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.
« Last edited by JACKSASSONBK on February 16, 2017, 06:19:07 PM »

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Author Topic: Amex F/R Master Thread  (Read 1866944 times)

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4580 on: September 03, 2015, 11:33:53 PM »
Quote from: hvaces42 on September 03, 2015, 10:14:20 PM
Did you get a letter or just all verbal. Spoke to rep 8/24 and she said she was cancelling. Time frame for them closing. Pending MR has been posting. I get these new cards. Something doesnt add up.
All verbal. I got nothing in the mail. I didn't submit my docs but the rep said she would review them and if no good then she would notify me and allow me to cancel on my own
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Offline cf

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Re: Amex F/R Master Thread
« Reply #4581 on: September 04, 2015, 10:30:24 AM »
I need to fill out a 4506-T form,  i have no income i file jointly... 
Will they pull my husbands credit when submitting the form?
I didn't file taxes the last few years will it be a problem?
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Offline CS91

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Re: Amex F/R Master Thread
« Reply #4582 on: September 04, 2015, 10:57:32 AM »
Just logged into my Amex account and for all my cards, it says info isn't available. Does that mean I've been F/R'd?
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Offline D93

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Re: Amex F/R Master Thread
« Reply #4583 on: September 04, 2015, 11:00:15 AM »
Quote from: CS91 on September 04, 2015, 10:57:32 AM
Just logged into my Amex account and for all my cards, it says info isn't available. Does that mean I've been F/R'd?
No. Try a different browser/incognito
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #4584 on: September 04, 2015, 11:01:37 AM »
That's been the theme of the day for Amex.
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Offline CS91

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Re: Amex F/R Master Thread
« Reply #4585 on: September 04, 2015, 11:02:32 AM »
Quote from: TimT on September 04, 2015, 11:01:37 AM
That's been the theme of the day for Amex.

Oh, ok good to know. Tried a different browser/incognito but same result.
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #4586 on: September 04, 2015, 11:08:31 AM »
Quote from: CS91 on September 04, 2015, 11:02:32 AM
Oh, ok good to know. Tried a different browser/incognito but same result.
Sometimes I can't login altogether, other times I get through but everything's "not available".
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Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #4587 on: September 04, 2015, 11:08:40 AM »
Quote from: cf on September 04, 2015, 10:30:24 AM
I need to fill out a 4506-T form,  i have no income i file jointly... 
Will they pull my husbands credit when submitting the form?
I didn't file taxes the last few years will it be a problem?
The 4506 is to pull tour tax returns from the IRS, not your credit or tour husband's credit. If you havent filed returns they will ask for copies of extensions. It will be a problem.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4588 on: September 04, 2015, 11:10:26 AM »
Quote from: cf on September 04, 2015, 10:30:24 AM
I need to fill out a 4506-T form,  i have no income i file jointly... 
Will they pull my husbands credit when submitting the form?
I didn't file taxes the last few years will it be a problem?
Why would they pull anyones credit?? Theyre looking to verify income. If you file jointly and your husband has an income then you'll be fine
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Offline cf

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Re: Amex F/R Master Thread
« Reply #4589 on: September 04, 2015, 11:11:53 AM »
Thanks! I had to give his ss# just wanted to verify...
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4590 on: September 04, 2015, 11:13:17 AM »
Quote from: cf on September 04, 2015, 11:11:53 AM
Thanks! I had to give his ss# just wanted to verify...
Np
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Offline jameswacht

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Re: Amex F/R Master Thread
« Reply #4591 on: September 04, 2015, 12:09:10 PM »
is maxing out CL and charge cards a trigger for FR? anyway to avoid it?
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #4592 on: September 04, 2015, 12:11:33 PM »
Quote from: jameswacht on September 04, 2015, 12:09:10 PM
is maxing out CL and charge cards a trigger for FR? anyway to avoid it?
Charge cards for sure. Avoid it by not doing it?
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Offline jameswacht

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Re: Amex F/R Master Thread
« Reply #4593 on: September 04, 2015, 12:13:43 PM »
Quote from: Aj3042 on September 04, 2015, 12:11:33 PM
Charge cards for sure. Avoid it by not doing it?
whats the most one can spend on a charge card and still be safe?
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #4594 on: September 04, 2015, 12:17:23 PM »
Quote from: jameswacht on September 04, 2015, 12:13:43 PM
whats the most one can spend on a charge card and still be safe?
No specific amounts it depends mostly on your past spending habits.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4595 on: September 04, 2015, 12:23:25 PM »
Quote from: Aj3042 on September 04, 2015, 12:17:23 PM
No specific amounts it depends mostly on your past spending habits.
On that specific card or on across your accounts?
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #4596 on: September 04, 2015, 12:28:16 PM »
Quote from: Jm1248 on September 04, 2015, 12:23:25 PM
On that specific card or on across your accounts?
Also YMMV but IMO the worst thing you can do is spend a lot on a charge card (they have no ingrained limits so they make AMEX nervous).
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Offline Yaalili

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Re: Amex F/R Master Thread
« Reply #4597 on: September 04, 2015, 12:42:37 PM »
Quote from: CS91 on September 04, 2015, 10:57:32 AM
Just logged into my Amex account and for all my cards, it says info isn't available. Does that mean I've been F/R'd?

Same for me today, right away thought oh no FR... But seems like its just not working.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4598 on: September 04, 2015, 12:44:15 PM »
Quote from: Yaalili on September 04, 2015, 12:42:37 PM
Same for me today, right away thought oh no FR... But seems like its just not working.
FR doesn't show no account info available. It will say charging suspended when you log in
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #4599 on: September 04, 2015, 12:44:31 PM »
Quote from: Yaalili on September 04, 2015, 12:42:37 PM
Same for me today, right away thought oh no FR... But seems like its just not working.
They scared quite a few people today
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