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 2113044 times)

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #6080 on: December 16, 2015, 06:08:17 PM »
I have a $35 credit on a card since August. I just didn't get to make that phone call.
No need for phone call. Do it yourself online at americanexpress.com/accountinquiry
Takes one minute

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6081 on: December 16, 2015, 07:16:24 PM »
"final stage of processing with the back end team"

Does that mean they plan on keeping the cards open?
Update! Passed BH!


Weird though, they slashed basically all cards to 3k, and there is a substantial tax return...   Does amex care about net or gross income?
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6082 on: December 16, 2015, 07:32:03 PM »
Update! Passed BH!


Weird though, they slashed basically all cards to 3k, and there is a substantial tax return...   Does amex care about net or gross income?
mazel tov! Can u share how much was your reported income and how much your actual income on tax return?
Do u have any different idea for a signature?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6083 on: December 16, 2015, 07:33:07 PM »
Update! Passed BH!


Weird though, they slashed basically all cards to 3k, and there is a substantial tax return...   Does amex care about net or gross income?
Good going hope you never have to deal with them again

Offline Baruch

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Re: Amex F/R Master Thread
« Reply #6084 on: December 16, 2015, 07:46:22 PM »
If under F/R, and u close the cards, how long do you have to wait to get approved again?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6085 on: December 16, 2015, 07:55:28 PM »
mazel tov! Can u share how much was your reported income and how much your actual income on tax return?
Reported matched the actual income - does not help apparently.

Always have to call in to have the accounts released by the fr rep, right?


Also, the account was approved on 9/16 so technically the spend should be met "within 92 days"

 tomorrow is the 92nd day, does that mean tomorrow includes "within 92 days'?
« Last Edit: December 16, 2015, 08:00:20 PM by Yehuda25 »
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Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6086 on: December 16, 2015, 08:11:00 PM »
Reported matched the actual income - does not help apparently.

Always have to call in to have the accthin 92 days"

 tomorrow is the 92nd day, does that mean tomorrow includes "within 92 days'?
if its the same, why did they slash your cl?
Do u have any different idea for a signature?

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6087 on: December 16, 2015, 08:12:01 PM »
if its the same, why did they slash your cl?
they couldn't care less about what you originally wrote.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline Marko Rubio

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Re: Amex F/R Master Thread
« Reply #6088 on: December 16, 2015, 08:19:02 PM »
they couldn't care less about what you originally wrote.
i dont get it, if u wrote in the app lets say 50k and they gave u for example a 10k cl. And now they see in your return the same why should they slash it? What happened now they should slash it if they approved u for this cl based on this income?
Do u have any different idea for a signature?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6089 on: December 16, 2015, 08:20:54 PM »
i dont get it, if u wrote in the app lets say 50k and they gave u for example a 10k cl. And now they see in your rturn the same why should they slash it? What heppened now they should slash it if they spproved u for this cl based on this income?
Could be ratio of spend to earning

Offline Pete1212

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Re: Amex F/R Master Thread
« Reply #6090 on: December 16, 2015, 08:33:56 PM »
I had an fr two weeks ago. I have a platinum business card. Had it for 3 months only. I passed , however they put a 4K spending limit. Passing an FR is a good thing, but what is your standard after you pass. How would my limit increase? I do spend a lot on daily basis for my business. I can flip the card 7 times a week .

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6091 on: December 16, 2015, 09:12:27 PM »
I had an fr two weeks ago. I have a platinum business card. Had it for 3 months only. I passed , however they put a 4K spending limit. Passing an FR is a good thing, but what is your standard after you pass. How would my limit increase? I do spend a lot on daily basis for my business. I can flip the card 7 times a week .
+1 I am wondering the same thing
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6092 on: December 16, 2015, 09:18:11 PM »
not every single person,  by me b"h only 3 out of 6 got fr"d
lucky you!
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline lechatchileh ariber

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Re: Amex F/R Master Thread
« Reply #6093 on: December 17, 2015, 07:58:28 PM »
If under F/R, and u close the cards, how long do you have to wait to get approved again?
I closed mine for that reason ~10 months ago.
Just applied and got approved for 2 cards.
A) people have reported quicker approvals.
B)iirc people have recorded denials after waiting longer than that too.
C) I may still be hit with an auto fr once I activate the cards.
Just my experiences.
Go for it, and good luck!
I don't sin, I give myself opportunities to repent.

Offline lechatchileh ariber

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Re: Amex F/R Master Thread
« Reply #6094 on: December 17, 2015, 07:59:04 PM »
What are the working hours of the fr team?
I don't sin, I give myself opportunities to repent.

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #6095 on: December 17, 2015, 07:59:54 PM »
What are the hours of fr?
I think till 5 of 7 NY time, but I'm not sure
What's your plan for yud shvat?

Offline lechatchileh ariber

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Re: Amex F/R Master Thread
« Reply #6096 on: December 17, 2015, 08:00:46 PM »
I think till 5 of 7 NY time, but I'm not sure
Thanks
I don't sin, I give myself opportunities to repent.

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6097 on: December 17, 2015, 08:07:11 PM »
I think till 5 of 7 NY time, but I'm not sure
they all work mstz don't remember until when, can't really get through to them anyhow:)
“To avoid criticism say nothing, do nothing, be nothing.”


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Offline tzifanya54

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Re: Amex F/R Master Thread
« Reply #6098 on: December 17, 2015, 08:07:23 PM »
Reported matched the actual income - does not help apparently.

Always have to call in to have the accounts released by the fr rep, right?


Also, the account was approved on 9/16 so technically the spend should be met "within 92 days"

 tomorrow is the 92nd day, does that mean tomorrow includes "within 92 days'?
It's usually closer to 100 days from approval. At least IME. PUTPAC or chat to get exact day.

Offline Mplace

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Re: Amex F/R Master Thread
« Reply #6099 on: December 17, 2015, 08:10:45 PM »
they all work mstz don't remember until when, can't really get through to them anyhow:)
ye, but from like 5-6 am iirc
What's your plan for yud shvat?