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 1071214 times)

Offline MisterHock

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Re: Avoiding AMEX F/R?
« Reply #180 on: July 21, 2010, 05:29:30 AM »
You guys are too funny  :D

There are plenty of qualified people on this forum to answer questions, no need to call me out, lol.

If your credit limit is $10,000 I would recommend paying off the credit card multiple times per month so that you are never actually over 50%.  But you should also not prepay so that you have a large prepayment credit.

Asking for financial info to get a CL increase is not the same as a F/R.  You'll still have a chance to close down the accounts yourself if you are FR'ed.
what does prepaying mean? what if i swipe and then pay the balance the next day? is that also bad?
thanks

Offline Dan

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Re: Avoiding AMEX F/R?
« Reply #181 on: July 21, 2010, 11:50:49 AM »
what does prepaying mean? what if i swipe and then pay the balance the next day? is that also bad?
thanks
That's fine.
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.

Offline sprint

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Re: Avoiding AMEX F/R?
« Reply #182 on: July 21, 2010, 12:39:54 PM »
I've heard or saw, although dont recall where, that someone was regularly prepaying in order to use his minute credit limit  (1000 or so) and earn points, so he was paying several times a month, prior to his statement coming due.  He got FRed, and was told the reason was that he was abusing his card, not meant to be used that way...

Offline Dan

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Re: Avoiding AMEX F/R?
« Reply #183 on: July 21, 2010, 12:44:36 PM »
I've heard or saw, although dont recall where, that someone was regularly prepaying in order to use his minute credit limit  (1000 or so) and earn points, so he was paying several times a month, prior to his statement coming due.  He got FRed, and was told the reason was that he was abusing his card, not meant to be used that way...
There's a difference between prepaying which leaves you with a negative balance due, and paying off purchases as you make them.
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.

Offline steve2

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Re: Avoiding AMEX F/R?
« Reply #184 on: July 21, 2010, 01:15:54 PM »
There's a difference between prepaying which leaves you with a negative balance due, and paying off purchases as you make them.
yep had that with Chase on Mon a purchase didnt hit my acct but that was going to be the only 1 so I wanted to pay off what is owed now that my July statement closed and what will be on my Aug statement (10.43) no big deal to lend it to them.

Chase didnt allow me to pay more then what hit my acct, I could have waited as July isnt due but paid it anyway and then last night paid the other 10.43

Offline txtmax4

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Re: Avoiding AMEX F/R?
« Reply #185 on: July 21, 2010, 01:20:05 PM »
Ya I know those instances are annoying. Especially when the charge didn't hit you acct. just because the merchant was slow and processed it late...

Your situation is only an issue if you try to pay online or by phone, but if you send them a check or money order for the full amt. including the $10.43, they have no option and have to put it towards your acct.
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Offline steve2

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Re: Avoiding AMEX F/R?
« Reply #186 on: July 21, 2010, 01:39:17 PM »
Ya I know those instances are annoying. Especially when the charge didn't hit you acct. just because the merchant was slow and processed it late...

Your situation is only an issue if you try to pay online or by phone, but if you send them a check or money order for the full amt. including the $10.43, they have no option and have to put it towards your acct.


 very true and is exactly what I did with another Chase acct. I paid the July bill in full the end of last week and then realized that a few charges didnt hit and they did on Mon so even thou they didnt receive the payment yet I simply went ahead and had them take the $$S out of my Chase checking, bingo it all went thru

 No I dont LOVE Chase and therefore Im paying it all before its due. Im getting ready to close the CCs out and simply was short in topping off the accts the Miles went to by a few $s. or some promo bonus miles still was owed to me and with the annual fees coming on my Aug statement I just wanted to make sure Im ready to CX the accts the day after they close in Aug.Plus with some Intl trips coming up I didnt want to end up missing the Due date for those late posting charges

 Cant remember the last time I wrote a physical check out, I simply do OnLine Banking.

 To pay a CC off there are 2 ways 1- you log onto your CC acct and tell them to take the $$ from a bank acct you have listed with them  or 2- you log onto your online banking acct and send the CC the $$s.

Offline txtmax4

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Re: Avoiding AMEX F/R?
« Reply #187 on: July 21, 2010, 02:06:13 PM »
Try downgrading the card to one that charges no annual fee, if possible.
Better than closing the card.
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Offline steve2

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Re: Avoiding AMEX F/R?
« Reply #188 on: July 21, 2010, 02:18:34 PM »
Try downgrading the card to one that charges no annual fee, if possible.
Better than closing the card.

 not for me, I want to get a different Chase CC so Closing it is a better thing. I will try and move the CL but I dont want the CC with its attachment to what it is any longer

Thanks anyways

Offline mordys

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Re: Avoiding AMEX F/R?
« Reply #189 on: July 21, 2010, 02:34:01 PM »


 very true and is exactly what I did with another Chase acct. I paid the July bill in full the end of last week and then realized that a few charges didnt hit and they did on Mon so even thou they didnt receive the payment yet I simply went ahead and had them take the $$S out of my Chase checking, bingo it all went thru

 No I dont LOVE Chase and therefore Im paying it all before its due. Im getting ready to close the CCs out and simply was short in topping off the accts the Miles went to by a few $s. or some promo bonus miles still was owed to me and with the annual fees coming on my Aug statement I just wanted to make sure Im ready to CX the accts the day after they close in Aug.Plus with some Intl trips coming up I didnt want to end up missing the Due date for those late posting charges

 Cant remember the last time I wrote a physical check out, I simply do OnLine Banking.

 To pay a CC off there are 2 ways 1- you log onto your CC acct and tell them to take the $$ from a bank acct you have listed with them  or 2- you log onto your online banking acct and send the CC the $$s.
i believe you can close the account even with a balance on it.

Offline steve2

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Re: Avoiding AMEX F/R?
« Reply #190 on: July 21, 2010, 03:23:01 PM »
i believe you can close the account even with a balance on it.

 True but if you have any other charges that missed the last statement you wont get the miles or pts if you CX before it closes.
I could have done a $1 charge, dumb Chase told me if I had 30 transactions in Apr,May & June Id get 2500 bonus miles each month, what they didnt say it wont be credited 1 at a time so my Apr posted on my June bill , my May was on my July and my June will be on my Aug. So I needed at least 1 charge of at least $1 to make sure something other then the bonus will have to post , otherwise no way with the acct closed will I expect them to give it to me

 like I have said a few times already. In this Game you really dont want to OutSmart yourself and end up on with the short rope

Offline txtmax4

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Re: Avoiding AMEX F/R?
« Reply #191 on: July 21, 2010, 03:54:34 PM »
not for me, I want to get a different Chase CC so Closing it is a better thing. I will try and move the CL but I dont want the CC with its attachment to what it is any longer

Thanks anyways

Let us know how the cl moving goes.
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Offline steve2

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Re: Avoiding AMEX F/R?
« Reply #192 on: July 21, 2010, 05:00:11 PM »
Let us know how the cl moving goes.

 will do,if I dont PM me and remind me sometime very late Aug

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Re: Amex Financial Review
« Reply #193 on: July 27, 2010, 10:18:09 PM »
B"H

got FR'ed a month ago, closed the card myself and want to reapply for a business card. any idea if that will work/

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Re: Amex Financial Review
« Reply #194 on: August 30, 2010, 03:35:01 PM »
I've been using my personal amex for a year for my biz and half and prepaying it 50k a month and never had a problem until i used my card in Spain for a car rental and got a F'R. i sent in everything they asked:
2 years personal tax returns
1 year business tax return
3 month personal banking
3 month business banking
my name on business legal docs

Just got a call that they reopened my account on condition that i dont prepay it anymore