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 ectÖ

Letís 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 donít 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 971808 times)

Offline steve2

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Re: Financial Review
« Reply #105 on: December 24, 2009, 09:20:54 AM »


They dont want to hear you arguing how you make $500,000 but have no documents to prove it.... just be honest nad say you made a mistake in your app.

In my wife's case she applied for a business starwood and wrote she earns $150,000....


 Thats part of the problem although there are those right out of school that do get very nice 6 figure jobs, most dont and that triggers the Red Flag that things arent on the up & up. A yr ago or so it wouldnt have mattered

Offline bens

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Re: Financial Review
« Reply #106 on: December 24, 2009, 10:22:57 AM »
is there a reason no one posted this link? http://www.dansdeals.com/archives/2537

thats real honest :)

Dans post is about how to avoid the review, this thread is about what if it happened already!

Although Dan says to close you AMEX account, my experience showed me that it can be easy to fight.

Everyone has different financial situations, depending on your situation, you can decide to fight or not. 

Offline al613

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Re: Financial Review
« Reply #107 on: December 24, 2009, 01:02:30 PM »
Dans post is about how to avoid the review, this thread is about what if it happened already!
Although Dan says to close you AMEX account, my experience showed me that it can be easy to fight.
Everyone has different financial situations, depending on your situation, you can decide to fight or not. 

Dan's post is completly correct and current. There is only one reason you should fight it - if your credit is so bad, that you would not get new Amex in couple month. Otherwise, it's not worth the risk of blackmark on your credit report.

Offline daganster

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Re: Financial Review
« Reply #108 on: December 24, 2009, 04:18:09 PM »
I closed all of my accounts thus I'm going to close my wife's accounts.
Just approved for my third chase CC with a 25,000 credit line.

Offline flyer11204

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Re: Financial Review
« Reply #109 on: December 26, 2009, 10:55:39 PM »
the best lie is thr truth! send in the tax fourms ad they'll give you a small limit

Offline daganster

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Re: Financial Review
« Reply #110 on: January 17, 2010, 01:14:00 PM »
I closed my amex accounts proceeding a Financial review.
Does anyone know how long do I have to wait in order to reapply for an amex?

Offline Dan

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Re: Financial Review
« Reply #111 on: January 17, 2010, 03:31:52 PM »
I closed my amex accounts proceeding a Financial review.
Does anyone know how long do I have to wait in order to reapply for an amex?
Try after a few months.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline txtmax4

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Avoiding AMEX F/R?
« Reply #112 on: February 04, 2010, 12:08:20 AM »
Hey Dan,

On August 12th, 2007 under the topic "American Express Financial Review-What Is It And How To Avoid It…" you wrote:

-NEVER utilize over 50% of the credit line of any of your AMEX cards.
If you have a Starwood card with a $10,000 limit, never have a balance of over $4,999, even if you pay it off every month on time.

My question #1 is:
What about if you use more than 50% of your CL and pay it off before the statement closes?
-----------------------------------------------------------------------------------------------------------------------------------

You also wrote:

What if you do get hit with a financial review?
Immediately call up AMEX and ask to close down every one of your accounts.

My question #2 is:

In my case, I requested a CL increase from 12K to 36K and was told that I won't get approved for the CL increase (or for that matter, any other CL increase requests) until I send back those papers, from that I understood, that (hopefully) they won't bother me as long as I don't try to higher my CL. So technically I'm FR'd but only for credit limit increase...
Now, in the event that they do go after me even without me pursuing the CL increase will I have a chance THEN to close down my account?
Or once they freeze my acct. I can no longer close it myself?

Thanks so much for all your help.
« Last Edit: February 04, 2010, 07:18:37 PM by Dan »
If You See Something, Say Something!!

Offline Cholentfresser

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Re: Question for Dan
« Reply #113 on: February 04, 2010, 12:23:02 AM »
Why would you name your post "Question for Dan"? why don't you mention what you're talking about in the subject?
Also, there are many people out there on the forum with a ton of knowledge in credit cards etc., i'm sure someone can help you aside from Dan. Dan is a busy person... (if Dan wants to answer, he'll chose to.)
 ;) ;) ;) ;)
In order to understand recursion, you first need to understand recursion.

Offline txtmax4

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Re: Questions for Dan
« Reply #114 on: February 04, 2010, 12:42:07 AM »
I only trust dan
If You See Something, Say Something!!

Offline Cholentfresser

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Re: Questions for Dan
« Reply #115 on: February 04, 2010, 12:51:14 AM »
I only trust dan
if you write "a question for dan", no one will try to answer your questions. Dan might answer if he has a chance.
if you don't write "a question for dan", people will try to help you. Dan might just be the one, if he has a chance...

Whatever floats your boat...
In order to understand recursion, you first need to understand recursion.

Offline moish

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Re: Questions for Dan
« Reply #116 on: February 04, 2010, 04:26:32 AM »
I only trust dan
awwww.... so touching

Offline Dan

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Re: Questions for Dan
« Reply #117 on: February 04, 2010, 11:03:40 AM »
I only trust dan
awwww.... so touching
You guys are too funny  :D

There are plenty of qualified people on this forum to answer questions, no need to call me out, lol.

If your credit limit is $10,000 I would recommend paying off the credit card multiple times per month so that you are never actually over 50%.  But you should also not prepay so that you have a large prepayment credit.

Asking for financial info to get a CL increase is not the same as a F/R.  You'll still have a chance to close down the accounts yourself if you are FR'ed.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Cholentfresser

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Re: Questions for Dan
« Reply #118 on: February 04, 2010, 11:24:52 AM »
You guys are too funny  :D

There are plenty of qualified people on this forum to answer questions, no need to call me out, lol.

ahhah
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Offline SuperFlyer

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Re: Questions for Dan
« Reply #119 on: February 04, 2010, 01:17:37 PM »
ahhah

Apparently (from good source), logging in online very often to check your statement/balance with amex isn't a good thing, as they keep track of it (no the customer support don't know about it), but it shows to them that you are nervous about it.