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 982390 times)

Offline AsherO

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Re: Amex Financial Review
« Reply #870 on: December 28, 2011, 11:47:56 AM »
Prepay would be paying say $1000 to your Amex card before you've spent anything, and then go and spend $1000 on stuff? Right?


That's what it means, and it's an F/R flag.
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Offline TC610

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Re: Amex Financial Review
« Reply #871 on: December 28, 2011, 11:56:07 AM »
Prepay would be paying say $1000 to your Amex card before you've spent anything, and then go and spend $1000 on stuff? Right?
That's what it means, and it's an F/R flag.

+1.  Some people confuse the term "prepay" (bad) with "spend, then pay shortly after charges post."

Offline josh nyc

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Re: Amex Financial Review
« Reply #872 on: December 28, 2011, 12:12:20 PM »
+1.  Some people confuse the term "prepay" (bad) with "spend, then pay shortly after charges post."

exactly - did not actually mean pre-pay. meant pay as I go

Offline josh nyc

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Re: Amex Financial Review
« Reply #873 on: December 28, 2011, 12:13:36 PM »
If your 1040 shows more income the next year.
To get them to raise your CL?
exactly

Offline AJK

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Re: Amex Financial Review
« Reply #874 on: December 28, 2011, 02:24:54 PM »
I know the F/R reps don't like the whole prepay and then spend, but are we sure that they don't mind the spend-pay off, spend-pay off routine?

Isn't that contravening their limit, too?
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline Dan

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Re: Amex Financial Review
« Reply #875 on: December 28, 2011, 02:25:32 PM »
Isn't that contravening their limit, too?

No.
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 AJK

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Re: Amex Financial Review
« Reply #876 on: December 28, 2011, 02:28:55 PM »
No.

Hmmm...

Assume 5K credit line.

A) Prepay 5K, spend 10k = 10K spent.
B) Spend 5K, pay 5K, spend 5K, pay 5K = 10K spent.

A+B = contravening 5K credit line by charging 10K...

What am I missing?
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline Dan

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Re: Amex Financial Review
« Reply #877 on: December 28, 2011, 02:56:23 PM »
That they don't like prepayments.
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 AJK

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Re: Amex Financial Review
« Reply #878 on: December 28, 2011, 02:59:25 PM »
That they don't like prepayments.

...and we've come full circle :P

What's inherently different about a prepayment?
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Offline HelpMe

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Re: Amex Financial Review
« Reply #879 on: December 28, 2011, 03:13:21 PM »
...and we've come full circle :P

What's inherently different about a prepayment?
Prepay (credit balance) and churning your CL puts Amex at risk. If you have a 5k line I would be surprised you could churn it more than 10 times in a month without prepaying. Amex could have 50k at risk for the month. I could prepay pay the account for 100k and put Amex at a greater risk.
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Offline AJK

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Re: Amex Financial Review
« Reply #880 on: December 28, 2011, 03:15:55 PM »
I don't think I followed one iota of what you posted...
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline BAHayman

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Re: Amex Financial Review
« Reply #881 on: December 28, 2011, 03:17:08 PM »
Prepay (credit balance) and churning your CL puts Amex at risk. If you have a 5k line I would be surprised you could churn it more than 10 times in a month without prepaying. Amex could have 50k at risk for the month. I could prepay pay the account for 100k and put Amex at a greater risk.
How is there any risk if you prepay??

Offline HelpMe

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Re: Amex Financial Review
« Reply #882 on: December 28, 2011, 03:26:15 PM »
How is there any risk if you prepay??
Prepaying or churning your CL does not look normal. If I have a CL of 5k and prepay 50k for the month I can charge 55k for the month. How much can I now do chargebacks for? If I prepay 50k and the card gets stolen 55k again of unauthorized charges can be put on the card. Amex is at a greater risk.

Something you also need to remember is the prepay trick does not work with all FIís.
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Offline HelpMe

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Re: Amex Financial Review
« Reply #883 on: December 28, 2011, 03:30:34 PM »
I don't think I followed one iota of what you posted...
You seem to have this problem often so letís break this down and take baby steps. Do you understand that prepaying creates a credit balance?
"Elvis Has Left The Building"

Offline AJK

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Re: Amex Financial Review
« Reply #884 on: December 28, 2011, 03:37:44 PM »
You seem to have this problem often so letís break this down and take baby steps. Do you understand that prepaying creates a credit balance?

Excuse me?
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper