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 1817764 times)

Offline MasterAmex

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Re: Amex F/R Master Thread
« Reply #7280 on: September 30, 2016, 12:46:53 PM »
Can still upload 4506 online or only way is to Fax?

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #7281 on: September 30, 2016, 03:59:43 PM »

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7282 on: October 04, 2016, 09:30:11 PM »
I just got a Delta platinum card, and I need to spend 3k on it. I have a bill that I need to pay which is just under 3k. Obviously, I'd love to just pay it. Is this a red flag for FR, to charge so much at once? Is it better to split it up into several payments? Thanks.

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7283 on: October 04, 2016, 09:32:07 PM »
I just got a Delta platinum card, and I need to spend 3k on it. I have a bill that I need to pay which is just under 3k. Obviously, I'd love to just pay it. Is this a red flag for FR, to charge so much at once? Is it better to split it up into several payments? Thanks.
Better safe than sorry. If it's not gonna cost you any more, is there any other reason to not just play it safe?
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7284 on: October 04, 2016, 09:34:57 PM »
Better safe than sorry. If it's not gonna cost you any more, is there any other reason to not just play it safe?
I don't know if this is any safer than multiple charges. Hence my question. :)

Offline mmgfarb

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Amex F/R Master Thread
« Reply #7285 on: October 04, 2016, 09:37:53 PM »
I don't know if this is any safer than multiple charges. Hence my question. :)
I would think multiple charges would be safer but I don't have that much experience with FR's, I've only been through one (thank God) and it was probably triggered by a 15k charge- total noob mistake

ETA: I don't think 3k is that much to worry about anyways but I could be wrong.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7286 on: October 04, 2016, 09:45:43 PM »
I would think multiple charges would be safer but I don't have that much experience with FR's, I've only been through one (thank God) and it was probably triggered by a 15k charge- total noob mistake

ETA: I don't think 3k is that much to worry about anyways but I could be wrong.
I tend to agree with you. I'm hoping the experts will chime in. :)

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #7287 on: October 04, 2016, 09:46:41 PM »
I just got a Delta platinum card, and I need to spend 3k on it. I have a bill that I need to pay which is just under 3k. Obviously, I'd love to just pay it. Is this a red flag for FR, to charge so much at once? Is it better to split it up into several payments? Thanks.
I've done the full amount many times no issue

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7288 on: October 04, 2016, 09:48:46 PM »
I've done the full amount many times no issue
Thanks.:)

Offline sedge

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Re: Amex F/R Master Thread
« Reply #7289 on: October 04, 2016, 10:40:49 PM »
I've done the full amount many times no issue
+1

Offline emjee

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Re: Amex F/R Master Thread
« Reply #7290 on: October 05, 2016, 06:29:12 AM »
IME , no prob with charging high amounts on credit cards. Charge cards are the issue

Offline MasterAmex

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Re: Amex F/R Master Thread
« Reply #7291 on: October 05, 2016, 12:34:46 PM »
https://www.amex-financialreview.rageframeworks.com/DocUpload/finrev/home.htm
Thanks, recently got an email from FR rep. didnt mention that you can upload, the only to send 4506 was via Fax.

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7292 on: October 06, 2016, 01:00:55 AM »
I've done the full amount many times no issue
+1
IME , no prob with charging high amounts on credit cards. Charge cards are the issue
Thank you. :)

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7293 on: November 01, 2016, 11:55:16 AM »
I have an SPG biz card with about 10k CL. I have the SC offer on a bunch of AU cards. Would it trigger a FR if I get close to the CL, or pay it down mid-cycle, and then use the offers? Should I spread it out over a few months, or there's nothing to worry about? This is a credit card, not a charge card. Emjee said that there's no concern with this on a credit card. Any thoughts? Thanks.

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #7294 on: November 01, 2016, 03:27:44 PM »
Is there any way to up a cl 4 months after got slashed in f/r?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #7295 on: November 01, 2016, 04:54:31 PM »
Is there any way to up a cl 4 months after got slashed in f/r?
Putpac

Offline chinagel

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Re: Amex F/R Master Thread
« Reply #7296 on: November 01, 2016, 08:28:00 PM »

Offline Welder

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Re: Amex F/R Master Thread
« Reply #7297 on: November 02, 2016, 12:41:29 AM »
Won't those methods generate a hard pull?
"We need more welders and less philosophers" — Marco Rubio

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7298 on: November 02, 2016, 12:44:41 AM »
Won't those methods generate a hard pull?
No, CLI is always a soft pull
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline emjee

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Re: Amex F/R Master Thread
« Reply #7299 on: November 02, 2016, 05:35:59 AM »


No, CLI is always a soft pull with amex

Ftfy