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 982572 times)

Offline YG

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Re: Amex F/R Master Thread
« Reply #3105 on: May 28, 2014, 08:35:46 AM »

What does buying gc's on a Barclays cars have to do with an amex FR?
Does this hold true even if I log in to my AmEx account to get the free shipping trial?
I've never done shtick with AmEx, and I don't want to risk now. I'm talking about spending $6K a month on AmEx GCs through Barclay shopping portal with arrival for 6x point and that is something that would catch AmEx's attention if it was on an AmEx CC....
How safe is it to do it logged in to my AmEx account but paying with a Barclay card?

Offline YG

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Re: Amex F/R Master Thread
« Reply #3106 on: May 28, 2014, 08:55:21 PM »

Does this hold true even if I log in to my AmEx account to get the free shipping trial?
I've never done shtick with AmEx, and I don't want to risk now. I'm talking about spending $6K a month on AmEx GCs through Barclay shopping portal with arrival for 6x point and that is something that would catch AmEx's attention if it was on an AmEx CC....
How safe is it to do it logged in to my AmEx account but paying with a Barclay card?
Any thoughts?

Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #3107 on: May 30, 2014, 04:44:55 AM »
People say that suddenly increasing the amount you charge on an Amex charge card in one month can be a flag for FR. If you've charged your usual monthly amount already, and then use the "check spending ability" tool on the Amex website and it says that your (additional) $10k purchase will be approved, does that mean you're in the clear, FR-wise? Or have people still gotten into trouble?

Offline ilherman

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Re: Amex F/R Master Thread
« Reply #3108 on: May 30, 2014, 08:46:39 AM »
People say that suddenly increasing the amount you charge on an Amex charge card in one month can be a flag for FR. If you've charged your usual monthly amount already, and then use the "check spending ability" tool on the Amex website and it says that your (additional) $10k purchase will be approved, does that mean you're in the clear, FR-wise? Or have people still gotten into trouble?
Increasing the amount by just a bit is probably not the baya, the baya starts when you suddenly increase your spending heavely and they might start thinking Uh Oh this guy my be a risk for us. In that case, I don't think it has to do with the check spending ability tool, it looks like they randomly look through accounts. so because the system told you that you'll be able to charge more, it doesnt mean that the FR rep will think the same. When the system says that your charge of $10k will be approved, it means that your charge will not be declined. That's about it.
You can say what you think when you think what you say.

Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #3109 on: May 30, 2014, 09:04:08 AM »
Thanks.

Offline ilherman

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Re: Amex F/R Master Thread
« Reply #3110 on: June 10, 2014, 03:02:22 PM »
When I called AmEx and entered my CC info I got a message that I have reach the credit and collections department and that my account is in good standing, what does it mean?
You can say what you think when you think what you say.

Offline Freddie

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Re: Amex F/R Master Thread
« Reply #3111 on: June 12, 2014, 10:29:54 AM »
What does it mean when i sign in and there is an exclamation point over the icon for one of my cards and it says: "Click here to update your income and financial assett information so we can better serve you."

It's funny, yesterday I put a large charge ($6,500 of real spending) on a business card and called in first to make sure it was okay. The alert is on a different card, a personal card. Any connection?

Anyway, how should I proceed? What is the meaning of this?

Offline Freddie

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Re: Amex F/R Master Thread
« Reply #3112 on: June 12, 2014, 11:32:18 AM »
What does it mean when i sign in and there is an exclamation point over the icon for one of my cards and it says: "Click here to update your income and financial assett information so we can better serve you."

It's funny, yesterday I put a large charge ($6,500 of real spending) on a business card and called in first to make sure it was okay. The alert is on a different card, a personal card. Any connection?

Anyway, how should I proceed? What is the meaning of this?

When I click, here is the screen that pops up. Is this the beginning of an F/R? Or is this something else? Do I have to be careful with the numbers I give them?


Offline Freddie

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Re: Amex F/R Master Thread
« Reply #3113 on: June 12, 2014, 06:36:36 PM »
Hello? Guys? Anyone?

Offline Freddie

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Re: Amex F/R Master Thread
« Reply #3114 on: June 13, 2014, 10:20:06 AM »
I am honestly really shocked. I thought I would get help on this forum. Why is nobody giving me any guidance?

Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #3115 on: June 13, 2014, 10:21:02 AM »
You can only BUMP after 72 hours ...
Hey there! I am using DansDeals Forums.

Offline Novo

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Re: Amex F/R Master Thread
« Reply #3116 on: June 13, 2014, 10:25:40 AM »
You can only BUMP after 72 hours ...
when it comes to F/R or A/A one is getting really lost and nerves and it would be relly nice to help
I wish I could of help you Freddie but b'h I have no exp. with it
I hope it's not a F/R and hope some1 will help you
I try my best :-\
Quote from: Centro
If you wanna go fast, go alone
If you wanna go far, go together

Offline etech0

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Re: Amex F/R Master Thread
« Reply #3117 on: June 13, 2014, 10:27:35 AM »
IIRC that happened to me about 2 weeks before I got FRed.

I'm not an expert at this but I'd recommend taking it easy for the next few weeks...
Workflowy. You won't know what you're missing until you try it.

Offline Excalibur

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Re: Amex F/R Master Thread
« Reply #3118 on: June 13, 2014, 11:05:48 AM »
Does your income   exceed your cl

Offline nobiggy

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Re: Amex F/R Master Thread
« Reply #3119 on: June 21, 2014, 10:27:01 PM »
Can I get an F/R by meeting the 5k threshold on SPG with one vanilla's?  I would cash out via MO.