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 1080802 times)

Offline moshewoodmere01

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Re: Amex F/R Master Thread
« Reply #6630 on: March 18, 2016, 06:08:43 PM »
Incorrect meaning I don't need to pay off balance to be reinstated
While you don't need to pay it off it can definitely help. I was FRed after opening a Plat and spending 10k in the first week. I immediately paid off the debt in full and called my "interrogator". She said oh I see you paid off in full so no need to send in any documents, we just needed to know that you have the money to back it up.
Think away the box.

Offline Jay s

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Re: Amex F/R Master Thread
« Reply #6631 on: March 20, 2016, 11:50:09 AM »
While you don't need to pay it off it can definitely help. I was FRed after opening a Plat and spending 10k in the first week. I immediately paid off the debt in full and called my "interrogator". She said oh I see you paid off in full so no need to send in any documents, we just needed to know that you have the money to back it up.
It doesn't sound like you had a real financial review, probably only a mini FR

Offline moshewoodmere01

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Re: Amex F/R Master Thread
« Reply #6632 on: March 20, 2016, 12:20:59 PM »
It doesn't sound like you had a real financial review, probably only a mini FR
Sounds right, they only wanted my mini income information and only wanted to close my mini cards..
Think away the box.

Online mochjas

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Re: Amex F/R Master Thread
« Reply #6633 on: March 20, 2016, 12:30:28 PM »
I got FRd like 3 months ago for spending 5k in 2 days on the BRG. Just got approved for the platinum and need to spend 20k. If I do it quickly will I get FRd again?

Offline Jay s

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Re: Amex F/R Master Thread
« Reply #6634 on: March 20, 2016, 12:30:59 PM »
Sounds right, they only wanted my mini income information and only wanted to close my mini cards..
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.
From the very informative wiki

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #6635 on: March 20, 2016, 01:17:51 PM »
I got FRd like 3 months ago for spending 5k in 2 days on the BRG. Just got approved for the platinum and need to spend 20k. If I do it quickly will I get FRd again?
YMMV

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6636 on: March 20, 2016, 01:18:44 PM »
I got FRd like 3 months ago for spending 5k in 2 days on the BRG. Just got approved for the platinum and need to spend 20k. If I do it quickly will I get FRd again?
If you passed last time you can pass again

Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #6637 on: March 20, 2016, 04:31:03 PM »
If you passed last time you can pass again
-1  I past an fr`a year ago but somehow didn't pass last time with exact same info

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6638 on: March 20, 2016, 04:32:39 PM »
-1  I past an fr`a year ago but somehow didn't pass last time with exact same info
Closed you down? Or slashed credit lines?

Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #6639 on: March 20, 2016, 04:33:16 PM »
Closed you down? Or slashed credit lines?
Closed

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6640 on: March 20, 2016, 04:34:46 PM »
-1  I past an fr`a year ago but somehow didn't pass last time with exact same info
In the same year that's an exception

Offline Jay s

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Re: Amex F/R Master Thread
« Reply #6641 on: March 20, 2016, 04:42:50 PM »
-1  I past an fr`a year ago but somehow didn't pass last time with exact same info
You sent in tax returns or tried to do bank statements both times

Offline youkay

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Re: Amex F/R Master Thread
« Reply #6642 on: March 20, 2016, 04:43:11 PM »

-1  I past an fr`a year ago but somehow didn't pass last time with exact same info
interesting... first time this has been reported... 

Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #6643 on: March 20, 2016, 04:48:09 PM »
In the same year that's an exception
wasn't same year first was in  feb` 2014  last was in aug` 2015
but same income/info,

Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #6644 on: March 20, 2016, 04:50:01 PM »
You sent in tax returns or tried to do bank statements both times
tax returns both times