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 1080216 times)

Offline aryeh1

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Re: Amex Financial Review
« Reply #450 on: June 13, 2011, 11:36:59 PM »
so u canceled with the person who called you then. and it was no prob i take it? (meaning wasnt closed in connection with fr or whatever)?
i'll call first thing in the morning
Yes it was no problem she cancelled it as per my request ( i got a letter in the mail that i requested to close my acct)- no connection to fr.

Offline syp5

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Re: Amex Financial Review
« Reply #451 on: June 14, 2011, 12:13:12 AM »
wife and i recently got fr'd sent in 4506t wiith very low income. Lady called my wife today that she will be closing her accounts, my wife asked if she can have it closed by consumer request, lady checked with supervisor and said she can do that. I closed all accts besides for my business card and still waiting for a reply. It seems they are doing alot of fr's these days i personally know 5 people to get fr'd in the past 2 weeks.

Offline aryeh1

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Re: Amex Financial Review
« Reply #452 on: June 14, 2011, 12:15:33 AM »
wife and i recently got fr'd sent in 4506t wiith very low income. Lady called my wife today that she will be closing her accounts, my wife asked if she can have it closed by consumer request, lady checked with supervisor and said she can do that. I closed all accts besides for my business card and still waiting for a reply. It seems they are doing alot of fr's these days i personally know 5 people to get fr'd in the past 2 weeks.

I agree

Offline Q274

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Re: Amex Financial Review
« Reply #453 on: June 14, 2011, 12:16:21 AM »
It seems they are doing alot of fr's these days i personally know 5 people to get fr'd in the past 2 weeks.
is it possible that perhaps you now happen to know a lot of people with amex cards now bec of these amazing offers and therefore it just seems like they are fring a lot but it really is not

Offline Cholentfresser

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Re: Amex Financial Review
« Reply #454 on: June 14, 2011, 12:16:40 AM »
If I'm following correctly, Y. Dinovitzer and mancunian who've both just been FRed, each had 2 open platinum cards at the same time. I guess that's the new FR trigger...
In order to understand recursion, you first need to understand recursion.

Offline compddd

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Re: Amex Financial Review
« Reply #455 on: June 14, 2011, 10:10:35 AM »
AsherO mentioned earlier that funding of bank accounts could be a trigger for FR, what is that exactly? Google didn't turn up any help.

Offline elikay

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Re: Amex Financial Review
« Reply #456 on: June 14, 2011, 03:29:47 PM »
using a CC for initial deposit on a new bank account.

Offline Avid Reader

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Re: Amex Financial Review
« Reply #457 on: June 14, 2011, 08:09:26 PM »
can someone answer my question?!?!?!?

should cancel through her or through the regular number??? i've never filed taxes!1!!!!1!

Can you show some income? Ask them if they'll take that and bank statements instead of the tax return. Tell them you didn't file yet this year. It may very well work. Work for me.

Offline fdg9

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Re: Amex Financial Review
« Reply #458 on: June 16, 2011, 03:34:44 PM »
My wife got the 4506-T from citi relating to a NEW CC application she made (she presently has no Citi CC cards).

I called now and was told that if I ignore it, they will not process my application, which will clear the system in 90 days and it won't affect our credit.

I was told that the recent hacking of citi has caused them to issue these requests a lot.


Question:
1) If I ignore the 4506-t reuqest and dump the app, will it trigger a FR on other citi CCS, like my own?

2) If she reapplies in 90 days, will it sutomatically trigger the same request?


Offline bades

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Re: Amex Financial Review
« Reply #459 on: June 16, 2011, 03:47:04 PM »
many people have mentioned that they reported very low incomes on a F/R. what is considered not a low income- or a high income  for F/R?

Offline Nitantnel

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Re: Amex Financial Review
« Reply #460 on: June 16, 2011, 06:48:54 PM »
I've been reading through this read up until page 15 and still did not find what I am looking for, forgive me if it is somewhere else.

If the many credit cards are from different people (with different SSN's) trigger a FR, or not? i have a massive family and I want to know if I can apply for another card under that address?

Offline elikay

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Re: Amex Financial Review
« Reply #461 on: June 16, 2011, 07:18:24 PM »
Multiple apps at an address is not a known trigger (though suspicious activity is), only that if one CC is FR'ed they all might be.

Offline Nitantnel

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Re: Amex Financial Review
« Reply #462 on: June 16, 2011, 09:41:54 PM »
Multiple apps at an address is not a known trigger (though suspicious activity is), only that if one CC is FR'ed they all might be.

Thanks I will be applying for another one right now...

Modification: instant approval!
« Last Edit: June 16, 2011, 11:17:44 PM by Nitantnel »

Offline aryeh1

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Re: Amex Financial Review
« Reply #463 on: June 16, 2011, 11:05:29 PM »
Anyone successfull getting bonus points posted while frd?

Offline Q274

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Re: Amex Financial Review
« Reply #464 on: June 16, 2011, 11:46:29 PM »
Yes- not onlt that I got 150k (100k for 2nd plat and 50k for pr gold) while under fr