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 ectÖ

Letís 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 donít 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 1071215 times)

Offline MOSES

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Oct 2009
  • Posts: 789
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Life after financial-review
« Reply #150 on: March 16, 2010, 05:30:08 AM »
You should be ok. they say 3 months in enough

Offline SuperFlyer

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2009
  • Posts: 8677
  • Total likes: 56
  • DansDeals.com Hat Tips 0
    • View Profile
Re: How NOT to get financial reviewed by amex????
« Reply #151 on: March 16, 2010, 08:14:02 AM »
Repaying a couple of $ more then you spend seems to be a sgula for credibility...

Offline ChaimB

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jan 2010
  • Posts: 111
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: How NOT to get financial reviewed by amex????
« Reply #152 on: March 21, 2010, 11:22:01 PM »
 when I was just out of the Country Amex tried to contact me been with them yrs. Yep the FR. Only i havent been spending anything near my limit of 55k, alot closer to 1k

 They emailed me and I called and explained out of Principle i wont send anything in. I asked how after over 10 yrs w/o any problems you are now asking for this info. She said I shouldnt take it personally as there wasnt any Red Flags. I said I do take it very personally and I would Never traet any of my clients/customers in such a way

 She said she will note everything and why I was refusing to submitt the documents and that I would be heaqring from amex when they reach a decission.

 Dont think they will shut me down only lower my limits from the 55k they gave raised me to last March w/o my asking

 Yea I did a nice amount of coins but it was loaded down with alot of reg charges as well.

 emptied my MR acct out even thou that CC wasnt being questioned. So it seems from the agent Amex is going thru their accts and just wanting to make sure that whatever limits they gave to someone can be backed up.

Offline SuperFlyer

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2009
  • Posts: 8677
  • Total likes: 56
  • DansDeals.com Hat Tips 0
    • View Profile
Re: How NOT to get financial reviewed by amex????
« Reply #153 on: March 22, 2010, 06:41:43 AM »
they are just tightening everything lately, as they are scared of people being unable to repay because of the crisis.

Offline MOSES

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Oct 2009
  • Posts: 789
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: How NOT to get financial reviewed by amex????
« Reply #154 on: March 22, 2010, 07:10:09 AM »
they are just tightening everything lately, as they are scared of people being unable to repay because of the crisis.
a week after I got my FR they lowered one of my credit limits from 6k to 1k. I had to send them bank statements in order for them to revert the change.

Offline SuperFlyer

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2009
  • Posts: 8677
  • Total likes: 56
  • DansDeals.com Hat Tips 0
    • View Profile
Re: How NOT to get financial reviewed by amex????
« Reply #155 on: March 22, 2010, 02:41:52 PM »
a week after I got my FR they lowered one of my credit limits from 6k to 1k. I had to send them bank statements in order for them to revert the change.

thats what Im talking about, I could get around $500k by amex, but the party is over.

Offline MOSES

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Oct 2009
  • Posts: 789
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: How NOT to get financial reviewed by amex????
« Reply #156 on: March 22, 2010, 05:59:56 PM »
thats what Im talking about, I could get around $500k by amex, but the party is over.
you can still get 500k, or you used to be able to?
I got the reverse reverted thank g-d!

Offline SuperFlyer

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2009
  • Posts: 8677
  • Total likes: 56
  • DansDeals.com Hat Tips 0
    • View Profile
Re: How NOT to get financial reviewed by amex????
« Reply #157 on: March 22, 2010, 07:00:57 PM »
I used to be able to get, only a few month ago.

Offline dvwing

  • DansDeals Copper Elite
  • *
  • Join Date: May 2010
  • Posts: 17
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #158 on: June 07, 2010, 11:06:29 PM »
I opened a 2 new AE Starwood cards a week ago, made a bunch of charges, and then one to the US Mint for $3,000. My account got flagged apparently and I got a call today from FR. They said not everyone gets FR, but it is not random either. No reason why. I submitted the form for the tax review today. Now it's wait, wait, wait. Any suggestions?

Offline dvwing

  • DansDeals Copper Elite
  • *
  • Join Date: May 2010
  • Posts: 17
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Financial Review
« Reply #159 on: June 07, 2010, 11:32:14 PM »
How long did it take from the time you got the call for the financial review till it was all cleared?

Offline MarkS

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2009
  • Posts: 3724
  • Total likes: 13
  • DansDeals.com Hat Tips 5
  • Gender: Male
    • View Profile
Re: Financial Review
« Reply #160 on: June 08, 2010, 12:33:28 AM »
Not very long at all. Once you send on your 4506T it takes about 2-3 days and your up and running again! (Hopefully)

Offline steve2

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2009
  • Posts: 2077
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: outside some Club
Re: Financial Review
« Reply #161 on: June 08, 2010, 12:37:57 AM »
HEY GUYS. THANKS FOR ALL YOUR HELP.

My FR is done. I SURVIVED. What triggered it was my business card (the card is on a TAX IS not a sol proprietor). They wanted to see my business tax returns from 08. I told her that the corp was opened in september 2008 and they was not much action in 08. we went back and forth. I wanted to show her my bank statements instead and she said she needs the returns, she was a very nice person BTW....
What eventually saved my tush was that my father declared me as a dependent in 2008. After she found that out she said to send in my last 3 months of my business bank statements ( the account I had been using to pay the card. I sent them in and she cleared the account within the hour. (the December one wasn't so hot but the other ones were ok) she also asked me a lot about the kind of business that I am running... etc.
anyone have a questions, let me know. I am willing to talk on the phone and give advise from my experience.



 Nice, a major problem for some is that the #s on the app were all made up = no way to show any proof to anything, so in that case its best to simply bluff your way out , if a person is new to Amex then theres not much they can do if they have been with them and have a good track record fall back on that and out of Principle tell them you refuse to send anything in

Offline Monsey

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Mar 2010
  • Posts: 474
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Financial Review
« Reply #162 on: June 09, 2010, 07:19:00 PM »
I had a hilton amex for about six months with 20k credit. Last week i applied for the personal starwood card and got 2k credit. When i got my starwood card i transfered over 18k from my hilton and on the same day i closed my hilton card. Today i got a call from f/r. On my starwood application i said i make 125k a year and they asked me for proof. I told them that im a dependent on my father and thats his income. She told me i can send in the last 3 months statements of my checking account and any other investments to show them how much money i have and then they will decide what to do. Do you think i should close my account or wait and see what happens. They dont want my fathers tax return because it isnt in my name

Offline Avid Reader

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2008
  • Posts: 4018
  • Total likes: 7
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: NYC
  • Programs: Starwood Gold, Accor Gold, Hilton Gold, Hertz Five Star Gold, Marriott Silver, National Executive
Re: Financial Review
« Reply #163 on: June 09, 2010, 07:28:05 PM »
Do you think i should close my account or wait and see what happens. They dont want my fathers tax return because it isnt in my name

Dont close. Show them the statements. It worked for me.

Offline dvwing

  • DansDeals Copper Elite
  • *
  • Join Date: May 2010
  • Posts: 17
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Financial Review
« Reply #164 on: June 09, 2010, 07:43:38 PM »
Well two days after my FR, I got hit AGAIN! The first FR was Monday on my husband's two accounts. Yesterday I sent in the 4506T and today I got THE phone call. Now my two accounts are suspended until the FR is done.

I think I know what triggered it. We got the new cards a couple weeks ago, went on to the AMEX link for adding a new cardmember for 1,000 bonus points for each one added. We added 2 per card, a total of 8 cardmembers between the two of us. Somewhere in the transmission it came through new accounts as a new card application instead of an added cardmember. I went in and did it again because the new accounts customer service rep told me to. Now I have been getting all kinds of letters saying that we have already applied for a card and they are cancelling the duplicate request. The thing is, it's not a duplicate request for a new account, but an additional card member.

FR told me there was a lot of inquiries on my credit report.