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 998483 times)

Online mochjas

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Re: Amex F/R Master Thread
« Reply #7695 on: June 14, 2017, 01:31:59 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?
paying right away doesn't help. Just take it slow. Do 1k the first day. 1500 the next. Don't do more thank 10k spread out over the first month. Then slowly increase as you go.

Offline eli232

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Re: Amex F/R Master Thread
« Reply #7696 on: June 14, 2017, 03:49:54 PM »
Hit the spend threshold quickly, you will probably get F/Red again.
Ppl claim you only get FR'ed Once, anyone heard of that?

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Re: Amex F/R Master Thread
« Reply #7697 on: June 14, 2017, 03:52:10 PM »
Ppl claim you only get FR'ed Once, anyone heard of that?
he was responding to someone that hasn't finish up his FR

Offline rollingstone

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Re: Amex F/R Master Thread
« Reply #7698 on: June 14, 2017, 03:55:33 PM »
Ppl claim you only get FR'ed Once, anyone heard of that?
Either way this is false.

Offline eli232

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Re: Amex F/R Master Thread
« Reply #7699 on: June 14, 2017, 03:56:44 PM »
Got FR'ed Called up, submitted Docs Etc. waited ...Yesterday i got in the mail from IRS that i didn't fill it out correctly so they can't send the documents, Today i got an email from Amex that they decreased my CL (with the assessment that my review was completed)called up and they said they got all the docs needed and they hope to finish the review still today...who's lying?

Offline eli232

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Re: Amex F/R Master Thread
« Reply #7700 on: June 14, 2017, 03:57:09 PM »
he was responding to someone that hasn't finish up his FR
oh i see

Offline eli232

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Re: Amex F/R Master Thread
« Reply #7701 on: June 14, 2017, 08:15:16 PM »
Got FR'ed Called up, submitted Docs Etc. waited ...Yesterday i got in the mail from IRS that i didn't fill it out correctly so they can't send the documents, Today i got an email from Amex that they decreased my CL (with the assessment that my review was completed)called up and they said they got all the docs needed and they hope to finish the review still today...who's lying?
anyone ?

Offline rollingstone

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Re: Amex F/R Master Thread
« Reply #7702 on: June 14, 2017, 09:26:03 PM »
anyone ?
Who cares? As long as you passed the F/R.

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7703 on: June 14, 2017, 10:02:19 PM »
anyone ?
If they put limits that means they got the transcripts.
Who cares? As long as you passed the F/R.

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Re: Amex F/R Master Thread
« Reply #7704 on: June 15, 2017, 01:49:25 AM »
Who cares? As long as you passed the F/R.
So far not, they said they "hope" the review should be completed

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Re: Amex F/R Master Thread
« Reply #7705 on: June 15, 2017, 01:50:44 AM »
So far not, they said they "hope" the review should be completed
There would be no review to finish if the IRS didn't send the docs.

Offline eli232

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Re: Amex F/R Master Thread
« Reply #7706 on: June 15, 2017, 01:51:57 AM »
There would be no review to finish if the IRS didn't send the docs.
That's what I'm saying who lying?   Maybe he's not finishing it as the IRS claims....

Offline rollingstone

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Re: Amex F/R Master Thread
« Reply #7707 on: June 15, 2017, 01:52:36 AM »
That's what I'm saying who lying?   Maybe he's not finishing it as the IRS claims....
Then they wouldn't slash credit lines.

Offline eli232

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Re: Amex F/R Master Thread
« Reply #7708 on: June 15, 2017, 01:55:34 AM »
Then they wouldn't slash credit lines.
Thats right but Charging is still suspended ...and that's what got me confused

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Re: Amex F/R Master Thread
« Reply #7709 on: June 15, 2017, 01:57:05 AM »
Thats right but Charging is still suspended ...and that's what got me confused
That just means the review is not complete, but the fact that they slashed the CL indicates they received the documents.