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 1068900 times)

Offline Saver2000

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Re: Amex Financial Review
« Reply #375 on: May 15, 2011, 02:39:51 PM »
Did you offer to add your father as a joint account holder?


No. He was just an au. Do think they would've accepted his paperwork if he was a joint holder?

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Re: Amex Financial Review
« Reply #376 on: May 15, 2011, 02:40:56 PM »

No. He was just an au. Do think they would've accepted his paperwork if he was a joint holder?
No idea, just a thought.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline yaakov s

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Re: Amex Financial Review
« Reply #377 on: May 15, 2011, 02:41:18 PM »
I got fr'd about 8 months ago. I told them that my father was doing all the spending and therefore he was the one paying (they already knew that he was doing the spending cuz each au card number is different ) . They were very unsatisfied with my explanation. They said that they can't ask for - and won't accept my fathers tax return and they would need my proof of income to show that I was capable of paying the amount that was being spent on the card since its under my name and at the end of the day I'm the one responsible for the account. (Meaning if c"v my father wouldn't be able to pay it,it would fall on. me) wat may have triggeeed the fr is one of two things
1) the au was doing all spending on the account
2) I ordered $1000 from the mint.
Long story short,  my account got closed then went into collections bec. I enrolled in hardship program.  End of story: finally last month I got them to wipe the account off my credit report/totally deleted.  Was a big mess and took a lot of time.
Nothing personal , but it seems like they had a good reason for a F/R . Hatzlocha

Offline Saver2000

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Re: Amex Financial Review
« Reply #378 on: May 15, 2011, 02:42:27 PM »
Nothing personal , but it seems like they had a good reason for a F/R . Hatzlocha

Wat do u mean?

Offline yaakov s

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Re: Amex Financial Review
« Reply #379 on: May 15, 2011, 02:43:34 PM »
Wat do u mean?
I was referring to this line "I enrolled in hardship program"

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Re: Amex Financial Review
« Reply #380 on: May 15, 2011, 03:04:14 PM »
I was referring to this line "I enrolled in hardship program"

okay let me explain; once the account was closed I was in no rush to pay off the balance.Since they were the ones that closed the account they offered me to enroll in the hardship program. I didnt see why there could be any downside so I took up the offer. The way it works is as follows -- they let u pay of the balance in installments and if u pay off the entire balance within 12 months ( the required monthly installment payment alone would take longer than 12 months) they don't charge u interest. Now here's the catch -- while on the program, the account is reported to the credit baures as "late payment/payment never received " every month. Once u complete the program, they do "reverse reporting " and put the account as " current/closed by creditor. I payed off the account within 6 months. At that time it was being reported as 120 days past due which would go down as a collection.
 At that time I called in to the " reverse reporting" done. They sai

Offline txtmax4

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Re: Amex Financial Review
« Reply #381 on: May 18, 2011, 11:23:30 PM »
Nu, I'm in suspense!
If You See Something, Say Something!!

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Re: Amex Financial Review
« Reply #382 on: May 22, 2011, 07:57:50 AM »
What happens when Amex FRs a business card?
Do they ask for personal Tax info or Corporate?
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Offline AsherO

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Re: Amex Financial Review
« Reply #383 on: May 22, 2011, 08:12:33 AM »
What happens when Amex FRs a business card?
Do they ask for personal Tax info or Corporate?

AFAIK (IME, though I had both personal and biz cards), the F/Rs are personal, though I imagine you can show corporate assets as well. As I stated elsewhere, Amex doesn't just want to see that you're profitable, they want to see that you have the means to pay them (for some businesses that's $100,000+ at a time) even if something falls through.
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Offline Chaikel

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Re: Amex Financial Review
« Reply #384 on: May 22, 2011, 08:27:42 AM »
AFAIK (IME, though I had both personal and biz cards), the F/Rs are personal, though I imagine you can show corporate assets as well. As I stated elsewhere, Amex doesn't just want to see that you're profitable, they want to see that you have the means to pay them (for some businesses that's $100,000+ at a time) even if something falls through.
So basically, if I want to charge 40k+ a month, basically guaranteeing an FR, and I have no tax returns, it really wont make a difference if the business can show that it can pay back?
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Re: Amex Financial Review
« Reply #385 on: May 22, 2011, 08:29:51 AM »
So basically, if I want to charge 40k+ a month, basically guaranteeing an FR, and I have no tax returns, it really wont make a difference if the business can show that it can pay back?
no if the buisness can show it can pay it back u shold put on th ebuisness card bc for a an fr of ur personal cards im pretty sure they only accept ur tax return so the buisness stuff wont matter

Offline AsherO

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Re: Amex Financial Review
« Reply #386 on: May 22, 2011, 09:29:23 AM »
So basically, if I want to charge 40k+ a month, basically guaranteeing an FR, and I have no tax returns, it really wont make a difference if the business can show that it can pay back?

Hard to know. If it's a business card they might accept business documents/assets/statements etc.

no if the buisness can show it can pay it back u shold put on th ebuisness card bc for a an fr of ur personal cards im pretty sure they only accept ur tax return so the buisness stuff wont matter

Where'd you get that from? Experience?
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Offline myb821

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Re: Amex Financial Review
« Reply #387 on: May 22, 2011, 09:30:19 AM »
Hard to know. If it's a business card they might accept business documents/assets/statements etc.

Where'd you get that from? Experience?
i believe i saw someone posted something like that on ft and they wouldnt accept his biz docs for an fr on a personal card but i may be remembering incorrectly

Offline AsherO

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Re: Amex Financial Review
« Reply #388 on: May 22, 2011, 09:31:18 AM »
i believe i saw someone posted something like that on ft and they wouldnt accept his biz docs for an fr on a personal card but i may be remembering incorrectly

I meant the first part, I should've highlighted it.
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Offline myb821

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Re: Amex Financial Review
« Reply #389 on: May 22, 2011, 09:34:09 AM »
if they fred a biz account u dont think they would allow biz documents not sure what ur asking