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 1931058 times)

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3400 on: December 06, 2014, 07:50:37 PM »
Quote from: Excalibur on December 06, 2014, 07:10:45 PM
I made over 20k on  the books & filed married last year. I claimed 62k on the app. Should I cancel brg app?
No, send in requested info.
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Offline Excalibur

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Re: Amex F/R Master Thread
« Reply #3401 on: December 06, 2014, 09:24:55 PM »
Would sending in bank account info be better? My wife worked off the b for a good duration of the year
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Offline Ephraimh

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Re: Amex F/R Master Thread
« Reply #3402 on: December 06, 2014, 10:10:08 PM »

Quote from: Excalibur on December 06, 2014, 09:24:55 PM
Would sending in bank account info be better? My wife worked off the b for a good duration of the year
You gotta send in the 4506-t they requested, it's not a multiple choice kind of a thing.
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Offline Excalibur

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Re: Amex F/R Master Thread
« Reply #3403 on: December 06, 2014, 11:25:30 PM »
I thought many people got away with just bank statements.
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Offline Ephraimh

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Re: Amex F/R Master Thread
« Reply #3404 on: December 06, 2014, 11:47:17 PM »

Quote from: Excalibur on December 06, 2014, 11:25:30 PM
many people got away with just bank statements, when asked for just bank statements
FTFY
If you were asked to send in the irs form, you wont get away with bank statements
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Offline joeberg

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Re: Amex F/R Master Thread
« Reply #3405 on: December 07, 2014, 12:51:28 AM »
If you've never filed a tax return would they take pay stubs or letter from employer stating income?
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Offline Excalibur

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Re: Amex F/R Master Thread
« Reply #3406 on: December 07, 2014, 01:10:42 AM »
Quote from: Ephraimh on December 06, 2014, 11:47:17 PM
FTFY
If you were asked to send in the irs form, you wont get away with bank statements

Haha well played. Super speed says not to cancel brg, any other opinions?
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #3407 on: December 07, 2014, 01:17:02 AM »
Quote from: Excalibur on December 07, 2014, 01:10:42 AM
Haha well played. Super speed says not to cancel brg, any other opinions?
Wouldn't sending in tax forms with lower income than stated be worth anything ? #justwondering
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Offline jameswacht

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Re: Amex F/R Master Thread
« Reply #3408 on: December 07, 2014, 01:28:16 AM »
I opened like 30 AU between 2 primary cards for  SBS. Any ideas on how I should go about closing them? Should I close them all at once or close just a few at a time? Or maybe just leave them all open? THANKS IN ADVANCE!
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Offline Myccrabbi

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Re: Amex F/R Master Thread
« Reply #3409 on: December 07, 2014, 01:36:01 AM »
Quote from: jameswacht on December 07, 2014, 01:28:16 AM
I opened like 30 AU between 2 primary cards for  SBS. Any ideas on how I should go about closing them? Should I close them all at once or close just a few at a time? Or maybe just leave them all open? THANKS IN ADVANCE!
Now now!
No one likes cross posting http://forums.dansdeals.com/index.php?topic=45425.0
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #3410 on: December 07, 2014, 06:19:54 AM »
Quote from: TimT on December 07, 2014, 01:17:02 AM
Wouldn't sending in tax forms with lower income than stated be worth anything ? #justwondering
I'm guessing its not worse than an F/R and by an F/R you can pass with much less income then originally stated on the application.
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #3411 on: December 07, 2014, 07:32:09 AM »
Quote from: Super Speed on December 07, 2014, 06:19:54 AM
I'm guessing its not worse than an F/R and by an F/R you can pass with much less income then originally stated on the application.
That's what I was thinking. Has this actually worked for anyone ?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3412 on: December 07, 2014, 08:33:19 AM »
Quote from: TimT on December 07, 2014, 01:17:02 AM
Wouldn't sending in tax forms with lower income than stated be worth anything ? #justwondering
yes it would be worth a lot, they will probably just lower the credit lines
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #3413 on: December 07, 2014, 08:39:52 AM »
Quote from: Yehuda25 on December 07, 2014, 08:33:19 AM
yes it would be worth a lot, they will probably just lower the credit lines
Even if he hasn't been approved for the cards yet ?
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Offline eli.f

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Re: Amex F/R Master Thread
« Reply #3414 on: December 07, 2014, 09:07:17 AM »
Quote from: TimT on December 07, 2014, 08:39:52 AM
Even if he hasn't been approved for the cards yet ?
Good question.
No harm in trying though.
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Offline Excalibur

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Re: Amex F/R Master Thread
« Reply #3415 on: December 07, 2014, 10:57:12 AM »
Actually, it wasn't the financial review department that contacted me but the fraud department.... 
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Offline Ephraimh

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Re: Amex F/R Master Thread
« Reply #3416 on: December 07, 2014, 11:02:35 AM »

Quote from: Excalibur on December 07, 2014, 10:57:12 AM
Actually, it wasn't the financial review department that contacted me but the fraud department....
Quote from: Excalibur on December 05, 2014, 03:09:38 PM
Just applied and applications were frozen pending irs tax forms. What the heck
Fraud depot asked for irs tax forms?
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Offline Excalibur

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Re: Amex F/R Master Thread
« Reply #3417 on: December 07, 2014, 01:23:54 PM »
Yeah
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Offline eli.f

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Re: Amex F/R Master Thread
« Reply #3418 on: December 07, 2014, 01:35:50 PM »
Quote from: Excalibur on December 07, 2014, 01:23:54 PM
Yeah
In that case, maybe they asked for it for verification purposes and don't really care about your income level.
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Offline Excalibur

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Re: Amex F/R Master Thread
« Reply #3419 on: December 07, 2014, 03:23:50 PM »
That doesn't make sense, has anyone experienced this?
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