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.

Author Topic: Amex F/R Master Thread  (Read 2113095 times)

Offline DMYD

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Re: Amex F/R Master Thread
« Reply #4020 on: May 06, 2015, 11:04:57 AM »
If i close my Amex Platinum Biz because of FR will i be able to get new Platinum Biz or Personal?
They will ask you to provide the form after you apply.

Offline bentheman

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Re: Amex F/R Master Thread
« Reply #4021 on: May 06, 2015, 11:12:45 AM »
that why i was going to close before they close me. If i apply for personal then they will request form for person only not for biz?

Offline DMYD

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Re: Amex F/R Master Thread
« Reply #4022 on: May 06, 2015, 11:34:36 AM »
that why i was going to close before they close me. If i apply for personal then they will request form for person only not for biz?
Yes they will ask for the same form but its for personal, so you have a bigger chance to pass, if you have some income.

Offline bentheman

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Re: Amex F/R Master Thread
« Reply #4023 on: May 06, 2015, 11:47:45 AM »
Thx DYMD ill close now

Offline rng

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Re: Amex F/R Master Thread
« Reply #4024 on: May 06, 2015, 12:22:32 PM »
I am an authorized user on my sister's account and spent $8500 last night to load target rc on my brand new card.

There were multiple fraud alerts and had ti clear that up between the 11 transactions that were done.

However , I am now worried that what happened to my bro in law where he got f'red after spending 5k, he had no tax returns & was shut down.

My question for the mumchim here is how to handle this going forward to meet the 20k spend for 150k?

Do I pay off everything from my red card when charges post before making any more transactions?

How much should I spend or not spend to avoid a F'R?

Thanks in advance!

Offline maxie m

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Re: Amex F/R Master Thread
« Reply #4025 on: May 06, 2015, 02:23:52 PM »
Went with a friend to reload redcards yesterday, in all the frenzy to cash in and reach threshold for biz plat he loaded to much and got fr'ed, his biz income is reported at 100k his personal between 75 and 100k and his tax returns over 20k, should he close it or send docs
Dumb people learn from their own mistakes,smart people,from the mistakes of others

Offline Mocha

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Re: Amex F/R Master Thread
« Reply #4026 on: May 06, 2015, 02:26:58 PM »
Went with a friend to reload redcards yesterday, in all the frenzy to cash in and reach threshold for biz plat he loaded to much and got fr'ed, his biz income is reported at 100k his personal between 75 and 100k and his tax returns over 20k, should he close it or send docs
how much did he load?

Offline TimT

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Re: Amex F/R Master Thread
« Reply #4027 on: May 06, 2015, 02:28:50 PM »
Went with a friend to reload redcards yesterday, in all the frenzy to cash in and reach threshold for biz plat he loaded to much and got fr'ed, his biz income is reported at 100k his personal between 75 and 100k and his tax returns over 20k, should he close it or send docs
Why not send it in ? Is it a lot lower than what he wrote on the app ?

Offline maxie m

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Re: Amex F/R Master Thread
« Reply #4028 on: May 06, 2015, 03:03:27 PM »
Why not send it in ? Is it a lot lower than what he wrote on the app ?
his income or tax returns? Sorry
He did report over 20k on his tax returns
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #4029 on: May 06, 2015, 03:08:32 PM »
his income or tax returns? Sorry
If they're asking for his business tax forms why not send it in ?

Offline maxie m

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Re: Amex F/R Master Thread
« Reply #4030 on: May 06, 2015, 03:10:38 PM »
If they're asking for his business tax forms why not send it in ?
they want his personal, he didn't file for his biz
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Offline rng

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Re: Amex F/R Master Thread
« Reply #4031 on: May 06, 2015, 03:20:00 PM »
I am an authorized user on my sister's account and spent $8500 last night to load target rc on my brand new card.

There were multiple fraud alerts and had ti clear that up between the 11 transactions that were done.

However , I am now worried that what happened to my bro in law where he got f'red after spending 5k, he had no tax returns & was shut down.

My question for the mumchim here is how to handle this going forward to meet the 20k spend for 150k?

Do I pay off everything from my red card when charges post before making any more transactions?

How much should I spend or not spend to avoid a F'R?

Thanks in advance!
Does anyone have any advice for me on this?

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #4032 on: May 06, 2015, 03:21:31 PM »
Does anyone have any advice for me on this?
Space out the 20k somewhat evenly over the full time you have. Spend predictably. Pay off as you go. This LOWERS your chances.

Offline Chapshnell

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Re: Amex F/R Master Thread
« Reply #4033 on: May 06, 2015, 03:22:07 PM »
definitely pay off asap, buy pay, buy, pay.. supermarkets are less likely to get fraud then target.

Offline myi

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Re: Amex F/R Master Thread
« Reply #4034 on: May 06, 2015, 03:28:39 PM »
does anyone know if u can use the serve or bluebird and reload a credit card to load a 1000 dollars or what ever amount to get the sign up bonus of spending 3,000 dollars in the first 3 mnths ?!~?!  dan any sugestions ,does the serve still work or blue bird online help u towards  bonus offers and without gaining points for the spending or gain ???? thyanks
Quote
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Offline Chapshnell

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Re: Amex F/R Master Thread
« Reply #4035 on: May 06, 2015, 03:32:00 PM »
wrong thread

Offline maxie m

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Re: Amex F/R Master Thread
« Reply #4036 on: May 06, 2015, 03:32:25 PM »
does anyone know if u can use the serve or bluebird and reload a credit card to load a 1000 dollars or what ever amount to get the sign up bonus of spending 3,000 dollars in the first 3 mnths ?!~?!  dan any sugestions ,does the serve still work or blue bird online help u towards  bonus offers and without gaining points for the spending or gain ???? thyanks
in all honesty do you bother to look in which thread your posting or do you just choose the first thread on the page? Not cool >:(
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Offline myi

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Re: Amex F/R Master Thread
« Reply #4037 on: May 06, 2015, 03:36:41 PM »
 ??? :-[ :-X :-\ :'( ooops clickek wrong thread mistake
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Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #4038 on: May 06, 2015, 03:40:31 PM »

??? :-[ :-X :-\ :'( ooops clickek wrong thread mistake
this is not a conversation with your BFF.
Life is as good as you make it...

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #4039 on: May 06, 2015, 04:25:07 PM »
this is not a conversation with your BFF.
Since most people don't know most other people here you really never know.