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 1876061 times)

Offline sky121

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Re: Re: amex platinum business 100k points offer
« Reply #1400 on: August 07, 2012, 01:46:58 PM »
i got an offer for amex business card with 100k signup points. unfortunately they want tax returns which i cannot provide is there anyway around this???

You applied already?
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Offline bigbadmoish

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Re: amex platinum business 100k points offer
« Reply #1401 on: August 07, 2012, 01:56:13 PM »
yes it wasnt working online so i spoke to rep on the phone (dunno if that helps or hurts)

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Re: amex platinum business 100k points offer
« Reply #1402 on: August 07, 2012, 02:27:06 PM »
yes it wasnt working online so i spoke to rep on the phone (dunno if that helps or hurts)
Are you a business? For a new business that didn't file taxes then bank statments might work, but YMMV

But if you told them that your business was open for a few years then you would need a tax return

Offline meshugener

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Re: amex platinum business 100k points offer
« Reply #1403 on: August 07, 2012, 02:45:42 PM »
I'm gonna kick you for such a title.
Love me or hate me. I still love you.

Offline jblacker

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Re: amex platinum business 100k points offer
« Reply #1404 on: August 07, 2012, 04:20:03 PM »
I'm gonna kick you for such a title.
+1 please change

Offline bigbadmoish

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Re: amex platinum business 100k points offer
« Reply #1405 on: August 07, 2012, 06:36:43 PM »
Thanks will let you knw what happens.

Ps. What's wrong w my name??? If you ever saw me you'd chopp how aprapo it is

Offline meshugener

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Re: amex platinum business 100k points offer
« Reply #1406 on: August 07, 2012, 06:38:42 PM »
Its not your name, its the title of th thread.
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Re: amex platinum business 100k points offer
« Reply #1407 on: August 07, 2012, 06:39:56 PM »
Ohhhhhh lol srry.

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Re: Amex F/R Master Thread
« Reply #1408 on: August 09, 2012, 04:00:06 PM »
Anyone ever got F/Red on a non-charge card? (e.g. Didn't have any charge card under his name during the F/R, or knew for sure that the non-charge card was the one which triggered the F/R)
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Amex Business CC causing FR?
« Reply #1409 on: August 12, 2012, 05:57:48 PM »
It has been stated many times on these forums, that getting an Amex Business card can be an FR trigger. There was just a great deal for Amex Business Gold, I'm wondering if anyone that applied for that card has gotten FR'ed, and if in the next month or so if anyone that applied for that card getd FR'ed if they can report it here, so we can see if Amex Business Card is really an FR trigger. Thanx!
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Amex Business CC causing FR?
« Reply #1410 on: August 12, 2012, 06:37:34 PM »
I opened a Biz Gold 4 months ago. I got FR before I even got the card. B"H I survived with a cut CL.

My Q' is, is there still a risk of FR on future biz cards?


Offline Drago

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Re: Amex Business CC causing FR?
« Reply #1411 on: August 12, 2012, 08:56:53 PM »
I opened one 4 months ago, no issue, and another one for my better half 2 months ago, and no issue.

I did have an FR 2 years ago, but I think it was for other issues.

Offline MrsZev

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Re: Amex Business CC causing FR?
« Reply #1412 on: August 13, 2012, 10:39:45 AM »
What is involved in a FR? Applied & received the Biz Card, want to know what I should be prepared for (BAH) in case I get FR'd...

Offline AsherO

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Re: Amex Business CC causing FR?
« Reply #1413 on: August 13, 2012, 11:44:23 AM »
What is involved in a FR? Applied & received the Biz Card, want to know what I should be prepared for (BAH) in case I get FR'd...

No need to start a new thread for all these questions, please post in the appropriate topics (I'm going to request the mods move this there as well).
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Re: Amex Business CC causing FR?
« Reply #1414 on: August 14, 2012, 02:03:28 AM »
What is involved in a FR? Applied & received the Biz Card, want to know what I should be prepared for (BAH) in case I get FR'd...
Don't get nervous, it's not likely to happen. If it happens, we'll help you out. It is not something to prepare for.
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Re: Amex F/R Master Thread
« Reply #1415 on: August 14, 2012, 02:07:03 PM »
had a hunch it was coming... so i'm under F/R. doesn't sound all that bad from what they are telling me... they said they wouldn't close ANY of my accounts, and that the worst case scenario is low limits on the charge cards and credit cards (heard this so far from 2 agents)... all they want is the 4506T....

should i expect to actually have accounts closed or is this a regular thing? they just apply low limits... i made on the books about 6500 last year...
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Re: Amex F/R Master Thread
« Reply #1416 on: August 14, 2012, 02:10:16 PM »
had a hunch it was coming... so i'm under F/R. doesn't sound all that bad from what they are telling me... they said they wouldn't close ANY of my accounts, and that the worst case scenario is low limits on the charge cards and credit cards (heard this so far from 2 agents)... all they want is the 4506T....

should i expect to actually have accounts closed or is this a regular thing? they just apply low limits... i made on the books about 6500 last year...
Did you do any F/R triggers?
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Re: Amex F/R Master Thread
« Reply #1417 on: August 14, 2012, 02:12:52 PM »
Did you do any F/R triggers?

Like sneezing? ;)

Seems he must have as he "had a hunch it was coming."
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Re: Amex F/R Master Thread
« Reply #1418 on: August 14, 2012, 02:14:23 PM »
yup! i sneezed while signing up for the business gold....definitely the trigger.. lol (at least thats what i think...)
i was pre-approved for the PLAT?... (don't know if that made a difference)
i did a 3bm for the business PLAT - GOLD and STARWOOD.. they gave me an 18,7k limit on the starwood when my largest limit elsewhere is chase 10k....
« Last Edit: August 14, 2012, 02:21:12 PM by rcarentals »
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Re: Amex F/R Master Thread
« Reply #1419 on: August 14, 2012, 02:16:28 PM »
yup! i sneezed while signing up for the business gold....definitely the trigger.. lol
yup
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