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.
« Last edited by JACKSASSONBK on February 16, 2017, 06:19:07 PM »

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Author Topic: Amex F/R Master Thread  (Read 1866794 times)

Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4500 on: August 12, 2015, 10:54:06 PM »
Quote from: Yaalili on August 12, 2015, 10:39:33 PM
Oh interesting, would I need to get that form, or can I just send in some pay-stubs as proof, if and when they ask?
That
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Offline Yaalili

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Re: Amex F/R Master Thread
« Reply #4501 on: August 12, 2015, 10:58:28 PM »
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Offline PutANameToIt

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Re: Amex F/R Master Thread
« Reply #4502 on: August 14, 2015, 05:05:41 AM »
Hoped I would only ever read and not post on this thread :( but here goes:

Got FR'ed 2 days ago, for very escalated spending velocity on new and old accounts (completely forgot that it can trigger an FR).
I recently opened 3 cards, had 2 previously. The 3 i opened actually have the points posted already.

I reported 115k income on my apps, which I can cover with my parents' income. Unfortunately, my personal income is offcially reported at somewhere around the 2k mark and I'm supposed to be making between 10-20k (didn't realise it was a full-blown FR and just threw out that number.)

I'm definitely gonna be closing down most of my cards. Should I be closing all? Transferring out points?

Thanks in advance!
« Last Edit: August 14, 2015, 05:32:24 AM by PutANameToIt »
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #4503 on: August 14, 2015, 10:26:14 AM »
My secretary just got F/Rd, she provided the requested forms and they closed her business accounts anyways because she doesn't have business tax returns.
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Offline D93

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Re: Amex F/R Master Thread
« Reply #4504 on: August 14, 2015, 10:31:34 AM »
Quote from: Super Speed on August 14, 2015, 10:26:14 AM
My secretary just got F/Rd, she provided the requested forms and they closed her business accounts anyways because she doesn't have business tax returns.
And left the personal ones open?
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #4505 on: August 14, 2015, 10:38:26 AM »
Quote from: Super Speed on August 14, 2015, 10:26:14 AM
My secretary just got F/Rd, she provided the requested forms and they closed her business accounts anyways because she doesn't have business tax returns.
Did she apply as sole or with biz name ?
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #4506 on: August 14, 2015, 10:54:36 AM »
Quote from: D93 on August 14, 2015, 10:31:34 AM
And left the personal ones open?
Yes
Quote from: TimT on August 14, 2015, 10:38:26 AM
Did she apply as sole or with biz name ?
Sole.
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Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #4507 on: August 14, 2015, 12:00:08 PM »
Quote from: Super Speed on August 14, 2015, 10:54:36 AM
YesSole.
What'd she put as biz name on application?
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READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #4508 on: August 14, 2015, 02:05:22 PM »
Quote from: noturbizniss on August 14, 2015, 12:00:08 PM
What'd she put as biz name on application?
Her name.
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #4509 on: August 14, 2015, 02:06:53 PM »
Quote from: Super Speed on August 14, 2015, 02:05:22 PM
Her name.
Then what more do they want ?
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #4510 on: August 14, 2015, 03:21:34 PM »
Quote from: TimT on August 14, 2015, 02:06:53 PM
Then what more do they want ?
Not sure. They didn't call back they just closed it.
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Offline Marco Polo

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Re: Amex F/R Master Thread
« Reply #4511 on: August 14, 2015, 06:35:27 PM »
Quote from: Super Speed on August 14, 2015, 03:21:34 PM
Not sure. They didn't call back they just closed it.
What was her spending like?
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Quaerite et Invenietis.

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #4512 on: August 14, 2015, 06:46:08 PM »
Quote from: Marco Polo on August 14, 2015, 06:35:27 PM
What was her spending like?
6K over a month and a bit.
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Offline PutANameToIt

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Re: Amex F/R Master Thread
« Reply #4513 on: August 16, 2015, 02:30:59 PM »
If I am under FR, can I still close cards through live chat?
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Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #4514 on: August 16, 2015, 08:27:07 PM »
Quote from: PutANameToIt on August 16, 2015, 02:30:59 PM
If I am under FR, can I still close cards through live chat?
yes
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Offline sruly

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Re: Amex F/R Master Thread
« Reply #4515 on: August 21, 2015, 08:47:41 AM »
Quote from: sruly on August 04, 2015, 11:11:03 AM
I can finally join the club  :)

After 7 years with Amex and upwards of a million dollars in spending.

Now we need to see what they want from me.
Passed review BH although they did slash my lines by about %80.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4516 on: August 21, 2015, 10:50:44 AM »
Congrats! Wow that's a big decrease. Do they do that to everyone who goes through fr?
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #4517 on: August 21, 2015, 10:52:44 AM »
Quote from: Jm1248 on August 21, 2015, 10:50:44 AM
Congrats! Wow that's a big decrease. Do they do that to everyone who goes through fr?
Probably depends on how much the income on tax forms sent in & how much credit they've given you.
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Offline Jm1248

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Re: Amex F/R Master Thread
« Reply #4518 on: August 21, 2015, 10:55:02 AM »
Quote from: TimT on August 21, 2015, 10:52:44 AM
Probably depends on how much the income on tax forms sent in & how much credit they've given you.
Yea but it seems like most people who get fr'ed report some sort of credit decrease although not always to such an extent
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Offline TimT

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Re: Amex F/R Master Thread
« Reply #4519 on: August 21, 2015, 10:56:45 AM »
Quote from: Jm1248 on August 21, 2015, 10:55:02 AM
Yea but it seems like most people who get fr'ed report some sort of credit decrease although not always to such an extent
True, although they all might've sent in lower income than what they wrote on the apps.
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