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 1082950 times)

Offline Mr. CC

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Re: Amex F/R Master Thread
« Reply #6675 on: March 28, 2016, 03:32:10 PM »
Got F/Red in Jan, I closed all my cards I applied and got approved now for a new card.
But - I tried using it and it got denied.
But -  there's no message online that charging has been suspended.

What's going on?
any progress?

Offline pixi

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Re: Amex F/R Master Thread
« Reply #6676 on: April 01, 2016, 04:16:57 PM »
Is it possible to pass a FR on a plat card with 15k income?  I (my friend)  want to know if I should rather close the account.
money doesn't talk......      it SCREAMS !

Online maxie m

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Re: Amex F/R Master Thread
« Reply #6677 on: April 01, 2016, 04:19:08 PM »
Is it possible to pass a FR on a plat card with 15k income?  I (my friend)  want to know if I should rather close the account.
people have passed with less,but ymmv
Dumb people learn from their own mistakes,smart people,from the mistakes of others

Offline pixi

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Re: Amex F/R Master Thread
« Reply #6678 on: April 01, 2016, 04:19:39 PM »
people have passed with less,but ymmv
Even with a plat card?
money doesn't talk......      it SCREAMS !

Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #6679 on: April 01, 2016, 04:25:56 PM »
Work hard, Play harder!

Online maxie m

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Re: Amex F/R Master Thread
« Reply #6680 on: April 01, 2016, 04:30:04 PM »
Even with a plat card?
from personal experience is was slightly higher, but I heard from others that they reported less and passed
Dumb people learn from their own mistakes,smart people,from the mistakes of others

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6681 on: April 01, 2016, 04:32:36 PM »
Is it possible to pass a FR on a plat card with 15k income?  I (my friend)  want to know if I should rather close the account.
Yes
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 David Smith

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Re: Amex F/R Master Thread
« Reply #6682 on: April 01, 2016, 06:25:31 PM »
If I'm (freind)  in  FR and I want to close my account can I transfer the points out to another program before closing?  They say that they'll charge my card to Transfer the points.
Yes, you can.
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

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Re: Amex F/R Master Thread
« Reply #6683 on: April 02, 2016, 09:07:57 PM »
Can you pass an f/r without tax returns? With bank statements perhaps. I tried to search but...

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6684 on: April 02, 2016, 09:11:51 PM »
Can you pass an f/r without tax returns? With bank statements perhaps. I tried to search but...
If that's all they ask for. When you call, make sure to not to tell them you filed taxes, or they'll ask you to submit returns.
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

Online theblakdavid

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Re: Amex F/R Master Thread
« Reply #6685 on: April 02, 2016, 09:13:37 PM »
If that's all they ask for. When you call, make sure to not to tell them you filed taxes, or they'll ask you to submit returns.
I don't file taxes, that's why I'm wondering. I didn't get a f/r yet bh, just want to make sure I have what to respond.

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6686 on: April 02, 2016, 09:14:45 PM »
I don't file taxes, that's why I'm wondering. I didn't get a f/r yet bh, just want to make sure I have what to respond.
If you want to know what your chances are; they're not great. Try your best to avoid an FR; you're nice and vulnerable if you get one.
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

Online theblakdavid

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Re: Amex F/R Master Thread
« Reply #6687 on: April 02, 2016, 09:16:14 PM »
If you want to know what your chances are; they're not great. Try your best to avoid an FR; you're nice and vulnerable if you get one.
That stinks. I'm a single dependent, so it's pretty understandable that I don't have my own tax returns....

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6688 on: April 02, 2016, 10:23:46 PM »
That stinks. I'm a single dependent, so it's pretty understandable that I don't have my own tax returns....
In that case maybe they would accept your parents returns.

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6689 on: April 02, 2016, 10:24:34 PM »
In that case maybe they would accept your parents returns.
Personal experience?
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