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.

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 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:
[/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 706294 times)

Offline PAShliach

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Re: Amex Financial Review
« Reply #75 on: February 25, 2009, 09:32:01 PM »
Hi,

1. I had over 100k in credit available. FR'd. I canceled all my cards, and then reapplied 6 months later, 12 month later, etc. No go.
2. Finally, i decided to send in my tax info. Really they jsut wanted this form signed and applied for teh starwood. Got approved for 18,500.
3. The way i read it is a "one time" bonus per account, not per person.
4. Great forum.

Peace

Offline aaa

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Re: Amex Financial Review
« Reply #76 on: June 02, 2009, 02:45:33 PM »
Just passed my 2nd financial review (in 2 years) with amex. Was a very painless and quick process this time. Just gave them my tax info and within a couple days my account was good to go.

I even got approved right afterwards for a CL increase from 9.5k to 18k. I figured that when I asked for the new limit I should keep it at less than doubling the original credit limit. I only have one amex card at this time, so not sure how flexible amex is these days with CLs. I know it used to be very easy to get 25k+. Anyone here able to comment? How large is your CL and whats your monthly spending and credit score?

Thanks

Online Mikeoracle

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Re: Amex Financial Review
« Reply #77 on: June 02, 2009, 03:39:28 PM »
They FR'ed you twice and you only had 1 card with a 9.5K CL? Why would they do that? I thought they only FR if you have very high CL or alot of cards....

As far as CL's go, lately that have been approving new signups for very small CL's compared to what they did less than a year ago. I know a few guys who I recently referred to the SPG amex and they only got approved for 3-5K or maybe a little more, 1 guy even canceled another amex with 20K or so CL before he applied but that didnt help at all.
Last August I know of a few very high CL's that were approved (20-35K) no problem.

Offline aaa

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Re: Amex Financial Review
« Reply #78 on: June 03, 2009, 04:48:44 PM »
Actually had 100k of credit with about 80k being used. They closed all accounts except for one. Now they did it because I had some strange and large transactions on the card.


Offline daganster

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Financial Review
« Reply #79 on: December 20, 2009, 11:22:20 AM »
My wife and I, whom have different last names, just got flaged.
They froze our accounts and we are under "Financial Review".
Any ideas? suggestions?

Avi

Offline MOSES

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Re: Financial Review
« Reply #80 on: December 20, 2009, 11:31:08 AM »
My wife and I, whom have different last names, just got flaged.
They froze our accounts and we are under "Financial Review".
Any ideas? suggestions?

Avi
pray!

Offline steve2

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Re: Financial Review
« Reply #81 on: December 20, 2009, 12:28:41 PM »
My wife and I, whom have different last names, just got flaged.
They froze our accounts and we are under "Financial Review".
Any ideas? suggestions?

Avi

 well if you made everything up then Pray very Hard! especially if you are young

 If all the info you put down was legit then worse comes to worse they will simply ask you to send in copies of whatever it is that is bothering them so they will know all is OK. eg you put down you make $125.000 they will want you to send in copies of your pay stubs, you dont work then most likely they will Close your accts

Offline steve2

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Re: Financial Review
« Reply #82 on: December 20, 2009, 12:31:18 PM »
My wife and I, whom have different last names, just got flaged.
They froze our accounts and we are under "Financial Review".
Any ideas? suggestions?


 its not a good idea to post the samething in more then 1 Forum.

Offline SuperFlyer

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Re: Financial Review
« Reply #83 on: December 20, 2009, 05:06:07 PM »
its not a good idea to post the samething in more then 1 Forum.

The guy is in trouble and stressed, give him a break.

Please send me all the details in PM and I'll try to check it out.
I know of a pro...

Offline Dan

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Re: Financial Review
« Reply #84 on: December 20, 2009, 06:25:21 PM »
My wife and I, whom have different last names, just got flaged.
They froze our accounts and we are under "Financial Review".
Any ideas? suggestions?

Do you guys make money/pay taxes or not?
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.

Offline steve2

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Re: Financial Review
« Reply #85 on: December 20, 2009, 07:05:17 PM »
The guy is in trouble and stressed, give him a break.

Please send me all the details in PM and I'll try to check it out.
I know of a pro...

 what are you talking about? Worse case whatever Institution they are dealing with will Close up their CCs. Its happened to numerous people. I suggested to a friend to simply open up a Savings and Checking acct at a Bank and get their CC and sit tight and things will be OK. They did that ayr ago and are back to getting CC apps in the mail once again

 The cops arent gonna be stopping by the guys house and hauling them off. It just means having to earn different type of Rewards for a while if that institution does Close them down.

 I applied for a special DL CC and Amex hit me with wanting me to provide them with certain proof of some things. I didnt send anything in and didnt get the CC and still get email about applying for a DL CC a different 1 and other Amex CCs

Offline SuperFlyer

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Re: Financial Review
« Reply #86 on: December 20, 2009, 07:47:56 PM »
good for you,

I know people who have been stripped completely, and others worse.....

Offline steve2

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Re: Financial Review
« Reply #87 on: December 20, 2009, 08:36:46 PM »
good for you,

I know people who have been stripped completely, and others worse.....

 remind me to send you a Medal

 I guess those that you know had problems werent on the up & up to begin with, otherwise if everything was true they either would have been OK or that Institution would simply have closed their accts with them but wouldnt have been gunning after them

Offline Charles The Govenor

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Re: Financial Review
« Reply #88 on: December 21, 2009, 01:51:45 AM »
good for you,

I know people who have been stripped completely, and others worse.....
What worse?
star alliance

Offline SuperFlyer

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Re: Financial Review
« Reply #89 on: December 21, 2009, 01:14:28 PM »
One travel agent was selling tickets to those "organ laundering or whatever" guys.

this travel agent was all legit, but because they (feds) decided to connect them both in the meantime, he has almost a year 600k frozen (thats al he has got), all his personal accounts frozen, and if he wouldnt have an excellent lawyer, he'd been in jail as preventive measure or so....