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 1817376 times)

Offline kivabb

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Re: Amex F/R Master Thread
« Reply #1040 on: March 15, 2012, 09:43:18 PM »
My wife barely survived F/R. Her business card was taken from unlimited to 3K and her personal from 10K to 1K.  I guess I shouldn't complain.

Any point in keeping these open with such small CL or should I just close once I get spend bonuses and hopefully I'll apply again in 2 months, get sign up bonus and get hopefully higher credit line?

Offline dans fan

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Re: Amex F/R Master Thread
« Reply #1041 on: March 15, 2012, 09:54:11 PM »
My wife barely survived F/R. Her business card was taken from unlimited to 3K and her personal from 10K to 1K.  I guess I shouldn't complain.

Any point in keeping these open with such small CL or should I just close once I get spend bonuses and hopefully I'll apply again in 2 months, get sign up bonus and get hopefully higher credit line?
might get you fried again. passing one doesnt mean you will survive another

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Re: Amex F/R Master Thread
« Reply #1042 on: March 15, 2012, 09:56:00 PM »
My wife barely survived F/R. Her business card was taken from unlimited to 3K and her personal from 10K to 1K.  I guess I shouldn't complain.

Any point in keeping these open with such small CL or should I just close once I get spend bonuses and hopefully I'll apply again in 2 months, get sign up bonus and get hopefully higher credit line?
might get you fried again. passing one doesnt mean you will survive another
+1

Also even i you re-apply you might not get any bigger of a new CL.

Keep both cards open and hopefully in a few months U'll get credit increases

Offline Devorah

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Re: Amex F/R Master Thread
« Reply #1043 on: March 15, 2012, 11:04:16 PM »
My wife barely survived F/R. Her business card was taken from unlimited to 3K and her personal from 10K to 1K.  I guess I shouldn't complain.

Any point in keeping these open with such small CL or should I just close once I get spend bonuses and hopefully I'll apply again in 2 months, get sign up bonus and get hopefully higher credit line?

I also had my limits cut after FR, but after a couple of months, got a letter that they were rescinding my limit on charge cards and my recent cards were approved with higher limits.

Offline AJK

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Re: Amex F/R Master Thread
« Reply #1044 on: March 16, 2012, 12:19:14 AM »
Also even i you re-apply you might not get any bigger of a new CL.

I'm not sure that's true... I don't imagine the people doing the F/R's are reviewing new apps... The only way that'd be true is if, somehow, they attach a flag/note to the social sec # (which I tend to doubt).
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Re: Amex F/R Master Thread
« Reply #1045 on: March 16, 2012, 01:27:20 AM »
I'm not sure that's true... I don't imagine the people doing the F/R's are reviewing new apps... The only way that'd be true is if, somehow, they attach a flag/note to the social sec # (which I tend to doubt).

You're suggesting that for someone who is F/R'd and have their accounts shut down, when they later apply for new Amex accounts it gets processed like any new applicant who wasn't F/R'd?
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Re: Amex F/R Master Thread
« Reply #1046 on: March 16, 2012, 01:29:57 AM »
You're suggesting that for someone who is F/R'd and have their accounts shut down, when they later apply for new Amex accounts it gets processed like any new applicant who wasn't F/R'd?

Actually, no.

For those whose accounts got shut down, it would probably be naive to think they don't flag that to some degree (unfortunately). But hey, who knows?

I was talking about people who pass the F/R. But, of course, I have no inside info...
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Re: Amex F/R Master Thread
« Reply #1047 on: March 16, 2012, 01:33:08 AM »
Actually, no.

For those whose accounts got shut down, it would probably be naive to think they don't flag that to some degree (unfortunately). But hey, who knows?

I was talking about people who pass the F/R. But, of course, I have no inside info...

Ok, we're in agreement then.
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Re: Amex F/R Master Thread
« Reply #1048 on: March 16, 2012, 09:19:20 AM »
I'm not sure that's true... I don't imagine the people doing the F/R's are reviewing new apps... The only way that'd be true is if, somehow, they attach a flag/note to the social sec # (which I tend to doubt).
The do attach a flag note.

I have Been FR'd and shut down. For 2 Years I couldn't get back on until I gave the IRS 4706 Form.

Then after I sent in the form, it took them too long to receive it, so they closed my app. I re-applied and they had it on file...

And I got approved!

Offline AJK

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Re: Amex F/R Master Thread
« Reply #1049 on: March 16, 2012, 09:29:21 AM »
The do attach a flag note.

I have Been FR'd and shut down. For 2 Years I couldn't get back on until I gave the IRS 4706 Form.

Then after I sent in the form, it took them too long to receive it, so they closed my app. I re-applied and they had it on file...

And I got approved!

For those whose accounts got shut down, it would probably be naive to think they don't flag that to some degree (unfortunately). But hey, who knows?

I was talking about people who pass the F/R. But, of course, I have no inside info...
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

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Re: Amex F/R Master Thread
« Reply #1050 on: March 16, 2012, 11:02:54 AM »
My wife barely survived F/R. Her business card was taken from unlimited to 3K and her personal from 10K to 1K.  I guess I shouldn't complain.

Any point in keeping these open with such small CL or should I just close once I get spend bonuses and hopefully I'll apply again in 2 months, get sign up bonus and get hopefully higher credit line?

i got fried at the end of Dec. I tried to move cl from one card to another and then shut the card down. I was told by Amex credit that no limits or CLs can be changed/moved for 6 months bc there was an "adjustment by AMEX" and there's no movement allowed for 6 months (except for closing)...YMMV but I've heard from more than one person that after a fry your stuck for 6 months...ive been keeping super quiet w amex and hitting chase and citi until my 6 months pass

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Re: Amex F/R Master Thread
« Reply #1051 on: March 16, 2012, 11:15:38 AM »
Guys its FR or FR'd.
They're not making donuts...
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.

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Re: Amex F/R Master Thread
« Reply #1052 on: March 16, 2012, 11:44:18 AM »
does an FR mess up your other accounts too ( chase, citi? ) or just amex?

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Re: Amex F/R Master Thread
« Reply #1053 on: March 16, 2012, 11:56:15 AM »
does an FR mess up your other accounts too ( chase, citi? ) or just amex?
Just AMEX

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Re: Amex F/R Master Thread
« Reply #1054 on: March 16, 2012, 11:57:58 AM »
Guys its FR or FR'd.
They're not making donuts...
Fried dough! Great idea since no meat today.
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Offline kivabb

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Re: Amex F/R Master Thread
« Reply #1055 on: March 16, 2012, 11:58:47 AM »
Thanks for all your input. Will hang low for 6 months.

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Re: Amex F/R Master Thread
« Reply #1056 on: March 16, 2012, 12:01:13 PM »
does an FR mess up your other accounts too ( chase, citi? ) or just amex?
Failing an F/R can affect anything.

Fried dough! Great idea since no meat today.
Strange because I smell brisket cooking.
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Offline lcyitz

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Re: Amex F/R Master Thread
« Reply #1057 on: March 16, 2012, 12:04:13 PM »
Is there a way to pass if i don't have an income?

would saying "household" income  which  is including my parents help?

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Re: Amex F/R Master Thread
« Reply #1058 on: March 16, 2012, 12:05:56 PM »
Is there a way to pass if i don't have an income?

would saying "household" income  which  is including my parents help?

Ha, "saying" doesn't work at the F/R stage. They want proof. Tax docs or bank account docs.
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Amex F/R Master Thread
« Reply #1059 on: March 16, 2012, 12:10:16 PM »
So if I claim that I'm home and my household income is my parents income?

Meaning I send them my fathers tax papers.