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:
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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 1079210 times)

Offline aryeh1

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Re: Amex Financial Review
« Reply #465 on: June 17, 2011, 12:07:40 AM »
Yes- not onlt that I got 150k (100k for 2nd plat and 50k for pr gold) while under fr

They applied the 100k total but i still see 0 even in pending transactions its 0. Is that because I have to wait for the 1st statement?

Offline Smokey Joe Robinson

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Re: Amex Financial Review
« Reply #466 on: June 17, 2011, 12:19:55 AM »
They applied the 100k total but i still see 0 even in pending transactions its 0. Is that because I have to wait for the 1st statement?
if its manually posted on the spot by the rep (they didnt tell you 24,48 hrs)it should post way before statement....if youre looking online you may not see it until system updates. Try calling MR and punching in your info, if it doesnt say it there on the recording then you have a problem.
My Programs Are Listed So That I Don't Forget Them :)

Offline stevesteve

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Re: Amex Financial Review
« Reply #467 on: July 03, 2011, 06:41:39 PM »
If Amex shuts down my spg  card after a financial review, how long do I have to wait to reapply for another spg?

Offline elikay

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Re: Amex Financial Review
« Reply #468 on: July 03, 2011, 06:45:46 PM »
Did you supply the requested info?

Offline stevesteve

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Re: Amex Financial Review
« Reply #469 on: July 03, 2011, 07:42:23 PM »
No because the employment info on my application didnt match the info on my tax returns so i didnt want to look for trouble, so they r gonna shut me down.my question is after they shut down how long before i can reapply and thus time i will submit the correct info.

Offline elikay

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Re: Amex Financial Review
« Reply #470 on: July 03, 2011, 08:41:24 PM »
They will probably ask for the info again before allowing an approval.
PS I hope you realize that you should shut it yourself and not let Amex shut it.

Offline stevesteve

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Re: Amex Financial Review
« Reply #471 on: July 03, 2011, 08:53:41 PM »
I am aware of that. However you didint answer the question............ :)
How long do i have to wait before i reapply?

Offline elikay

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Re: Amex Financial Review
« Reply #472 on: July 03, 2011, 09:08:07 PM »
Ok so we've got the OP discussing this...
Does anybody have experience with applying for any Amex card and getting approved after a Financial Review? How long to wait before reappling? Do I reopen the cards that i closed down or do I reapply for a new account? or any other helpful information
and then we've got another discussion...
anyone knw how long is best to wait after pre-empting a FR and closing accounts b4 reapplying for a amex?

if my father adds me as  a AU will they target him as well if he is at the same address?
and then...
....
......
I got FR 3 years ago. At the time I could not not provide them with paperwork they wanted so I got shut down. I then waited 2 years to reapply for a Amex did not get approval online and than got a letter requesting a 4506. I sent in the paperwork and got approved. Three months later I applied for another Amex and the same reoccurred.
The exact same thing happened to my wife as well.
!?!?!?!?!?!?!?!?

Offline ChMo

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Re: Amex Financial Review
« Reply #473 on: July 04, 2011, 04:54:55 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...

About two months ago, I had 2 open consumer platinum cards at the same time, and didn't get FR'd. 

I still think the most likely FR trigger, is if your spending pattern starts to fall outside of your norm.  I believe that your "norm" is at least partially established by your psychodemographic profile, such as claritas prizm profiles.

Your profile is most likely established by your first couple months spending patterns, and your housing, income, age, and other demographic data.  Basically, if you dramatically change your "type", or if you have credit lines with AX over $25K, or if you increase your credit lines with AX, or if you have heavy (perhaps > 50%) utilization with them...  I think these are common FR triggers.

These are all just guesses, based on what I've read here and elsewhere. 

Also, about a year ago, I had a conversation with a former consultant to AX.  This consultant helped design some of their algorithms relating to "types", for market segmentation purposes.  During our conversation, the consultant told me repeatedly "I can't discuss specifics, that information is proprietary".  But, he did tell me about claritas prizm.  He said AX doesn't use that specifically to "type" customers, but something like it.  This link may give you an idea of your "type" (click on "segment look-up" on the top menu bar):

http://www.claritas.com/MyBestSegments/Default.jsp?ID=30&SubID=&pageName=Segment%2BLook-up

I still don't think we know for sure any reliable FR triggers, or any reliable ways to avoid FR, but probably...  don't change your habits much.
« Last Edit: July 04, 2011, 06:16:25 AM by Matityahu »

Offline ashers

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Re: Amex Financial Review
« Reply #474 on: July 04, 2011, 05:58:03 AM »
Got FR'd for getting a bigger credit line even though they didn't give me any problems doubling my credit line.
My employment did match my application so no big deal but I think that's definitely a trigger
it CAN be done!

Offline dans fan

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Re: Amex Financial Review
« Reply #475 on: July 04, 2011, 02:03:13 PM »
fried today with 3 other fam members at the same address

Offline ashers

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Re: Amex Financial Review
« Reply #476 on: July 04, 2011, 02:39:26 PM »
Good Luck! Whats your P.O.A?
it CAN be done!

Offline compddd

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Re: Amex Financial Review
« Reply #477 on: July 04, 2011, 02:52:11 PM »
fried today with 3 other fam members at the same address

What do you think triggered it?

Offline easy48

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Re: Amex Financial Review
« Reply #478 on: July 04, 2011, 04:08:52 PM »
So is there a rule of thumb as to how much credit to avoid accumulating so as not to be FR'd?

Offline ChMo

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Re: Amex Financial Review
« Reply #479 on: July 04, 2011, 05:26:57 PM »
So is there a rule of thumb as to how much credit to avoid accumulating so as not to be FR'd?

I think it is more just conjecture and speculation, but years ago, some forums suggested keeping total credit lines with AX under $25K, and even suggested that any credit lines showing up on your report over $25K, could be a factor in getting FR'd.

Another guess of mine, is that AX uses a "points" system to trigger a FR, with each factor being weighted, and if you go over a certain number of "points", it triggers a FR.