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 996582 times)

Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #7680 on: May 26, 2017, 03:41:23 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?
it should be the same as the au card except the last 5 digits. that your able to see online ,

Offline av83

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Re: Amex F/R Master Thread
« Reply #7681 on: May 26, 2017, 04:15:18 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?
look on one of your bills or your online acct for the last 5 of your acct.  the first 12 numbers are the same on primary and au accts so just take the last 3 from your online or statement

Offline dovidr93

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Re: Amex F/R Master Thread
« Reply #7682 on: May 28, 2017, 01:12:27 AM »
look on one of your bills or your online acct for the last 5 of your acct.  the first 12 numbers are the same on primary and au accts so just take the last 3 from your online or statement
Thanks, I requested a new card. (like an idiot) Does the same still apply? I can see the new  last 5 digits when I log in now.

Offline av83

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Re: Amex F/R Master Thread
« Reply #7683 on: May 28, 2017, 01:17:11 AM »
YES.AFTER THEY PROCESS THE NEW CARD ORRDER

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7684 on: June 05, 2017, 04:18:07 PM »
Reposting in more appropriate thread:
An applicant got a letter that they need a 4506 to consider his Amex Blue application. The problem is that he doesn't file taxes. Should he send in his parents' tax info? Any other ideas? Or just forget it? Thanks.

Offline joe_miami

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Re: Amex F/R Master Thread
« Reply #7685 on: June 10, 2017, 05:26:01 PM »
This is probably more suited to a general Amex CC catch-all thread, but I didn't see one: What's the latest when it comes to the relationship between an Amex CLI request and F/R? On other boards, there seems to be a belief that any CLI that will put you over $25,000 on one Amex CC or $35,000 combined on Amex CCs makes the person much more likely to be F/R'd, while others say it's just a superstition with little to support it. Is there a consensus here?

I know an Amex CLI request can trigger a 4506 request, which can be avoided simply by aborting the CLI request or lowering it until the 4506 request disappears. But is there a consensus as to whether a recent CLI request is a trigger for F/R?

I've been with Amex for years and I always PIF. I don't really need the extra CL, but I'd like to grow my CC limits. Thanks.

Offline yoshapiro

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Re: Amex F/R Master Thread
« Reply #7686 on: June 12, 2017, 09:32:18 AM »
I got an Amex F/R a few months ago and decided to close my 3 personal cards and 1 business card myself.
I decided to apply last night for the delta gold card for the 60k bonus. It was worth a shot I didn't really care about the pulls.
At the end of the day I had an instant approval.

Does this mean that I am good with Amex now, or when I get the card it won't work and I will be under F/R again?
« Last Edit: June 12, 2017, 09:40:48 AM by yoshapiro »

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #7687 on: June 13, 2017, 11:31:43 AM »
I got an Amex F/R a few months ago and decided to close my 3 personal cards and 1 business card myself.
I decided to apply last night for the delta gold card for the 60k bonus. It was worth a shot I didn't really care about the pulls.
At the end of the day I had an instant approval.

Does this mean that I am good with Amex now, or when I get the card it won't work and I will be under F/R again?
YMMV.

Offline jameswacht

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Re: Amex F/R Master Thread
« Reply #7688 on: June 13, 2017, 10:26:45 PM »
My Father has been with Amex over 20 years. His  accounts were under F/R, He Tried calling his manager several times after he submitted his docs and she never responded. Today he received a notice that Amex shut his accounts.
His tax returns show sufficient funds to pass.

1) What are the chances of Amex reinstating the accounts? there is no reason why he didn't pass. (He lost 200k MR)
2) If they reinstate the accounts will the points be reinstated?

   
« Last Edit: June 13, 2017, 10:38:50 PM by jameswacht »

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7689 on: June 13, 2017, 11:07:00 PM »
My Father has been with Amex over 20 years. His  accounts were under F/R, He Tried calling his manager several times after he submitted his docs and she never responded. Today he received a notice that Amex shut his accounts.
His tax returns show sufficient funds to pass.

1) What are the chances of Amex reinstating the accounts? there is no reason why he didn't pass. (He lost 200k MR)
2) If they reinstate the accounts will the points be reinstated?

   
The points are not lost, you could still call MR and have them transfer it.

Regarding reopening try calling the FR department and say you can't reach the rep, and if you get thru to your rep ask for a supervisor

Offline jameswacht

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Re: Amex F/R Master Thread
« Reply #7690 on: June 13, 2017, 11:25:04 PM »
The points are not lost, you could still call MR and have them transfer it.

Regarding reopening try calling the FR department and say you can't reach the rep, and if you get thru to your rep ask for a supervisor
Thank You! How much time do I have to transfer the points out?

Offline rollingstone

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Re: Amex F/R Master Thread
« Reply #7691 on: June 14, 2017, 12:17:59 AM »
I got an Amex F/R a few months ago and decided to close my 3 personal cards and 1 business card myself.
I decided to apply last night for the delta gold card for the 60k bonus. It was worth a shot I didn't really care about the pulls.
At the end of the day I had an instant approval.

Does this mean that I am good with Amex now, or when I get the card it won't work and I will be under F/R again?
Hit the spend threshold quickly, you will probably get F/Red again.

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7692 on: June 14, 2017, 12:35:23 AM »
Thank You! How much time do I have to transfer the points out?
Think 30 days

Offline pixi

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Re: Amex F/R Master Thread
« Reply #7693 on: June 14, 2017, 01:13:31 AM »
Hit the spend threshold quickly, you will probably get F/Red again.
Not necessarily.
money doesn't talk......      it SCREAMS !

Offline Traveller

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Re: Amex F/R Master Thread
« Reply #7694 on: June 14, 2017, 01:19:19 PM »
I recently got that Amex Business Platinum card with a 150k bonus for spending 20k in 3 months/100k for 10k spend in 3 months. I've had Amex cards in the past and currently also have the Amex business SPG card.

What measures could I take to prevent getting an FR (which I probably wouldn't be able to pass)?

If I'm supposed to be doing 20k in 3 months, how much a day/week should I not exceed?

If I pay off the balance as I do my spending (before my next transactions) will that help me prevent an FR?