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 1082969 times)

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #6540 on: February 24, 2016, 08:02:02 PM »
I received pending points as well.
How?

Offline mmm740

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Re: Amex F/R Master Thread
« Reply #6541 on: February 24, 2016, 08:09:46 PM »
How?
They said if I pay the account they will credit the points.

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #6542 on: February 24, 2016, 08:11:12 PM »
after it was closed?

Offline mmm740

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Re: Amex F/R Master Thread
« Reply #6543 on: February 24, 2016, 08:12:38 PM »

Offline rivkao

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Re: Amex F/R Master Thread
« Reply #6544 on: February 24, 2016, 08:14:16 PM »
Yes
Interesting. When I tried doing it after it was paid up they didn't allow it. I guess it's YMMV

Offline ari2955

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Re: Amex F/R Master Thread
« Reply #6545 on: February 24, 2016, 11:26:31 PM »
I received pending points as well.


Did you have another mr card that stayed open

Offline mmm740

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Re: Amex F/R Master Thread
« Reply #6546 on: February 25, 2016, 12:08:14 AM »

Did you have another mr card that stayed open
No, I  closed all the cards due to FR.

Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #6547 on: February 25, 2016, 09:50:31 AM »
Do I have to be fully paid after f/r to apply for new cards. Was f/r'd in August, closed all cards have some small balance that i have been paying down...no interest on EDP Intro rate. They closed without giving me opportunity to close.
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #6548 on: February 25, 2016, 10:25:30 AM »
Do I have to be fully paid after f/r to apply for new cards. Was f/r'd in August, closed all cards have some small balance that i have been paying down...no interest on EDP Intro rate. They closed without giving me opportunity to close.
If they closed you down why would you think they will approve you?

Offline Chapshnell

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Re: Amex F/R Master Thread
« Reply #6549 on: February 25, 2016, 10:29:19 AM »
If they closed you down why would you think they will approve you?

maybe he filed tax returns for 2015 already. (can show income)

Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #6550 on: February 25, 2016, 10:57:09 AM »
maybe he filed tax returns for 2015 already. (can show income)
Correct
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #6551 on: February 25, 2016, 12:17:49 PM »
Correct
You didn't say the reason why you were closed, but of course its better not to have any outstanding balances when you apply for a card.

Offline hvaces42

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Re: Amex F/R Master Thread
« Reply #6552 on: February 25, 2016, 12:21:31 PM »
You didn't say the reason why you were closed, but of course its better not to have any outstanding balances when you apply for a card.
Couldnt show income. This year on the LLC tax return as a member. Looking at Biz apps vs balance on personal card
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Offline DMYD

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Re: Amex F/R Master Thread
« Reply #6553 on: February 25, 2016, 12:23:18 PM »
Couldnt show income. This year on the LLC tax return as a member. Looking at Biz apps vs balance on personal card
They still look at your personal balances

Offline normaly

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Re: Amex F/R Master Thread
« Reply #6554 on: February 28, 2016, 03:09:38 PM »
I'm under a f/r how many days do I have to close down my accounts and take out my points.  I don't have any papers to show