Proceed with AMEX Financial Review?

[TheSorceressKnight]

1. Congrats on your Freedom approval.

Screw Amex and their FA.

Edited May 8, 2014 by TheSorceressKnight

[takeshi]

Will this fiasco really hurt my credit score?

Less available revolving credit will have a negative impact on utilization and therefore score.

 

I've heard great things about Chase, even that they are better than AMEX these days.

Better is always highly subjective. I find both useful. Don't rely on generalizations to assess such things.

Edited May 8, 2014 by takeshi

[Shawnee]

When dealing with AMEX it is always a good idea to have backup cards. Before the FR they were constantly cutting my card off due to 'potential fraud'. Chase will too if you start using the card online a lot at places you haven't dealt with before but nothing like AMEX, they were doing it to me 5-5 times a month.

[zorbachs]

When dealing with AMEX it is always a good idea to have backup cards. Before the FR they were constantly cutting my card off due to 'potential fraud'. Chase will too if you start using the card online a lot at places you haven't dealt with before but nothing like AMEX, they were doing it to me 5-5 times a month.

 

I have a USAA world mastercard and a BofA Visa if all else fails. I'll switch to the Chase card for cash back if AMEX shuts down my blue cash card.

 

I'm about to fax my information to AMEX after I find a copy of my return so I won't provide them with inaccurate information. As this point, the worst that can happen is they shut me down.

 

I'll give their executive reconsideration line a call this afternoon as well.

[cashnocredit]

When dealing with AMEX it is always a good idea to have backup cards. Before the FR they were constantly cutting my card off due to 'potential fraud'. Chase will too if you start using the card online a lot at places you haven't dealt with before but nothing like AMEX, they were doing it to me 5-5 times a month.

 

I've never had an Amex or Chase card declined due to fraud risk. I have had Citi declined once for risk but they re-activated after an SMS txt message. My largest purchases and payments by far have been online ones and the largest of those were with Amex. The Citi decline was an in-store decline of around $50 because of fraud risk.

 

Creditors algorithms are pretty weird.

[zorbachs]

I'm not sure this compliance is going to happen. My parents are refusing to give me access to my tax returns and I need to look at them to get the info to send in the form. They said under no circumstances are we sending that personal information to a credit card company.

 

I guess I either guess on the form with my information and hope it's accurate or just close it all down.

[BobWang]

Is there some issue with the trust distribution?

[zorbachs]

Is there some issue with the trust distribution?

 

I don't know what the big deal is. Their reasoning is that credit card companies have never done anything like this in the past and they shouldn't be asking for this information now. It's more of a principle thing to them. On my tax returns, AMEX won't see much of anything outside of my summer jobs and stock trades. But if they won't budge in the next few days, I guess I'll have to close it down and if I ever want another card, reapply when I have a year's worth of income on my taxes.

[cashnocredit]

I'm not sure this compliance is going to happen. My parents are refusing to give me access to my tax returns and I need to look at them to get the info to send in the form. They said under no circumstances are we sending that personal information to a credit card company.

 

I guess I either guess on the form with my information and hope it's accurate or just close it all down.

Huh!

 

Your tax returns are yours. You're parents need your permission to access your returns. You can get full copies of your tax returns from the IRS. What information on the transcript request do you not have already?

[zorbachs]

 

I'm not sure this compliance is going to happen. My parents are refusing to give me access to my tax returns and I need to look at them to get the info to send in the form. They said under no circumstances are we sending that personal information to a credit card company.

 

I guess I either guess on the form with my information and hope it's accurate or just close it all down.

Huh!

 

Your tax returns are yours. You're parents need your permission to access your returns. You can get full copies of your tax returns from the IRS. What information on the transcript request do you not have already?

 

 

I don't know if they're filed using my two middle names or just one, nor do I know if we file via TAX ID or my SS number.

 

All my tax info is still sent to my family home, so they're collected and send to our accountant each year. I suppose I can just guess what they're filed under and hope it goes through. I don't want to get blacklisted from AMEX in the event someday I want to open an account again if they shut me down this time.

 

They just keep saying AMEX is out of line asking for this stuff as a credit card company and we aren't going to play ball with them.

[BobWang]

You know that you're affirming the truth and accuracy of any returns filed with the IRS.

[cashnocredit]

^

Even if others fill out your returns they must, as Bob notes, be signed by the taxpayer, ie: you.

 

I would recommend you get copies of all your back tax returns for your own records. Either from the family's CPA or directly from the IRS. Details on their website. Heck, you are going to be lawyer soon and it's time to take charge of your financial life.

Edited May 8, 2014 by cashnocredit

[shifter]

you can call the IRS and get your tax returns.

 

and you don't have to send your tax returns to Amex, you just fill out the 4506-T.

 

but as others have said, it's your life, not your parents, you can make these choices for yourself.

[Tyra]

 

 

I'm not sure this compliance is going to happen. My parents are refusing to give me access to my tax returns and I need to look at them to get the info to send in the form. They said under no circumstances are we sending that personal information to a credit card company.

 

I guess I either guess on the form with my information and hope it's accurate or just close it all down.

Huh!

 

Your tax returns are yours. You're parents need your permission to access your returns. You can get full copies of your tax returns from the IRS. What information on the transcript request do you not have already?

 

 

I don't know if they're filed using my two middle names or just one, nor do I know if we file via TAX ID or my SS number.

 

All my tax info is still sent to my family home, so they're collected and send to our accountant each year. I suppose I can just guess what they're filed under and hope it goes through. I don't want to get blacklisted from AMEX in the event someday I want to open an account again if they shut me down this time.

 

They just keep saying AMEX is out of line asking for this stuff as a credit card company and we aren't going to play ball with them.

 

I don't think the accountant who prepared the forms can refuse to show you tax returns that have been filed in your name. A side issue is the next time you apply for an AMEX card the first thing that will happen is you will be asked to fill out the form and fax it to them. So sooner or later you will want to get copies of your tax returns. You might want them for other reasons too.

[Tyra]

... so they're collected and send to our accountant each year. I suppose I can just guess what they're filed under and hope it goes through.

 

You could probably get the info from the accountant's office with a phone call.

[zorbachs]

I don't remember our accountant's name, but I'll do my best to figure this out.

 

They're insisting that they will take care of this, but I'm nearly certain AMEX won't talk to them about a line of credit under my name. I don't know what the issue is, I really don't care if they see my tax returns. There's nothing on them aside from my summer job.

[shifter]

good time to realize you need to get more involved in your financial life.

 

much better now than when something really important comes up.

[Tyra]

AMEX does not actually get a copy of your tax returns. The form you fill out allows the IRS to send AMEX certain info from your tax return - I know it lists your adjusted gross income which I think is what AMEX is interested in.

[shifter]

there are various levels of info on the 4506-T.

 

for an FR, Amex requests the Record of Account, which "provides the most detailed information as it is a combination of the Return Transcript and the Account Transcript". It's more than just the simple line items.

[zorbachs]

I should've just not said anything about this. This is what happens when you have overly aggressive parents. They'll end up calling AMEX and causing this whole process to become a nightmare. They won't talk to them about MY account, and they don't seem to understand that.

[moadikum]

All personal income tax returns are filed with an SSN (unless you're a foreign national and do not have one).

 

I'm sorry you're in law school and your parents still treat you like that. That's the downside to relying on parents for money - some use it as a control mechanism. In that respect, student loans served me VERY VERY Well :-)

[shifter]

actually I doubt them calling will have any effect on the process - positive or negative.

 

Amex simply won't discuss anything with them.

 

BTW, I just went through an FR a few months ago and it was painless.

 

all you need to do is fill out the 4506-T with your SSN and send it to them.

 

they will get what they need and let you know the result.

 

you don't need to call your accountant or your parents or anybody else. your SSN is all you need to complete the form.

 

it really is that easy.

[zorbachs]

I'm just going to send it in with my SSN and hope it goes through. This is my credit we are talking about, not theirs. If I get blacklisted or in trouble, it will only affect me and no one else.

 

I understand the principle of the thing, but sometimes you have to comply. I will still give the executive reconsideration line a call and let them know how I feel about this and how they are treating customers in good standing.

[breeze]

I would just fill out the form with the info you used on your application and sign it. Nothing that happens now will affect your ability to get an AmEx later, if you've been honest with them. Don't worry about it. They've closed cards in the past, and people got new cards later, and kept their original membership date. They'll be knocking at your door later, when your name is on that list of lawyers who have passed the Bar. Count on it.

 

A lot of people feel like your parents. However, I agree that if tax returns are filed in your name, you've signed off on them. I'd want to know what's on them before I signed. What did you say you were studying?

[zorbachs]

I would just fill out the form with the info you used on your application and sign it. Nothing that happens now will affect your ability to get an AmEx later, if you've been honest with them. Don't worry about it. They've closed cards in the past, and people got new cards later, and kept their original membership date. They'll be knocking at your door later, when your name is on that list of lawyers who have passed the Bar. Count on it.

 

A lot of people feel like your parents. However, I agree that if tax returns are filed in your name, you've signed off on them. I'd want to know what's on them before I signed. What did you say you were studying?

 

I haven't seen my returns in years. I just sign what I am asked to sign and it is sent off to our accountant...

 

The only thing I fear about this process is, I included all income I had access to on my application and the rep on the phone told me they only wanted my income, so I wrote too much on the application. I of course explained that to the rep I spoke with, because it didn't make it clear what income they wanted, so I don't know how they'll handle me. I am sending in the bank statement and trust printout with the release form in the off chance they do look at it.

 

And yeah, I understand how my parents feel. I kind of agree, but I don't want to jeopardize my relationship with AMEX in the future. I am not sure if they will care if I comply or close my account before the 5 days are up, but I assume I will have to provide this stuff eventually if I ever apply for a card with them again. I just don't want to be blacklisted forever. I don't know what that requires I do.