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 1816436 times)

Offline Mordechaigross

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Re: Amex F/R Master Thread
« Reply #5000 on: October 02, 2015, 12:20:45 PM »
Interesting as since it is your account, you have the responsibility to pay it and not him.
I tried convincing the rep but no luck  once you get fr'd the only way around it is with providing documentation they ask for

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5001 on: October 02, 2015, 01:02:46 PM »
I tried convincing the rep but no luck  once you get fr'd the only way around it is with providing documentation they ask for
There is no difference between the charges to an au and the primary card... The only thing you are saying is that you got f/red for heavy spending (having a credit score in the 800's is not relevant)

Offline cholent

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Re: Amex F/R Master Thread
« Reply #5002 on: October 02, 2015, 01:04:05 PM »
BH fr just got cleared, but with a massive credit line cut
Don't ask stupid questions and you won't get stupid answers

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5003 on: October 02, 2015, 01:09:08 PM »
BH fr just got cleared, but with a massive credit line cut
Mazel tov!

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5004 on: October 02, 2015, 01:09:56 PM »
BH fr just got cleared, but with a massive credit line cut
Mazel tov. Cuts on credit cards or charge cards?
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline cholent

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Re: Amex F/R Master Thread
« Reply #5005 on: October 02, 2015, 01:10:44 PM »
Mazel tov. Cuts on credit cards or charge cards?
Both
Don't ask stupid questions and you won't get stupid answers

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5006 on: October 02, 2015, 01:33:35 PM »
Ouch
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5007 on: October 02, 2015, 03:16:29 PM »
If family member did not receive call nor email from amex but it does say online charging suspended - could that be a "mini" f/r ?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #5008 on: October 02, 2015, 03:29:15 PM »
If family member did not receive call nor email from amex but it does say online charging suspended - could that be a "mini" f/r ?
Could be

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #5009 on: October 02, 2015, 03:39:10 PM »
If family member did not receive call nor email from amex but it does say online charging suspended - could that be a "mini" f/r ?
maybe they logged in seconds after the review, before an email or call had a chance to go out
READ THE DARN WIKI!!!!

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

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5010 on: October 02, 2015, 03:40:08 PM »
maybe they logged in seconds after the review, before an email or call had a chance to go out
they saw it on the account at 6pm yesterday....
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #5011 on: October 02, 2015, 03:42:01 PM »
they saw it on the account at 6pm yesterday....
maybe it was implemented at 559? only thing to do is putpac, no?
READ THE DARN WIKI!!!!

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

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5012 on: October 02, 2015, 03:43:59 PM »
maybe it was implemented at 559? only thing to do is putpac, no?
There's never anything gained by not putpac(ing)

Offline Ghost

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Re: Amex F/R Master Thread
« Reply #5013 on: October 02, 2015, 05:41:04 PM »
they saw it on the account at 6pm yesterday....
Mini FR's do NOT always get a phone call or email so yes it's very possible.
Source-experience.

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5014 on: October 02, 2015, 05:54:28 PM »
I never got a call or email about my fr. Must have been mini, cuz I got away with bank statements after telling them I didn't file.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5015 on: October 02, 2015, 06:10:54 PM »
I never got a call or email about my fr. Must have been mini, cuz I got away with bank statements after telling them I didn't file.
Family member of mine didn't get call either. They refused bank statements though. I think her accounts are finished. Anyone here ever succsefully hucad an F/R rep?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline andy136

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Re: Amex F/R Master Thread
« Reply #5016 on: October 02, 2015, 06:13:59 PM »
My credit score is in the 8 hundreds it seems that because he was doing a lot of charges on the account they where worried that he won't be able to pay this bill as well even though I have never missed a payment
How much were you and AU spending? Just curious.

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5017 on: October 02, 2015, 06:16:05 PM »
Family member of mine didn't get call either. They refused bank statements though. I think her accounts are finished. Anyone here ever succsefully hucad an F/R rep?
You are assigned a specific rep... HUCA would not work... Asking for a higher up maybe

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5018 on: October 02, 2015, 06:17:21 PM »
You are assigned a specific rep... HUCA would not work... Asking for a higher up maybe
has anyone had success in asking for a higher up?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Mordechaigross

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Re: Amex F/R Master Thread
« Reply #5019 on: October 04, 2015, 02:43:35 AM »
How much were you and AU spending? Just curious.
We where doing about 12k-18k a month for the past year