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 1857370 times)

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5360 on: October 29, 2015, 07:38:57 PM »
Quote from: Yehuda25 on October 29, 2015, 07:35:40 PM
what? honestly I have never heard of someone getting denied for an Amex charge card, ever ;D ;D
Yup. Because
Quote from: David Smith on October 29, 2015, 04:26:54 PM
For some reason, they seem to like auto approving and fr-ing instead of declining. I actually think many gain from this.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5361 on: October 29, 2015, 07:41:02 PM »
Quote from: rivkao on October 29, 2015, 07:38:05 PM
I did. But anyhow were not talking amex here obviously because approval doesn't mean by them that you're off the hook. You can still be hit with a FR two days after approval ... I'm talking about other banks...
which other bank does a financial review?
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5362 on: October 29, 2015, 07:41:46 PM »
Quote from: Yehuda25 on October 29, 2015, 07:41:02 PM
which other bank does a financial review?
They're not as kind as amex. They just shut your accounts!
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5363 on: October 29, 2015, 07:43:01 PM »
Quote from: rivkao on October 29, 2015, 07:41:46 PM
They're not as kind as amex. They just shut your accounts!
which ones besides chase (who doesn't just do it for opening new accounts and/or spending a few k)
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5364 on: October 29, 2015, 07:45:49 PM »
Quote from: Yehuda25 on October 29, 2015, 07:43:01 PM
which ones besides chase (who doesn't just do it for opening new accounts and/or spending a few k)
Citi. Check out the Citi A/A thread. Not so common though but then again no other bank is so generous as approving five + cards in one shot. So of course the more cards you have the more credit is being given to you and therefore they will perceive you as a greater risk.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5365 on: October 29, 2015, 07:54:56 PM »
Quote from: rivkao on October 29, 2015, 07:45:49 PM
Citi. Check out the Citi A/A thread. Not so common though but then again no other bank is so generous as approving five + cards in one shot. So of course the more cards you have the more credit is being given to you and therefore they will perceive you as a greater risk.
Citi?  Haha, biggest joke ever. I think I had 8 executive cards ;D ;D ;D
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Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #5366 on: October 29, 2015, 08:00:19 PM »
Quote from: Yehuda25 on October 29, 2015, 07:54:56 PM
Citi?  Haha, biggest joke ever. I think I had 8 executive cards ;D ;D ;D
Jealous, i only did 3
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5367 on: October 29, 2015, 08:01:49 PM »
Quote from: Hershelsdeals on October 29, 2015, 08:00:19 PM
Jealous, i only did 3
Not, bad - checking my history I only personally did 6 - but between all family members had around 14 ;D ;D
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5368 on: October 29, 2015, 08:08:15 PM »
I still would not have them be like chase. Low approval rate and always a chance of getting shut down without any warning
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5369 on: October 29, 2015, 08:09:51 PM »
Quote from: rivkao on October 29, 2015, 08:08:15 PM
I still would not have them be like chase. Low approval rate and always a chance of getting shut down without any warning
I don't know about shut downs, but I'd rather get approved fr'd, and credit cut than declined.
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5370 on: October 29, 2015, 08:13:03 PM »
Quote from: Yehuda25 on October 29, 2015, 07:35:40 PM
what? honestly I have never heard of someone getting denied for an Amex charge card, ever ;D ;D
I know someone who has.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5371 on: October 29, 2015, 09:10:35 PM »
Quote from: tzifanya54 on October 29, 2015, 08:13:03 PM
I know someone who has.
uncommon for someone with a halfway decent credit score.
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5372 on: October 29, 2015, 09:38:34 PM »
Has anyone had amex factor in significant amounts in a trust/investment account when a tax return was filed? or they only look at the tax return?
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5373 on: October 29, 2015, 10:55:24 PM »
Quote from: Yehuda25 on October 29, 2015, 09:38:34 PM
Has anyone had amex factor in significant amounts in a trust/investment account when a tax return was filed? or they only look at the tax return?
I would assume you may be able to convince them - just like they will sometimes agree to take bank statements
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Offline bznt

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Re: Amex F/R Master Thread
« Reply #5374 on: October 30, 2015, 09:14:13 AM »
Just passed F/R on platinum and gold charge cards. I got a email They capped my platinum to $5k and gold to $3k. But spending is still restricted. Will the restriction be lifted automatically or do i have to call the F/r rep to do it.?
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5375 on: October 30, 2015, 09:17:37 AM »
Quote from: bznt on October 30, 2015, 09:14:13 AM
Just passed F/R on platinum and gold charge cards. I got a email They capped my platinum to $5k and gold to $3k. But spending is still restricted. Will the restriction be lifted automatically or do i have to call the F/r rep to do it.?
Automatically it can take a few days
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5376 on: October 30, 2015, 09:21:54 AM »
Quote from: bznt on October 30, 2015, 09:14:13 AM
Just passed F/R on platinum and gold charge cards. I got a email They capped my platinum to $5k and gold to $3k. But spending is still restricted. Will the restriction be lifted automatically or do i have to call the F/r rep to do it.?
Congratulations!
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Offline D93

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Re: Amex F/R Master Thread
« Reply #5377 on: October 30, 2015, 09:37:46 AM »
Quote from: bznt on October 30, 2015, 09:14:13 AM
Just passed F/R on platinum and gold charge cards. I got a email They capped my platinum to $5k and gold to $3k. But spending is still restricted. Will the restriction be lifted automatically or do i have to call the F/r rep to do it.?
Just call and the rep will lift it right away.
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Offline bznt

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Re: Amex F/R Master Thread
« Reply #5378 on: October 30, 2015, 09:42:02 AM »
Quote from: D93 on October 30, 2015, 09:37:46 AM
Just call and the rep will lift it right away.
No more gruling questions?
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5379 on: October 30, 2015, 09:43:40 AM »
Quote from: bznt on October 30, 2015, 09:42:02 AM
No more gruling questions?
no, but for me it was a PIA to get the holds lifted, a few fr people claimed it was lifted, but until a got to a supervisor and they did a "full refresh" and ran some charges on their end noting worked.
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