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 1877211 times)

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3940 on: April 28, 2015, 11:45:23 PM »
Quote from: pixi on April 28, 2015, 11:07:36 PM
I had the same issue,  I used the PRG and the EDP and the SPG after 7k all of the cards got denied, I called them up I was on the phone with them more then 40 min and it triggered me a mini FR but I answered all questions and after that all went through.
You triggered a mini FR by being on the phone??
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #3941 on: April 28, 2015, 11:47:02 PM »
Quote from: Aj3042 on April 28, 2015, 11:45:23 PM
You triggered a mini FR by being on the phone??
No. I got triggered by spending that much within a few min. 
Use your brains.
« Last Edit: April 29, 2015, 12:03:07 AM by pixi »
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3942 on: April 29, 2015, 12:02:21 AM »
Quote from: pixi on April 28, 2015, 11:47:02 PM
No. I triggered by spending that much within a few min. 
Use your brains.
I'm running low on those lately.
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #3943 on: April 29, 2015, 12:13:15 AM »
Quote from: Aj3042 on April 29, 2015, 12:02:21 AM
I'm running low on those lately.
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Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #3944 on: April 29, 2015, 08:28:38 AM »
Quote from: Yehuda25 on April 28, 2015, 11:00:18 PM
Just buy the personalized amex gift cards online then load to RC

Still working on the premium free shipping. Getting there ;)

In the meanwhile, as said earlier, I am off to buying myself some gum today..   ::)
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Offline aro123

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Re: Amex F/R Master Thread
« Reply #3945 on: April 29, 2015, 09:04:14 AM »
will having 100k income help for my business cards if i dont  any documented  business income or should i just close my cards since i  dont have any need for them anymore and dont want to have issues when i re apply
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Offline Marco Polo

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Re: Amex F/R Master Thread
« Reply #3946 on: April 29, 2015, 09:05:47 AM »
Quote from: aro123 on April 29, 2015, 09:04:14 AM
will having 100k income help for my business cards if i dont  any documented  business income or should i just close my cards since i  dont have any need for them anymore and dont want to have issues when i re apply
You should close the business cards if you want to churn them.
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Offline aro123

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Re: Amex F/R Master Thread
« Reply #3947 on: April 29, 2015, 02:06:09 PM »
i know. but i have a blue for business to keep my leftover points alive and need to decide if worth dealing with the whole 4506t hassle or anyway gonna get shut down if dont have any business income.
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3948 on: April 29, 2015, 02:09:01 PM »
Quote from: aro123 on April 29, 2015, 02:06:09 PM
i know. but i have a blue for business to keep my leftover points alive and need to decide if worth dealing with the whole 4506t hassle or anyway gonna get shut down if dont have any business income.
Don't have business income? You mean you don't have a business at all? ;)
Unless the biz is just your name you probably won't pass it.
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Offline aro123

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Re: Amex F/R Master Thread
« Reply #3949 on: April 29, 2015, 02:16:02 PM »
the biz is my name but dont file any 1040 just w2 with 100k+. so i should not waste my time and just close it my self ?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3950 on: April 29, 2015, 02:36:20 PM »
When it says in the triggers list that AU's can cause an f/r, does that include AU's that arent activated? (never were given A ss# to order card)
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3951 on: April 29, 2015, 02:47:25 PM »
Quote from: Yehuda25 on April 29, 2015, 02:36:20 PM
When it says in the triggers list that AU's can cause an f/r, does that include AU's that arent activated? (never were given A ss# to order card)
You mean too many AU's?
Good question I don't think anyone will know for sure but IMO doesn't make a difference as activation is just a היכא תמצא of using the card. But why would you add AU's and not activate them?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3952 on: April 29, 2015, 03:56:43 PM »
Quote from: Aj3042 on April 29, 2015, 02:47:25 PM
You mean too many AU's?
Good question I don't think anyone will know for sure but IMO doesn't make a difference as activation is just a היכא תמצא of using the card. But why would you add AU's and not activate them?
No. I mean as in if an AU of yours gets f/r then you have a higher chance of getting one

http://forums.dansdeals.com/index.php?topic=6223.msg74003#msg74003
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3953 on: April 29, 2015, 04:44:07 PM »
Quote from: Yehuda25 on April 29, 2015, 03:56:43 PM
No. I mean as in if an AU of yours gets f/r then you have a higher chance of getting one

http://forums.dansdeals.com/index.php?topic=6223.msg74003#msg74003
Oh. Well if his social isn't on the card how can they connect it (unless same address, then maybe). If it is, I don't think activation makes a difference.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3954 on: April 29, 2015, 08:27:13 PM »
Quote from: Aj3042 on April 29, 2015, 04:44:07 PM
Oh. Well if his social isn't on the card how can they connect it (unless same address, then maybe). If it is, I don't think activation makes a difference.
More than 1 bank somehow figures out the social without giving it to them for au's, eg chase
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3955 on: April 30, 2015, 12:00:55 AM »
Quote from: Yehuda25 on April 29, 2015, 08:27:13 PM
More than 1 bank somehow figures out the social without giving it to them for au's, eg chase
Right, but that's with same address. And I'm curious, have you ever noticed it with AMEX? IME AMEX doesn't do this.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3956 on: April 30, 2015, 12:13:11 AM »
Quote from: Aj3042 on April 30, 2015, 12:00:55 AM
Right, but that's with same address. And I'm curious, have you ever noticed it with AMEX? IME AMEX doesn't do this.
Exactly, I dont know about amex, hence my question...
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Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3957 on: April 30, 2015, 12:15:19 AM »
Quote from: Yehuda25 on April 30, 2015, 12:13:11 AM
Exactly, I dont know about amex, hence my question...
Aha I got you now. AFAIK AMEX never connects (they never did mine at least) so no shouldn't be an issue. But that's nothing to do with activation just that there's no social on the account.
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Offline CS91

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Re: Amex F/R Master Thread
« Reply #3958 on: April 30, 2015, 12:16:55 AM »
Quote from: Aj3042 on April 30, 2015, 12:15:19 AM
Aha I got you now. AFAIK AMEX never connects (they never did mine at least) so no shouldn't be an issue. But that's nothing to do with activation just that there's no social on the account.

My wife is an AU on one of my AMEX cards and it's on her credit report. Never gave them her social when I got her the card.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3959 on: April 30, 2015, 12:17:56 AM »
Quote from: CS91 on April 30, 2015, 12:16:55 AM
My wife is an AU on one of my AMEX cards and it's on her credit report. Never gave them her social when I got her the card.
but same address, right?
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