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.

Author Topic: Amex F/R Master Thread  (Read 1818742 times)

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #7140 on: July 26, 2016, 03:22:45 PM »
Got F/R this morning.....I have 5 amex 3 biz and 2 personal. My biz opened in january so they said I should only send in only personal returns. total balance is about 90% of income on return  1. Is there a point to pay down balances before I send in 4506?  If yes should I pay down personal or biz?  2. Should I cancel a few of the cards? Any other tips?
Send it in. Likely limits will be slashed. Paying off can't hurt, but often isn't necessary. No need to cancel anything.
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 emjee

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Re: Amex F/R Master Thread
« Reply #7141 on: July 26, 2016, 03:24:36 PM »
Got F/R this morning.....I have 5 amex 3 biz and 2 personal. My biz opened in january so they said I should only send in only personal returns. total balance is about 90% of income on return  1. Is there a point to pay down balances before I send in 4506?  If yes should I pay down personal or biz?  2. Should I cancel a few of the cards? Any other tips?
Just send in what they want . No matter what, even if you spend over , they'll cut you . Just hope that they don't . If you don't send in , you're done for .
good luck .

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #7142 on: July 26, 2016, 03:26:11 PM »
Should I cancel the biz cards or since they didnt ask for biz returns no matter? Any other tips?  thanks

Online TimT

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Re: Amex F/R Master Thread
« Reply #7143 on: July 26, 2016, 03:27:06 PM »
Why cancel ?

Offline emjee

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Re: Amex F/R Master Thread
« Reply #7144 on: July 26, 2016, 03:28:11 PM »
Should I cancel the biz cards or since they didnt ask for biz returns no matter? Any other tips?  thanks
Not necessary to cancel . Just send it in and hope for best

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #7145 on: July 26, 2016, 03:33:53 PM »
Why cancel ?
Maybe if they dont see that many open cards and high balances they will be "nicer" with low income...

Offline emjee

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Re: Amex F/R Master Thread
« Reply #7146 on: July 26, 2016, 03:49:06 PM »
Maybe if they dont see that many open cards and high balances they will be "nicer" with low income...
Even if there are high balances ..a history of being paid off on time counteracts that suspicion IMO . Chill out . It ain't that scary . You should be fine . And even if lines get cut to crazy lows it's not the end of the world . Many reports of pple applying a week later or more after that and getting approved + approved for cc's with high limits

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #7147 on: July 26, 2016, 04:00:42 PM »
K tx

Offline New Yorker

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Re: Amex F/R Master Thread
« Reply #7148 on: July 26, 2016, 04:16:20 PM »
The plats are charge

I only have Delta cc's. Should I fear a F/R ?

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #7149 on: July 26, 2016, 04:17:51 PM »
Can u downgrade a card while its under f/r?

Offline youkay

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Re: Amex F/R Master Thread
« Reply #7150 on: July 26, 2016, 04:26:48 PM »
Can u downgrade a card while its under f/r?
Yes

Online TimT

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Re: Amex F/R Master Thread
« Reply #7151 on: July 26, 2016, 04:39:21 PM »
I only have Delta cc's. Should I fear a F/R ?
See the wiki for triggers

Offline emjee

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Re: Amex F/R Master Thread
« Reply #7152 on: July 26, 2016, 04:54:30 PM »
See the wiki for triggers
If there are actual triggers

Offline cholent

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Re: Amex F/R Master Thread
« Reply #7153 on: July 26, 2016, 04:56:45 PM »
If there are actual triggers
There's no question that there are actual triggers. Unusually high spending, for example. I'm not going to comment on logging in to your account a lot as a possible trigger
Don't ask stupid questions and you won't get stupid answers

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #7154 on: July 26, 2016, 08:41:10 PM »
Got F/R this morning.....I have 5 amex 3 biz and 2 personal. My biz opened in january so they said I should only send in only personal returns. total balance is about 90% of income on return  1. Is there a point to pay down balances before I send in 4506?  If yes should I pay down personal or biz?  2. Should I cancel a few of the cards? Any other tips?
In the wiki it says to close down biz accounts if cant prove info....If they are only requesting personal tax forms can I keep them open?

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #7155 on: July 26, 2016, 08:42:14 PM »
In the wiki it says to close down biz accounts if cant prove info....If they are only requesting personal tax forms can I keep them open?
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 @Yehuda

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Re: Amex F/R Master Thread
« Reply #7156 on: July 27, 2016, 06:28:17 AM »
Per FR rep, you can't get approved for a CL increase or CL reallocation between cards for a year after passing an FR. Anyone know anything contradictory to that?

Offline chinagel

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Re: Amex F/R Master Thread
« Reply #7157 on: July 27, 2016, 09:21:05 AM »
Per FR rep, you can't get approved for a CL increase or CL reallocation between cards for a year after passing an FR. Anyone know anything contradictory to that?
i guess thats why i keep getting denied for "recently opened accounts" even though theyre about 3 yrs. old

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Re: Amex F/R Master Thread
« Reply #7158 on: July 27, 2016, 09:29:08 AM »
I've managed to add an employee card to a business Amex account without providing SSN or DOB.

They keep on sending letters and emails requesting the info.

Is there a F/R risk in just ignoring?

Will I have a problem if I apply for any new Amex cards?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Online TimT

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Re: Amex F/R Master Thread
« Reply #7159 on: July 27, 2016, 09:32:52 AM »
I've managed to add an employee card to a business Amex account without providing SSN or DOB.

They keep on sending letters and emails requesting the info.

Is there a F/R risk in just ignoring?

Will I have a problem if I apply for any new Amex cards?
Everybody just ignores it.