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 1818692 times)

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #3840 on: April 22, 2015, 11:30:58 PM »
I don't know if this is the right place to ask this (I apologize in advance if it's not). I just got approved for the biz platinum charge card and it's my first Amex card ever. So basically I'm trying to spend 20k as unsuspiciously as possible (will not be able to survive an f/r). I have browsed through this thread but have not read it in its entirety. My question basically is how do I approach this spend? Do I do 7k a month in gift cards from various sources mixed in between regular purchases. Or should I start the first month smaller 3-5k and make up for it in the later months?

Offline Hamavin

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Re: Amex F/R Master Thread
« Reply #3841 on: April 22, 2015, 11:37:34 PM »
Apllied for 150k after fr"d 18 months ago have tried once so far and sent in 4506 form and they said was not making enough (15k). From what I see others dont have this problem how do I get around this this time?

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3842 on: April 22, 2015, 11:38:54 PM »
I don't know if this is the right place to ask this (I apologize in advance if it's not). I just got approved for the biz platinum charge card and it's my first Amex card ever. So basically I'm trying to spend 20k as unsuspiciously as possible (will not be able to survive an f/r). I have browsed through this thread but have not read it in its entirety. My question basically is how do I approach this spend? Do I do 7k a month in gift cards from various sources mixed in between regular purchases. Or should I start the first month smaller 3-5k and make up for it in the later months?
Good question and you're lucky you asked and didn't just jump in. If it's your first AMEX card you better be very very careful (I wouldn't have done this for my first card, even with the 150k offer). Exactly what to do is anyone's guess-7k times 3, or start off slower, etc. but definitely mix it in with other spending if you can. IMO I would say start a bit slower and pick up as time goes but there's no way to know for sure.

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3843 on: April 22, 2015, 11:39:52 PM »
Apllied for 150k after fr"d 18 months ago have tried once so far and sent in 4506 form and they said was not making enough (15k). From what I see others dont have this problem how do I get around this this time?
I thought that the people that didn't have the prob waited longer and still it's a YMMV.

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #3844 on: April 22, 2015, 11:58:05 PM »
Good question and you're lucky you asked and didn't just jump in. If it's your first AMEX card you better be very very careful (I wouldn't have done this for my first card, even with the 150k offer). Exactly what to do is anyone's guess-7k times 3, or start off slower, etc. but definitely mix it in with other spending if you can. IMO I would say start a bit slower and pick up as time goes but there's no way to know for sure.
Am I better off aiming for ten?
 Is there any known risk of buying thousand dollar gift cards at staples shoprite ect?
I'm assuming if using a redbird it will be beneficial to alternate the amounts?

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3845 on: April 23, 2015, 12:04:38 AM »
Am I better off aiming for ten?
 Is there any known risk of buying thousand dollar gift cards at staples shoprite ect?
I'm assuming if using a redbird it will be beneficial to alternate the amounts?
It's hard to aim for 10 when you get can so much more. I guess do 10 and see how goes and if you're comfortable. It's all the same, wherever you buy from-it's really the amounts that trigger it. And alternating charges? It sounds good, and it'll attract less attention to you with less fraud alerts, but whether that impacts the chances of FR is anybody's guess.
The most important thing-think carefully before you act. Like definitely don't walk in to target and spend 5k in 2 days.

Offline Freddie

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Re: Amex F/R Master Thread
« Reply #3846 on: April 23, 2015, 12:07:37 AM »
What about paying off a business card from a personal checking account? I am assuming guys do it all the time, especially with some of those creative "businesses" they get cards for.

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3847 on: April 23, 2015, 12:12:30 AM »
What about paying off a business card from a personal checking account? I am assuming guys do it all the time, especially with some of those creative "businesses" they get cards for.
I've done it and never heard of an issue with it.

Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #3848 on: April 23, 2015, 10:00:38 AM »
Anyone here see actual value in calling up Amex and letting them know that in the next few weeks relatively large purchases will be made at Store X (for whatever reason) or does this tend to have no value at all in smoothing out the chances of F/R?
Work hard, Play harder!

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3849 on: April 23, 2015, 11:35:08 AM »
Anyone here see actual value in calling up Amex and letting them know that in the next few weeks relatively large purchases will be made at Store X (for whatever reason) or does this tend to have no value at all in smoothing out the chances of F/R?
No good answer to that because nobody knows. It might make you less conspicuous but as you say that might have zero impact on FR.

Offline ADG

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Re: Amex F/R Master Thread
« Reply #3850 on: April 23, 2015, 11:45:43 AM »
I don't know if this is the right place to ask this (I apologize in advance if it's not). I just got approved for the biz platinum charge card and it's my first Amex card ever. So basically I'm trying to spend 20k as unsuspiciously as possible (will not be able to survive an f/r). I have browsed through this thread but have not read it in its entirety. My question basically is how do I approach this spend? Do I do 7k a month in gift cards from various sources mixed in between regular purchases. Or should I start the first month smaller 3-5k and make up for it in the later months?

is this issue applicable if its only my first business card and have a year history in personal cards?
 
What about paying off a business card from a personal checking account? I am assuming guys do it all the time, especially with some of those creative "businesses" they get cards for.
;D

Offline ADG

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Re: Amex F/R Master Thread
« Reply #3851 on: April 23, 2015, 11:47:38 AM »
Is redbird going to be a red flag at any amount or density ?

Offline Marco Polo

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Re: Amex F/R Master Thread
« Reply #3852 on: April 23, 2015, 12:01:39 PM »
Is redbird going to be a red flag at any amount or density ?
I don't think there is a definite answer to this. Moderation is key.
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Offline jbkr101

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Re: Amex F/R Master Thread
« Reply #3853 on: April 26, 2015, 07:12:02 PM »
been doing this for a long time finally got F/R today. right now i have 2 personal and 2 biz cards. i dont have any tax info on my biz can i close my biz cards and still pass on my personal cards.
closed my business cards and b'h  passed on personal cards no credit limit change.

Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3854 on: April 26, 2015, 07:20:33 PM »
closed my business cards and b'h  passed on personal cards no credit limit change.
Did you close them or as a result of the FR?
I just found a new supply of forks!

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Re: Amex F/R Master Thread
« Reply #3855 on: April 26, 2015, 07:23:16 PM »

Did you close them or as a result of the FR?

Sounds from this post and the last that he proactively closed them...

Offline jbkr101

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Re: Amex F/R Master Thread
« Reply #3856 on: April 26, 2015, 07:23:52 PM »
Did you close them or as a result of the FR?
i closed them because i didnt have tax returns with business names on it, and was told by agent that he would close them if i could not show. and he wanted copies of social s cards for all additional users. which i could not provide

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3857 on: April 26, 2015, 07:40:17 PM »
i closed them because i didnt have tax returns with business names on it, and was told by agent that he would close them if i could not show. and he wanted copies of social s cards for all additional users. which i could not provide
And for purposes of this thread...what do you think the trigger was?

Offline jbkr101

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Re: Amex F/R Master Thread
« Reply #3858 on: April 26, 2015, 07:45:22 PM »
my guess is adding 18 au and transferring miles to them. lesson learn't the hard way!

Offline Aj3042

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Re: Amex F/R Master Thread
« Reply #3859 on: April 26, 2015, 07:55:44 PM »
my guess is adding 18 au and transferring miles to them. lesson learn't the hard way!
Good guess. No MS causes you know of?