Citi Requests my tax return for the AA Amex

Discussion in 'General Discussion | Credit Cards' started by high class, Jan 17, 2013.  |  Print Topic

  1. high class

    high class Silver Member

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    I did the two browser trick for the Citi AA Visa and Amex a few weeks ago. Got the Visa instantly. Got a letter today saying that Citi needed me to fill out a "Request for Transcript of Tax Return" so that they could verify more of my information (and that it would require an additional credit pull!). I called and asked about moving some existing credit to the new card, but they said no. I'm not a seasoned credit card churner, but I've never heard of anything like this. Has anyone ever had to do this? Think I should do it or just say the hell with it?
     
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  2. LETTERBOY
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    LETTERBOY Gold Member

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    If you want the card, you don't really have any choice but to do it. Citi, along with other card issuers, has been known to do this from time to time.
     
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  3. HaveMilesWillTravel
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    HaveMilesWillTravel Gold Member

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    I am curious -- who here would give them that info?

    I wouldn't.
     
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  4. sparkz

    sparkz Active Member

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    Yikes. I personally wouldn't do it.
     
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  5. foxberg

    foxberg Gold Member

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    Screw that card, just keep the one you got.
     
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  6. MJ-bos

    MJ-bos Silver Member

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    You have never heard of an American Express Financial Review, I take it ... the 4506-T form is a common practice especially when total credit exposure is north of 20k. I didn't know Citi was also doing it.

    It's pretty much prove it or lose it, I'm afraid.
     
  7. Kalboz
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    Kalboz Gold Member

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    +1
     
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  8. misman
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    misman Gold Member

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    You may want to check out this thread, this thread, or even this thread. Doesn't seem to be an unusual request for Citi.

    Not I. I provided one when I did my last mortgage refi (as well as a bunch of tax returns that I found redundant.)
     
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  9. marcwint55

    marcwint55 Gold Member

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    If the information is correct on your application, I wouldn't be worried about giving them the tax returns. Any lender has the right to ask for proof of income, and there is no better proof than your tax returns.

    If there is any discrepancy in what you stated and what shows up, I would immediately cancel the application or you risk losing other accounts you have with Citi.

    I have been asked on more than one occasion for the info and I do not have any problems giving it. The IRS does not decide to audit you because of such requests.
     
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  10. Jimgotkp
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    Jimgotkp Gold Member

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    Off topic but I like your signature, MJ-bos :)
     
  11. high class

    high class Silver Member

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    They're requesting my tax return for 2011, when I made substantially less than I do now. I was 100% truthful on my application, but 2011 was a long time ago, so my tax return for that year and reported income will not match. I called them and asked about this issue. They said to include a note explaining that along with the 4506-T form. I don't know, is this just becoming a wild goose chase? Is it perhaps better to live and fight another day?
     
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  12. foxberg

    foxberg Gold Member

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    Do you really need that card?
     
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  13. high class

    high class Silver Member

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    Ha, no, just want the miles. :)
     
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  14. Counsellor
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    Counsellor Gold Member

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    I might -- depends on the circumstances. For example, the bank that gave me my mortgage loan wanted (demanded) it and said they do so now as a matter of course on mortgage loans. I provided it. Got the loan.

    I realize the mortgage loan was higher than the credit limit on a card, but if you would trust the bank with the information if applying for a mortgage loan why not trust them with the information when applying for a credit card?
     
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  15. foxberg

    foxberg Gold Member

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    I guess this is mortgage vs a credit card with a second hard pull on your credit report.
     
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  16. particlemn

    particlemn Silver Member

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    When we get these cards we give the banks permission to track our purchases, they know where we are when we purchase and how much we spend at a particular store, they even can track the items we buy not just the total spent(i learned this when called by chase due to potential fraud charges they listed what was bought from a walmart in texas that morning i was in california) every time you swip your citi visa, both citi and visa have a record of your purchase. i am not sure what could be in a tax return that would be more personal that an itemized list of all your purchases.
    A tax return is you certifying to the government income received in a given year, right after the BP oil spill bp offered to pay some fisherman for lost wages the following year based upon their previous year wages on their tax return, they cryed foul since they work in a cash industry and what it says on their taxes is not really what they make
     
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  17. arkleseizure
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    arkleseizure Silver Member

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    Pretty sure I'd give it to them. I don't really have a problem with a bank doing actual verification of income before extending credit; I'm actually surprised we do not experience this more frequently, given our habit of applying for credit so regularly.

    I am a bit confused about the second credit pull that is required though. At that point, its the equivalent of applying for another card so the decision making process may be a bit different.
     
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  18. marcwint55

    marcwint55 Gold Member

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    you should have a year to date for 2012 that will show your income. If not, I would probably wait until you have the 2012 tax return as they probably will not count your income without some sort of proof.
     
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  19. HaveMilesWillTravel
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    HaveMilesWillTravel Gold Member

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    I would and have in case of a mortgage, because I really cared and needed the mortgage.

    For a random Citi AA credit card? If I already have one? Naaa.
     
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  20. HaveMilesWillTravel
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    HaveMilesWillTravel Gold Member

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    Random people see every day what I buy. Grocery stores know what I buy. Doesn't mean I want to hand all of them a copy of my tax return, though.

    I understand that banks have a right and perhaps need to verify income at least for some people. I don't need those cards badly enough that I would reveal my and my wife's tax return. My choice. YMMV.
     
  21. arkleseizure
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    arkleseizure Silver Member

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    Just curious: do you have a particular fear or reason for your strong opposition to this? I'm not questioning it, just trying to understand it better. I don't have any real opposition to providing such information for verification purposes, but its possible I'm not thinking through the issue deeply enough.
     
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  22. HaveMilesWillTravel
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    HaveMilesWillTravel Gold Member

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    If Romney feels that we don't need to see his tax returns when he's applying for the job of President, I feel that Citi doesn't need to see mine to give me a $5000 line of credit. :) I am just someone who cares a lot about privacy.

    I don't specify my wife's income when I apply for a credit card, just mine. We file joint tax returns. I don't think it's appropriate for me to reveal her information to a random guy or gal at Citibank for the purpose of earning 40k miles.

    I also have limited faith in Citi's ability to protect their own computer systems. Fairly certain they had a breach a few years back when they canceled a ton of credit cards (no other bank mass-canceled any card at that time, and Citi declined to give any reason). But if Chase wanted the tax return, I'd say no as well.
     
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  23. Counsellor
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    Counsellor Gold Member

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    Well, as I recall, Romney *did* provide his 2011 and 2012 returns to the public; some folks were not satisfied and wanted to see returns from the last 20 or so years, which I think is more than Citi does.

    And the results of a 4506T request are not the complete return with all details (that would take a 4506, not a 4506T, and cost them about $57 a copy, which I doubt Citi wants to pay), but rather a "transcript" or summary of the return. Most details remain undisclosed.

    But I certainly take your point about potential data breaches. I wonder if Citi keeps the transcript on file after they grant the credit and issue the card. I don't see why they would bother (and take the responsibility for protecting it), but I don't know.
     
  24. MyTravels
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    MyTravels Silver Member

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    The American Express Financial Review is for AXP issued cards, not Citi issued cards. By the number of "likes" your post has, I'm afraid that you are inadvertently spreading misinformation.
     
  25. MyTravels
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    MyTravels Silver Member

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    Back on topic, I agree, I wouldn't do provide the info. Sure the credit line and/or miles may be nice, but the less personal information floating around the better.
     
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