Topic Wiki

1)   What is a Financial Review?
In short - American Express occasionally freezes the credit card accounts of individuals with high-risk patterns, or for new account holders.
They request a lot of personal information, such as IRS tax returns, bank statements, letters from Banks ectÖ

Letís break it down into 2 different types of Financial Reviews
A)   Mini Financial Review
B)   Financial Review

A)   Mini Financial Review

(please fill in info) This form of financial review, is usually a short process, it could be as short as one phone call. American Express might feel a need to verify your finances for whatever reason, and they could call you to verify information. Your accounts could be suspended from using until you get in touch with them, typically they will restore your accounts after a simple phone call.

B)   Financial Review
This type of Financial Review is very common. It often happens when opening a new account for the first time, usually if you are opening a Charge Card, or a Business Card or if on a new account you start off will a lot of high spending.
American Express will suspend your account/s, they will not remove the suspension until the review is over, which takes around 2 weeks.

If you cannot provide the required information, shut down your account right away.

2)   Triggers

Look below for a list of triggers and links.
 
3)   What will happen?
Your accounts will get suspended. You will be able to log in online, and see account activity, but you will get a message that charging is suspended.

They will contact you via phone and email. Once you get in touch with them, (typically) you will be assigned a specific representative to work on your case.

The will require mainly IRS Tax returns. The point of a Financial Review is to verify your income. They may also require Back statements, a letter from a Bank to verify your address, and other documents. People have reported that they did survive a Financial Review with just bank statements.

As long as you could provide the documents they request you will be fine, they might lower your credit lines, but you should be able keep your account open. Even as low as a $6000 tax return people have been able to survive a Financial Review.

In cases of a Financial Review after opening a Business Card, you will need proof of Business income.

If you cannot provide the required information, shut down your account right away.

As long as you could provide the documents they request you will be fine, they might lower your credit lines, but you should be able keep your account open. Even as low as a $6000 tax return people have been able to survive a Financial Review.

4)   What Steps Should I take?

Get in touch with Amex as soon as you could. Send in the request inform promptly. You will have a rep that will be working with you, and telling you what documents are needed. 4506-t is a transcript request from the IRS for you last tax return. You will need to fill out this form, fax it to Amex, it will take them 24-48 hours until they receive this form, they will request the tax return from the IRS that could take about a week. Once they get all the information, and after reviewing it, they will require you to have all your account paid up in full before the reinstate them.

You need to be on top of it, if you donít follow thru, they could shut your accounts down.


5)   What to do if American Express closed your accounts?

Once American Express closes your accounts, the only way to get back on is if you have the required information needed to pass a Financial Review. They will require you to request a 4506 form from the IRS (which will cost you $57) before they even approve any of your future applications.


To start you may want to read up here:

F/R triggers:


Credit line of $25k or more
http://www.dansdeals.com/forums/index.php?topic=1438.msg10906#msg10906

Family member receiving FR can cause other family members to get Fr'ed as well
http://www.dansdeals.com/forums/index.php?topic=6223.msg74003#msg74003 http://www.dansdeals.com/forums/index.php?topic=8.msg24759#msg24759

Living at same address as someone who was FR'ed
http://www.dansdeals.com/forums/index.php?topic=8.msg77046#msg77046

Using majority of CL
http://www.dansdeals.com/forums/index.php?topic=7526.msg87716#msg87716

Large cash advance
http://www.dansdeals.com/forums/index.php?topic=5908.msg82906#msg82906

Nothing...
http://www.dansdeals.com/forums/index.php?topic=2723.msg30062#msg30062

Changing name on business card
http://www.dansdeals.com/forums/index.php?topic=3589.msg38101#msg38101

Mint purchases
http://www.dansdeals.com/forums/index.php?topic=146.msg22932#msg22932

Amex Gift Card Purchases
http://www.dansdeals.com/forums/index.php?topic=2422.msg26670#msg26670
http://www.dansdeals.com/forums/index.php?topic=8.msg40106#msg40106

Unusual spending
http://www.dansdeals.com/forums/index.php?topic=8.msg7627#msg7627
http://www.dansdeals.com/forums/index.php?topic=3710.msg39597#msg39597

Amazon payments (possibly)
http://www.dansdeals.com/forums/index.php?topic=3657.msg88656#msg88656
http://www.dansdeals.com/forums/index.php?topic=3524.msg42436#msg42436

Using close to reported income
http://www.dansdeals.com/archives/2537

Logging in online too much (!)
http://www.dansdeals.com/forums/index.php?topic=8.msg13741#msg13741

Prepaying
http://www.dansdeals.com/forums/index.php?topic=1712.msg13732#msg13732
http://www.dansdeals.com/forums/index.php?topic=3710.msg39725#msg39725

Adding Cardholders (many?)
http://www.dansdeals.com/forums/index.php?topic=8.msg49318#msg49318

Refunds exceeding total payments made on the card since it was opened
http://forums.dansdeals.com/index.php?topic=8.msg845606#msg845606




Author Topic: Amex F/R Master Thread  (Read 187090 times)

levi

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Amex F/R Master Thread
« on: May 29, 2008, 09:38:13 AM »
Does anybody have experience with applying for any Amex card and getting approved after a Financial Review? How long to wait before reappling? Do I reopen the cards that i closed down or do I reapply for a new account? or any other helpful information
« Last Edit: February 22, 2012, 02:17:19 PM by Dan »

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Re: Amex Financial Review
« Reply #1 on: May 29, 2008, 11:20:42 AM »
I know people that were able to get approved for new AMEX cards a few months after a F/R when they preemptively closed down their accounts.

The key thing to avoid AMEX F/R's is to keep each card under a 25K credit limit, and try to use under 33% of the credit line on each card.

Same question for Citi and Chase cardholders-have you been able to reopen cards after being shut down?
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

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Re: Amex Financial Review
« Reply #2 on: May 29, 2008, 12:52:14 PM »
Does anybody have experience with applying for any Amex card and getting approved after a Financial Review? How long to wait before reappling? Do I reopen the cards that i closed down or do I reapply for a new account? or any other helpful information

After my App-O-Rama back in February of '07 (remember this:http://www.dansdeals.com/archives/1909), I had $90,000 credit line between 9 cards (though my utilization was less than 15% on any and all of them combined). I was F/R'd, given the run around etc. etc. I ended up closing all but one card, sent them a dreadful 4506, and then I prayed. Thank heavens I was spared. I was left with 1 card, credit line of nearly $30,000. As an aside, I average 35K/annually on my Amex.

This year, I was approved for a Starwood business  ;D.
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Re: Amex Financial Review
« Reply #3 on: May 29, 2008, 01:30:48 PM »
I've heard that they will also accept bank account statements instead of a tax return.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

levi

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Re: Amex Financial Review
« Reply #4 on: May 29, 2008, 01:33:28 PM »
I've heard that they will also accept bank account statements instead of a tax return.

Yes they will, confirmed

d

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Re: Amex Financial Review
« Reply #5 on: May 29, 2008, 03:11:05 PM »
I've had it done twice. Waited about 4 or 5 months in between and then was able to apply and get approved for new cards. Interestingly I constantly got offers even in those few months for AMEX cards.

levi

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Re: Amex Financial Review
« Reply #6 on: May 29, 2008, 03:36:10 PM »
I waited about six months to reapply and got declined i recieved a letter in the mail saying they want some information i just ignored it,  hopefuly i will try again and get approved

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Re: Amex Financial Review
« Reply #7 on: May 29, 2008, 03:40:28 PM »
I've had it done twice. Waited about 4 or 5 months in between and then was able to apply and get approved for new cards. Interestingly I constantly got offers even in those few months for AMEX cards.

Offers don't mean anything. You can still be declined when applying.

levi

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Re: Amex Financial Review
« Reply #8 on: May 29, 2008, 03:50:32 PM »
Offers don't mean anything. You can still be declined when applying.
even when they say "preoproved"

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Re: Amex Financial Review
« Reply #9 on: May 29, 2008, 05:45:22 PM »
I've heard that they will also accept bank account statements instead of a tax return.


Not for me, they told me i need to send them a 4506 or my accounts will be closed.

Maybe it depends on the person's mood, the reason your account is under review, or some combination thereof.
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Re: Amex Financial Review
« Reply #10 on: May 29, 2008, 05:49:52 PM »
I got F/R'd and I really want to sign up again. I love amex especially the starwoods. I am going to try in a few months and pray for the best.
« Last Edit: May 30, 2008, 02:23:56 AM by Yitzter »
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Re: Amex Financial Review
« Reply #11 on: May 29, 2008, 06:12:48 PM »
Maybe it depends on the person's mood
This is so true for way too many companies out there today...
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

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Re: Amex Financial Review
« Reply #12 on: May 29, 2008, 11:26:32 PM »
THEY HAVE DIFF KINDS OF FINANCIAL REVIEWS SOME TOUGHER THEN OTHER AT TIMES YOU CAN GET AWAY WITH BANK ACCOUNT STATEMENTS AND AT OTHER TIMES ONLY TAX RETURNS AND YOU CAN SCREAM TILL YOU ARE RED IN THE FACE BUT THEY WILL DO NOTHING!!!

levi

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Re: Amex Financial Review
« Reply #13 on: May 29, 2008, 11:37:17 PM »
THEY HAVE DIFF KINDS OF FINANCIAL REVIEWS SOME TOUGHER THEN OTHER AT TIMES YOU CAN GET AWAY WITH BANK ACCOUNT STATEMENTS AND AT OTHER TIMES ONLY TAX RETURNS AND YOU CAN SCREAM TILL YOU ARE RED IN THE FACE BUT THEY WILL DO NOTHING!!!
Like Asher said depends on the persons mood. too bad that this is very true in todays day

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Re: Amex Financial Review
« Reply #14 on: May 30, 2008, 02:24:30 AM »
They told me I have to fax in tax forms. screw that.
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