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 1108019 times)

Offline yochiek93

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2015
  • Posts: 4486
  • Total likes: 75
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6285 on: January 07, 2016, 09:57:47 AM »
Welcome to the club, @Yehuda. :'(
Good luck
but I'm sure your rabbi was very specific about what you can put on your application and you will be fine
Lol

Offline @Yehuda

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Oct 2013
  • Posts: 9809
  • Total likes: 155
  • DansDeals.com Hat Tips 5
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6286 on: January 07, 2016, 10:03:46 AM »
but I'm sure your rabbi was very specific about what you can put on your application and you will be fine
lol Just my income so hopefully will be fine. Supposedly I have a good rep, too. Amen.

What did you do spend a lot in the first few weeks
No idea what caused it, but I did hit the spend on 4 new cards within a little over a month. Other recent events include asking Chat why I didn't get my signup points from a new card and requesting a credit line transfer that was declined.

Good luck
Thanks, Amen.

Offline David Smith

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2015
  • Posts: 8286
  • Total likes: 203
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Amex F/R Master Thread
« Reply #6287 on: January 07, 2016, 10:07:18 AM »


No idea what caused it, but I did hit the spend on 4 new cards within a little over a month.
Personal or business cards?
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 @Yehuda

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Oct 2013
  • Posts: 9809
  • Total likes: 155
  • DansDeals.com Hat Tips 5
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6288 on: January 07, 2016, 10:07:41 AM »

Offline David Smith

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2015
  • Posts: 8286
  • Total likes: 203
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Amex F/R Master Thread
« Reply #6289 on: January 07, 2016, 10:09:26 AM »
Both
Biz cards entail a lot more spending. Personal shouldn't have any FR triggering numbers.
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 yochiek93

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2015
  • Posts: 4486
  • Total likes: 75
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6290 on: January 07, 2016, 10:13:34 AM »
Biz cards entail a lot more spending. Personal shouldn't have any FR triggering numbers.
Could it be the credit line transfer that got declined?

Offline @Yehuda

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Oct 2013
  • Posts: 9809
  • Total likes: 155
  • DansDeals.com Hat Tips 5
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6291 on: January 07, 2016, 10:43:37 AM »
Could it be the credit line transfer that got declined?
They claim it was declined bc the card transferring from wasn't open for 13 billing cycles yet. So, it seems like that was not the trigger.

Offline mendy613

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Apr 2013
  • Posts: 871
  • Total likes: 19
  • DansDeals.com Hat Tips 3
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #6292 on: January 07, 2016, 11:40:29 AM »
So i have the message that Charging is suspended and to call, but couldn't get through to a person after waiting over 30 min today..

Here's the background:

I have two platinum biz cards (One upgraded from Gold and one 150k signup - From a  friend) that i charged a large amount and just had the return placed back on cards (After bonus points posted) And did 4 PGGM's in the last month.
I know i know.. I never do this, was a mistake
I don't need the plat cards anyway..
(Have two other biz cards with a few AU's in same name and one personal SPG that i would like to keep)

Question:


Would closing the plat cards on my own before calling to find out what they want not look good?
We only have 9k on 2014's tax returns.
2015 will have 25k but will be in a few months..

Anyone have advice?
Gonna try calling again today and want to know if I should cancel the Plats before.

Offline rivkao

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1108
  • Total likes: 18
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: Amex F/R Master Thread
« Reply #6293 on: January 07, 2016, 06:45:12 PM »
Anyone have advice?
Gonna try calling again today and want to know if I should cancel the Plats before.
I don't think you'll lose anything by closing the cards.

Offline steves

  • Dansdeals Silver Elite
  • **
  • Join Date: May 2013
  • Posts: 51
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6294 on: January 07, 2016, 07:08:30 PM »
I was hit by a F/R a little less than a year ago. I proactively closed my cards, and today I was accepted for the SPG.

There is always hope!

Offline yochiek93

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2015
  • Posts: 4486
  • Total likes: 75
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6295 on: January 07, 2016, 07:20:59 PM »
I was hit by a F/R a little less than a year ago. I proactively closed my cards, and today I was accepted for the SPG.

There is always hope!
That's good to hear.

Offline afro

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2015
  • Posts: 455
  • Total likes: 10
  • DansDeals.com Hat Tips 6
    • View Profile
  • Location: 08701
Re: Amex F/R Master Thread
« Reply #6296 on: January 07, 2016, 08:10:23 PM »
I was hit by a F/R a little less than a year ago. I proactively closed my cards, and today I was accepted for the SPG.

There is always hope!

if you can show income (even a teeny bit) Amex won't close your cc
I will not respond to PM about the UPS method.

I will not respond to PM about the BBLD method.

Offline yochiek93

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2015
  • Posts: 4486
  • Total likes: 75
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6297 on: January 07, 2016, 08:11:56 PM »
if you can show income (even a teeny bit) Amex won't close your cc
-1
True people passed even with a little bit, but its definitely possible to get shut down even showing income.

Offline mendy613

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Apr 2013
  • Posts: 871
  • Total likes: 19
  • DansDeals.com Hat Tips 3
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #6298 on: January 07, 2016, 11:08:03 PM »
Awesome, I closed both Plats, i guess ill call them next week, Thanks all!

P.S. Speical thanks for the few kind folk who were PM'ing me with tips!

Offline @Yehuda

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Oct 2013
  • Posts: 9809
  • Total likes: 155
  • DansDeals.com Hat Tips 5
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6299 on: January 08, 2016, 05:47:11 AM »
I imagine this isn't big news, but in case it is: signup bonuses can post during an FR.