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 1856754 times)

Offline pixi

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Re: Amex F/R Master Thread
« Reply #5700 on: November 22, 2015, 11:34:47 AM »
Proof of personal income should be fine to pass fr as a sp, especially if that's all they asked for.
Thanks
money doesn't talk......      it SCREAMS !

Offline TimT

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Re: Amex F/R Master Thread
« Reply #5701 on: November 22, 2015, 11:58:22 AM »
Thanks
You don't wanna overdo it. Send whatever they ask for.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5702 on: November 22, 2015, 01:35:32 PM »
You don't wanna overdo it. Send whatever they ask for.
+1 follow their instructions.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline mirguy

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Re: Amex F/R Master Thread
« Reply #5703 on: November 23, 2015, 09:31:14 AM »
Got fr'd (i did all of triggers) last week tried to get them to take statements would not go for it...shut down all accts

Now i wait and plot my revenge

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #5704 on: November 23, 2015, 09:32:13 AM »
Got fr'd (i did all of triggers) last week tried to get them to take statements would not go for it...shut down all accts

Now i wait and plot my revenge
Huh?

Offline mirguy

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Re: Amex F/R Master Thread
« Reply #5705 on: November 23, 2015, 09:34:17 AM »
I think I was clear what's the prob

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #5706 on: November 23, 2015, 10:01:51 AM »
I think I was clear what's the prob
My huh was referring to your revenge that you will take if you triggered it how in heavens name is it amex fault

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5707 on: November 23, 2015, 10:04:18 AM »


Now i wait and plot my revenge
Enjoy. I'm sure amex is terrified.

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 mirguy

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Re: Amex F/R Master Thread
« Reply #5708 on: November 23, 2015, 10:05:27 AM »
Correct comeback would be better term

Offline coralsnake

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Re: Amex F/R Master Thread
« Reply #5709 on: November 23, 2015, 10:06:33 AM »
Correct comeback would be better term
I would much rather hear about the revenge.
"Here at DansDeals we don’t do buses." -Dan

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5710 on: November 23, 2015, 10:09:26 AM »
Correct comeback would be better term
I guess the correct comeback would be not to lie on the application and then trigger them asking you for proof of everything you claimed.
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 mirguy

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Re: Amex F/R Master Thread
« Reply #5711 on: November 23, 2015, 10:10:23 AM »
As if

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5712 on: November 23, 2015, 10:11:29 AM »
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 mirguy

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Re: Amex F/R Master Thread
« Reply #5713 on: November 23, 2015, 10:14:57 AM »
As if what?
As if what u wrote is humanly possible aka כאילו

Online tzifanya54

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Re: Amex F/R Master Thread
« Reply #5714 on: November 23, 2015, 11:38:00 AM »
As if what u wrote is humanly possible aka כאילו
As hard as it is for you to beleive, there is a concept out there called a real business. There are also these strange people that are known as businessmen that are actually honest. When those people apply using a real business, you have that crazy impossible phenomenon you are referring to.

Offline mirguy

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Re: Amex F/R Master Thread
« Reply #5715 on: November 23, 2015, 11:39:45 AM »
I have a hard time  beleive  that

Online tzifanya54

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Re: Amex F/R Master Thread
« Reply #5716 on: November 23, 2015, 11:41:20 AM »
I have a hard time  beleive  that
I hope your joking

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #5717 on: November 23, 2015, 11:51:59 AM »
I have a hard time  beleive  that
What planet are you from
I hope your joking
+10000

Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #5718 on: November 24, 2015, 09:23:06 AM »
I was F/R'd in July and ever since if I apply for any card they forward the app to the back-end team who sends me an income verification tax form to fill out before approving the card. I do not file. Does anyone have experience in terms of how long it takes for them to stop sending your app to this back-end team? What if I theoretically reinstated one of my closed cards (closed by me ofc)?

Offline D93

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Re: Amex F/R Master Thread
« Reply #5719 on: November 24, 2015, 09:30:07 AM »
I was F/R'd in July and ever since if I apply for any card they forward the app to the back-end team who sends me an income verification tax form to fill out before approving the card. I do not file. Does anyone have experience in terms of how long it takes for them to stop sending your app to this back-end team? What if I theoretically reinstated one of my closed cards (closed by me ofc)?

When you were FR'ed, did you close the cards yourself or did Amex close them?