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 ect…

Let’s 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.

Important: you only have 2 attempts to send them the fax, if they reject it after 2 attempts you will get shut down. You don't get more than 2 attempts. (source)
You may be able to get 3 attempts if you ask for a manager.

You need to be on top of it, if you don’t 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:
[/color]


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
[/font]
Though not exactly F/R, it's worth mentioning that Amex takes returned payments very seriously.
They often shut all accounts without going through the F/R process.

Author Topic: Amex F/R Master Thread  (Read 1864188 times)

Offline pixi

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Re: Amex F/R Master Thread
« Reply #6780 on: April 21, 2016, 11:30:54 PM »
whether you'll be successful or not? True. Still no reason not to try it, he has a fair shot
I agree on that.  Why not give it a shot.
money doesn't talk......      it SCREAMS !

Offline high end hobo

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Re: Amex F/R Master Thread
« Reply #6781 on: April 22, 2016, 12:01:00 AM »
I'd say pass. If you send in everything they request, you usually pass, albeit with spending limits imposed.
i pray I'll pass. I dont have tens of thousands in the bank though and my paystubs aren't so large.
Plus this is business, not only personal cards
whether you'll be successful or not? True. Still no reason not to try it, he has a fair shot

meaning no reason to try to request to close my cards first in the event AMEX will close them?

Offline Luvisrael

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Re: Amex F/R Master Thread
« Reply #6782 on: April 22, 2016, 12:02:40 AM »
From what I understand, as long as u have like 10k income, ur fine, u just might get credit line cuts... take a deep breath!

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6783 on: April 22, 2016, 12:26:20 AM »
i pray I'll pass. I dont have tens of thousands in the bank though and my paystubs aren't so large.
Plus this is business, not only personal cards
meaning no reason to try to request to close my cards first in the event AMEX will close them?
I think you actually have some time at the end if you're not going to pass to close them out cmiiw

Offline maxie m

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Re: Amex F/R Master Thread
« Reply #6784 on: April 22, 2016, 01:02:54 AM »
i pray I'll pass. I dont have tens of thousands in the bank though and my paystubs aren't so large.
Plus this is business, not only personal cards
meaning no reason to try to request to close my cards first in the event AMEX will close them?
no reason to close your cards preemptively without giving yourself a shot at passing, if the rep will allow you to close yourself down first in the unfortunate case where they need to shut you down
Dumb people learn from their own mistakes,smart people,from the mistakes of others

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6785 on: April 22, 2016, 02:27:45 AM »
From what I understand, as long as u have like 10k income, ur fine, u just might get credit line cuts... take a deep breath!
I know someone who passed with under 4k.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline high end hobo

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Re: Amex F/R Master Thread
« Reply #6786 on: April 22, 2016, 12:57:46 PM »
I know someone who passed with under 4k.
no reason to close your cards preemptively without giving yourself a shot at passing, if the rep will allow you to close yourself down first in the unfortunate case where they need to shut you down
From what I understand, as long as u have like 10k income, ur fine, u just might get credit line cuts... take a deep breath!
Thank you all for your support during this stressful period

Offline Luvisrael

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Re: Amex F/R Master Thread
« Reply #6787 on: April 25, 2016, 12:35:57 AM »
Thank you all for your support during this stressful period
im in middle myself

Offline Hidden

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Re: Amex F/R Master Thread
« Reply #6788 on: May 02, 2016, 10:50:13 AM »
Is moving credit balance from one card to another a trigger for f/r?
Does it make human eyes see the account?

Offline Hidden

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Re: Amex F/R Master Thread
« Reply #6789 on: May 02, 2016, 11:20:17 PM »
Is moving credit balance from one card to another a trigger for f/r?
Does it make human eyes see the account?
BUMP

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6790 on: May 03, 2016, 12:30:21 AM »

Offline Hidden

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Re: Amex F/R Master Thread
« Reply #6791 on: May 03, 2016, 12:30:56 AM »
Thanks

Offline mendy613

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Re: Amex F/R Master Thread
« Reply #6792 on: May 03, 2016, 12:55:46 AM »
Where can i find DP on time to wait after passing an F/R to reapply for cards?

Offline high end hobo

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Re: Amex F/R Master Thread
« Reply #6793 on: May 03, 2016, 11:12:17 AM »
btw guys i passed, thanks for your help

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #6794 on: May 03, 2016, 11:17:02 AM »
btw guys i passed, thanks for your help
Congrats

Offline TimT

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Re: Amex F/R Master Thread
« Reply #6795 on: May 03, 2016, 11:21:30 AM »
im in middle myself
What's the status ?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6796 on: May 03, 2016, 02:22:00 PM »
btw guys i passed, thanks for your help
MT

Offline maxie m

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Re: Amex F/R Master Thread
« Reply #6797 on: May 03, 2016, 02:59:15 PM »
btw guys i passed, thanks for your help
good to hear mt
Dumb people learn from their own mistakes,smart people,from the mistakes of others

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #6798 on: May 04, 2016, 10:58:34 AM »
Want to lock in the Hilton offers. Can I apply even when under FR, and get approval once I pass, or will the apps get canceled ?
Life is as good as you make it...

Offline chbochur

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Re: Amex F/R Master Thread
« Reply #6799 on: May 04, 2016, 11:08:47 AM »
Want to lock in the Hilton offers. Can I apply even when under FR, and get approval once I pass, or will the apps get canceled ?
I had an offer on a card that was gonna expire so I applied while under f/r got accepted, but it was also f/r'd meaning because I couldn't prove allot of income they gave me a limit instead of being a regular charge card, but you can secondly get accepted during f/r, good luck