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 1016664 times)

Offline Dan

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Re: Amex Financial Review
« Reply #555 on: August 18, 2011, 12:31:33 PM »
Just my experience:
My wife and I have had many amex cards over the years and it seems that each time we apply for the Business Gold card we get FR'ed within a week after it is approved .
Looks like we have another trigger...lol.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline upandaway

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Re: Amex Financial Review
« Reply #556 on: August 18, 2011, 04:54:11 PM »
I have had AMEX for 5+ years - many business expenses on Starwood and Platinum. Never missed a payment. 2hrs after activating the Biz Gold card the FR hit me (but granted it was my 3rd new card from AMEX this year).
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Offline ye

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Re: Amex Financial Review
« Reply #557 on: August 18, 2011, 06:03:08 PM »
What's the easiest way to close my accounts? Every time I call CS to close them they say "hold on while I just look into something" and they then transfer me to the person who is doing my FR. I really would rather not speak to this specific "account manger".

Offline Dan

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Re: Amex Financial Review
« Reply #558 on: August 18, 2011, 06:10:28 PM »
What's the easiest way to close my accounts? Every time I call CS to close them they say "hold on while I just look into something" and they then transfer me to the person who is doing my FR. I really would rather not speak to this specific "account manger".
Online
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline yaakov s

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Re: Amex Financial Review
« Reply #559 on: August 18, 2011, 06:11:43 PM »
Online
Where through the website or you need to SM

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Re: Amex Financial Review
« Reply #560 on: August 18, 2011, 06:26:02 PM »
Where through the website or you need to SM
I have the same question. I don't see any option under CS to close

Offline Avid Reader

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Re: Amex Financial Review
« Reply #561 on: August 18, 2011, 06:26:55 PM »
Where through the website or you need to SM

SM. I've done it like that without a problem.

Offline ye

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Re: Amex Financial Review
« Reply #562 on: August 18, 2011, 06:43:07 PM »
SM. I've done it like that without a problem.
do they do it right away? So far every time I SM'ed them it took about 20 hrs till they responded

Offline clownaparte

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Re: Amex Financial Review
« Reply #563 on: August 18, 2011, 09:28:21 PM »
do they do it right away? So far every time I SM'ed them it took about 20 hrs till they responded

It does take them a couple of hours, but in my experience it has always been less than 24hrs.

Offline clownaparte

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Re: Amex Financial Review
« Reply #564 on: August 18, 2011, 09:30:02 PM »
I have had AMEX for 5+ years - many business expenses on Starwood and Platinum. Never missed a payment. 2hrs after activating the Biz Gold card the FR hit me (but granted it was my 3rd new card from AMEX this year).

Well, I've just applied (yesterday) for Business SPG and was approved with 22k credit - perhaps I should hold my breath...

Offline Dan

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Re: Amex Financial Review
« Reply #565 on: August 18, 2011, 09:34:21 PM »
Well, I've just applied (yesterday) for Business SPG and was approved with 22k credit - perhaps I should hold my breath...
That's not business gold though.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline clownaparte

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Re: Amex Financial Review
« Reply #566 on: August 18, 2011, 09:54:02 PM »
That's not business gold though.

Nope, it isn't - but none of us really know exactly what is or isn't a trigger - we are gathering data and speculating. I also doubt that the mere act of applying for a Business Gold card is the trigger - after all, they aren't FRing everyone who applied for a Business Gold card. So I'd imagine the trigger is "x" + applying for a Business Gold card. By the same token, the trigger may be "x" + applying for any Business card. We really don't know what "x" is.

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Re: Amex Financial Review
« Reply #567 on: August 18, 2011, 09:59:44 PM »
Nope, it isn't - but none of us really know exactly what is or isn't a trigger - we are gathering data and speculating. I also doubt that the mere act of applying for a Business Gold card is the trigger - after all, they aren't FRing everyone who applied for a Business Gold card. So I'd imagine the trigger is "x" + applying for a Business Gold card. By the same token, the trigger may be "x" + applying for any Business card. We really don't know what "x" is.
People have reported problems with business gold in the past on here.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline ye

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Re: Amex Financial Review
« Reply #568 on: August 18, 2011, 11:25:09 PM »
So I'd imagine the trigger is "x" + applying for a Business Gold card. By the same token, the trigger may be "x" + applying for any Business card. We really don't know what "x" is.
Each time with me that "x" was applying for another personal card soon before the business gold.

Offline WildChicken

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Re: Amex Financial Review
« Reply #569 on: August 19, 2011, 03:31:18 AM »
new poster here, glad this FR thread is up to date!

So here is my deal...Blue Cash Personal/SPG Personal/Delta Skymiles Business.  Total Credit Line between the 3 was 40k.  Applied for the Gold Rewards card and spent 12k in a matter of a couple days.  Boom FR hit me and of course they want tax info from current year vs years when I actually applied for the cards.  Obviously income varies form year to year.  I was surprised that they would not let me send in bank statements for the FR.  Anyways,  they slashed my CC limit from the 40k to 3k or 1k per card and then put a spending limit on my gold card of 12k.  This has been a couple months ago, of course I learned my lesson with my first amex chargecard..don't go crazy right after you get it.  I guess the good thing is they didn't close any of my cards. So the FR was completed in May and I was wondering how soon can I start to apply and be approved for new cards after going through this process?  Was targeting the Spg business card, but really would prefer to not go through another FR.  Also was interested if amex ever removes a spending limit after continuous months of paying everything in full?