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 991083 times)

Offline Afight4ever

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2010
  • Posts: 1220
  • Total likes: 0
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Amex Financial Review
« Reply #705 on: November 10, 2011, 11:42:33 AM »
None of the above apply to me. Reported less, and have medium CL with them 40k approx

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2411
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #706 on: November 10, 2011, 03:25:07 PM »
How badly does a card closed by issuer affect your credit score .

 Im under FR http://forums.dansdeals.com/index.php?topic=9339.msg135204#msg135204  :) . My docs are in order . However I did some hanky panky spending . I dont want to preempt them and shut my cards and lose the MR and the $25 for each card if they werent going to.

The guy acted very very nice and kept on apologizing and telling me not to worry . Is that a ploy . Or is he really not concerned
« Last Edit: November 10, 2011, 03:34:59 PM by yaakov s »

Offline Mikeoracle

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2008
  • Posts: 1894
  • Total likes: 15
  • DansDeals.com Hat Tips 4
  • Gender: Male
    • View Profile
  • Location: NJ
Re: Amex Financial Review
« Reply #707 on: November 10, 2011, 03:54:34 PM »
Yaakov,

I had a similar situation 2 weeks ago on my wife's account. I didnt take any chances and cleaned out the MR balance just in case.
In the end they said all was in order but they had to do something because an FR was triggered (whatever the #$@ that means) and they put limits on the Plat and Gold cards and they lowered the CL on her SPG card.

Offline AJK

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Jun 2011
  • Posts: 25102
  • Total likes: 271
  • DansDeals.com Hat Tips 13
  • Gender: Male
    • View Profile
  • Programs: United Concierge Key; Delta Global Services; American Chairman; US Airways 1K; Hilton Sapphire; Hyatt Tritium; Marriott Californium; Starwood Kryptonium; Hertz Plutonium; National Adamantium, Avis Executive Proactanium
Re: Amex Financial Review
« Reply #708 on: November 10, 2011, 05:28:41 PM »
My G-d, I hope it's simply that DDF community is large, but I feel like I'm seeing FR's everywhere.

How badly does a card closed by issuer affect your credit score .

 Im under FR http://forums.dansdeals.com/index.php?topic=9339.msg135204#msg135204  :) . My docs are in order . However I did some hanky panky spending . I dont want to preempt them and shut my cards and lose the MR and the $25 for each card if they werent going to.

The guy acted very very nice and kept on apologizing and telling me not to worry . Is that a ploy . Or is he really not concerned

Yikes, so that major spend for the AU's did bite you?
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 20563
  • Total likes: 126
  • DansDeals.com Hat Tips 74
    • View Profile
Re: Amex Financial Review
« Reply #709 on: November 10, 2011, 05:44:09 PM »
How badly does a card closed by issuer affect your credit score .

It isn't just your score that's important, something like a card closed by creditor might make them suspicious and they might ask.

My G-d, I hope it's simply that DDF community is large, but I feel like I'm seeing FR's everywhere.

I don't think DDF members are a random sample, we've got a lot of risk factors.
« Last Edit: November 10, 2011, 05:49:56 PM by AsherO »
PGF24BMGS

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2411
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #710 on: November 10, 2011, 06:14:58 PM »
It isn't just your score that's important, something like a card closed by creditor might make them suspicious and they might ask.
Im in middle of refinancing my mortgage . Do you think I should play it safe

I don't think DDF members are a random sample, we've got a lot of risk factors.
+1

Offline AJK

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Jun 2011
  • Posts: 25102
  • Total likes: 271
  • DansDeals.com Hat Tips 13
  • Gender: Male
    • View Profile
  • Programs: United Concierge Key; Delta Global Services; American Chairman; US Airways 1K; Hilton Sapphire; Hyatt Tritium; Marriott Californium; Starwood Kryptonium; Hertz Plutonium; National Adamantium, Avis Executive Proactanium
Re: Amex Financial Review
« Reply #711 on: November 10, 2011, 06:16:50 PM »
I don't think DDF members are a random sample, we've got a lot of risk factors.

+1... I guess it goes back to most DDF member not being yellow-flagless.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2411
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #712 on: November 10, 2011, 06:20:18 PM »
Just realized something the card Im most worried about is the Biz card . Doesnt that not show up on your credit report?

Offline AJK

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Jun 2011
  • Posts: 25102
  • Total likes: 271
  • DansDeals.com Hat Tips 13
  • Gender: Male
    • View Profile
  • Programs: United Concierge Key; Delta Global Services; American Chairman; US Airways 1K; Hilton Sapphire; Hyatt Tritium; Marriott Californium; Starwood Kryptonium; Hertz Plutonium; National Adamantium, Avis Executive Proactanium
Re: Amex Financial Review
« Reply #713 on: November 10, 2011, 06:22:53 PM »
Just realized something the card Im most worried about is the Biz card . Doesnt that not show up on your credit report?

It only won't show up if you remain "problem-less."

It will show up if you ever become delinquent.

Closed by issuer could be more like problem-less or more like delinquent...
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2411
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #714 on: November 10, 2011, 06:26:35 PM »
It only won't show up if you remain "problem-less."

It will show up if you ever become delinquent.

Closed by issuer could be more like problem-less or more like delinquent...
is that a question or statement

Offline AJK

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Jun 2011
  • Posts: 25102
  • Total likes: 271
  • DansDeals.com Hat Tips 13
  • Gender: Male
    • View Profile
  • Programs: United Concierge Key; Delta Global Services; American Chairman; US Airways 1K; Hilton Sapphire; Hyatt Tritium; Marriott Californium; Starwood Kryptonium; Hertz Plutonium; National Adamantium, Avis Executive Proactanium
Re: Amex Financial Review
« Reply #715 on: November 10, 2011, 06:27:40 PM »
is that a question or statement

Neither? Both?

I'm just saying that I'm not 100% sure if this would qualify as being adverse enough for them to slap it on your CR.
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline clownaparte

  • Dansdeals Gold Elite
  • ***
  • Join Date: Aug 2011
  • Posts: 184
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NY
Re: Amex Financial Review
« Reply #716 on: November 10, 2011, 07:32:52 PM »
Im in middle of refinancing my mortgage . Do you think I should play it safe
Yes

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2411
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #717 on: November 10, 2011, 07:41:50 PM »
Yes
My concern is will shutting down accounts be taken as suspicious and cause them to dig further. and that aint good

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2411
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex Financial Review
« Reply #718 on: November 10, 2011, 07:45:11 PM »
Im in middle of refinancing my mortgage . Do you think I should play it safe
Does anyone know if they pull your credit report again after the initial pull . or once they pull it you are safe.

Offline clownaparte

  • Dansdeals Gold Elite
  • ***
  • Join Date: Aug 2011
  • Posts: 184
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NY
Re: Amex Financial Review
« Reply #719 on: November 10, 2011, 11:34:03 PM »
Does anyone know if they pull your credit report again after the initial pull . or once they pull it you are safe.
Usually pull again