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 1854625 times)

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6220 on: January 04, 2016, 12:22:16 PM »
Quote from: afro on January 04, 2016, 12:19:47 PM
on my current cards yes on this one no
Then no
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Offline afro

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Re: Amex F/R Master Thread
« Reply #6221 on: January 04, 2016, 12:23:14 PM »
just registered new account and no limits

If I go nuts with the spending will that trigger new FR?
« Last Edit: January 04, 2016, 12:37:14 PM by afro »
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Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #6222 on: January 04, 2016, 12:39:13 PM »
Quote from: afro on January 04, 2016, 12:23:14 PM
just registered new account and no limits

If I go nuts with the spending will that trigger new FR?
Possibly. Ymmv
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Offline D93

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Re: Amex F/R Master Thread
« Reply #6223 on: January 04, 2016, 01:04:35 PM »
Quote from: afro on January 04, 2016, 12:23:14 PM
just registered new account and no limits

If I go nuts with the spending will that trigger new FR?

Possibly, it's happened to others.
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6224 on: January 04, 2016, 05:58:36 PM »
Trying all day to get through to FR department; they're just not picking up.
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Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #6225 on: January 04, 2016, 06:07:44 PM »
Got F/r'd in August. All cards closed. Have small balance on EDP at 0% so in no rush to pay off. What's the rule of thumb. Do I have to be zeroed out to reapply? Is it too soon to reapply?
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Offline D93

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Re: Amex F/R Master Thread
« Reply #6226 on: January 04, 2016, 06:12:01 PM »
Quote from: hvaces42 on January 04, 2016, 06:07:44 PM
Got F/r'd in August. All cards closed. Have small balance on EDP at 0% so in no rush to pay off. What's the rule of thumb. Do I have to be zeroed out to reapply? Is it too soon to reapply?

You closed them or Amex closed them?
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Offline D93

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Re: Amex F/R Master Thread
« Reply #6227 on: January 04, 2016, 06:12:23 PM »
Quote from: David Smith on January 04, 2016, 05:58:36 PM
Trying all day to get through to FR department; they're just not picking up.

They're still on Christmas break.
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Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #6228 on: January 04, 2016, 06:14:12 PM »
Quote from: D93 on January 04, 2016, 06:12:01 PM
You closed them or Amex closed them?
Amex. But doesnt say that they closed on CR
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6229 on: January 04, 2016, 06:50:18 PM »
Quote from: hvaces42 on January 04, 2016, 06:14:12 PM
Amex. But doesnt say that they closed on CR
what does it say? closed at your request?
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Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #6230 on: January 04, 2016, 10:06:13 PM »
Quote from: Yehuda25 on January 04, 2016, 06:50:18 PM
what does it say? closed at your request?
Closed at credit grantors request. Messed up big time and Amex reported 1 late Biz card payment on EX only. Its paid off now. Any way to have them remove that from personal report. And back to original question. Is it too early to re-apply even though i can show income for 2015, which was the issue last year.
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Online Tom Brady

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Re: Amex F/R Master Thread
« Reply #6231 on: January 04, 2016, 10:28:42 PM »
Quote from: hvaces42 on January 04, 2016, 10:06:13 PM
Closed at credit grantors request. Messed up big time and Amex reported 1 late Biz card payment on EX only. Its paid off now. Any way to have them remove that from personal report. And back to original question. Is it too early to re-apply even though i can show income for 2015, which was the issue last year.
Quote from: hvaces42 on January 04, 2016, 06:14:12 PM
Amex. But doesnt say that they closed on CR
So does it, or doesn't it say that they closed the account on your credit report?
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Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #6232 on: January 04, 2016, 10:56:35 PM »
Says Closed at credit grantors request...means they closed it. I guess i missed that. Just pulled report from FICO to see.
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Online Tom Brady

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Re: Amex F/R Master Thread
« Reply #6233 on: January 04, 2016, 11:01:20 PM »
Quote from: hvaces42 on January 04, 2016, 10:56:35 PM
Says Closed at credit grantors request...means they closed it. I guess i missed that. Just pulled report from FICO to see.
When you apply after being closed at credit grantors request, the system automatically requires you to let them see your taxes before considering your app. If you have taxes to show them now, then go ahead.
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Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #6234 on: January 04, 2016, 11:02:50 PM »
Quote from: Tom Brady on January 04, 2016, 11:01:20 PM
When you apply after being closed at credit grantors request, the system automatically requires you to let them see your taxes before considering your app. If you have taxes to show them now, then go ahead.
For how long? Will start on filing 2015 then.
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Re: Amex F/R Master Thread
« Reply #6235 on: January 04, 2016, 11:04:25 PM »
Quote from: hvaces42 on January 04, 2016, 11:02:50 PM
For how long? Will start on filing 2015 then.
I think just 2015 should be good.
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Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #6236 on: January 04, 2016, 11:05:37 PM »
Quote from: Tom Brady on January 04, 2016, 11:04:25 PM
I think just 2015 should be good.
Thanks
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Offline mendy613

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Re: Amex F/R Master Thread
« Reply #6237 on: January 06, 2016, 12:11:48 AM »
Just got the dreaded "Charging suspended. Please call 1-800-678-0738 if we haven't already spoken with you."
 :-[ :-[ :-[
Gotta start reading 400 pages before i call....
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Offline youkay

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Re: Amex F/R Master Thread
« Reply #6238 on: January 06, 2016, 12:12:10 AM »

Quote from: mendy613 on January 06, 2016, 12:11:48 AM
Just got the dreaded "Charging suspended. Please call 1-800-678-0738 if we haven't already spoken with you."
 :-[ :-[ :-[
Gotta start reading 400 pages before i call....
Good Luck!
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Offline pixi

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Re: Amex F/R Master Thread
« Reply #6239 on: January 06, 2016, 12:14:37 AM »
Quote from: mendy613 on January 06, 2016, 12:11:48 AM
Just got the dreaded "Charging suspended. Please call 1-800-678-0738 if we haven't already spoken with you."
 :-[ :-[ :-[
Gotta start reading 400 pages before i call....
If you have legit income you shouldn't be so worried.  It's not so scary as it sounds
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