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 1816151 times)

Offline AsherO

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Re: Amex Financial Review
« Reply #520 on: July 24, 2011, 02:06:05 AM »
No, they didn't explicitly tell me that - I just don't think that they have any business bothering me for at least 1 year.

They didn't have any business the first time they FR'd you, and for sure not the second time, but they don't really ask...
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Offline daganster

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Re: Amex Financial Review
« Reply #521 on: July 24, 2011, 02:50:43 PM »
They didn't have any business the first time they FR'd you, and for sure not the second time, but they don't really ask...
Is Avis preferred worth signing up for?

Offline AsherO

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Re: Amex Financial Review
« Reply #522 on: July 25, 2011, 02:04:15 AM »
Is Avis preferred worth signing up for?

How is this on topic?

If you rent from Avis often enough, it'll save you time and make sure you don't have issues with whatever rate you booked (e.g. agent asking for corporate ID).
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Offline sim

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Re: Amex Financial Review
« Reply #523 on: July 28, 2011, 01:33:04 PM »
just got fr'd  i sent in my tax return, because they told me theyll probably just lower my c/l  as long as there is income. They wante to know info on my business, i told them its a new startup and the income from the business wont reflect on my tax return. Should i just close the buisness account and leave the personals open?

Offline dans fan

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Re: Amex Financial Review
« Reply #524 on: July 28, 2011, 01:47:58 PM »
can anyone share a low income on tax return something under 35k that they didnt shut down your acc

Offline AsherO

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Re: Amex Financial Review
« Reply #525 on: July 28, 2011, 01:49:59 PM »
can anyone share a low income on tax return something under 35k that they didnt shut down your acc

I had income right around that number and I went from 100k to 30k CL (I shut down 8 cards, w/ 70k CL total for those cards)
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Offline dans fan

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Re: Amex Financial Review
« Reply #526 on: July 28, 2011, 07:31:54 PM »
I had income right around that number and I went from 100k to 30k CL (I shut down 8 cards, w/ 70k CL total for those cards)
ty. anyone with a 20k income passed

Offline miles

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Re: Amex Financial Review
« Reply #527 on: July 31, 2011, 05:09:44 PM »
ty. anyone with a 20k income passed
yes

Offline infra-

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Re: Amex Financial Review
« Reply #528 on: August 05, 2011, 06:17:55 PM »
I just got hit with financial review, but I'm a full time student with a little part time job. I was wondering can I use my parents income and send them my parents tax form to them instead?

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Re: Amex Financial Review
« Reply #529 on: August 05, 2011, 06:36:14 PM »
I just got hit with financial review, but I'm a full time student with a little part time job. I was wondering can I use my parents income and send them my parents tax form to them instead?

Did they ask household income?

Offline BAHayman

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Re: Amex Financial Review
« Reply #530 on: August 05, 2011, 06:43:11 PM »
I just got hit with financial review, but I'm a full time student with a little part time job. I was wondering can I use my parents income and send them my parents tax form to them instead?

I believe if you are under 21 then it has to be personal income but if over 21 it can be household...

Offline infra-

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Re: Amex Financial Review
« Reply #531 on: August 05, 2011, 07:28:11 PM »
I believe if you are under 21 then it has to be personal income but if over 21 it can be household...
damn, Im under 21 and they asked me to fax them my bank statement and proof of income. I am full time student and I only work for 2 month. Does financial aid count as income lol? BTW if i have low income, will they closed or lower my limit? I have a PR gold and a blue cash (6k limit).

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Re: Amex Financial Review
« Reply #532 on: August 07, 2011, 12:33:03 AM »
I believe if you are under 21 then it has to be personal income but if over 21 it can be household...

I was over 21 when FR'd and they wanted to verify my income (when I explained I was reporting household income), maybe this has since changed.
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Offline BAHayman

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Re: Amex Financial Review
« Reply #533 on: August 07, 2011, 12:36:02 AM »
I was over 21 when FR'd and they wanted to verify my income (when I explained I was reporting household income), maybe this has since changed.

Dunno. All I know is if under 21 they have always asked for personal income. I think it has something to do with the credit card act, I'll see if I can find a link.

Offline AsherO

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Re: Amex Financial Review
« Reply #534 on: August 07, 2011, 12:58:38 AM »
Dunno. All I know is if under 21 they have always asked for personal income. I think it has something to do with the credit card act, I'll see if I can find a link.

I understand that, all I'm saying is I was 21+ and from what I understood they wanted to verify my personal income.
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Re: Amex Financial Review
« Reply #535 on: August 10, 2011, 12:01:33 AM »
An Amex cs rep told me recently that if spending is out of character it is an FR trigger. for example if you normally spend 3,000 a month and then suddenly 20,000 that will trigger an FR.

He said in order to spend the 20,000 you have to trickle up your spending.
 
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Re: Amex Financial Review
« Reply #536 on: August 10, 2011, 12:18:30 AM »
An Amex cs rep told me recently that if spending is out of character it is an FR trigger. for example if you normally spend 3,000 a month and then suddenly 20,000 that will trigger an FR.

He said in order to spend the 20,000 you have to trickle up your spending.
 
Yup! Discussed here (And it's all in the Wiki!)

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Re: Amex Financial Review
« Reply #537 on: August 11, 2011, 12:24:52 AM »
Last month, I use the amazon payments to meet the spending requirement for the gold premier card; however, it trigger a financial review. They asked me to fax them my income statements, and I did that. Now they want me to fax them three recent receipts of the amazon payment. I was wondering what are they trying to do by looking at the receipts?

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Re: Amex Financial Review
« Reply #538 on: August 11, 2011, 01:16:46 AM »
They'll have evidenceof improper use... not sure where they'd go from there.

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Re: Amex Financial Review
« Reply #539 on: August 11, 2011, 09:49:13 AM »
They want to see if you were actually buying something or using it for a cash advance.
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.