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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 1870143 times)

Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1940 on: December 19, 2012, 09:20:35 AM »
Quote from: mow on December 19, 2012, 09:18:34 AM
I get a Mazel Tov they told me they are not gonna shut me down just lower my credit !!!
They gonna wait till I pay off my bill then lower it
But quick question my wife's Amex account with 4 new cards has the please call that number on the account online , is that because of my fr or is she getting a separate one should I call or wait till mine is lifted and hope hers gets lifted to ?

Mazel tov!

I personally would call about your wife's card. Don't take a chance that they'll shut you down for not contacting them.
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1941 on: December 19, 2012, 11:13:21 AM »
Quote from: mow on December 19, 2012, 09:18:34 AM
I get a Mazel Tov they told me they are not gonna shut me down just lower my credit !!!
They gonna wait till I pay off my bill then lower it
But quick question my wife's Amex account with 4 new cards has the please call that number on the account online , is that because of my fr or is she getting a separate one should I call or wait till mine is lifted and hope hers gets lifted to ?

Congrats! As I said ;)

Quote from: AJK on December 11, 2012, 04:02:07 PM
It seems your chances are good to stay open, but they'll surely cut your limits.
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Offline dans fan

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Re: Amex F/R Master Thread
« Reply #1942 on: December 19, 2012, 01:49:19 PM »
datapoint; did first  app in december (after 2 year waiting period from last fr) for one card got tax form to fill out got declined with a 40k income, because i wrote on the application 45k and it didnt match my tax return
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Offline Reb Moshe

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Re: Amex F/R Master Thread
« Reply #1943 on: December 20, 2012, 05:20:14 PM »
UPDATE to my Pre-Approval F/R:

I sent in the 4506-T form which allows an IRS pull. as well as the Bank letter confirming my address, the final answer i got is, that because my IRS docs don't match the stated income i should  wait 30 days and reapply using the information from the IRS form. In addition they said that it doesnt matter how low the tax return states,  provided that the amounts match.

Either i'll try again in a month or so, or i am gonna give it up
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1944 on: December 20, 2012, 05:43:55 PM »
Quote from: Reb Moshe on December 20, 2012, 05:20:14 PM
UPDATE to my Pre-Approval F/R:

I sent in the 4506-T form which allows an IRS pull. as well as the Bank letter confirming my address, the final answer i got is, that because my IRS docs don't match the stated income i should  wait 30 days and reapply using the information from the IRS form. In addition they said that it doesnt matter how low the tax return states,  provided that the amounts match.

Either i'll try again in a month or so, or i am gonna give it up
I think I mentioned it here before...call them back and tell them you made a mistake when putting in the number for annual income and you would like to change it...change it to the exact number on your 4506-T form. They may approve it with lower CL...TWTCSIN like they did now.

If you try in another month it will be another pull...just HUCA with what I wrote till someone allows it.  Thats what I did and they allowed me to change the numbers.

Did they mention anything to you if the letter was valid?
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Offline SGF

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Re: Amex F/R Master Thread
« Reply #1945 on: December 20, 2012, 05:51:38 PM »
So after they F'R me on my new amex plat. I told them that last year I did not make any money I didnt file taxes, they asked me for bank statements and 2 days later they approved me with a spending limit.
Seems like for the future I would go with bank statements telling them i have no income then tax forms with a diff. Number income.
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Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1946 on: December 20, 2012, 05:53:53 PM »
Do the bank statements have to show a specific amount (i.e. current balance or average daily balance)? Or just that you have an account with money going in and out?
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1947 on: December 20, 2012, 05:54:48 PM »
Quote from: SGF on December 20, 2012, 05:51:38 PM
So after they F'R me on my new amex plat. I told them that last year I did not make any money I didnt file taxes, they asked me for bank statements and 2 days later they approved me with a spending limit.
Seems like for the future I would go with bank statements telling them i have no income then tax forms with a diff. Number income.
I think it's very YMMV regarding them allowing bank statements...or just alot of HUCA

One sec...you told them you dont make any money and they approved you for a credit card?? :o
You: Hey..I dont make any money and have no clue how i'm gana pay for my bills...can I please have the Amex Plat?
Amex: Oh sure..no problem...well just give you a spending limit  :)
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Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1948 on: December 20, 2012, 05:56:54 PM »
Quote from: mmermss on December 20, 2012, 05:54:48 PM
One sec...you told them you dont make any money and they approved you for a credit card?? :o

+ :o
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Offline SGF

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Re: Amex F/R Master Thread
« Reply #1949 on: December 20, 2012, 06:02:59 PM »
Quote from: mmermss on December 20, 2012, 05:54:48 PM
One sec...you told them you dont make any money and they approved you for a credit card?? :o
You: Hey..I dont make any money and have no clue how i'm gana pay for my bills...can I please have the Amex Plat?
Amex: Oh sure..no problem...well just give you a spending limit  :)
Lol, I obviously wrote a Income number but they asked me for tax forms of 2011 to which I told them I didnt work then and started very recently
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1950 on: December 20, 2012, 06:05:18 PM »
Quote from: SGF on December 20, 2012, 06:02:59 PM
Lol, I obviously wrote a Income number but they asked me for tax forms of 2011 to which I told them I didnt work then and started very recently
Wow...still surprised they approved with that...I gotta try that out.
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Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #1951 on: December 20, 2012, 06:06:04 PM »
Quote from: mmermss on December 20, 2012, 06:05:18 PM
Wow...still surprised they approved with that...I gotta try that out.

This was a post-approval F/R.
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1952 on: December 20, 2012, 06:09:49 PM »
Quote from: Moishebatchy on December 20, 2012, 06:06:04 PM
This was a post-approval F/R.
Ah...got it...I'm still thinking...
Quote from: Reb Moshe on December 20, 2012, 05:20:14 PM
UPDATE to my Pre-Approval F/R:
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Offline SGF

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Re: Amex F/R Master Thread
« Reply #1953 on: December 20, 2012, 06:12:47 PM »
Quote from: Moishebatchy on December 20, 2012, 05:53:53 PM
Do the bank statements have to show a specific amount (i.e. current balance or average daily balance)? Or just that you have an account with money going in and out?
I have more then 1 bank account so im not really sure what made them approve me as my balance of the statements i showed them was very low, but did have money coming in and out
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1954 on: December 20, 2012, 06:13:43 PM »
Quote from: SGF on December 20, 2012, 06:12:47 PM
I have more then 1 bank account so im not really sure what made them approve me as my balance of the statements i showed them was very low, but did have money coming in and out
I think you got pretty lucky
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Offline Reb Moshe

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Re: Amex F/R Master Thread
« Reply #1955 on: December 20, 2012, 06:19:14 PM »
Quote from: mmermss on December 20, 2012, 05:43:55 PM
Did they mention anything to you if the letter was valid?
They made it sound so, because they said we received your bank letter. But it can also be that the income issue overshadowed the letter
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1956 on: December 20, 2012, 06:20:04 PM »
Quote from: Reb Moshe on December 20, 2012, 06:19:14 PM
They made it sound so, because they said we received your bank letter. But it can also be that the income issue overshadowed the letter
I hear.  But please try to do what I suggested and get back to us.
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Offline Reb Moshe

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Re: Amex F/R Master Thread
« Reply #1957 on: December 20, 2012, 06:23:04 PM »
Quote from: mmermss on December 20, 2012, 06:20:04 PM
I hear.  But please try to do what I suggested and get back to us.
I'm waiting on hold for them! They are so annoying, at least compared to Chase which loves approving new accounts.


Just got off phone and I gave them the number on the 2011 tax return and they sent the request to the executive dept. I now have a little while to sit and wait for response.
« Last Edit: December 20, 2012, 06:30:25 PM by Reb Moshe »
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Offline Yaalili

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Re: Amex F/R Master Thread
« Reply #1958 on: December 20, 2012, 07:22:51 PM »
Will it hurt in the long run, if u just close my accounts due to a FR? Will i be able to apply again like in 6-12 months? Will anything get taken away? Thanks.
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Offline Chaikel

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Re: Amex F/R Master Thread
« Reply #1959 on: December 20, 2012, 07:26:45 PM »
Quote from: Ya'alili on December 20, 2012, 07:22:51 PM
Will it hurt in the long run, if u just close my accounts due to a FR? Will i be able to apply again like in 6-12 months? Will anything get taken away? Thanks.
RTW
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