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 1816091 times)

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5980 on: December 10, 2015, 01:22:59 PM »
no tax return, and already passed a year ago with bank statements,
Don't want to push my luck to much on that
PM sent.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline leeboy

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Re: Amex F/R Master Thread
« Reply #5981 on: December 10, 2015, 01:24:58 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.

Not true
I had FR's where they didnt freeze the account until after they spoke to me

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #5982 on: December 10, 2015, 01:25:28 PM »
He sounded very cool when I told him that I'm not available to take the call, I think he even asked when he should call back,
But the part that got me nervous was that it's coming from an unknown number, and he told me it's a recorded line,
Even though when technical support calles it's also an unknown number,
But he didn't tell me to call him, but the new accounts department
What's your plan for yud shvat?

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5983 on: December 10, 2015, 01:32:26 PM »
Not true
I had FR's where they didnt freeze the account until after they spoke to me
Maybe they didn't like what you said. SOP in an FR is freeze first and ask later. IME and lots of others.

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5984 on: December 10, 2015, 01:33:44 PM »
Is there a way to get pending MR points expedited, so you can move them b4 you close the card due to FR?

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5985 on: December 10, 2015, 01:35:40 PM »
Is there a way to get pending MR points expedited, so you can move them b4 you close the card due to FR?
Chat

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5986 on: December 10, 2015, 01:38:28 PM »
Chat
They said I should call MR.
HUChatA?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5987 on: December 10, 2015, 01:38:44 PM »
They said I should call MR.
HUChatA?
Yes.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #5988 on: December 10, 2015, 01:45:48 PM »
They said I should call MR.
HUChatA?
Deffinetly I have expedited many times via chat.

Offline yossig

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Re: Amex F/R Master Thread
« Reply #5989 on: December 10, 2015, 02:04:56 PM »

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #5990 on: December 10, 2015, 02:44:50 PM »
why not call mr?
I won't be transferred to F/R?

Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #5991 on: December 10, 2015, 03:39:23 PM »
I won't be transferred to F/R?

How could they auto transfer you if you don't enter your card number?

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #5992 on: December 10, 2015, 03:47:55 PM »
How could they auto transfer you if you don't enter your card number?
Phone number on file

Offline zer0k1

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Re: Amex F/R Master Thread
« Reply #5993 on: December 10, 2015, 04:15:29 PM »
Phone number on file

What file? Press 0 and speak to CS rep

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #5994 on: December 10, 2015, 05:28:04 PM »
What file? Press 0 and speak to CS rep
+1, though sometimes may need to call from a different phone.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Pete1212

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Re: Amex F/R Master Thread
« Reply #5995 on: December 10, 2015, 05:37:21 PM »
Hello. I want to add my wife as an authorized user on my Platinum small business card. Problem she burned her Amx card few years ago. She owes Amx tens of thousands. There is a 3 years only bankruptcy on her credit report. Any chance she would be accepted? Would hurt me if I show Amx that I am her husband and partners in the same business ?

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #5996 on: December 10, 2015, 05:41:03 PM »
Hello. I want to add my wife as an authorized user on my Platinum small business card. Problem she burned her Amx card few years ago. She owes Amx tens of thousands. There is a 3 years only bankruptcy on her credit report. Any chance she would be accepted? Would hurt me if I show Amx that I am her husband and partners in the same business ?
Yes

Offline Pete1212

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Re: Amex F/R Master Thread
« Reply #5997 on: December 10, 2015, 05:43:55 PM »
Yes

Yes for the first or second question?

Offline Hershelsdeals

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Re: Amex F/R Master Thread
« Reply #5998 on: December 10, 2015, 05:52:19 PM »


Yes for the first or second question?

Both

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #5999 on: December 10, 2015, 06:01:14 PM »
So I just chatted with Amex, they told me it was them trying to contact me, they said I should call back, gave me a direct number 24/7
24/7 means not fr?!?
What's your plan for yud shvat?