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 2113075 times)

Offline CS91

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Re: Amex F/R Master Thread
« Reply #3960 on: April 30, 2015, 12:19:29 AM »

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3961 on: April 30, 2015, 12:21:07 AM »
Yup.
so that explains that, but definitely refutes the notion that they don't pick up on anything. Though IME even people at the same address don't report if no ss# was given.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Hellokitty64

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Re: Amex F/R Master Thread
« Reply #3962 on: April 30, 2015, 01:15:11 AM »
One of my Friends was an AU on my prg for a bit and I had some ms go to statement once and didnt really mess up my % utilization but trashed his. Dif addresses and no ss given if I remember correctly.

Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3963 on: April 30, 2015, 01:23:20 AM »
This has been mentioned several times. With no SS# or no SS#/address it still can report to your CR.
I just found a new supply of forks!

Offline Mendylab

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Re: Amex F/R Master Thread
« Reply #3964 on: April 30, 2015, 01:44:26 AM »
Just got approved for Amex business platinum and gold cards, and have to spend $30k.

Does amex look at the overall spending of all the cards in my account, our each card individually when it comes to fr's?

Thanks

Offline Emkay

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Re: Amex F/R Master Thread
« Reply #3965 on: April 30, 2015, 04:38:39 AM »


Just got approved for Amex business platinum and gold cards, and have to spend $30k.

Does amex look at the overall spending of all the cards in my account, our each card individually when it comes to fr's?

Thanks
Honestly no-one here knows the algorithm, and those that do are the ones who are gonna FR you

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3966 on: April 30, 2015, 09:41:56 AM »
This has been mentioned several times. With no SS# or no SS#/address it still can report to your CR.
is it automatic? Or ymmv? and does not giving them a birthday help?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline ChaimMoskowitz

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Re: Amex F/R Master Thread
« Reply #3967 on: April 30, 2015, 10:16:05 AM »
is it automatic? Or ymmv? and does not giving them a birthday help?
YMMV. Each piece of information is given a weight. If a certain confidence level is met that they have a match it will appear on your report. Just like your FICO score they will never let you know how this works. IMHO not having SS#/DOB/address there will not be a match.
I just found a new supply of forks!

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #3968 on: April 30, 2015, 10:55:30 AM »
YMMV. Each piece of information is given a weight. If a certain confidence level is met that they have a match it will appear on your report. Just like your FICO score they will never let you know how this works. IMHO not having SS#/DOB/address there will not be a match.
good info, thanks!
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Yitzshpitz

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Re: Amex F/R Master Thread
« Reply #3969 on: May 01, 2015, 12:51:01 AM »
Is it smart to try to spend 15k in 3 months (150k offer) for my first Amex buz card? Will I get red flagged and need to provide financial documents?

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #3970 on: May 01, 2015, 12:54:25 AM »
Is it smart to try to spend 15k in 3 months (150k offer) for my first Amex buz card? Will I get red flagged and need to provide financial documents?
Where do you get the number 15k from?
Please read the last five pages of this thread and if you still have questions I'll be happy to try and answer them for you

Offline Yitzshpitz

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Re: Amex F/R Master Thread
« Reply #3971 on: May 01, 2015, 01:02:20 AM »
Where do you get the number 15k from?
Please read the last five pages of this thread and if you still have questions I'll be happy to try and answer them for you

15k was the required spending for the offer. I have heard and read that Amex is quick to shut down accounts (or make you fill out forms I may not have) for new buz card members with high spending.

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #3972 on: May 01, 2015, 01:07:58 AM »
15k was the required spending for the offer. I have heard and read that Amex is quick to shut down accounts (or make you fill out forms I may not have) for new buz card members with high spending.
I don't know what card you got so I guess I can't know what your required send is. I just assumed it was the same 150k biz platinum offer with a twenty k spend

Offline Yitzshpitz

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Re: Amex F/R Master Thread
« Reply #3973 on: May 01, 2015, 01:12:03 AM »
I don't know what card you got so I guess I can't know what your required send is. I just assumed it was the same 150k biz platinum offer with a twenty k spend

But do you think 15k in 3 months is spending too quick?

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #3974 on: May 01, 2015, 01:13:14 AM »
http://forums.dansdeals.com/index.php?topic=50698.0

You can browse through this thread as well, large amounts of Ms on a new card was also discussed there

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #3975 on: May 01, 2015, 01:16:24 AM »
But do you think 15k in 3 months is spending too quick?
There is no one answer, it depends on if you have any spending history with Amex and even then there are no concrete rules. Try to avoid known triggers mentioned in the wiki, and pray . if you spread the spend out and are careful you should be able to pull it off, although nothing is guaranteed.  Good luck.

Offline Yitzshpitz

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Re: Amex F/R Master Thread
« Reply #3976 on: May 01, 2015, 01:20:57 AM »
There is no one answer, it depends on if you have any spending history with Amex and even then there are no concrete rules. Try to avoid known triggers mentioned in the wiki, and pray . if you spread the spend out and are careful you should be able to pull it off, although nothing is guaranteed.  Good luck.

Thanks I will hope for the best

Offline lunatic

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Re: Amex F/R Master Thread
« Reply #3977 on: May 01, 2015, 07:42:53 AM »
I don't know what card you got so I guess I can't know what your required send is. I just assumed it was the same 150k biz platinum offer with a twenty k spend

Ftr,  there are 15k offers too

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #3978 on: May 01, 2015, 09:01:52 AM »
Ftr,  there are 15k offers too
Realized my mistake after and apologized.

Offline yoshapman

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Re: Amex F/R Master Thread
« Reply #3979 on: May 03, 2015, 05:10:33 PM »
Wife got F/R after spending too much in one day on new Amex Business Gold. She also has a Business Delta and SPG Consumer. We have sufficient income on tax return but nothing about sole proprietor business. We signed up saying we buy and sell on Amazon and Ebay which we sometimes do but in small amounts. She has to fax in tax return which is joint. First time going through this. What does she do now. Business Gold and Delta Business are pretty new. SPG Consumer is almost 2 yrs old.