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 982699 times)

Offline AJK

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Re: Amex Financial Review
« Reply #855 on: December 27, 2011, 09:43:08 PM »
Is calling to update the income a big no no?

I wouldn't. I'd just try and continue flying under the radar.

Updating (and thereby alerting) them is riskier than the possible benefit of surviving a future F/R, IMHO.
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Re: Re: Amex Financial Review
« Reply #856 on: December 27, 2011, 10:40:26 PM »
hope your right, but that makes the question even stronger, why in the world isn't it enough for them, proofing income, why are they so stubborn on the irs/tax doc?

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Supervisor I spoke to told me they had ppl changing info on the bank statements and then sending them in :D so they only trust the IRS stuff.

Offline AsherO

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Re: Amex Financial Review
« Reply #857 on: December 27, 2011, 10:51:05 PM »
I wouldn't. I'd just try and continue flying under the radar.

Updating (and thereby alerting) them is riskier than the possible benefit of surviving a future F/R, IMHO.

I agree. When they call for F/R they again ask those questions.
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Offline josh nyc

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Re: Amex Financial Review
« Reply #858 on: December 28, 2011, 09:55:46 AM »
So it's over for me (mrs still pending). I guess this is considered a good result, but it is def upsetting. Went from plat and 2 golds "unlimited" to total between the 3 cards of 12K. Also had 3 charge cards, total 14K that is now 4K (1, 1, & 2) and a biz card that went from 5 to 1. Its not the cuts that bother me as much as how much was actually cut (the 1K lines). I havent seen CL like that since I got my first cards in highschool. I'll need to prepay every month if I rly want to use them. They did tell me they will re-evaluate in 6months. Should I use and continually prepay? use and max and then pay? anyone have any suggestions? thx

Oh and thank you F/R rep for not even bothering to call me and tell me its over. I called last night and CS said, well looks like you've been re-activated since this afternoon!

I agree. When they call for F/R they again ask those questions.
+1: The first question my F/R rep asked, before even telling me there was a freeze, was to re-verify my income.


Offline elikay

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Re: Amex Financial Review
« Reply #859 on: December 28, 2011, 09:57:34 AM »
I would not recommend prepaying, the FR guys don't like that.

Offline AsherO

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Re: Amex Financial Review
« Reply #860 on: December 28, 2011, 09:58:39 AM »
So it's over for me (mrs still pending). I guess this is considered a good result, but it is def upsetting. Went from plat and 2 golds nullunlimitednull to total between the 3 cards of 12K. Also had 3 charge cards, total 14K that is now 4K (1, 1, null 2) and a biz card that went from 5 to 1. Its not the cuts that bother me as much as how much was actually cut (the 1K lines). I havent seen CL like that since I got my first cards in highschool. I'll need to prepay every month if I rly want to use them. They did tell me they will re-evaluate in 6months. Should I use and continually prepay? use and max and then pay? anyone have any suggestions? thx

Oh and thank you F/R rep for not even bothering to call me and tell me its over. I called last night and CS said, well looks like you've been re-activated since this afternoon!

Looks like you survived. Did they confirm the income you reported to the FR rep? Was it the same as the income stated on your most recent app?
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Offline josh nyc

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Re: Amex Financial Review
« Reply #861 on: December 28, 2011, 11:08:44 AM »
Looks like you survived. Did they confirm the income you reported to the FR rep? Was it the same as the income stated on your most recent app?

they allowed me to send 3 months bank statements. The statements confirmed above what I stated on the app but they are statements and my 1040 from '10 had <20K on it. I also sent in an investment account with enough liquid assets to cover all of my CLs.

i guess once I file for '11 i can also call and tell them to re-audit?

Offline Dan

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Re: Amex Financial Review
« Reply #862 on: December 28, 2011, 11:09:02 AM »
I would not recommend prepaying, the FR guys don't like that.
+1.  Learn to play the pay as you spend game.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Dan

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Re: Amex Financial Review
« Reply #863 on: December 28, 2011, 11:09:41 AM »
i guess once I file for '11 i can also call and tell them to re-audit?
Doubtful, but you can always work on triggering an F/R.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline compddd

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Re: Amex Financial Review
« Reply #864 on: December 28, 2011, 11:17:05 AM »
What is prepaying on Amex mean exactly?

Offline AsherO

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Re: Amex Financial Review
« Reply #865 on: December 28, 2011, 11:19:06 AM »
they allowed me to send 3 months bank statements. The statements confirmed above what I stated on the app but they are statements and my 1040 from '10 had <20K on it. I also sent in an investment account with enough liquid assets to cover all of my CLs.

i guess once I file for '11 i can also call and tell them to re-audit?

I wish I had an investment balance that'd cover all my credit lines :P

Why would you want to be re-audited?
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Offline TC610

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Re: Amex Financial Review
« Reply #866 on: December 28, 2011, 11:28:45 AM »
I'll need to prepay every month if I rly want to use them.

Do you really mean prepay?  Or do you mean pay multiple times a month after your charges post?

Offline Dan

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Re: Amex Financial Review
« Reply #867 on: December 28, 2011, 11:34:26 AM »
What is prepaying on Amex mean exactly?
Send money from your bank account.

Why would you want to be re-audited?
If your 1040 shows more income the next year.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AsherO

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Re: Amex Financial Review
« Reply #868 on: December 28, 2011, 11:38:11 AM »
If your 1040 shows more income the next year.

To get them to raise your CL?
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Offline compddd

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Re: Amex Financial Review
« Reply #869 on: December 28, 2011, 11:40:16 AM »
Do you really mean prepay?  Or do you mean pay multiple times a month after your charges post?

Prepay would be paying say $1000 to your Amex card before you've spent anything, and then go and spend $1000 on stuff? Right?