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 1068913 times)

Offline AsherO

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Re: Amex Financial Review
« Reply #405 on: May 23, 2011, 07:52:29 PM »
I got the platinum card a little while ago and I purchased an Amex giftcard with it.

That's a trigger right there!
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Offline myb821

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Re: Amex Financial Review
« Reply #406 on: May 23, 2011, 07:52:46 PM »
I got the platinum card a little while ago and I purchased an Amex giftcard with it.
ding ding ding we have a winner the gc might have triggered it

Offline nageeork

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Re: Amex Financial Review
« Reply #407 on: May 23, 2011, 07:55:57 PM »
ding ding ding we have a winner the gc might have triggered it

I ended up getting messed with the giftcard. Amex canceled the charge for it because they said it was purchased inappropriately...

Offline AsherO

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Re: Amex Financial Review
« Reply #408 on: May 23, 2011, 07:57:55 PM »
I ended up getting messed with the giftcard. Amex canceled the charge for it because they said it was purchased inappropriately...

Well, double loss with Amex. Hopefully you'll keep the card once you send your 4506T.
PGF24BMGS

Offline elikay

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Re: Amex Financial Review
« Reply #409 on: May 23, 2011, 08:56:39 PM »
Also, does allowance count as income?
Sure, (you may need to prove it)

Offline elikay

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Re: Amex Financial Review
« Reply #410 on: May 23, 2011, 09:33:30 PM »
My credit is stellar. I would typically get approved for any application that I submit, however Amex put me under FR and ultimately have me the option of shutting down my accounts prior to them shutting them down , so I did just that. Do u think that will have any affect on a Citi Amex card application?
Interesting they actually offered you that option

Offline AsherO

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Re: Amex Financial Review
« Reply #411 on: May 23, 2011, 09:48:33 PM »
Interesting they actually offered you that option

I've heard that before.
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Offline aryeh1

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Re: Amex Financial Review
« Reply #412 on: June 04, 2011, 11:30:33 PM »
anyone get FR recently? My father did and he just closed all his cards. A day later my mother did too. I dont get it, are they intentionaly trying to lose customers? My father has been an amex customer for 20 years and never paid late.

Offline stevesteve

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Re: Amex Financial Review
« Reply #413 on: June 04, 2011, 11:42:46 PM »
anyone get FR recently? My father did and he just closed all his cards. A day later my mother did too. I dont get it, are they intentionaly trying to lose customers? My father has been an amex customer for 20 years and never paid late.
If she can verify her income she should send in her paperwork. If her income justifies her charging habits they will leave her accounts open. (usually)

Offline Cholentfresser

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Re: Amex Financial Review
« Reply #414 on: June 05, 2011, 12:33:54 AM »
anyone get FR recently? My father did and he just closed all his cards. A day later my mother did too. I dont get it, are they intentionaly trying to lose customers? My father has been an amex customer for 20 years and never paid late.
why did they close all their cards? did they simply not want to deal with the whole headache?
In order to understand recursion, you first need to understand recursion.

Offline Q274

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Re: Amex Financial Review
« Reply #415 on: June 05, 2011, 12:42:06 AM »
anyone get FR recently? My father did and he just closed all his cards. A day later my mother did too. I dont get it, are they intentionaly trying to lose customers? My father has been an amex customer for 20 years and never paid late.
it seems like they fr in families, also if your father ever wants to get an amex card again, afaik he will need to take care of that fr might as well do it now

Offline aryeh1

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Re: Amex Financial Review
« Reply #416 on: June 05, 2011, 12:52:32 AM »
it seems like they fr in families, also if your father ever wants to get an amex card again, afaik he will need to take care of that fr might as well do it now

Hes very skeptical giving them his tax return/financial info...

Also They're ovbiously not too bright. My mother never paid late for 10 yrs and she currently has a balance of $6000 from this statement(which is usual spending) , they rather risk not getting paid bec of this FR.Some people would just say to them - alright close my accts i'm not paying you.

Offline Cholentfresser

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Re: Amex Financial Review
« Reply #417 on: June 05, 2011, 12:57:21 AM »
Hes very skeptical giving them his tax return/financial info...

Also They're ovbiously not too bright. My mother never paid late for 10 yrs and she currently has a balance of $6000 from this statement(which is usual spending) , they rather risk not getting paid bec of this FR.Some people would just say to them - alright close my accts i'm not paying you.
even if you close an account, you still need to pay...
In order to understand recursion, you first need to understand recursion.

Offline Saver2000

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Re: Amex Financial Review
« Reply #418 on: June 05, 2011, 01:02:56 AM »
Hes very skeptical giving them his tax return/financial info...

Also They're ovbiously not too bright. My mother never paid late for 10 yrs and she currently has a balance of $6000 from this statement(which is usual spending) , they rather risk not getting paid bec of this FR.Some people would just say to them - alright close my accts i'm not paying you.

You still to pay even if u close the card. If u don't pay, it will get reported as late.  If u don't pay for 90 days it will get reported to the bureaus as delinquent.

Offline elikay

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Re: Amex Financial Review
« Reply #419 on: June 05, 2011, 02:14:42 AM »
FRs have been extensively discussed, if you can prove any income they will not shut you down. Its not uncommon to happen even to 10-20 year customers. Very often they'll audit more than one person at the same address. As far as taking care of the FR now rather than later - never heard of that (that you'd have a standing FR if you'd ever try to apply again).