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 998637 times)

Online mochjas

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Re: Amex F/R Master Thread
« Reply #7665 on: April 24, 2017, 07:05:51 PM »
Bank statements? Although I am guessing those are not showing all of her income if she is not filing
she has bank statements. My question was what does she tell the rep why she doesn't file in order to go the bank statement route

Offline 12HRS

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Re: Amex F/R Master Thread
« Reply #7666 on: April 24, 2017, 07:09:34 PM »
she has bank statements. My question was what does she tell the rep why she doesn't file in order to go the bank statement route

If she has cash coming in at a high enough volume to deal with an Amex FR, then why is she not worried about the banks reporting her for cash deposits and the IRS coming after her for not filing?

Maybe they won't ask her why she didn't file.

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Re: Amex F/R Master Thread
« Reply #7667 on: April 28, 2017, 09:35:06 AM »
got FRed about 2 months ago. bh passed but got slashed. I recently applied for delta biz gold and was declined bc " credit line was recently reduced in other cards" I called to reconsider and mentioned that im willing to move credit from existing card and after recon still got declined for same reason. anything else I can do? 

Offline eli5757

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Re: Amex F/R Master Thread
« Reply #7668 on: May 01, 2017, 07:09:03 PM »
Anyone get FRed today? Seems like there is a wave going around. Me, my wife, and my two brothers were all hit today................

Offline eli5757

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Re: Amex F/R Master Thread
« Reply #7669 on: May 01, 2017, 07:22:32 PM »
And idk if this is normal but I had a Hilton Surpass application for my wife pending for about a week and it was finally approved like an hr ago during the FR.........ONLY AMEX.............

Offline JACKBLUE

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Re: Amex F/R Master Thread
« Reply #7670 on: May 01, 2017, 07:41:49 PM »
Anyone get FRed today? Seems like there is a wave going around. Me, my wife, and my two brothers were all hit today................
if it's 1 family i wouldn't call this a wave!
It usually happens when one goes into FR all Amex customers with the same billing address go into FR as well.

Offline Pesach

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Re: Amex F/R Master Thread
« Reply #7671 on: May 01, 2017, 08:10:33 PM »
And idk if this is normal but I had a Hilton Surpass application for my wife pending for about a week and it was finally approved like an hr ago during the FR.........ONLY AMEX.............
how did you do it?i applied for Hilton surpass card and their asking for a 1040 tax formwhich I don't have since I'm a bachur and don't file for taxes any way I can get approved I really want this card.did I make a mistake by applying for 2 cards at once delta plat and Hilton surpass? Is there anything I can do to get approved?

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Re: Amex F/R Master Thread
« Reply #7672 on: May 02, 2017, 03:40:30 AM »
Anyone get FRed today? Seems like there is a wave going around. Me, my wife, and my two brothers were all hit today................

Did you all live in the same household and did you apply for anything? And did you have any late payments or excessive inquries

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Amex financial review!
« Reply #7673 on: May 07, 2017, 03:17:48 PM »
Hello!
I got a message from AMEX to call them, They are asking my tax return, and the amount I have on the tax return is smaller then the amount i said on the application.
Any tips?

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Re: Amex financial review!
« Reply #7674 on: May 07, 2017, 03:21:24 PM »
A. Don't open a new thread, there's one for it already.
B. You'll be fine as long as you have income to show them, your credit limits may get slashed. Don't tell then anything you can't back up on paper.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

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Re: Amex financial review!
« Reply #7675 on: May 07, 2017, 03:28:46 PM »
Hello!
I got a message from AMEX to call them, They are asking my tax return, and the amount I have on the tax return is smaller then the amount i said on the application.
Any tips?
http://forums.dansdeals.com/index.php?topic=8.0

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Re: Amex F/R Master Thread
« Reply #7676 on: May 08, 2017, 12:06:14 PM »
she has bank statements. My question was what does she tell the rep why she doesn't file in order to go the bank statement route
update she passed with slashes. Bank statements with about 30k

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Re: Amex F/R Master Thread
« Reply #7677 on: May 17, 2017, 03:28:26 PM »
does getting added as an au on someone elses cc help clear a f/r (after i closed my accounts) for the future?because as of of now they keep requesting 4506t form  when i applyeven months after the f/r

Offline dovidr93

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Re: Amex F/R Master Thread
« Reply #7678 on: May 26, 2017, 12:01:15 PM »
Does anyone have experience, can I put a authorized user info on the forms for Amex, as I lost the main cc and they probably won't give me that info now?

Offline dovidr93

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Re: Amex F/R Master Thread
« Reply #7679 on: May 26, 2017, 12:22:28 PM »
Does anyone have experience, can I put a authorized user info on the forms for Amex, as I lost the main cc and they probably won't give me that info now
referring to the application on the f/r