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 1818519 times)

Offline DMYD

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Re: Amex F/R Master Thread
« Reply #5960 on: December 09, 2015, 02:56:42 PM »
A friend of mine was fr'd right after applying for multiple cards before any spending. They requested a 4506T and he didnt give it.
How soon can he reapply and will they fr him again?
No time table, they may always ask for it.

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5961 on: December 09, 2015, 03:26:02 PM »

No time table, they may always ask for it.
6 months is the answer generally given here. That is a number that I believe is reported to work( it's not guaranteed) . It could be less than that but I don't think there are data points to know more

Offline ydf

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Re: Amex F/R Master Thread
« Reply #5962 on: December 09, 2015, 03:32:53 PM »
Can Opening 2 cards that has a annual fee and downgrading it a month or two after opening it trigger a fr?

Offline DMYD

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Re: Amex F/R Master Thread
« Reply #5963 on: December 09, 2015, 03:37:20 PM »
6 months is the answer generally given here. That is a number that I believe is reported to work( it's not guaranteed) . It could be less than that but I don't think there are data points to know more
Thats false had people with over a yr

Offline TimT

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Re: Amex F/R Master Thread
« Reply #5964 on: December 09, 2015, 08:46:05 PM »
Can Opening 2 cards that has a annual fee and downgrading it a month or two after opening it trigger a fr?
I don't recall seeing such reports. TARB ? :)

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5965 on: December 09, 2015, 09:06:02 PM »
Thats false had people with over a yr
Its YMMV, some get approved after not too long, some have to wait a while.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #5966 on: December 09, 2015, 09:59:54 PM »
Its YMMV, some get approved after not too long, some have to wait a while.

Does applying restart the clock though?

I was FR'd 6 months ago. But when I last applied, 1 month ago, they asked for irs docs before they would approve the card. Does this mean I should be waiting a while before I try again or is 3 months reasonable?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5967 on: December 09, 2015, 10:11:16 PM »
Does applying restart the clock though?

I was FR'd 6 months ago. But when I last applied, 1 month ago, they asked for irs docs before they would approve the card. Does this mean I should be waiting a while before I try again or is 3 months reasonable?
I have no idea, sorry. If I had to guess I would think it does not restart the clock.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #5968 on: December 10, 2015, 12:44:05 AM »

Thats false had people with over a yr
i tried staying away from actual hard numbers but 6 months is the generally given advice, obviously that is not to say that everyone has success at that point . It's a ymmv but after 6 months it's worth giving a shot.

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #5969 on: December 10, 2015, 11:44:24 AM »
I just got a call from an unknown number, on a recorded line requesting me to call back asking for the new account department,
FR?
What's your plan for yud shvat?

Offline youkay

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Re: Amex F/R Master Thread
« Reply #5970 on: December 10, 2015, 12:01:03 PM »

I just got a call from an unknown number, on a recorded line requesting me to call back asking for the new account department,
FR?
yup. Good luck!

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #5971 on: December 10, 2015, 12:01:56 PM »
yup. Good luck!
How's it going with you?
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 Mplace

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Re: Amex F/R Master Thread
« Reply #5972 on: December 10, 2015, 12:02:20 PM »
yup. Good luck!
but charges not suspended
What's your plan for yud shvat?

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5973 on: December 10, 2015, 12:02:24 PM »
I just got a call from an unknown number, on a recorded line requesting me to call back asking for the new account department,
FR?
Probably not. If you just applied they may want to verify something. In a FR they freeze the accounts. If your accounts aren't suspended you should be fine.

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #5974 on: December 10, 2015, 12:05:53 PM »
Probably not. If you just applied they may want to verify something. In a FR they freeze the accounts. If your accounts aren't suspended you should be fine.
yes, I did just open a new account
Accounts aren't frozen (yet) possible that they will only freeze once they speak to me?
Or if they want to fr me, they would freeze it, even If i didn't answer the phone?
What's your plan for yud shvat?

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5975 on: December 10, 2015, 12:23:55 PM »
yes, I did just open a new account
Accounts aren't frozen (yet) possible that they will only freeze once they speak to me?
Or if they want to fr me, they would freeze it, even If i didn't answer the phone?
Don't have personal experience in this kind of situation, but I would imagine that.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5976 on: December 10, 2015, 01:16:12 PM »
yes, I did just open a new account
Accounts aren't frozen (yet) possible that they will only freeze once they speak to me?
Or if they want to fr me, they would freeze it, even If i didn't answer the phone?
I think it can go both ways, but often the accounts say charging suspended before the call.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #5977 on: December 10, 2015, 01:17:46 PM »
I think it can go both ways, but often the accounts say charging suspended before the call.
so is there really a need  to call back?
What's your plan for yud shvat?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5978 on: December 10, 2015, 01:19:32 PM »
so is there really a need  to call back?
Im not sure. Maybe a mini fr that could turn full blown. IME ignoring amex is a bad idea. Do you have a decent tax return?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #5979 on: December 10, 2015, 01:22:32 PM »
Im not sure. Maybe a mini fr that could turn full blown. IME ignoring amex is a bad idea. Do you have a decent tax return?
no tax return, and already passed a year ago with bank statements,
Don't want to push my luck to much on that
What's your plan for yud shvat?