4506 T

For just about anything you want to get off your chest about credit cards.
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MemberSince99
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4506 T

Postby MemberSince99 » Mon Aug 29, 2016 12:39 pm

I'm curious how many would give this if requested.

I personally would not do it for any lender I'd go.back to debit card and checks.

I would give proof of income no problem. I never once have ever lied about that. But the whole shebang nope I did that for a mortgage and I'm not doing it for any card.

None of them have asked to.so.far.


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CarefulBuilder14
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Re: 4506 T

Postby CarefulBuilder14 » Mon Aug 29, 2016 1:43 pm

If I was trying to get total CLs with a lender above $20k, I'd probably agree to sign one. Right now, the only lenders I have that much credit with are Amex and Chase. Neither has asked for a 4506-T, though Chase gets my direct deposits and the Amex/Schwab partnership gives Amex limited proof of assets.

I'm not sure what to make of the whole Synchrony/LexisNexis shebang, but I might avoid giving one to them. The only Synchrony card I've ever had was Brooks Brothers (which they sold to Citi). I'm not considering any other Synchrony cards at present, so that issue is pretty much moot.

It would take a lot to make me go back to debit cards and checks.

I spread my spending across several cards, and my CLs are adequate. I don't see any likely 4506-T forms in the near future. Buying a home is probably at least a year away.
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takeshi
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Re: 4506 T

Postby takeshi » Mon Aug 29, 2016 1:52 pm

MemberSince99 wrote:I'm curious how many would give this if requested.

Done it twice so far.

MemberSince99 wrote:But the whole shebang nope I did that for a mortgage and I'm not doing it for any card.

A 4506-T is nothing like the mortgage application process. I certainly wouldn't go through the mortgage application process just for a credit card. 4506-T? No big deal.

CarefulBuilder14 wrote:If I was trying to get total CLs with a lender above $20k.

So far AmEx is the only one that has for me. Haven't run into it with Chase, Citi, PenFed, Discover, USAA, FNBO, Barclaycard or Synchrony for crossing $20K.

kdm31091
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Re: 4506 T

Postby kdm31091 » Mon Aug 29, 2016 9:04 pm

The whole Synch mess is chiefly happening with people who have or want excessive exposure with Synch. It's not unreasonable for Synch to want verification after you requested 35k on a store card that you probably barely use.

The whole data privacy thing can be debated until the end of time but I personally don't see the big deal with providing the 4506 T. Would I do it for a store card that wasn't that important to me? Probably not unless the tradeline was significant/really old/etc. But I also wouldn't find it too shocking especially if I had large exposure.

MemberSince99
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Re: 4506 T

Postby MemberSince99 » Tue Aug 30, 2016 12:10 pm

They are getting really emotional over what synch is doing to some of them

In a way I get it I mean synch extended the credit in the first place why do that then get concerned when they actually use some of it and quick shut them down it sounds like the old cap one.

But I can also where some played liars poker and exaggerated their income and got a huge amount of exposure from the lender.

All I can say is I would not provide it. I have two of their cards with 9k in limits if they shut them down it would be like well too bad but life goes on. I like the 5 percent on Amazon but life would continue without it.

Some of them aren't taking it well.

It does kind of creep me out to read the whole Lexis thing. It's like big brother from 1984

TXviking
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Re: 4506 T

Postby TXviking » Wed Aug 31, 2016 3:02 pm

Mortgage, yes. I can't afford to buy a house cash.

Small business loan: Potentially.

Car loan: Very doubtful.

Credit card: No way, no how.

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CarefulBuilder14
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Re: 4506 T

Postby CarefulBuilder14 » Wed Aug 31, 2016 3:33 pm

I think the "but they're just store cards" logic falls apart when people have 50k, 100k, or more in CLs from Synchrony or Comenity...
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
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JonE
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Re: 4506 T

Postby JonE » Wed Aug 31, 2016 10:23 pm

It boggles the mind some of the CLs people have with the likes of Synchrony. Being that there is no way in hell I'm ever going to need $10k on a Walmart card. Amazon I could probably see 10k if I used their financing for a major purchase, but not Walmart or any other Synch card. And I sure as hell wouldn't give them a 4506-T to get it.

I think most of the people are either have limits higher than normal (25k or above) or a lot of exposure with Synchrony (5+ cards). As it is I have 3 with them but I really don't see needing more. As it stands I won't be asking for any CLIs in the future at least until income improves.
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Kevin86475391
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Re: 4506 T

Postby Kevin86475391 » Wed Aug 31, 2016 11:22 pm

I would not be willing to do a 4506-T.

I believe in two fundamental tenets when it comes to disclosing information to lenders: 1) I'm a big proponent of privacy and I'm always going to disclose the least I can. 2) I'm not willing to go through any extra hoops for one particular lender when I don't have to do that for the others.

I've never had a lender request this or do any kind of income verification, and while I don't have anything to hide per se, I'm just not going to do it if one lender suddenly asks. I have a great collection of cards that I really like with dramatically higher limits than I need. I'm not desperate to get or keep any one particular lender so I would decline and simply accept not getting the card/AA/closure. On the other hand if suddenly all or most of my lenders were asking for 4506-T and it became standard practice across the credit industry, then I'd probably grumble, but go along with it because I do want credit in general.

LOL, so basically none of my lenders get to be 'special' by alone asking for this or any other layers of info, but if they all hit me with a united front then sure.



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