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 1874848 times)

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1780 on: November 18, 2012, 10:48:22 PM »
Just for the record: I'm doing it on a regular basis with no problems.
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Offline churnbabychurn

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Re: Amex F/R Master Thread
« Reply #1781 on: November 18, 2012, 10:50:29 PM »
we cant deposit them, can we... ;)
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1782 on: November 18, 2012, 10:50:44 PM »
Quote from: meshugener on November 18, 2012, 10:48:22 PM
Just for the record: I'm doing it on a regular basis with no problems.

For the record: you could also play in traffic and not get hit by a car.
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Offline Ez

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Re: Amex F/R Master Thread
« Reply #1783 on: November 19, 2012, 01:11:52 AM »
Quote from: AJK on November 18, 2012, 10:50:44 PM
For the record: you could also play in traffic and not get hit by a car.
And if i can tell on 50+ accts doing so each & every month for quite a while w/o any problems?
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Offline yoyo6713

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Re: Amex F/R Master Thread
« Reply #1784 on: November 19, 2012, 08:37:21 AM »
Quote from: meshugener on November 18, 2012, 10:48:22 PM
Just for the record: I'm doing it on a regular basis with no problems.
No problems doing what?  Adding AU?
Sounded like one of those "famous last words".
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Offline yoyo6713

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Re: Amex F/R Master Thread
« Reply #1785 on: November 19, 2012, 08:39:58 AM »
Quote from: meshugener on November 18, 2012, 10:48:22 PM
Just for the record: I'm doing it on a regular basis with no problems.
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Offline yoyo6713

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Re: Amex F/R Master Thread
« Reply #1786 on: November 19, 2012, 08:47:48 AM »
Quote from: Ez on November 19, 2012, 01:11:52 AM
And if i can tell on 50+ accts doing so each & every month for quite a while w/o any problems?
Then you are lucky and special.  Unless you have this automated all it takes is a small misstep.  I thought we were OK until we were not.
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Offline sky121

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Re: Re: Amex F/R Master Thread
« Reply #1787 on: November 19, 2012, 08:49:19 AM »
Quote from: yoyo6713 on November 19, 2012, 08:47:48 AM
Then you are lucky and special.  Unless you have this automated all it takes is a small misstep.  I thought we were OK until we were not.

They closed you down?
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Offline miles

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Re: Amex F/R Master Thread
« Reply #1788 on: November 19, 2012, 08:54:37 AM »
Two people using same EIN # is a trigger ?
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Offline bubbles

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Amex F/R Master Thread
« Reply #1789 on: November 19, 2012, 08:57:44 AM »
Quote from: meshugener on November 18, 2012, 10:48:22 PM
Just for the record: I'm doing it on a regular basis with no problems.

I had done it for a couple years without any issues
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1790 on: November 19, 2012, 01:28:40 PM »
Quote from: Ez on November 19, 2012, 01:11:52 AM
And if i can tell on 50+ accts doing so each & every month for quite a while w/o any problems?

My reply would be the same.

Unless, of course, 50 accounts in your mind amounts to anything other than an infinitesimally small number when stacked against AmEx total accounts.

But, hey, play in traffic all you want  ::)
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Offline yoyo6713

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Re: Re: Amex F/R Master Thread
« Reply #1791 on: November 19, 2012, 02:23:35 PM »
Quote from: sky121 on November 19, 2012, 08:49:19 AM
They closed you down?
No they FR'ed both of us but we passed.   I guess I shouldn't have worried about it.  They should gave us automatic limit increase but we know amex is such a hypocrite.
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Offline yoyo6713

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Re: Amex F/R Master Thread
« Reply #1792 on: November 19, 2012, 02:25:59 PM »
Quote from: miles on November 19, 2012, 08:54:37 AM
Two people using same EIN # is a trigger ?

I suspect mine was due to this.  When I called in the CSR misspelled one of the AU name and a two days later I found out I added another AU online with the right name (and the same ssn, one letter diff in names) without removing the bad one.
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Offline Zalmy2

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Re: Amex F/R Master Thread
« Reply #1793 on: November 19, 2012, 08:16:28 PM »
Amex made me 3 inquries on 3 diff days when I only applied on one day ofr a 3bm  can I do anything about it?
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Offline U-no-me!

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Re: Amex F/R Master Thread
« Reply #1794 on: November 19, 2012, 08:20:06 PM »
Quote from: Zalmy2 on November 19, 2012, 08:16:28 PM
Amex made me 3 inquries on 3 diff days when I only applied on one day ofr a 3bm  can I do anything about it?

A credit pull is a credit pull nothing you can do, especially when they are in the right.
Better luck next time
O0
« Last Edit: November 19, 2012, 09:47:07 PM by U_no_me »
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Offline yoyo6713

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Re: Amex F/R Master Thread
« Reply #1795 on: November 19, 2012, 09:43:17 PM »
Quote from: Zalmy2 on November 19, 2012, 08:16:28 PM
Amex made me 3 inquries on 3 diff days when I only applied on one day ofr a 3bm  can I do anything about it?
Depends on which credit bureau...
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Offline yudel

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Re: Amex F/R Master Thread
« Reply #1796 on: November 19, 2012, 11:19:54 PM »
Quote from: yudel on October 30, 2012, 11:21:42 AM
well just got the dreaded call for my wife's (business) accounts :(
trigger seems to be adding 3-4 AU's...
So what's the common wisdom when there's no business income on record but there's decent household income on the tax return?
Can one pass the f/r like that?
Well we passed B"H!
(albeit with smaller credit limits)
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Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1797 on: November 19, 2012, 11:20:44 PM »
Quote from: yudel on November 19, 2012, 11:19:54 PM
Well we passed B"H!
(albeit with smaller credit limits)

BH, that's good news.
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Offline Zalmy2

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Re: Re: Amex F/R Master Thread
« Reply #1798 on: November 20, 2012, 12:23:58 AM »
Quote from: yoyo6713 on November 19, 2012, 09:43:17 PM
Depends on which credit bureau...
its experian
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Offline yoyo6713

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Re: Re: Amex F/R Master Thread
« Reply #1799 on: November 20, 2012, 06:37:54 AM »
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