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 1874627 times)

Offline Excalibur

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Re: Amex F/R Master Thread
« Reply #2900 on: February 04, 2014, 05:23:26 PM »
Any advice on when to reapply
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Offline Menachemfrombp

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Re: Amex F/R Master Thread
« Reply #2901 on: February 06, 2014, 08:57:40 PM »
whats my best way to pay a american express card if i dont wanna pay it from my personal checking account, 1. business account? 2.money order??? or any other way??? im coming from a bad chase shutdown, scared to trigger anything here to get f/r.....
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #2902 on: February 07, 2014, 12:25:59 AM »

Quote from: Excalibur on February 04, 2014, 05:23:26 PM
Any advice on when to reapply
I waited 6 months and got approved.
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Offline Excalibur

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Re: Amex F/R Master Thread
« Reply #2903 on: February 07, 2014, 12:28:29 AM »
Quote from: Menachemfrombp on February 06, 2014, 08:57:40 PM
whats my best way to pay a american express card if i dont wanna pay it from my personal checking account, 1. business account? 2.money order??? or any other way??? im coming from a bad chase shutdown, scared to trigger anything here to get f/r.....

paying your credit cards from a third party account will cause you to be f/r'ed

i walked into chase today and gave them cash and they made a check for me....i don't know if that would work for you or not
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Offline Malachi

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Re: Amex F/R Master Thread
« Reply #2904 on: February 07, 2014, 09:47:33 AM »
Quote from: Excalibur on February 07, 2014, 12:28:29 AM
paying your credit cards from a third party account will cause you to be f/r'ed

i walked into chase today and gave them cash and they made a check for me....i don't know if that would work for you or not
even a checking account with same last name, same adress but different first name?
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Denny Crane

Offline Excalibur

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Re: Amex F/R Master Thread
« Reply #2905 on: February 07, 2014, 11:46:32 AM »
Idk
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Offline yankelsheester

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Re: Amex F/R Master Thread
« Reply #2906 on: February 25, 2014, 02:06:57 AM »
Quote from: Super Speed on February 07, 2014, 12:25:59 AM
I waited 6 months and got approved.
when u applied again were u instantly approved?
Or they asked proof of income?
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Offline yankelsheester

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Re: Amex F/R Master Thread
« Reply #2907 on: February 25, 2014, 02:15:26 AM »
I was FR august 2011 they shutdown all my cards,

What's the best advice how to get back in?
They most probably will ask again for tax returns even if it's almost 2 years later,
Anyone here knows what's the minimum annual income needed in order to get approved by Amex?
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #2908 on: February 25, 2014, 10:33:21 AM »
So I opened a business card and got FR because I spent 15K on it the first month, but of course it wasn't a real business so I called the person who was on my case, and told her that I just started that business and don't have any Tax returns from that business yet, so she said she will have to cancel  that account and she said she will be able to keep my other accounts open. so if anyone cant prove on one business account just say that so they wont close all your cards!
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Offline ilherman

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Re: Amex F/R Master Thread
« Reply #2909 on: February 25, 2014, 10:43:22 AM »
Did you offer your personal Tax return?
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #2910 on: February 25, 2014, 10:52:28 AM »
Quote from: ilherman on February 25, 2014, 10:43:22 AM
Did you offer your personal Tax return?
No I had a FR in Sep so I guess they didn't need it again.
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Offline menashe04

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amex closed acct retaining miles
« Reply #2911 on: March 13, 2014, 03:26:28 PM »
Between me and my wife we had a few amex accounts that they closed (lets not get into that part...)
It was already a few months ago and I still had points there at that time. Is there any way possible to still get these points?
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Offline notanonymous

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Re: amex closed acct retaining miles
« Reply #2912 on: March 13, 2014, 03:28:03 PM »
Quote from: menashe04 on March 13, 2014, 03:26:28 PM
Between me and my wife we had a few amex accounts that they closed (lets not get into that part...)
It was already a few months ago and I still had points there at that time. Is there any way possible to still get these points?
Try searching/posting in the F/R thread.
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Offline Marco Polo

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Re: amex closed acct retaining miles
« Reply #2913 on: March 13, 2014, 03:30:04 PM »
Quote from: menashe04 on March 13, 2014, 03:26:28 PM
Between me and my wife we had a few amex accounts that they closed (lets not get into that part...)
It was already a few months ago and I still had points there at that time. Is there any way possible to still get these points?
i think there have been reports that can be there for 90 days. Have you tried reaching out?
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Quaerite et Invenietis.

Offline menashe04

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Re: amex closed acct retaining miles
« Reply #2914 on: March 13, 2014, 03:43:35 PM »
Quote from: notanonymous on March 13, 2014, 03:28:03 PM
Try searching/posting in the F/R thread.
I'm sorry. I wasn't sure where to post this. F/R, or up in the air, or here
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Offline ari2955

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Re: amex closed acct retaining miles
« Reply #2915 on: March 13, 2014, 03:48:28 PM »
Quote from: menashe04 on March 13, 2014, 03:43:35 PM
I'm sorry. I wasn't sure where to post this. F/R, or up in the air, or here
Here: http://forums.dansdeals.com/index.php?topic=8.2910
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Offline notanonymous

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Re: amex closed acct retaining miles
« Reply #2916 on: March 13, 2014, 03:50:25 PM »
Quote from: ari2955 on March 13, 2014, 03:48:28 PM
Here: http://forums.dansdeals.com/index.php?topic=8.2910
Thanks, I started searching for the thread to post the link, but I got distracted.
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Offline etech0

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Re: Amex F/R Master Thread
« Reply #2917 on: March 20, 2014, 07:23:08 PM »
Looks like it's my turn!

I had a blue sky amex for about a year. I just did an AOR and got the SPG and PRG. I spent about 1k on one and 2k on the other (yes, at CVS :) ), and then boom!

Here's to hoping I pass...
« Last Edit: March 20, 2014, 07:30:55 PM by etech0 »
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Offline etech0

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Re: Amex F/R Master Thread
« Reply #2918 on: March 20, 2014, 07:41:01 PM »
Quote from: etech0 on March 20, 2014, 07:23:08 PM
Looks like it's my turn!

I had a blue sky amex for about a year. I just did an AOR and got the SPG and PRG. I spent about 1k on one and 2k on the other (yes, at CVS :) ), and then boom!

Here's to hoping I pass...
Any reason to transfer out my starpoints and MR points?
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Offline dovy2

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Re: Amex F/R Master Thread
« Reply #2919 on: March 20, 2014, 07:43:45 PM »
Quote from: etech0 on March 20, 2014, 07:41:01 PM
Any reason to transfer out my starpoints and MR points?
If anything, mr. But why spg?
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