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 997051 times)

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Re: Amex Financial Review
« Reply #975 on: February 09, 2012, 09:01:55 AM »
That's the number I found in the internet..

1.  American Express Credit Card Reconsideration
877-399-3083/866-379-3643 – new accounts

Thanks for your help

Deff call them, but from my experience they want to see documents.

Showing them accounts with a $500 to $700 is a joke.

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Re: Amex Financial Review
« Reply #976 on: February 09, 2012, 09:23:07 AM »

I don't think I could show them.. The most I could do is show them the past months statements of 500 to 700 dollars on my BOFA credit account or my spending of a few thousand on my checking account.. Would it work??

What if I call them, and explain them that I started a business of selling electronics lets say and my plan is to do the 80,000 and that's what I meant by "self employed making 80,000 a year". But for now I can't prove it, so at least if they could give me a small credit line.. explaining them how for me is important to open with them etc. etc. Would this work??

That's the number I found in the internet..

1.  American Express Credit Card Reconsideration
877-399-3083/866-379-3643 – new accounts

Thanks for your help

You have zero income to show them? Both of the items in bold are showing expenditures as opposed to income.

If you have zero income, you have a very slight chance of passing/getting an approval, IMHO.
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Re: Amex Financial Review
« Reply #977 on: February 09, 2012, 11:50:24 PM »

I don't think I could show them.. The most I could do is show them the past months statements of 500 to 700 dollars on my BOFA credit account or my spending of a few thousand on my checking account.. Would it work??

What if I call them, and explain them that I started a business of selling electronics lets say and my plan is to do the 80,000 and that's what I meant by "self employed making 80,000 a year". But for now I can't prove it, so at least if they could give me a small credit line.. explaining them how for me is important to open with them etc. etc. Would this work??

That's the number I found in the internet..

1.  American Express Credit Card Reconsideration
877-399-3083/866-379-3643 – new accounts

Thanks for your help
if your acc is not open yet and they are doing a rev to see if you will be approved then you dont have to worry about getting shut down, you just might be declined

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Re: Amex Financial Review
« Reply #978 on: February 10, 2012, 08:21:14 AM »
if your acc is not open yet and they are doing a rev to see if you will be approved then you dont have to worry about getting shut down, you just might be declined
But you wont be able to get on even if you re-apply until they get the documents they want

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Re: Amex Financial Review
« Reply #979 on: February 10, 2012, 09:05:08 AM »
if your acc is not open yet and they are doing a rev to see if you will be approved then you dont have to worry about getting shut down, you just might be declined

-1

As Name Changed said, this [very likely] isn't a normal decline.
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Re: Amex Financial Review
« Reply #980 on: February 10, 2012, 09:07:52 AM »
-1

As Name Changed said, this [very likely] isn't a normal decline.

Correct.

I myself had had this decline, It really isnt a decline, your credit score is good, but they want to see documents (proof of income)

I had this decline for a while ... I would re-apply every 6 months... I only got back on after sending them the correct documents.

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Re: Amex Financial Review
« Reply #981 on: February 12, 2012, 09:33:05 AM »
-1

As Name Changed said, this [very likely] isn't a normal decline.
i am not sure what you misunderstood, my point is the account wont be shut bc its not yet opened,i agree if its a fry he  will have problems for future apps. but for now he has nothing to loose by sending anything bc he is already under fry with no risk of getting accounts shut down

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Re: Amex Financial Review
« Reply #982 on: February 12, 2012, 09:38:41 AM »
i am not sure what you misunderstood, my point is the account wont be shut bc its not yet opened,i agree if its a fry he  will have problems for future apps. but for now he has nothing to loose by sending anything bc he is already under fry with no risk of getting accounts shut down

You are right regarding that the account wont be shut down because an account was never opened

But - with AMEX they wont let you open an account until they get the right documents. he could try to send in and talk to them, but I doubt they will approve him. Even if he will re-apply they prob will still require the documents (Proof of income) to get approved.

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Re: Amex Financial Review
« Reply #983 on: February 12, 2012, 01:00:07 PM »
i am not sure what you misunderstood, my point is the account wont be shut bc its not yet opened,i agree if its a fry he  will have problems for future apps. but for now he has nothing to loose by sending anything bc he is already under fry with no risk of getting accounts shut down

Methinks you're the one who is misunderstanding.

He is not getting approved while showing absolutely zero income. Sending in docs now will not only result in an almost sure denial, it can hurt the chances of him being approved in the near future as well, especially if its the FR department who is reviewing his app. If he sends nothing in, chalks this one up, and then finds a way to show income, he can then reapply with the new docs greatly increasing his odds of approval/passing.
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Re: Amex Financial Review
« Reply #984 on: February 12, 2012, 01:02:02 PM »
Methinks you're the one who is misunderstanding.

He is not getting approved while showing absolutely zero income. Sending in docs now will not only result in an almost sure denial, it can hurt the chances of him being approved in the near future as well, especially if its the FR department who is reviewing his app. If he sends nothing in, chalks this one up, and then finds a way to show income, he can then reapply with the new docs greatly increasing his odds of approval/passing.
+1

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Re: Amex Financial Review
« Reply #985 on: February 12, 2012, 03:40:36 PM »
if he gets some income in the future he can always send it in then regardless of what happens now. so he has nothing to loose by sending in now

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Re: Amex Financial Review
« Reply #986 on: February 12, 2012, 03:46:30 PM »
if he gets some income in the future he can always send it in then regardless of what happens now. so he has nothing to loose by sending in now
True

I dont think anyone is arguing in the fact that there is n't much to loose by sendin in info now. Its just really unlikely to get approved now.

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Re: Amex Financial Review
« Reply #987 on: February 12, 2012, 04:05:02 PM »
True

I dont think anyone is arguing in the fact that there is n't much to loose by sendin in info now. Its just really unlikely to get approved now.
he does
Sending in docs now will not only result in an almost sure denial, it can hurt the chances of him being approved in the near future as well, especially if its the FR department who is reviewing his app.

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Re: Amex Financial Review
« Reply #988 on: February 12, 2012, 04:45:25 PM »
he does

Even what AJK is saying that sending in documents now will make it harder to get on in the future... But once he has an income and could prove it, then he should be able to get on...

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Re: Earn miles/points with Amazon payments using a credit card
« Reply #989 on: February 17, 2012, 01:37:17 PM »
Hi everyone.

I have been using amazon to accumulate points.
I got a call from amex that I have been using amazon for free cash advances which is against the rules. Now they want my tax returns and bank statements...\

has anyone dealt with this before...any info with how they work..what they are looking for....how it worked for you...

thanks
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