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 1816077 times)

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #7560 on: February 12, 2017, 11:46:10 PM »
tx!

Offline grodnoking

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Re: Amex F/R Master Thread
« Reply #7561 on: February 12, 2017, 11:46:55 PM »
I can log in but it says "not available" by the payment amount and payment due date.

Yes for me. System error. Nothing to do with FR.

Not even letting me sign in.
"Our system is not responding, please try again later".

What does it mean if you log into account and it just says NOT AVAILABLE by each account?
Seems system wide,      some people having different errors than others, probably based on where your logging in. I'm on my Android app
I'm not who you think I am.

Offline TimT

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Re: Amex F/R Master Thread
« Reply #7562 on: February 12, 2017, 11:47:31 PM »
One login everything's fine, second login everything's "not available"

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #7563 on: February 12, 2017, 11:47:42 PM »
How long does it usualy last?

Offline TimT

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Re: Amex F/R Master Thread
« Reply #7564 on: February 12, 2017, 11:48:13 PM »
How long does it usualy last?
Its not "usual"

Offline grodnoking

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Re: Amex F/R Master Thread
« Reply #7565 on: February 12, 2017, 11:48:33 PM »
How long does it usualy last?
Don't think it's usual, so no way to tell.
I'm not who you think I am.

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #7566 on: February 13, 2017, 12:15:26 AM »
Back up for me!

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7567 on: February 13, 2017, 12:15:53 AM »
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline pixi

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Re: Amex F/R Master Thread
« Reply #7568 on: February 13, 2017, 07:23:32 PM »
Is amex looking on my credit report  as well if I have any debt or mortgage payments while conducting a FR or it's all about my income ?
money doesn't talk......      it SCREAMS !

Offline Tzfas

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Re: Amex F/R Master Thread
« Reply #7569 on: February 13, 2017, 07:36:17 PM »
Is amex looking on my credit report  as well if I have any debt or mortgage payments while conducting a FR or it's all about my income ?
They ask about mortgage payments and your reported income on your tax return.

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7570 on: February 13, 2017, 08:44:55 PM »
Is amex looking on my credit report  as well if I have any debt or mortgage payments while conducting a FR or it's all about my income ?
They will look at all your credit report so they will see other cards that you have with different banks

Offline pixi

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Re: Amex F/R Master Thread
« Reply #7571 on: February 13, 2017, 09:45:26 PM »
Does it make any difference if I close my BUSINESS card myself or  risk getting shut down if I don't pass since a business card is anyways not on the report ?
money doesn't talk......      it SCREAMS !

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7572 on: February 13, 2017, 09:56:32 PM »
Does it make any difference if I close my BUSINESS card myself or  risk getting shut down if I don't pass since a business card is anyways not on the report ?
Why do you think that you won't pass?

Offline pixi

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Re: Amex F/R Master Thread
« Reply #7573 on: February 13, 2017, 09:58:20 PM »
Why do you think that you won't pass?
money doesn't talk......      it SCREAMS !

Offline shmuels2

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Re: Amex F/R Master Thread
« Reply #7574 on: February 16, 2017, 05:06:13 PM »
Life after FR closure: where do you begin the process to open new amex accounts after complete closure from FR (in my case, due to mistakes on the 4506-t twice)? Applying seems to be a dead end (says they'll send a letter) and recon reps don't seem to have a clue. Who has the power to reinitiate the review?

Offline JACKSASSONBK

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Re: Amex F/R Master Thread
« Reply #7575 on: February 16, 2017, 06:21:45 PM »
I need serious help. Pls any info will be much appreciated

I just got a F/R on 1/15 for spending 60K in 2 days in Sam's Club.
Paid the bills back right away, but they still F/R me.
My overall credit line with Amex is over 100k and I spend alot with them constantly.
Account has been active and on time for 7 years.
I also told them the truth about my taxes when I opened the card and they will see that if they got a copy of my taxes.
In addition, I have funds in my account to cover anything. Have private banker at Chase and all that. Great relationship etc.

They asked me for a T4506 form. They have very specific guidelines outlined on the cover form they sent me as well.

Here is the bad news: They claim that they are only allowed to give me 2 chances to fill it out correctly.
The first time I wrote it out by hand, so they rejected it.
The second time I accidentally added my title on under my name, so they rejected that as well.

1/26 - My rep called me back (after a week of me leaving her voicemails) and told me that since I failed the 2 forms they now need to close my accounts.

I demanded a manager contact me for a third chance. So she left my accounts opened and notated on my account for a manager to call me

PLSSSSS help me out!!!

Also - please let me know if I should cash out my MR points. I have about 169K in my account and don't want to lose them.

Here is the positive update:

Amex allowed me to do a 3rd form.
They accepted my 3rd form on 1/30 and told me they would get back to me
They called me today (2/16) and notified me that the review was complete
!!ALL MY ACCOUNTS ARE UNTOUCHED AND UNBLOCKED!! Thanks G-D!
Palletfly.com | JSCORealty.com
Remember who's in charge - G-D

Offline JACKSASSONBK

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Re: Amex F/R Master Thread
« Reply #7576 on: February 16, 2017, 06:23:00 PM »
Here is the positive update:

Amex allowed me to do a 3rd form.
They accepted my 3rd form on 1/30 and told me they would get back to me
They called me today (2/16) and notified me that the review was complete
!!ALL MY ACCOUNTS ARE UNTOUCHED AND UNBLOCKED!! Thanks G-D!

@dan - I passed
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Remember who's in charge - G-D

Offline JTZ

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Re: Amex F/R Master Thread
« Reply #7577 on: February 16, 2017, 06:24:13 PM »
If they shut it, it looks very bad on your credit report.
Not true. A FI closing your CC is not a bad thing. I have had many accounts closed for inactivity.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #7578 on: February 16, 2017, 07:25:58 PM »
Not true. A FI closing your CC is not a bad thing. I have had many accounts closed for inactivity.
Amex doesn't like it per reports.

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7579 on: February 16, 2017, 07:32:08 PM »
Not true. A FI closing your CC is not a bad thing. I have had many accounts closed for inactivity.
I'm just reporting what I've been told. No personal experience, thankfully.