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 1068109 times)

Offline myb821

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Re: Amex Financial Review
« Reply #285 on: April 04, 2011, 11:52:52 PM »
I think either are F/R triggers.  The combo of a trip-app and coins though is definitely a no-no IMHO.  I don't think an AMEX trip-app is safe unless unless you have an income.
as i said in another thread I am a student supported my rents and inlaws if they give a set amount of each month and i put that amount as my income do u think amex will accept that if i ever get F/Red?

Offline myb821

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Re: Amex Financial Review
« Reply #286 on: April 04, 2011, 11:53:43 PM »
I think either are F/R triggers.  The combo of a trip-app and coins though is definitely a no-no IMHO.  I don't think an AMEX trip-app is safe unless unless you have an income.
and have u never done a triple app with amex? and if not how many apps have u done in what time frame that u considered safe?

Offline Dan

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Re: Amex Financial Review
« Reply #287 on: April 04, 2011, 11:56:48 PM »
as i said in another thread I am a student supported my rents and inlaws if they give a set amount of each month and i put that amount as my income do u think amex will accept that if i ever get F/Red?
No idea.  They might accept past bank statements in your case, but it's YMMV.

and have u never done a triple app with amex? and if not how many apps have u done in what time frame that u considered safe?
I've done a double app with AMEX, never done the trip-app.
There are no hard and fast rules, it's whatever their computer decides to flag.
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 myb821

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Re: Amex Financial Review
« Reply #288 on: April 04, 2011, 11:57:59 PM »
No idea.  They might accept past bank statements in your case, but it's YMMV.
I've done a double app with AMEX, never done the trip-app.
There are no hard and fast rules, it's whatever their computer decides to flag.
got it its just amazing with all ur apps and everything u have never been F/Red

Offline AsherO

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Re: Amex Financial Review
« Reply #289 on: April 05, 2011, 12:03:03 AM »
got it its just amazing with all ur apps and everything u have never been F/Red

Bli ayin hara.
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Offline myb821

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Re: Amex Financial Review
« Reply #290 on: April 05, 2011, 12:06:56 AM »

Offline YudiG

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Re: Amex Financial Review
« Reply #291 on: April 05, 2011, 12:38:36 PM »
So was opening 3 cards at the same time the trigger or the coins?  Hmm...

When will you file your taxes?

idk is it worth filing the form w/ amex or just canceling and waiting a while b4 trying again...they wont approve 3 accounts with only 8k in stated income will they?

oh well

Offline Dan

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Re: Amex Financial Review
« Reply #292 on: April 05, 2011, 12:44:03 PM »
idk is it worth filing the form w/ amex or just canceling and waiting a while b4 trying again...they wont approve 3 accounts with only 8k in stated income will they?

oh well
Can't hurt to try sending it in.
See if you can include bank statements or your parents income as part of their household, etc.
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 danR

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Re: Amex Financial Review
« Reply #293 on: April 05, 2011, 01:19:33 PM »
I am in middle of an FR, I think the coins and giftcard purchases is what has flagged the accounts since that was the only thing they are asking me about

Offline AsherO

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Re: Amex Financial Review
« Reply #294 on: April 05, 2011, 01:20:30 PM »
I am in middle of an FR, I think the coins and giftcard purchases is what has flagged the accounts

+1, I'd say this is more likely than an app-trip/tripp-app (pun).
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Offline Yordai Dooma

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Re: Amex Financial Review
« Reply #295 on: April 05, 2011, 01:36:13 PM »
I am in middle of an FR, I think the coins and giftcard purchases is what has flagged the accounts since that was the only thing they are asking me about

were they more concerned about the coins that the gc's? I would think they would not care so much about the gc's as they sell them on their own site and let you buy them directly with your amex card...

Offline danR

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Re: Amex Financial Review
« Reply #296 on: April 05, 2011, 06:01:15 PM »
were they more concerned about the coins that the gc's? I would think they would not care so much about the gc's as they sell them on their own site and let you buy them directly with your amex card...

I bought giftcards from giftcards.com via cashback promo which is currently dead. They were more concerned about the coins, so if you are ordering coins do so with caution and I wouldn't buy more than once a month. From conversation with them today it seems like they are cracking down on coins purchases.

The reason they flagged it, is because technically it is in violation of credit card agreement to use purchases for cash to pay off your credit card. They are worried about people you don't have enough income to cover expenses and are using coin purchases to payoff balances every month and accuring points, instead of paying interest.

Offline YudiG

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Re: Amex Financial Review
« Reply #297 on: April 05, 2011, 08:56:13 PM »
Can't hurt to try sending it in.
See if you can include bank statements or your parents income as part of their household, etc.

but if they decide to close the accounts will I even have a chance to close them down before they do to protect my credit?

Offline AsherO

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Re: Amex Financial Review
« Reply #298 on: April 05, 2011, 10:40:47 PM »
but if they decide to close the accounts will I even have a chance to close them down before they do to protect my credit?

I don't think so. When I got F/R'd I closed all the accounts with the smaller credit lines, I kept the one with the biggest credit line (30k) and they left it open.
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Offline YudiG

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Re: Amex Financial Review
« Reply #299 on: April 06, 2011, 02:31:04 AM »
I don't think so. When I got F/R'd I closed all the accounts with the smaller credit lines, I kept the one with the biggest credit line (30k) and they left it open.

my wife has an amex plat, amex spg and amex gold....can she close all them down with one phone call or must she call and do each one, one at a time?

should she leave the plat open and risk it?

thanks for the help!!!!! i appreciate it