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 980252 times)

Offline Ephraimh

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Re: Amex F/R Master Thread
« Reply #3135 on: June 24, 2014, 07:34:28 PM »

Thanks. I'm assuming 4506-to also...
4506-t IS the tax returns

Offline zalmy123

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Re: Amex F/R Master Thread
« Reply #3136 on: June 25, 2014, 03:47:07 PM »
got a FR...
can i send my wife's tax info instead of mine if we dont file jointly yet?

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3137 on: June 25, 2014, 05:32:56 PM »
got a FR...
can i send my wife's tax info instead of mine if we dont file jointly yet?
PUTPAC?


Offline zalmy123

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Re: Amex F/R Master Thread
« Reply #3138 on: June 25, 2014, 10:04:17 PM »
PUTPAC?
I did. they said they can't tell me being that the case  has been open for a while and is no longer active. my question is if i can do it when i get get a FR after i reapply.
thanks

Offline yoss6400

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Re: Amex F/R Master Thread
« Reply #3139 on: June 27, 2014, 01:54:35 PM »
my wife got a f/r on a business card now 2 questions can i send my w2 that she is listed on it?
#2 the business name of the card is not the same that worked that stated on the w2
"Credit Cards delaying arguments for 30 Days"

Offline theberk

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Re: Amex F/R Master Thread
« Reply #3140 on: June 30, 2014, 12:50:11 PM »
I got an email that I should call them. They put me on a conference call with my bank to confirm that my checking account has been active for at least 30 days. It has. So that was the end of that.
Does this mean my account has been flagged or the like?

Offline Boruch999

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Re: Amex F/R Master Thread
« Reply #3141 on: July 02, 2014, 02:51:22 AM »
Quote
-Keep your collective credit balances well below your stated annual income.
If you reported an annual income of $200,000, AMEX wonít like it if you have $190,000 of credit available to spend in one month.

From Dan's how not to get FRed blog post.

My CL is 60k on declared income of 70k. More cards in the pipeline.  What to do? Request banks to lower CLs?

Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #3142 on: July 02, 2014, 04:04:00 AM »
Just got hit over shabbos. :(

Apparently, the FR was caused by having a few big airline tickets that were refunded (legitimate). They claim that their concern is that since its a relatively new account, the total refunds received so far is greater than the total payments made on the account so far. The purpose of the FR is (ostensibly) that in case the airline reverses the credit, they need to make sure I can afford to pay the ensuing balance. But they insist ONLY tax returns will be accepted, not bank satements or anything, or even an explanation for why those refunds were made in the first place.

Wish me luck...

Update: passed, B"H. All credit lines were cut to between $3k and $5k, depending on the card. But I made it. :)

Offline Red

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Re: Amex F/R Master Thread
« Reply #3143 on: July 02, 2014, 06:40:37 AM »
Update: passed, B"H. All credit lines were cut to between $3k and $5k, depending on the card. But I made it. :)
MT!

Offline ilherman

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Re: Amex F/R Master Thread
« Reply #3144 on: July 02, 2014, 12:31:36 PM »
Update: passed, B"H. All credit lines were cut to between $3k and $5k, depending on the card. But I made it. :)
How much was reported income? If I may ask  ;)
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 #3145 on: July 02, 2014, 06:12:19 PM »
How much was reported income? If I may ask  ;)

$17k for 2012, extension for 2013.

Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3146 on: July 02, 2014, 06:13:45 PM »
Update: passed, B"H. All credit lines were cut to between $3k and $5k, depending on the card. But I made it. :)
$17k for 2012, extension for 2013.
nice.
I just found a new supply of forks!

Offline yoshi

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Re: Amex F/R Master Thread
« Reply #3147 on: July 02, 2014, 07:47:29 PM »
Update: passed, B"H. All credit lines were cut to between $3k and $5k, depending on the card. But I made it. :)
Only tax returns or did they let you use bank statements in the end?

Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #3148 on: July 05, 2014, 10:59:17 PM »
Only tax returns or did they let you use bank statements in the end?

Dunno. Didn't need anything more than the tax return + extension, B"H.

Offline Boruch999

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Re: Amex F/R Master Thread
« Reply #3149 on: July 06, 2014, 03:03:29 AM »
From Dan's how not to get FRed blog post.

My CL is 60k on declared income of 70k. More cards in the pipeline.  What to do? Request banks to lower CLs?

Bump