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.

Author Topic: Amex F/R Master Thread  (Read 1876985 times)

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5780 on: November 25, 2015, 10:11:29 PM »
right but we are talking here from a 30 days period, if I apply now for amex card and in 20 days for a chase card how can they not see that its not duplicate? Of course after the two new accounts are on report?
Hmm, because one says amex and one says chase? Even the same bank can look different, for example chase business and chase personal looks different, therefore they don't combine. I'm not sure if a credit card app and CLI request from chase would combine. I don't know how it shows on report.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5781 on: November 25, 2015, 10:11:56 PM »
and the k in marKo dosent hurt your eyes?
On names there aren't spelling mistakes. It's every person's own right.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5782 on: November 25, 2015, 10:12:09 PM »
Is it possible to exceed the imposed fr limits?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5783 on: November 25, 2015, 10:12:55 PM »
Is it possible to exceed the imposed fr limits?
no but you can overpay if you want to meet a spend.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5784 on: November 25, 2015, 10:22:57 PM »
no but you can overpay if you want to meet a spend.
and do they mind that? I know some bank do mind...
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5785 on: November 25, 2015, 10:23:59 PM »
and do they mind that? I know some bank do mind...
No as long as it allows you to do it on the payment page you're fine

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5786 on: November 25, 2015, 10:32:40 PM »
No as long as it allows you to do it on the payment page you're fine
Overpaying triggers a FR
money doesn't talk......      it SCREAMS !

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5787 on: November 25, 2015, 10:37:01 PM »
Overpaying triggers a FR
I think i actually went over my limit some how, but only counting pending transactions, not 100% sure though
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #5788 on: November 25, 2015, 10:40:45 PM »
Overpaying triggers a FR
They do? Why?

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5789 on: November 25, 2015, 10:40:55 PM »
Overpaying triggers a FR
We're talking post FR

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5790 on: November 25, 2015, 10:43:20 PM »
We're talking post FR
I know, i may have almost been fr/d again because of it
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5791 on: November 25, 2015, 10:43:47 PM »
Ask @yehuda25 he got FRd 2x in the last 3 months
Not for real

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #5792 on: November 25, 2015, 10:44:32 PM »

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5793 on: November 25, 2015, 10:45:55 PM »

It doesn't happen. I also once almost had another fr but then I told rep that I just had an fr so she let it go

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #5794 on: November 25, 2015, 10:47:28 PM »
It doesn't happen. I also once almost had another fr but then I told rep that I just had an fr so she let it go
You mean there are terms on how long they have to wait to fr you again?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5795 on: November 25, 2015, 10:50:19 PM »
You mean there are terms on how long they have to wait to fr you again?
definitely no terms, though it would seem kinda pointless after one recently passed an fr, to re'fr them, not counting large due oast balances or something like that
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #5796 on: November 25, 2015, 10:51:24 PM »
definitely no terms, though it would seem kinda pointless after one recently passed an fr, to re'fr them, not counting large due oast balances or something like that
True but anything is possible

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #5797 on: November 25, 2015, 10:53:15 PM »
You mean there are terms on how long they have to wait to fr you again?
I heard that it won't happen again within the year. Can't quote from whom though

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5798 on: November 25, 2015, 10:57:43 PM »
I think i actually went over my limit some how, but only counting pending transactions, not 100% sure though
I'm going over my limits every month
money doesn't talk......      it SCREAMS !

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #5799 on: November 25, 2015, 11:24:03 PM »
Hmm, because one says amex and one says chase? Even the same bank can look different, for example chase business and chase personal looks different, therefore they don't combine. I'm not sure if a credit card app and CLI request from chase would combine. I don't know how it shows on report.
in other words this only works if its 2 apps from same bank?
Do u have any different idea for a signature?