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.

Author Topic: Amex F/R Master Thread  (Read 2113077 times)

Offline CountValentine

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Re: Amex F/R Master Thread
« Reply #2200 on: April 03, 2013, 05:44:33 PM »
IME you cannot transfer a CL online you must do it over the phone. I don't think it will trigger a FR if you transfer CL, but I'll let someone with more knowledge answer that one.
There is an online option on my accounts.
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Offline CountValentine

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Re: Amex F/R Master Thread
« Reply #2201 on: April 03, 2013, 05:45:06 PM »
I  have a relatively large amount (>1k)  of blue cash reward dollars, would it be unwise to redeem them all at once?

 Do such redemptions get manually reviewed?
No and no.
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Offline yitzf

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Re: Amex F/R Master Thread
« Reply #2202 on: April 03, 2013, 05:45:59 PM »

Offline judahk88

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Re: Amex F/R Master Thread
« Reply #2203 on: April 03, 2013, 05:46:59 PM »
There is an online option on my accounts.
Really? I never saw that. I had no clue you can transfer a CL online.

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Re: Amex F/R Master Thread
« Reply #2204 on: April 03, 2013, 05:56:57 PM »
Really? I never saw that. I had no clue you can transfer a CL online.
Profile & Preferences / Account Management / Manage Credit Limit / Transfer Available Credit to Another Card

IMHO stay under 25k on any one card if you can't pass a FR.
Only on DDF does 24/6 mean 24/5/half/half
Simone Biles: “I love my black job”

Offline Saver2000

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Re: Amex F/R Master Thread
« Reply #2205 on: April 03, 2013, 06:01:31 PM »
Really? I never saw that. I had no clue you can transfer a CL online.
Not all accounts have that option.

Offline judahk88

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Re: Amex F/R Master Thread
« Reply #2206 on: April 03, 2013, 06:02:35 PM »
Not all accounts have that option.
Gotcha. Is it for special account holders?

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #2207 on: April 03, 2013, 06:07:34 PM »
Love me or hate me. I still love you.

Offline AJK

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Re: Amex F/R Master Thread
« Reply #2208 on: April 03, 2013, 06:10:00 PM »
Profile & Preferences / Account Management / Manage Credit Limit / Transfer Available Credit to Another Card

IMHO stay under 25k on any one card if you can't pass a FR.

Hard pull?
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

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Re: Amex F/R Master Thread
« Reply #2209 on: April 03, 2013, 06:11:09 PM »
Only on DDF does 24/6 mean 24/5/half/half
Simone Biles: “I love my black job”

Offline AJK

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Re: Amex F/R Master Thread
« Reply #2210 on: April 03, 2013, 06:12:01 PM »
Not sure.

Reason I ask is because it asks for income verification.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

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Re: Amex F/R Master Thread
« Reply #2211 on: April 03, 2013, 06:13:29 PM »
Sometimes they do.
Anything is possible.
Only on DDF does 24/6 mean 24/5/half/half
Simone Biles: “I love my black job”

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Re: Amex F/R Master Thread
« Reply #2212 on: April 03, 2013, 06:15:01 PM »
Reason I ask is because it asks for income verification.
Once my rewards get done paying out I will give it a try and report back if no one else does. Income verification would not result in a credit pull.
Only on DDF does 24/6 mean 24/5/half/half
Simone Biles: “I love my black job”

Offline m65

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Re: Amex F/R Master Thread
« Reply #2213 on: April 03, 2013, 06:16:11 PM »
Not all accounts have that option.
why is that?

Offline judahk88

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Re: Amex F/R Master Thread
« Reply #2214 on: April 03, 2013, 06:16:30 PM »
Hard pull?
Is it a hard pull when you transfer CL over the phone?

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Re: Amex F/R Master Thread
« Reply #2215 on: April 03, 2013, 06:17:17 PM »
why is that?
It might have to do with the age of the accounts.
Only on DDF does 24/6 mean 24/5/half/half
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Re: Amex F/R Master Thread
« Reply #2216 on: April 03, 2013, 06:19:03 PM »
Reason I ask is because it asks for income verification.
They also do when you upgrade and that does not result in an hard pull.
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Re: Amex F/R Master Thread
« Reply #2217 on: April 03, 2013, 06:26:26 PM »
Gotcha. Is it for special account holders?
why is that?
I don't know what the qualifications are.

Offline judahk88

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Re: Amex F/R Master Thread
« Reply #2218 on: April 03, 2013, 06:27:36 PM »
I don't know what the qualifications are.
I dont see it in my account.

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Re: Amex F/R Master Thread
« Reply #2219 on: April 03, 2013, 06:29:02 PM »
I dont see it in my account.
How old are your cards?
Only on DDF does 24/6 mean 24/5/half/half
Simone Biles: “I love my black job”