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 996790 times)

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7605 on: March 24, 2017, 11:50:17 AM »
There have been many people who got approved, and many people who had to provide their tax info before getting approved.
I personally got approved with no issues
How long did you wait?
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline lechatchileh ariber

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Re: Amex F/R Master Thread
« Reply #7606 on: March 24, 2017, 12:21:07 PM »
How long did you wait?
I think it was around 9 months, maybe less.
I don't sin, I give myself opportunities to repent.

Offline lechatchileh ariber

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Re: Amex F/R Master Thread
« Reply #7607 on: March 24, 2017, 12:30:05 PM »

Here's more precise timing

I was buying iPhone's ( 3 orders of 9 on an Spg with 19k cl and a prg) and my last order (3rd batch of 9 on prg) didn't go through. I called amex they said I have 11k out so they won't let me spend more, and I have f/r. I straight away called back and closed both my amex cards.
What's the next step?

Update.
Chase:
CSP. Approved
Ink plus. Approved
Ink cash. Approved
Amex:
Personal plat 100k. Approved
PRG. Approved

Thank you everyone!
I don't sin, I give myself opportunities to repent.

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7608 on: March 24, 2017, 12:33:33 PM »
Here's more precise timing
So around 11 months
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline lechatchileh ariber

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Re: Amex F/R Master Thread
« Reply #7609 on: March 24, 2017, 02:22:07 PM »
I don't sin, I give myself opportunities to repent.

Offline JTZ

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Re: Amex F/R Master Thread
« Reply #7610 on: March 24, 2017, 02:37:02 PM »
Has anyone passed a FR without ever responding to them? My daughters account now looks normal after being suspended for 2+ weeks.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline av83

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Re: Amex F/R Master Thread
« Reply #7611 on: March 24, 2017, 03:34:53 PM »
Has anyone passed a FR without ever responding to them? My daughters account now looks normal after being suspended for 2+ weeks.
[/quote did they ever call you?

Offline av83

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Re: Amex F/R Master Thread
« Reply #7612 on: March 24, 2017, 03:36:04 PM »
Has anyone passed a FR without ever responding to them? My daughters account now looks normal after being suspended for 2+ weeks.
did they ever call you from the fr dept?

Offline JTZ

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Re: Amex F/R Master Thread
« Reply #7613 on: March 24, 2017, 03:37:10 PM »
did they ever call you from the fr dept?
Called, email and letter.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline av83

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Re: Amex F/R Master Thread
« Reply #7614 on: March 24, 2017, 03:46:18 PM »
Called, email and letter.
wow i one time ignored them and was shut down

Offline JTZ

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Re: Amex F/R Master Thread
« Reply #7615 on: March 24, 2017, 03:57:08 PM »
wow i one time ignored them and was shut down
Letter stated: If you fail to provide the documents required within 14 days of the date of this letter, we may take additional credit actions up to and including cancellation of your account(s).

I guess they came to their senses and realized who they were talking to.  :)

"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #7616 on: March 24, 2017, 03:58:47 PM »
Called, email and letter.
that's interesting ..

Offline av83

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Re: Amex F/R Master Thread
« Reply #7617 on: March 25, 2017, 11:48:50 PM »
i just finished my fr with serious slashing to my credit lines. any chance i can get approved now for a new card? how long to wait before applying?

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7618 on: March 26, 2017, 01:24:10 AM »
i just finished my fr with serious slashing to my credit lines. any chance i can get approved now for a new card? how long to wait before applying?
You could get approved but no guarantees that they won't put limits on the New cards

Offline mers1

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Re: Amex F/R Master Thread
« Reply #7619 on: March 26, 2017, 12:19:43 PM »
Thank you very much.

On line 3 of the 4506-T, it says name, address....
However, in the instructions, it just says "enter your current address"... and makes no mention of name.
Which one is it? TIA

Did you find out the answer to this question?

Whats the most important thing to do to ensure your 4506 form is not rejected?