · « **Reply #1696 on:** November 01, 2012, 01:17:04 PM »

Quote from: yoyo6713 on November 01, 2012, 10:05:42 AM

My accounts were locked on Oct 26th @ 9:00pm EDT and fax was sent @ 10:00pm and this morning (Nov, 1st) all my accounts were unlocked (personal and business). That was faster than expected. My SO's accounts are still locked, though.

Joint returns? I would call your F/R rep and ask them to unlock your SO's accounts.

meshugener · « **Reply #1697 on:** November 01, 2012, 01:27:30 PM »

Quote from: AsherO on November 01, 2012, 01:17:04 PM

Joint returns? I would call your F/R rep and ask them to unlock your SO's accounts.

Thats not gonna work.

yoyo6713 · « **Reply #1698 on:** November 01, 2012, 02:20:19 PM »

Quote from: AsherO on November 01, 2012, 01:17:04 PM

Joint returns? I would call your F/R rep and ask them to unlock your SO's accounts.

Yes joint return. My F/R rep said he couldn't do anything regarding my SO so the waiting game continues.

yoyo6713 · « **Reply #1699 on:** November 01, 2012, 02:20:59 PM »

Quote from: meshugener on November 01, 2012, 01:27:30 PM

Thats not gonna work.

Correct.

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Author Topic: Amex F/R Master Thread (Read 1875393 times)