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 1874303 times)

Offline D93

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Re: Amex F/R Master Thread
« Reply #5620 on: November 15, 2015, 01:47:25 AM »
Quote from: Baruch on November 15, 2015, 01:37:29 AM
How do you make sure you closed every last card?
My family member that got F/Red, is not sure if they remember every amex card that they have open.

They're not in all 1 online account?
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Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5621 on: November 15, 2015, 02:02:11 AM »
Quote from: D93 on November 15, 2015, 01:47:25 AM
They're not in all 1 online account?
no. some might not have been added
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Offline D93

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Re: Amex F/R Master Thread
« Reply #5622 on: November 15, 2015, 02:07:23 AM »
Quote from: Baruch on November 15, 2015, 02:02:11 AM
no. some might not have been added

You can chat and have them all added
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #5623 on: November 15, 2015, 05:30:59 AM »
Quote from: Baruch on November 15, 2015, 01:37:29 AM
How do you make sure you closed every last card?
My family member that got F/Red, is not sure if they remember every amex card that they have open.
Just tell them you want to close all your cards,  they have it all in the system.
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Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5624 on: November 15, 2015, 10:57:34 AM »
Quote from: pixi on November 15, 2015, 05:30:59 AM
Just tell them you want to close all your cards,  they have it all in the system.
Tell who?
I tested chat. i asked them to list all the cards, and they missed 2 that were not in the online account.
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Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #5625 on: November 15, 2015, 10:58:42 AM »
I've closed all them via the FR department.
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Offline meme

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Re: Amex F/R Master Thread
« Reply #5626 on: November 15, 2015, 11:35:20 AM »
I have also had experience with the phone rep not seeing all my accounts, said I have to give Accnt number for every Accnt I want to close
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Offline D93

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Re: Amex F/R Master Thread
« Reply #5627 on: November 15, 2015, 12:38:57 PM »
Quote from: Baruch on November 15, 2015, 10:57:34 AM
Tell who?
I tested chat. i asked them to list all the cards, and they missed 2 that were not in the online account.

Chat and have the rep add all the cards that exist under your name to your online account. Then when you close them, you can make sure they are all actually closed.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5628 on: November 15, 2015, 12:47:02 PM »
Why not just call and close each account?
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Offline D93

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Re: Amex F/R Master Thread
« Reply #5629 on: November 15, 2015, 12:48:15 PM »
Quote from: Jm1248 on November 15, 2015, 12:47:02 PM
Why not just call and close each account?
Quote from: Baruch on November 15, 2015, 01:37:29 AM
How do you make sure you closed every last card?
My family member that got F/Red, is not sure if they remember every amex card that they have open.
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Offline Dr Moose

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Re: Amex F/R Master Thread
« Reply #5630 on: November 15, 2015, 12:49:47 PM »
When I called the FR dept, i just said "close down all my cards"
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Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5631 on: November 15, 2015, 01:27:20 PM »
Quote from: Dr Moose on November 15, 2015, 12:49:47 PM
When I called the FR dept, i just said "close down all my cards"
I think I'm gonna have them say to F/R dept, that they're pissed that their cards get suspended with no warning, and they're ending their relationship with Amex.
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Offline D93

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Re: Amex F/R Master Thread
« Reply #5632 on: November 15, 2015, 01:34:37 PM »
Quote from: Baruch on November 15, 2015, 01:27:20 PM
I think I'm gonna have them say to F/R dept, that they're pissed that their cards get suspended with no warning, and they're ending their relationship with Amex.

As if they care....
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Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5633 on: November 15, 2015, 04:34:19 PM »
Quote from: D93 on November 15, 2015, 01:34:37 PM
As if they care....
Of course they don't.
What's the difference between an F/R and a mini F/R?
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5634 on: November 15, 2015, 05:55:06 PM »
Quote from: Baruch on November 15, 2015, 04:34:19 PM
Of course they don't.
What's the difference between an F/R and a mini F/R?
A mini fr is just a coupla questions you need to answer and youre off the hook. Unless you say something they don't want to hear, in which case it can turn into a full blown fr
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #5635 on: November 15, 2015, 05:56:40 PM »
Quote from: Baruch on November 15, 2015, 01:27:20 PM
I think I'm gonna have them say to F/R dept, that they're pissed that their cards get suspended with no warning, and they're ending their relationship with Amex.
You can just tell them you would rather shut all your cards than deal with the paperwork
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Offline jameswacht

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Re: Amex F/R Master Thread
« Reply #5636 on: November 15, 2015, 07:31:49 PM »
Has anyone had success getting approved for a card less than 6 months after closing  original cards?
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Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5637 on: November 15, 2015, 08:13:38 PM »
So, if I got an email that I'm under F/R, should I first talk to them, b4 closing cards, to make sure it's not a mini F/R?
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Offline chulent613

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Re: Amex F/R Master Thread
« Reply #5638 on: November 15, 2015, 08:14:18 PM »
Quote from: Baruch on November 15, 2015, 08:13:38 PM
So, if I got an email that I'm under F/R, should I first talk to them, b4 closing cards, to make sure it's not a mini F/R?
Yes
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Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5639 on: November 15, 2015, 08:14:58 PM »
Quote from: chulent613 on November 15, 2015, 08:14:18 PM
Yes
Is there a way to tell right away if it's a mini F/R?
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