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 1081805 times)

Offline yochiek93

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2015
  • Posts: 4486
  • Total likes: 74
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6480 on: January 27, 2016, 01:02:37 PM »
just a data point for people so scared what they say for there f/r rep, i told for my f/r rep that my income is 45k and my tax returns was only showing 14k....
i said first i didnt file yet my tax return (was hoping he will let me get away with bank statements) and when it didnt work i suddenly said i double checked and i did file.... YMMV that was my experience though
How did you get away with it?

Offline David Smith

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2015
  • Posts: 8286
  • Total likes: 202
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Amex F/R Master Thread
« Reply #6481 on: January 27, 2016, 01:04:30 PM »
How did you get away with it?
Get away with what? They asked for tax returns, he submitted tax returns, and they adjusted credit limits based on their evaluation of his payment abilities.
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 yochiek93

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Apr 2015
  • Posts: 4486
  • Total likes: 74
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6482 on: January 27, 2016, 01:05:33 PM »
Get away with what? They asked for tax returns, he submitted tax returns, and they adjusted credit limits based on their evaluation of his payment abilities.
So his tax returns showed 45k or 14k?

Offline David Smith

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2015
  • Posts: 8286
  • Total likes: 202
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Amex F/R Master Thread
« Reply #6483 on: January 27, 2016, 01:06:14 PM »
So his tax returns showed 45k or 14k?
14k. They adjusted accordingly.
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 mendy613

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Apr 2013
  • Posts: 869
  • Total likes: 19
  • DansDeals.com Hat Tips 3
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #6484 on: January 27, 2016, 02:10:31 PM »
BH, F/R ended well.
Summited tax return for 2014, around 8k, and had Credit lines cut a bit..
Simple, easy and straightforward process.

Offline Marko Rubio

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2015
  • Posts: 477
  • Total likes: 2
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6485 on: January 27, 2016, 04:53:33 PM »
BH, F/R ended well.
Summited tax return for 2014, around 8k, and had Credit lines cut a bit..
Simple, easy and straightforward process.
how much are you credit lines now?
Do u have any different idea for a signature?

Online Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 3188
  • Total likes: 314
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Hilton Diamond, SPG Gold and whatever
Re: Amex F/R Master Thread
« Reply #6486 on: February 01, 2016, 12:17:50 AM »
I was f/red and i got emails that they slashed my cl(from 12k to 3k). Any way to bump that back up?  And what problems does this make besides credit to debt ratio?

Offline DMYD

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jul 2013
  • Posts: 2979
  • Total likes: 0
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #6487 on: February 01, 2016, 12:24:34 PM »
How long is the average time from sending in the documents to the FR department till you hear back from them?
 

Offline emjee

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 1387
  • Total likes: 19
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6488 on: February 01, 2016, 07:55:36 PM »
Seems like a week to ten days

Offline mawmaw

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2013
  • Posts: 1291
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #6489 on: February 01, 2016, 08:06:07 PM »
I was f/red and i got emails that they slashed my cl(from 12k to 3k). Any way to bump that back up?  And what problems does this make besides credit to debt ratio?
same here and my tax return was not 8k.........  >:( >:( >:(

Offline unclesam

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Aug 2013
  • Posts: 426
  • Total likes: 7
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: Amex F/R Master Thread
« Reply #6490 on: February 03, 2016, 06:34:29 PM »
Got a charging may be suspended Email. If I pay cards in full do I still need to call?

Offline LoLo

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2014
  • Posts: 3610
  • Total likes: 131
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6491 on: February 04, 2016, 12:26:12 AM »
Got a charging may be suspended Email. If I pay cards in full do I still need to call?
No, just pay your balance.

Offline D93

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2014
  • Posts: 9193
  • Total likes: 17
  • DansDeals.com Hat Tips 14
    • View Profile
  • Location: PHL - TLV
Re: Amex F/R Master Thread
« Reply #6492 on: February 04, 2016, 12:53:33 AM »
Got a charging may be suspended Email. If I pay cards in full do I still need to call?

Is it suspended?

Offline LoLo

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2014
  • Posts: 3610
  • Total likes: 131
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #6493 on: February 04, 2016, 01:12:16 AM »
Is it suspended?
Does that make a difference? had an account that received this email last week, charging was suspended, and reopened after payment.

Offline unclesam

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Aug 2013
  • Posts: 426
  • Total likes: 7
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: Amex F/R Master Thread
« Reply #6494 on: February 04, 2016, 05:44:49 AM »