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 1876142 times)

Offline Thingywingy

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Re: Amex F/R Master Thread
« Reply #3460 on: January 01, 2015, 12:05:44 AM »
Quote from: eli.f on January 01, 2015, 12:01:53 AM
It's common knowloledge with Amex.
Start here: http://www.dansdeals.com/archives/35174
Your confirming that "Rapid increase in credit usage, lots of AUs, 3rd party bank payments and such" can trigger FR. Are you also confirming that moving credit lines is not a trigger?
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Offline eli.f

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Re: Amex F/R Master Thread
« Reply #3461 on: January 01, 2015, 12:13:53 AM »
Quote from: Thingywingy on January 01, 2015, 12:05:44 AM
Your confirming that "Rapid increase in credit usage, lots of AUs, 3rd party bank payments and such" can trigger FR. Are you also confirming that moving credit lines is not a trigger?
What I can confirm is that, 3rd party payments are pretty risky and many AU's can be a trigger.
IINM rapid imcrease in CL usage can also be a trigger, but I'm not sure abot that one.
I never heard that moving CL in itself could potentially lead to a problem. Maybe someone with more experience can share is experience.
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Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3462 on: January 01, 2015, 01:03:09 AM »
Quote from: Thingywingy on January 01, 2015, 12:05:44 AM
Your confirming that "Rapid increase in credit usage, lots of AUs, 3rd party bank payments and such" can trigger FR. Are you also confirming that moving credit lines is not a trigger?
Rapid increase in credit usage = trigger
Moving CL = no trigger
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3463 on: January 01, 2015, 01:49:55 AM »
Is requesting a refund for a negative balance a trigger for F/R?
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Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3464 on: January 01, 2015, 01:59:36 AM »
No
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Offline Emkay

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Re: Amex F/R Master Thread
« Reply #3465 on: January 01, 2015, 03:44:03 AM »

Quote from: Yehuda25 on January 01, 2015, 01:49:55 AM
Is requesting a refund for a negative balance a trigger for F/R?
no and neither is a bunch of the other "triggers"
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Offline eli.f

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Re: Amex F/R Master Thread
« Reply #3466 on: January 01, 2015, 03:51:59 AM »
Quote from: Emkay on January 01, 2015, 03:44:03 AM
no and neither is a bunch of the other "triggers"
What exactly are you talking about and what are you basing it on?
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Offline Malachi

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Re: Amex F/R Master Thread
« Reply #3467 on: January 01, 2015, 08:20:10 AM »
Quote from: eli.f on January 01, 2015, 03:51:59 AM
What exactly are you talking about and what are you basing it on?
You're entering paranoia IMHO
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3468 on: January 01, 2015, 09:26:49 AM »
Quote from: Emkay on January 01, 2015, 03:44:03 AM
no and neither is a bunch of the other "triggers"
Which other ones are you referring to?
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Offline eli.f

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Re: Amex F/R Master Thread
« Reply #3469 on: January 01, 2015, 10:30:51 AM »
Quote from: Malachi on January 01, 2015, 08:20:10 AM
You're entering paranoia IMHO
You could either explain what you're talking about and what you mean, or... you could not.
Whichever works for you.
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Offline eAge

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Re: Amex F/R Master Thread
« Reply #3470 on: January 01, 2015, 11:11:26 AM »

Quote from: ChaimMoskowitz on January 01, 2015, 01:03:09 AM
Rapid increase in credit usage = trigger
Moving CL = no trigger
Thank you for being the final confirmation of my post
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Offline Malachi

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Re: Amex F/R Master Thread
« Reply #3471 on: January 01, 2015, 04:08:17 PM »
Quote from: eli.f on January 01, 2015, 10:30:51 AM
You could either explain what you're talking about and what you mean, or... you could not.
Whichever works for you.
What  I mean to say is that no one really knows what exactly causes an F/R.
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Offline eli.f

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Re: Amex F/R Master Thread
« Reply #3472 on: January 01, 2015, 04:11:21 PM »
Quote from: Malachi on January 01, 2015, 04:08:17 PM
What  I mean to say is that no one really knows what exactly causes an F/R.
Just becuase it's not an exact science doesn't mean you should ignore it.
Somethings are considerred risky and for a reason. (People's experience)
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Offline cholent

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Re: Amex F/R Master Thread
« Reply #3473 on: January 01, 2015, 05:19:06 PM »
Would spending $9 at Target in 1 month be a FR trigger...?
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Offline etech0

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Re: Amex F/R Master Thread
« Reply #3474 on: January 01, 2015, 05:34:41 PM »
Quote from: cholent on January 01, 2015, 05:19:06 PM
Would spending $9 at Target in 1 month be a FR trigger...?
Probably not. $9K might be, though.
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Offline eli.f

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Re: Amex F/R Master Thread
« Reply #3475 on: January 01, 2015, 05:37:29 PM »
Quote from: etech0 on January 01, 2015, 05:34:41 PM
Probably not. $9K might be, though.
Also depents on your CL and spending habits.
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Offline cholent

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Re: Amex F/R Master Thread
« Reply #3476 on: January 01, 2015, 05:40:24 PM »
Quote from: etech0 on January 01, 2015, 05:34:41 PM
Probably not. $9K might be, though.

LOL... that's what I meant, of course   ;D
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #3477 on: January 02, 2015, 06:12:40 AM »
Quote from: cholent on January 01, 2015, 05:19:06 PM
Would spending $9 at Target in 1 month be a FR trigger...?
Maybe that's why my local stores won't take cc under $10. :)
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Offline YG

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Amex F/R Master Thread
« Reply #3478 on: January 02, 2015, 09:42:00 AM »
There has been mention in the PGGM thread that the charges for the cancelled tickets that pend and then drop off without ever posting count toward spend threshold. Reckon it's a big risk to buy 6K worth of tickets today while doing PGGM so when my billing cycle closes today I'll have hit my threshold and can close account earlier rather than waiting another couple of months to hit it and pay plat. fees for two more months?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3479 on: January 02, 2015, 11:13:32 AM »
Quote from: YG on January 02, 2015, 09:42:00 AM
There has been mention in the PGGM thread that the charges for the cancelled tickets that pend and then drop off without ever posting count toward spend threshold. Reckon it's a big risk to buy 6K worth of tickets today while doing PGGM so when my billing cycle closes today I'll have hit my threshold and can close account earlier rather than waiting another couple of months to hit it and pay plat. fees for two more months?
Too many returns on a new account is asking for fr.
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