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 1874782 times)

Offline jameswacht

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Re: Amex F/R Master Thread
« Reply #4960 on: October 01, 2015, 04:59:38 PM »
got hit with F/R looks like the trigger was from too many AU
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Offline jameswacht

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Re: Amex F/R Master Thread
« Reply #4961 on: October 01, 2015, 05:02:24 PM »
anyone know a broker that pays 1.4 for MR and can transfer out right away?
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Offline bznt

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Re: Amex F/R Master Thread
« Reply #4962 on: October 01, 2015, 05:06:47 PM »
Why do people get so petrified when they get hit with a f/r to transfer out the points. You have at least 30 days to transfer out. My friend got 90 days to transfer out
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Offline jameswacht

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Re: Amex F/R Master Thread
« Reply #4963 on: October 01, 2015, 05:11:17 PM »
Quote from: bznt on October 01, 2015, 05:06:47 PM
Why do people get so petrified when they get hit with a f/r to transfer out the points. You have at least 30 days to transfer out. My friend got 90 days to transfer out
you can transfer points out even after you shut down the account?
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Offline Chapshnell

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Re: Amex F/R Master Thread
« Reply #4964 on: October 01, 2015, 05:14:19 PM »
Quote from: jameswacht on October 01, 2015, 05:11:17 PM
you can transfer points out even after you shut down the account?

yes 60 days iirc
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Offline jameswacht

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Re: Amex F/R Master Thread
« Reply #4965 on: October 01, 2015, 05:17:41 PM »
Quote from: Chapshnell on October 01, 2015, 05:14:19 PM
yes 60 days iirc
know anyone that pays 1.4 and able to transfer in that time frame?
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Offline Chapshnell

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Re: Amex F/R Master Thread
« Reply #4966 on: October 01, 2015, 05:40:24 PM »
Worse case transfer it to AC. Not losing much value there
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Offline D93

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Re: Amex F/R Master Thread
« Reply #4967 on: October 01, 2015, 06:43:59 PM »
What's the lowest reported income someone has passed an FR with lately?
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #4968 on: October 01, 2015, 07:07:33 PM »
Quote from: D93 on October 01, 2015, 06:43:59 PM
What's the lowest reported income someone has passed an FR with lately?
How much are you asking about?
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Offline JDeals

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Re: Amex F/R Master Thread
« Reply #4969 on: October 01, 2015, 07:51:57 PM »
Quote from: Chapshnell on October 01, 2015, 05:14:19 PM
yes 60 days iirc
got shut down yesterday, and I was told the points will be gone by midnight, so i guess 60 days is wrong...
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #4970 on: October 01, 2015, 08:10:52 PM »
Quote from: JDeals on October 01, 2015, 07:51:57 PM
got shut down yesterday, and I was told the points will be gone by midnight, so i guess 60 days is wrong...
Or the rep is.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #4971 on: October 01, 2015, 09:39:57 PM »
reports of F/R wave going on now?
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Offline JDeals

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Re: Amex F/R Master Thread
« Reply #4972 on: October 01, 2015, 09:46:59 PM »
Quote from: Yehuda25 on October 01, 2015, 09:39:57 PM
reports of F/R wave going on now?
Indeed
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #4973 on: October 01, 2015, 09:50:54 PM »
Quote from: JDeals on October 01, 2015, 09:46:59 PM
Indeed
crazy - any one have any idea why?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #4974 on: October 01, 2015, 10:53:19 PM »
BTW this page seems to claim that lender closing account no longer matters - http://www.experian.com/blogs/ask-experian/2009/12/23/credit-scores-arent-affected-by-who-closed-the-account/
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #4975 on: October 01, 2015, 10:57:40 PM »
Quote from: Yehuda25 on October 01, 2015, 10:53:19 PM
BTW this page seems to claim that lender closing account no longer matters - http://www.experian.com/blogs/ask-experian/2009/12/23/credit-scores-arent-affected-by-who-closed-the-account/
But it won't make a difference when you apply for a mortgage, in which case they do manually look through your credit report?
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Offline D93

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Re: Amex F/R Master Thread
« Reply #4976 on: October 01, 2015, 11:02:53 PM »
Quote from: Yehuda25 on October 01, 2015, 10:53:19 PM
BTW this page seems to claim that lender closing account no longer matters - http://www.experian.com/blogs/ask-experian/2009/12/23/credit-scores-arent-affected-by-who-closed-the-account/

It makes a huge difference the next time when you try to apply for an Amex card.
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Offline bermo

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Re: Amex F/R Master Thread
« Reply #4977 on: October 01, 2015, 11:23:55 PM »
Quote from: jameswacht on October 01, 2015, 04:59:38 PM
got hit with F/R looks like the trigger was from too many AU
How many AU's did you add?
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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #4978 on: October 01, 2015, 11:25:19 PM »
Quote from: jameswacht on October 01, 2015, 04:59:38 PM
got hit with F/R looks like the trigger was from too many AU
What makes you think it was adding too many aus? have you also recently done large spend for sign ups?
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Offline cholent

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Re: Amex F/R Master Thread
« Reply #4979 on: October 01, 2015, 11:30:25 PM »
Quote from: Yehuda25 on October 01, 2015, 09:50:54 PM
crazy - any one have any idea why?

Seems like quite a few were triggered by heavy spending on iPhones
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