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 1817695 times)

Offline username

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jul 2008
  • Posts: 4531
  • Total likes: 602
  • DansDeals.com Hat Tips 14
  • Gender: Male
    • View Profile
  • Location: C Heights
  • Programs: ┌──────────────────┐ │───> Ữ₴ΣЯИΛΜӘ <─── │ └──────────────────┘
Re: Amex F/R Master Thread
« Reply #3580 on: February 04, 2015, 08:58:45 AM »
They can do anything they want but I don't see this happening.
Thanks for responding.
^^^

Offline Tom Brady

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jan 2015
  • Posts: 867
  • Total likes: 15
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: HVN/BDL
  • Programs: AA EP, Hyatt Diamond, SPG Platinum, Hilton Diamond, Ritz Platinum
Re: Amex F/R Master Thread
« Reply #3581 on: February 08, 2015, 09:21:59 AM »
Does anyone know if adding a person as an au on an amex when that person himself was FR'd by Amex and shut down (until he produces a 4506 form from the IRS) is a serious trigger for a FR?
 I'm referring to adding him with his social online because I want the account on his credit report and it would be the only au being added.

Offline tjak

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Apr 2014
  • Posts: 550
  • Total likes: 25
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Amex F/R Master Thread
« Reply #3582 on: February 08, 2015, 09:42:46 AM »

Does anyone know if adding a person as an au on an amex when that person himself was FR'd by Amex and shut down (until he produces a 4506 form from the IRS) is a serious trigger for a FR?
 I'm referring to adding him with his social online because I want the account on his credit report and it would be the only au being added.
I once tried adding some one and it got denied due to his personal file with them. Was worried about getting f/r then but it's been a couple month since and I'm still good. ymmv. 

Offline Tom Brady

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jan 2015
  • Posts: 867
  • Total likes: 15
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: HVN/BDL
  • Programs: AA EP, Hyatt Diamond, SPG Platinum, Hilton Diamond, Ritz Platinum
Re: Amex F/R Master Thread
« Reply #3583 on: February 08, 2015, 09:52:59 AM »
I once tried adding some one and it got denied due to his personal file with them. Was worried about getting f/r then but it's been a couple month since and I'm still good. ymmv. 
OK thanks. So it probably won't let me add him then.

Offline wonderlust

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Sep 2012
  • Posts: 1014
  • Total likes: 5
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: NJ
Re: Amex F/R Master Thread
« Reply #3584 on: February 08, 2015, 05:49:28 PM »
Ok just had crazy story with Amex: made a payment from an account that bounced back & now Amex fr'ed everyone in my family with my address. In addition they canceled all my wife's accounts (hers was the account the payment was made to) they said they might be a able to reinstate the account but either way they completely shut them down for now

Has anyone had similiar experience ? Seemed crazy they did all this because of returned payment..anyone know anything or Have experience with reinstating an already shut account? My wife's Experian score as of last week was 750- how bad will the hit be if there are 3 accounts on her cr that say closed by grantor?

Thanks

Offline Tom Brady

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jan 2015
  • Posts: 867
  • Total likes: 15
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: HVN/BDL
  • Programs: AA EP, Hyatt Diamond, SPG Platinum, Hilton Diamond, Ritz Platinum
Re: Amex F/R Master Thread
« Reply #3585 on: February 08, 2015, 07:22:41 PM »
Ok just had crazy story with Amex: made a payment from an account that bounced back & now Amex fr'ed everyone in my family with my address. In addition they canceled all my wife's accounts (hers was the account the payment was made to) they said they might be a able to reinstate the account but either way they completely shut them down for now

Has anyone had similiar experience ? Seemed crazy they did all this because of returned payment..anyone know anything or Have experience with reinstating an already shut account? My wife's Experian score as of last week was 750- how bad will the hit be if there are 3 accounts on her cr that say closed by grantor?

Thanks
I'm not sure about the F/R but as far as your wife's credit score it won't be affected any differently than if you closed the accounts yourself and the only thing that should change is that since she has less credit now, her utilization will be worse. So if you keep the utilization low and pay everything off on time, her credit score won't take a hit. Though it could look a little bad on her report when lenders look at it, if too many accounts were closed by granter.

Offline noturbizniss

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2012
  • Posts: 7116
  • Total likes: 140
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: North Jersey
Re: Amex F/R Master Thread
« Reply #3586 on: February 08, 2015, 11:04:30 PM »
I'm not sure about the F/R but as far as your wife's credit score it won't be affected any differently than if you closed the accounts yourself and the only thing that should change is that since she has less credit now, her utilization will be worse. So if you keep the utilization low and pay everything off on time, her credit score won't take a hit. Though it could look a little bad on her report when lenders look at it, if too many accounts were closed by granter.
-1
Closed by grantor is not good. Doesn't breed tryst.
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline lechatchileh ariber

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Mar 2013
  • Posts: 836
  • Total likes: 26
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #3587 on: February 09, 2015, 12:37:11 AM »
I was buying iPhone's ( 3 orders of 9 on an Spg with 19k cl and a prg) and my last order (3rd batch of 9 on prg) didn't go through. I called amex they said I have 11k out so they won't let me spend more, and I have f/r. I straight away called back and closed both my amex cards.
What's the next step?
I don't sin, I give myself opportunities to repent.

Offline moto

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jan 2012
  • Posts: 952
  • Total likes: 2
  • DansDeals.com Hat Tips 5
    • View Profile
Re: Amex F/R Master Thread
« Reply #3588 on: February 09, 2015, 12:45:26 AM »
Got a phone call from Amex saying unusual spending once paid back in full we will lift your suspension after I pay back in full do you think I will get f/r?

Offline lechatchileh ariber

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Mar 2013
  • Posts: 836
  • Total likes: 26
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #3589 on: February 09, 2015, 12:47:20 AM »
The guy who I spoke to said the same thing but when i asked him to send me that in writing he added that I also have an fr.
I don't sin, I give myself opportunities to repent.

Offline wonderlust

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Sep 2012
  • Posts: 1014
  • Total likes: 5
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: NJ
Re: Amex F/R Master Thread
« Reply #3590 on: February 09, 2015, 12:49:24 AM »
-1
Closed by grantor is not good. Doesn't breed tryst.
Thats what I thought but was wondering to what degree?

Offline moto

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jan 2012
  • Posts: 952
  • Total likes: 2
  • DansDeals.com Hat Tips 5
    • View Profile
Re: Amex F/R Master Thread
« Reply #3591 on: February 09, 2015, 12:50:01 AM »
The guy who I spoke to said the same thing but when i asked him to send me that in writing he added that I also have an fr.
what do you mean in writing? He told me that if I don't pay it back in full by the due date then I will have a financial review etc..

Offline lechatchileh ariber

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Mar 2013
  • Posts: 836
  • Total likes: 26
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #3592 on: February 09, 2015, 12:53:43 AM »
what do you mean in writing? He told me that if I don't pay it back in full by the due date then I will have a financial review etc..
I don't know what the story is by you, but by me he said that my funds are only suspended because of high spend, and when I pay back it will be lifted. But that I also have an f/r.
« Last Edit: February 09, 2015, 01:27:53 AM by lechatchileh ariber »
I don't sin, I give myself opportunities to repent.

Offline moto

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jan 2012
  • Posts: 952
  • Total likes: 2
  • DansDeals.com Hat Tips 5
    • View Profile
Re: Amex F/R Master Thread
« Reply #3593 on: February 09, 2015, 12:55:49 AM »
I don't know what the story is by you, but buy me he said that my funds are only suspended because of I spend, and when I pay back it will be lifted. But that I also have an f/r.
so he told me I'm not in a financial review and once paid back suspension will be lifted however I just called and they told I'm in a financial review so I guess will see what happenes once I pay back

Offline lechatchileh ariber

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Mar 2013
  • Posts: 836
  • Total likes: 26
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex F/R Master Thread
« Reply #3594 on: February 09, 2015, 01:29:35 AM »
I'm not so familiar with this process, but it sounds like you might want to close all your amex cards first thing so that they don't get a chance to actually fr you and shut you down.
I don't sin, I give myself opportunities to repent.

Offline noturbizniss

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2012
  • Posts: 7116
  • Total likes: 140
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: North Jersey
Re: Amex F/R Master Thread
« Reply #3595 on: February 09, 2015, 06:30:44 AM »
I'm not so familiar with this process, but it sounds like you might want to close all your amex cards first thing so that they don't get a chance to actually fr you and shut you down.
-100
As long as you have income on the books you should be ok. No reason to jump th the gun and close your cards.
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline Tom Brady

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jan 2015
  • Posts: 867
  • Total likes: 15
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: HVN/BDL
  • Programs: AA EP, Hyatt Diamond, SPG Platinum, Hilton Diamond, Ritz Platinum
Re: Amex F/R Master Thread
« Reply #3596 on: February 09, 2015, 07:30:59 AM »
-1
Closed by grantor is not good. Doesn't breed tryst.
I didn't say that it was good. I just said that it doesn't hurt your credit score and also that only a couple aren't necessarily looked at as bad because you could've had an account closed by grantor due to inactivity. I have 2 accounts closed by grantor and they haven't effected my credit or getting accepted for cards. Either way I agree that your better off without them and the less the better.

Offline TimT

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 22077
  • Total likes: 7130
  • DansDeals.com Hat Tips 12
    • View Profile
Re: Amex F/R Master Thread
« Reply #3597 on: February 09, 2015, 08:08:12 AM »
I'm not so familiar with this process, but it sounds like you might want to close all your amex cards first thing so that they don't get a chance to actually fr you and shut you down.
Many people have successfully passed an FR.

Offline noturbizniss

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2012
  • Posts: 7116
  • Total likes: 140
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: North Jersey
Re: Amex F/R Master Thread
« Reply #3598 on: February 09, 2015, 09:01:11 AM »
Many people have successfully passed an FR.
+2
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline steves

  • Dansdeals Silver Elite
  • **
  • Join Date: May 2013
  • Posts: 51
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3599 on: February 10, 2015, 01:59:44 AM »
I got a message from AMEX FR Dept. This morning. I do not have tax returns, however I do have a lot of money going through my accounts:)..

Anything in particular that I can say to them to convince them to only look at my bank statements?

Is their a known or estimated amount of money needed to be in the bank to pass this F/R?

As well, has anyone here been reaccepted to AMEX after proactively closing their cards without having to go through an F/R?