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 1816115 times)

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8180 on: April 03, 2019, 12:28:46 PM »
If you swiped by one of the defaulting merchants that might be why
why would they bother f/ring then? If they planned on shutting the cards anyhow...
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8181 on: April 03, 2019, 12:29:32 PM »
Of course go ahead with the review, nothing to lose.
He might not get refund for AF if they shut him down

Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8182 on: April 03, 2019, 12:30:34 PM »
How much income did you have to show?
Did they request personal or business income?
Did you have any other issues or flags?
Income was around 40k, as stated in application.
They requested to sign that release document for the IRS.
And yes prorated fees were returned.
I might have swiped to one of those merchants, but not recurring, and quite a while ago. 2 years probably.

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8183 on: April 03, 2019, 12:30:59 PM »
there is what to lose.
If they close me done it will show up as cancelled by bank which is not good as opposed to if I proactively shut it down it'll say account closed by customer request.
biz. cards wont show on your credit report, unless you also have personal cards with them

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8184 on: April 03, 2019, 12:31:51 PM »
Income was around 40k, as stated in application.
They requested to sign that release document for the IRS.
And yes prorated fees were returned.
I might have swiped to one of those merchants, but not recurring, and quite a while ago. 2 years probably.
unfortunately it seems that they went back quite a while for these merchants.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Mo2

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Re: Amex F/R Master Thread
« Reply #8185 on: April 03, 2019, 12:34:57 PM »
If the lady told you they'll keep you open, just HUCA. ;)
Spoke to like 10 ppl in this Fr wave, all shut down.
lol

It seemed like I was able to have normal interaction and conversation with my case lady but perhaps I'm being delusional or blinded.

I am in FL and not located in any "targeted zip codes" nor was I involved in any of the recent scams.
My trigger was higher than usual spending (at Best Buy, Amazon and Staples) and I can show some income.

So at least I have that going for me
Common sense is not a gift, it is a punishment.
Because you have to deal with everyone who doesn't have it.

Offline Mo2

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Re: Amex F/R Master Thread
« Reply #8186 on: April 03, 2019, 12:38:15 PM »
biz. cards wont show on your credit report, unless you also have personal cards with them
if I ever want to get more Amex cards I'd have an Issue if I was shut down by Amex.  I wouldn't have that issue If closed account myself
Common sense is not a gift, it is a punishment.
Because you have to deal with everyone who doesn't have it.

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8187 on: April 03, 2019, 12:48:02 PM »
if I ever want to get more Amex cards I'd have an Issue if I was shut down by Amex.  I wouldn't have that issue If closed account myself
I don't think that's true
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Offline ah giten

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Re: Amex F/R Master Thread
« Reply #8188 on: April 03, 2019, 12:50:57 PM »
I don't think that's true
Easier to get approved if you chose to get the account closed by yourself.
When they shut it, it's closed differently. It's like being sent to collections. That's what rep told me.

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #8189 on: April 03, 2019, 12:53:04 PM »
Easier to get approved if you chose to get the account closed by yourself.
When they shut it, it's closed differently. It's like being sent to collections. That's what rep told me.
-1

I've been shut down by amex in the past and have gotten back in 6 months later
Life is as good as you make it...

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8190 on: April 03, 2019, 12:55:14 PM »
-1

I've been shut down by amex in the past and have gotten back in 6 months later
What was the process like? any special doc. required, or like a reg. application?

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #8191 on: April 03, 2019, 12:56:39 PM »
What was the process like? any special doc. required, or like a reg. application?
They ask for the same 1040 form that they require for FR
Life is as good as you make it...

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8192 on: April 03, 2019, 12:58:46 PM »
They ask for the same 1040 form that they require for FR
were you shut down due to not submitting the doc in the first place?
« Last Edit: April 03, 2019, 01:03:31 PM by pointer »

Offline rileywiles23

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Re: Amex F/R Master Thread
« Reply #8193 on: April 03, 2019, 01:00:09 PM »
where you shut down due to not submitting the doc in the first place?
No. I sent in docs. but was still shut down.
Life is as good as you make it...

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8194 on: April 03, 2019, 01:01:02 PM »
They ask for the same 1040 form that they require for FR
*4506-T
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline pointer

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Re: Amex F/R Master Thread
« Reply #8195 on: April 03, 2019, 01:01:24 PM »
No. I sent in docs. but was still shut down.
Interesting, if for some reason they didnt like what they saw in thise doc. why would they approve you based on those same doc.?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8196 on: April 03, 2019, 01:01:50 PM »
I don't think that's true
its not true.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8197 on: April 03, 2019, 01:03:15 PM »
Interesting, if for some reason they didnt like what they saw in thise doc. why would they approve you based on those same doc.?
Because approval process is different, welcome to amex.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

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Re: Amex F/R Master Thread
« Reply #8198 on: April 03, 2019, 01:39:26 PM »
They ask for the same 1040 form that they require for FR
I was told that if you want to apply at a later date and had never submitted the form, then you have to pay like $60 in order to get that form.

In addition,  if I cancel the account myself, I won't need any form when applying later on.
Common sense is not a gift, it is a punishment.
Because you have to deal with everyone who doesn't have it.

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8199 on: April 03, 2019, 01:44:39 PM »
I was told that if you want to apply at a later date and had never submitted the form, then you have to pay like $60 in order to get that form.

In addition,  if I cancel the account myself, I won't need any form when applying later on.
Both statements are not true.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy