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 1866533 times)

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6700 on: April 03, 2016, 09:52:00 PM »
Quote from: Smokey Joe Robinson on April 03, 2016, 09:34:17 PM
Been ignoring for years...
I've realized that just because one person gets away with something doesn't mean it's not a trigger
(I'm not saying it is a trigger just bringing up a point)
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6701 on: April 03, 2016, 09:53:24 PM »
Quote from: yochiek93 on April 03, 2016, 09:52:00 PM
I've realized that just because one person gets away with something doesn't mean it's not a trigger
(I'm not saying it is a trigger just bringing up a point)
I know a few people that have been ignoring them for years.
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #6702 on: April 03, 2016, 09:56:04 PM »
Quote from: yochiek93 on April 03, 2016, 09:52:00 PM
I've realized that just because one person gets away with something doesn't mean it's not a trigger
(I'm not saying it is a trigger just bringing up a point)
When that becomes a trigger, man are we gonna hear about it.
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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6703 on: April 03, 2016, 09:58:25 PM »
Quote from: TimT on April 03, 2016, 09:56:04 PM
When that becomes a trigger, man are we gonna hear about it.
True I'm not saying it is (in fact I have it with plenty of cards) all I'm saying is

Quote from: yochiek93 on April 03, 2016, 09:52:00 PM
just because one person gets away with something doesn't mean it's not a trigger
(I'm not saying it is a trigger just bringing up a point)

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Offline etech0

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Re: Amex F/R Master Thread
« Reply #6704 on: April 03, 2016, 11:27:13 PM »
So how do you prove that something's not a trigger?
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Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6705 on: April 03, 2016, 11:32:07 PM »
Quote from: etech0 on April 03, 2016, 11:27:13 PM
So how do you prove that something's not a trigger?
You can't. That's why I don't eat supper on Wednesdays. It's reported to be a FR trigger. Dozens of people that eat dinner Wednesdays have gotten FR'd.
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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6706 on: April 03, 2016, 11:34:10 PM »
Quote from: David Smith on April 03, 2016, 11:32:07 PM
You can't. That's why I don't eat supper on Wednesdays. It's reported to be a FR trigger. Dozens of people that eat dinner Wednesdays have gotten FR'd.
Shoot. All this time I've been skipping supper on Mondays....
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #6707 on: April 03, 2016, 11:45:20 PM »
Quote from: etech0 on April 03, 2016, 11:27:13 PM
So how do you prove that something's not a trigger?
So long as people aren't getting FR'd because of it it's not a trigger.
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Offline yossig

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Re: Amex F/R Master Thread
« Reply #6708 on: April 04, 2016, 01:55:58 PM »
just finished FR B"H! they slashed CL pgr 3000 bgr 3100 bp 5000 etc. spg left at 20k.
but when checking on spending power everything is declined?!
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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6709 on: April 04, 2016, 01:58:28 PM »
Quote from: yossig on April 04, 2016, 01:55:58 PM
just finished FR B"H! they slashed CL pgr 3000 bgr 3100 bp 5000 etc. spg left at 20k.
but when checking on spending power everything is declined?!
read upthread. Takes a day or 2 to remove the holds.
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“To avoid criticism say nothing, do nothing, be nothing.”


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Offline yossig

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Re: Amex F/R Master Thread
« Reply #6710 on: April 04, 2016, 02:00:46 PM »
Quote from: Yehuda25 on April 04, 2016, 01:58:28 PM
read upthread. Takes a day or 2 to remove the holds.
they took off the msg online already. i guess i'll wait..
thanks!!
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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6711 on: April 04, 2016, 02:14:10 PM »
Quote from: yossig on April 04, 2016, 02:00:46 PM
they took off the msg online already. i guess i'll wait..
thanks!!
Call your F/R Rep
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Offline gomike

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Re: Amex F/R Master Thread
« Reply #6712 on: April 04, 2016, 02:18:52 PM »
Quote from: yossig on April 04, 2016, 01:55:58 PM
just finished FR B"H! they slashed CL pgr 3000 bgr 3100 bp 5000 etc. spg left at 20k.
but when checking on spending power everything is declined?!
Try to pay a bill
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Offline yossig

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Re: Amex F/R Master Thread
« Reply #6713 on: April 04, 2016, 02:53:35 PM »
Quote from: yochiek93 on April 04, 2016, 02:14:10 PM
Call your F/R Rep
dont want her to question all of my biz accounts.. i"ll rather wait..
Quote from: gomike on April 04, 2016, 02:18:52 PM
Try to pay a bill
payd most of it already
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Offline gomike

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Re: Amex F/R Master Thread
« Reply #6714 on: April 04, 2016, 03:17:43 PM »
Quote from: yossig on April 04, 2016, 02:53:35 PM
dont want her to question all of my biz accounts.. i"ll rather wait..payd most of it already
I mean try to charge something
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Offline danfan5773

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Re: Amex F/R Master Thread
« Reply #6715 on: April 05, 2016, 04:57:56 PM »
B"h just finished F/R they slashed my cards but passed.
How long after F/R can i apply for new card? is that a bad thing to do or once it passed i can apply?
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Offline chinagel

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Re: Amex F/R Master Thread
« Reply #6716 on: April 05, 2016, 04:59:43 PM »
Quote from: danfan5773 on April 05, 2016, 04:57:56 PM
B"h just finished F/R they slashed my cards but passed.
How long after F/R can i apply for new card? is that a bad thing to do or once it passed i can apply?
not so much applying as spending $$
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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6717 on: April 05, 2016, 07:03:38 PM »
Quote from: danfan5773 on April 05, 2016, 04:57:56 PM
B"h just finished F/R they slashed my cards but passed.
How long after F/R can i apply for new card? is that a bad thing to do or once it passed i can apply?
You passed so why wait?
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Offline danfan5773

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Re: Amex F/R Master Thread
« Reply #6718 on: April 06, 2016, 03:38:08 PM »
Quote from: yochiek93 on April 05, 2016, 07:03:38 PM
You passed so why wait?

My question is would  i get approved for a larger credit limit when i apply for a new card or my profile by amex will stick with the credit limits that they lowered my limits to.
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Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6719 on: April 06, 2016, 03:39:01 PM »
Quote from: danfan5773 on April 06, 2016, 03:38:08 PM
My question is would  i get approved for a larger credit limit when i apply for a new card or my profile by amex will stick with the credit limits that they lowered my limits to.
There are reports of getting larger limits
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