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 1876027 times)

Offline B.D.Da'ehu

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Re: Amex F/R Master Thread
« Reply #5060 on: October 12, 2015, 04:13:20 PM »
If you are part of youre fathers 'household' can you use his annual income total when applying for a CC? Does this work as proof of income when they F/R you?
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Offline Brian93

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Re: Amex F/R Master Thread
« Reply #5061 on: October 12, 2015, 04:18:33 PM »
Quote from: B.D.Da'ehu on October 12, 2015, 04:13:20 PM
If you are part of youre fathers 'household' can you use his annual income total when applying for a CC? Does this work as proof of income when they F/R you?
Doesn't help for FR
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5062 on: October 12, 2015, 05:02:52 PM »
Quote from: Brian93 on October 12, 2015, 04:18:33 PM
Doesn't help for FR
+1 though supposedly that is against the law - class action suit anyone? ;D ;D
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Offline meme

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Re: Amex F/R Master Thread
« Reply #5063 on: October 14, 2015, 04:11:30 PM »
Quote from: meme on October 08, 2015, 12:34:26 PM
Anyway to get MR rewards or SPG points that have not posted yet after closing account?
FYI spg spending points just posted to my account even though I shut it down already. You still get a statement even after shutting account, and points are credited whèn statement prints.
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Offline avrumy22

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Re: Amex F/R Master Thread
« Reply #5064 on: October 14, 2015, 04:19:40 PM »
now that SBS is dead, should i cancel my AU's to avoid an FR?
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Offline Marco Polo

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Re: Amex F/R Master Thread
« Reply #5065 on: October 14, 2015, 04:21:28 PM »
Quote from: avrumy22 on October 14, 2015, 04:19:40 PM
now that SBS is dead, should i cancel my AU's to avoid an FR?
Why not save them for other potential offers?
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Offline leaf

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Re: Amex F/R Master Thread
« Reply #5066 on: October 14, 2015, 04:54:44 PM »
Quote from: Marco Polo on October 14, 2015, 04:21:28 PM
Why not save them for other potential offers?
Probably because he fears and knows he won't pass a FR. 
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #5067 on: October 14, 2015, 04:58:19 PM »
Quote from: leaf on October 14, 2015, 04:54:44 PM
Probably because he fears and knows he won't pass a FR.
So if/when it happens close it then.
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Offline leaf

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Re: Amex F/R Master Thread
« Reply #5068 on: October 14, 2015, 05:06:58 PM »
Quote from: Marco Polo on October 14, 2015, 04:21:28 PM
Why not save them for other potential offers?
Because of this and other obvious reasons he doesn't want to risk having 0 Amex cards after this:
Quote from: TimT on October 14, 2015, 04:58:19 PM
So if/when it happens close it then.
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #5069 on: October 14, 2015, 05:25:47 PM »
Quote from: leaf on October 14, 2015, 05:06:58 PM
Because of this and other obvious reasons he doesn't want to risk having 0 Amex cards after this:
If it was worth the risk for SBS then its worth it for the year-round offers.
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Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #5070 on: October 14, 2015, 05:27:31 PM »

Quote from: TimT on October 14, 2015, 05:25:47 PM
If it was worth the risk for SBS then its worth it for the year-round offers.
-1 SBS is much more simple, and you don't have to lay out any of your own money. It's totally free. That means something to a lot of people.
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5071 on: October 14, 2015, 05:28:26 PM »
Quote from: TimT on October 14, 2015, 05:25:47 PM
If it was worth the risk for SBS then its worth it for the year-round offers.
-.5 What's as lucrative as SBS? (I know, amex checkout was nice.)
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #5072 on: October 14, 2015, 05:29:37 PM »
Quote from: David Smith on October 14, 2015, 05:28:26 PM
-.5 What's as lucrative as SBS? (I know, amex checkout was nice.)
That & SC to name a few.
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Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #5073 on: October 14, 2015, 05:34:03 PM »

Quote from: TimT on October 14, 2015, 05:29:37 PM
That & SC to name a few.
Yes, but Amex checkout was a pain in the rear end.
SC costed you money out of pocket.
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Offline Marco Polo

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Re: Amex F/R Master Thread
« Reply #5074 on: October 14, 2015, 05:35:03 PM »
Quote from: rileywiles23 on October 14, 2015, 05:34:03 PM
Yes, but Amex checkout was a pain in the rear end.
SC costed you money out of pocket.
Why did SC cost money? It was $20 off $20.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5075 on: October 14, 2015, 05:35:30 PM »
Quote from: rileywiles23 on October 14, 2015, 05:34:03 PM
Yes, but Amex checkout was a pain in the rear end.
SC costed you money out of pocket.
And was a pain in the rear end as well
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #5076 on: October 14, 2015, 05:36:27 PM »
Quote from: rileywiles23 on October 14, 2015, 05:34:03 PM
SC costed you money out of pocket.
I got my credits in the same statement.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5077 on: October 14, 2015, 05:36:59 PM »
Quote from: Marco Polo on October 14, 2015, 05:35:03 PM
Why did SC cost money? It was $20 off $20.
Unless you got the $20 gift cards you nearly always needed to spend an extra few dollars. Unless you took the time to perfectly price out each thing with shipping and tax etc... Which would make it an even bigger pain
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Offline Marco Polo

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Re: Amex F/R Master Thread
« Reply #5078 on: October 14, 2015, 05:37:09 PM »
There will almost be some work involved to get the free money. If putting in some work is too much, just cancel the AU's.
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #5079 on: October 14, 2015, 05:38:04 PM »
Quote from: Jm1248 on October 14, 2015, 05:35:30 PM
And was a pain in the rear end as well
I waited till they got the $20 & $40 GC's back in stock. Very smooth
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