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 1876414 times)

Offline Mimi K.

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Re: Amex F/R Master Thread
« Reply #1700 on: November 01, 2012, 03:23:39 PM »
Quote from: yoyo6713 on October 31, 2012, 04:28:59 PM
Thank you.  I have my fingers crossed.
??? ???
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1701 on: November 01, 2012, 03:50:27 PM »
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Offline L123

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Re: Amex F/R Master Thread
« Reply #1702 on: November 01, 2012, 11:12:00 PM »
If I call AMEX to request a credit line increasing, is it hard pull on my credit report?
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Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1703 on: November 02, 2012, 03:32:56 AM »
Quote from: L123 on November 01, 2012, 11:12:00 PM
If I call AMEX to request a credit line increasing, is it hard pull on my credit report?
ummmmm, yah, but why is this in the F/R thread?
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1704 on: November 02, 2012, 11:16:20 AM »
Quote from: L123 on November 01, 2012, 11:12:00 PM
If I call AMEX to request a credit line increasing, is it hard pull on my credit report?

Not necessarily.
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Offline dirah

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Post AMEX F/R: Does anything go?
« Reply #1705 on: November 05, 2012, 05:16:03 PM »
After surviving an AMEX F/R, can I now safely ignore all F/R triggers, such as AP, adding lots of AU's, GC purchases etc etc.
Will they F/R again?
And, even if they do F/R again, if I made it through the original one quite nicely, I suspect the same will be true of all subsequent ones?
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1706 on: November 05, 2012, 05:20:32 PM »
They can and will F/R again.

See Name Changed.

Different F/R Cardinal may equal different F/R result.
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Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1707 on: November 05, 2012, 05:24:48 PM »
Quote from: AJK on November 05, 2012, 05:20:32 PM
They can and will F/R again.

+1

Quote from: AJK on November 05, 2012, 05:20:32 PM
Different F/R Cardinal may equal different F/R result.

Autocorrect/autocomplete fail?
« Last Edit: November 05, 2012, 07:04:50 PM by AsherO »
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1708 on: November 05, 2012, 05:54:15 PM »
?
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Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1709 on: November 05, 2012, 06:51:36 PM »
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1710 on: November 05, 2012, 07:00:51 PM »
Quote from: Moishebatchy on November 05, 2012, 06:51:36 PM
"Cardinal"?

Term often used by a member of FT (ADK) when referring to a member of the Risk Management/Fraud Prevention/etc team.
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Offline dans fan

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Re: Amex F/R Master Thread
« Reply #1711 on: November 05, 2012, 10:47:34 PM »
Quote from: dirah on November 05, 2012, 05:16:03 PM
After surviving an AMEX F/R, can I now safely ignore all F/R triggers, such as AP, adding lots of AU's, GC purchases etc etc.
Will they F/R again?
And, even if they do F/R again, if I made it through the original one quite nicely, I suspect the same will be true of all subsequent ones?
like others said they can. evan twice in the same year, and the same cardinal can be harder on you when they see suspicious activity 
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Offline wired41

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Re: Amex F/R Master Thread
« Reply #1712 on: November 06, 2012, 12:00:48 AM »
Just got an F/R today, after receiving one 15 months ago, which I passed. Since the last one, I have opened 3 cards (with 3 personal and 1 business total). I have not done any of the normal suspicious activity (GC's, AP, increased spending, etc.), except for adding AU's in preparation for the SBS. Only have limited business income  ;) reported for non-related activity, so it will be interesting to see what becomes of this review and if they go after my spouse as well. 
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Offline txtmax4

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Re: Amex F/R Master Thread
« Reply #1713 on: November 06, 2012, 01:58:28 AM »
Quote from: wired41 on November 06, 2012, 12:00:48 AM
Just got an F/R today, after receiving one 15 months ago, which I passed. Since the last one, I have opened 3 cards (with 3 personal and 1 business total). I have not done any of the normal suspicious activity (GC's, AP, increased spending, etc.), except for adding AU's in preparation for the SBS. Only have limited business income  ;) reported for non-related activity, so it will be interesting to see what becomes of this review and if they go after my spouse as well. 
I wish you good luck with this FR. Please keep us posted.
Can you please share more info about the AU's you added, such as how many per account and did they share the lastname of the account holder etc?
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Offline DrDanny

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Re: Amex F/R Master Thread
« Reply #1714 on: November 06, 2012, 04:57:29 AM »
I b'h have never been f/r so don't know how this works but maybe this helps
http://newyork.craigslist.org/que/aos/3356943924.html
I'm not vouching for this guy I just happen to randomly see this ad I don't even know if it would help
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Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1715 on: November 06, 2012, 05:06:25 AM »
Quote from: DrDanny on November 06, 2012, 04:57:29 AM
I b'h have never been f/r so don't know how this works but maybe this helps
http://newyork.craigslist.org/que/aos/3356943924.html
I'm not vouching for this guy I just happen to randomly see this ad I don't even know if it would help

 I would be VERY wary of doing that, as that changes things from "lying on an application" to "committing fraud".
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Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1716 on: November 06, 2012, 08:33:26 AM »
Quote from: DrDanny on November 06, 2012, 04:57:29 AM
I b'h have never been f/r so don't know how this works but maybe this helps
http://newyork.craigslist.org/que/aos/3356943924.html
I'm not vouching for this guy I just happen to randomly see this ad I don't even know if it would help

Amex is smarter than that, they 4506-T to circumvent fraud like that.
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1717 on: November 06, 2012, 08:37:57 AM »
Quote from: Moishebatchy on November 06, 2012, 05:06:25 AM
I would be VERY wary of doing that, as that changes things from "lying on an application" to "committing fraud".

I, too, would be wary, but you realize that the lying part is also fraud, right?
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Offline PETERP

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Re: Amex F/R Master Thread
« Reply #1718 on: November 06, 2012, 08:49:11 AM »
Quote from: AJK on November 05, 2012, 07:00:51 PM
Term often used by a member of FT (ADK) when referring to a member of the Risk Management/Fraud Prevention/etc team.


So you also are a fan of our " Wax prophetic  " Aloha Dave  :)
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1719 on: November 06, 2012, 09:46:15 AM »
Quote from: PETERP on November 06, 2012, 08:49:11 AM

So you also are a fan of our " Wax prophetic  " Aloha Dave  :)

Unique posting style, him :)
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