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 1068603 times)

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8160 on: April 02, 2019, 11:25:30 PM »
As always. Just providing a recent DP.
No, untill recently i dont think there was ever a report  of being shut down if providing the forms and showing some income, since the cc swiping bust things have changed (dont know if has anything to do, but around that times the DP started coming in)

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #8161 on: April 02, 2019, 11:26:41 PM »
My DP is from a few weeks after the bust, around 2 weeks ago.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8162 on: April 02, 2019, 11:46:15 PM »
No, untill recently i dont think there was ever a report  of being shut down if providing the forms and showing some income, since the cc swiping bust things have changed (dont know if has anything to do, but around that times the DP started coming in)
Correct.
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Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8163 on: April 03, 2019, 12:41:25 AM »
I actually did get a prorated refund on an account they shut down also approx. 2 months after opening
I got the refund on a few cards after being shut down.

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8164 on: April 03, 2019, 12:58:58 AM »
I got the refund on a few cards after being shut down.
Shut down within 30 days?

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8165 on: April 03, 2019, 01:00:52 AM »
Shut down within 30 days?
Prorated cards. Outside the 30 days timeframe

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8166 on: April 03, 2019, 01:05:09 AM »
Prorated cards. Outside the 30 days timeframe
Tnx for the DP
So maybe that is slandered policy (although i have no idea why they do that) anyone else with similar experience?

Offline USam

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Re: Amex F/R Master Thread
« Reply #8167 on: April 03, 2019, 02:46:39 AM »
Got a letter from Amex stating:
“We are writing today because over the past 12 months, the spend activity on your account listed above has been significantly lower than your credit limit. In order to align with your spending, we have lowered the credit limit on your account to $12500. The new cash advance limit is $1800.”

WTH???

Limit was 25k. My only Amex credit card. Card is Everyday card. Recently SO got gold card, so I didn’t use this in the last 2 months. Before that only spent once (<$1350) more than $750 in the last 12 months.
Do they usually do this or recently started?
Worth to and/or should I fight?

Is this correct thread?

Offline ludmila

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Re: Amex F/R Master Thread
« Reply #8168 on: April 03, 2019, 03:12:57 AM »
Got a letter from Amex stating:
“We are writing today because over the past 12 months, the spend activity on your account listed above has been significantly lower than your credit limit. In order to align with your spending, we have lowered the credit limit on your account to $12500. The new cash advance limit is $1800.”

WTH???

Limit was 25k. My only Amex credit card. Card is Everyday card. Recently SO got gold card, so I didn’t use this in the last 2 months. Before that only spent once (<$1350) more than $750 in the last 12 months.
Do they usually do this or recently started?
Worth to and/or should I fight?

Is this correct thread?
I had the opposite with Citi , they cut a CL on a card from $55000 to $5500 for spending too much , although almost always paid in full.
I was the Best,still the Best, and will always be the Best.
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Offline askmoses

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Re: Amex F/R Master Thread
« Reply #8169 on: April 03, 2019, 11:22:34 AM »
My DP is from a few weeks after the bust, around 2 weeks ago.
What is a DP?

Offline Afrages6

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Re: Amex F/R Master Thread
« Reply #8170 on: April 03, 2019, 11:25:48 AM »

Offline Mo2

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Re: Amex F/R Master Thread
« Reply #8171 on: April 03, 2019, 11:56:43 AM »
No, untill recently i dont think there was ever a report  of being shut down if providing the forms and showing some income, since the cc swiping bust things have changed (dont know if has anything to do, but around that times the DP started coming in)
The Amex f/r lady I spoke with made it sound like they'll only shut me down if I don't submit the form and that likely outcome is that they'll place a cap on my plat card.

Not sure yet what I should do. Cancel accounts or go ahead with review
Common sense is not common enough

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #8172 on: April 03, 2019, 11:57:37 AM »
I'd go ahead with the review.

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8173 on: April 03, 2019, 12:03:12 PM »
I'd go ahead with the review.
Well I went ahead, as all sounded perfect, and of course I got shut.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8174 on: April 03, 2019, 12:04:24 PM »
The Amex f/r lady I spoke with made it sound like they'll only shut me down if I don't submit the form and that likely outcome is that they'll place a cap on my plat card.

Not sure yet what I should do. Cancel accounts or go ahead with review
Of course go ahead with the review, nothing to lose.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle