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 982725 times)

Offline nobiggy

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 2339
  • Total likes: 10
  • DansDeals.com Hat Tips 7
    • View Profile
  • Location: forums
Re: Amex F/R Master Thread
« Reply #3045 on: May 08, 2014, 08:18:45 PM »
Is it safe to buy one vanillas? I don't plan on loading it on bb.

Offline yoshi

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Nov 2013
  • Posts: 987
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3046 on: May 11, 2014, 09:15:40 PM »
Will $3k with square trade trigger an f/r?

Offline Excalibur

  • Dansdeals Platinum Elite
  • ****
  • Join Date: May 2013
  • Posts: 498
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3047 on: May 11, 2014, 09:23:45 PM »
Gonna get killed on fees

Offline yoshi

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Nov 2013
  • Posts: 987
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3048 on: May 11, 2014, 09:30:18 PM »
Gonna get killed on fees
Not with $200 airline credit. ;)

Offline yoshi

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Nov 2013
  • Posts: 987
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3049 on: May 11, 2014, 09:30:32 PM »
Gonna get killed on fees
I assume though that it would be safe?

Offline 123abc

  • Dansdeals Silver Elite
  • **
  • Join Date: Dec 2013
  • Posts: 88
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3050 on: May 12, 2014, 08:21:19 AM »
I got fr I have 100 K pending they said it will only post my next statement in a month need to close the card by next week what do I do?

Offline TC610

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Mar 2010
  • Posts: 783
  • Total likes: 1
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Amex F/R Master Thread
« Reply #3051 on: May 12, 2014, 10:58:39 AM »
Not with $200 airline credit. ;)

True, but the fees will eat in to your profits.  There are less expensive ways to manufacture spend.

Offline yoshi

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Nov 2013
  • Posts: 987
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3052 on: May 12, 2014, 11:31:16 AM »
True, but the fees will eat in to your profits.  There are less expensive ways to manufacture spend.
Not as convenient though.
I'll be willing to loose some profit for more convenience.

Offline rivkao

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1085
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: Amex F/R Master Thread
« Reply #3053 on: May 13, 2014, 10:36:58 AM »
I just survived a F/R b"h. Gave me a 5k limit on each of my cards. Should I risk it with Amazon payments, is anything to worry?

Offline Excalibur

  • Dansdeals Platinum Elite
  • ****
  • Join Date: May 2013
  • Posts: 498
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #3054 on: May 13, 2014, 12:00:53 PM »
No amazon payment

Offline A3

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Nov 2009
  • Posts: 3282
  • Total likes: 32
  • DansDeals.com Hat Tips 5
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #3055 on: May 13, 2014, 01:46:41 PM »
I just survived a F/R b"h. Gave me a 5k limit on each of my cards. Should I risk it with Amazon payments, is anything to worry?

Once you passed the FR. No reason to not do AP with Amex card.

Offline rivkao

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1085
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: Amex F/R Master Thread
« Reply #3056 on: May 13, 2014, 01:47:45 PM »
Once you passed the FR. No reason to not do AP with Amex card.
you sure?

Offline sb5917

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2011
  • Posts: 380
  • Total likes: 7
  • DansDeals.com Hat Tips 18
    • View Profile
  • Location: brooklyn
Re: Amex F/R Master Thread
« Reply #3057 on: May 13, 2014, 05:05:53 PM »
I just survived a F/R b"h. Gave me a 5k limit with income of less then $12000

Offline Moshe123

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Sep 2012
  • Posts: 4676
  • Total likes: 95
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: Spring Valley
  • Programs: Lost
Re: Amex F/R Master Thread
« Reply #3058 on: May 13, 2014, 08:52:51 PM »
I had a scare today.
Big charge after another approved big charge was declined. Got email to call. They cleared it with no questions asked. They are new cards.

Offline ilherman

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 8389
  • Total likes: 58
  • DansDeals.com Hat Tips 34
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #3059 on: May 13, 2014, 09:13:28 PM »
I just survived a F/R b"h. Gave me a 5k limit on each of my cards. Should I risk it with Amazon payments, is anything to worry?
How much reported income?
You can say what you think when you think what you say.