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 1816473 times)

Offline Jay s

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Re: Amex F/R Master Thread
« Reply #6660 on: March 27, 2016, 03:26:55 PM »
So I have a 3k limit . Anything wrong with using 3k and paying it off right away and spend 3k again multiple times a billing cycle

Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #6661 on: March 27, 2016, 03:29:02 PM »

So I have a 3k limit . Anything wrong with using 3k and paying it off right away and spend 3k again multiple times a billing cycle

Shouldn't be a problem.
Work hard, Play harder!

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6662 on: March 27, 2016, 03:31:51 PM »
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline emjee

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Re: Amex F/R Master Thread
« Reply #6663 on: March 27, 2016, 04:42:23 PM »

So I have a 3k limit . Anything wrong with using 3k and paying it off right away and spend 3k again multiple times a billing cycle
IME  no problems. Go for it

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #6664 on: March 27, 2016, 07:56:39 PM »
Passed FR two months ago with with 3k limits imposed, and was just approved for 2 x $20k cl.

Amex is weird.

Offline maxie m

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Re: Amex F/R Master Thread
« Reply #6665 on: March 27, 2016, 07:58:43 PM »
Passed FR two months ago with with 3k limits imposed, and was just approved for 2 x $20k cl.

Amex is weird.
yep, had that as well
Dumb people learn from their own mistakes,smart people,from the mistakes of others

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6666 on: March 27, 2016, 07:59:49 PM »
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 Jay s

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Re: Amex F/R Master Thread
« Reply #6667 on: March 27, 2016, 10:04:03 PM »
Passed FR two months ago with with 3k limits imposed, and was just approved for 2 x $20k cl.

Amex is weird.
Was that from applying for new cards or they raised the cards that had the 3k limit ?

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6668 on: March 27, 2016, 10:06:40 PM »
Was that from applying for new cards or they raised the cards that had the 3k limit ?
Says specifically approved for...

Offline Jay s

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Re: Amex F/R Master Thread
« Reply #6669 on: March 27, 2016, 10:12:59 PM »
Says specifically approved for...
Approved could also mean approved for more credit on existing card

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6670 on: March 27, 2016, 10:32:22 PM »
Was that from applying for new cards or they raised the cards that had the 3k limit ?
the new cards obviously.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline yochiek93

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Re: Amex F/R Master Thread
« Reply #6671 on: March 27, 2016, 11:33:51 PM »
Approved could also mean approved for more credit on existing card
Wouldn't he then say CLI not CL

Offline Jay s

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Re: Amex F/R Master Thread
« Reply #6672 on: March 27, 2016, 11:46:13 PM »
Says specifically approved for...
the new cards obviously.
Wouldn't he then say CLI not CL
really appreciate everyone's input although a simple yes or no from the person I asked the question to would of sufficed .

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #6673 on: March 28, 2016, 11:33:10 AM »
really appreciate everyone's input although a simple yes or no from the person I asked the question to would of sufficed .
would have sufficed.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #6674 on: March 28, 2016, 03:27:06 PM »
really appreciate everyone's input although a simple yes or no from the person I asked the question to would of sufficed .
Yes, approved for new cards. 40k new credit in total.

Online Mr. CC

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Re: Amex F/R Master Thread
« Reply #6675 on: March 28, 2016, 03:32:10 PM »
Got F/Red in Jan, I closed all my cards I applied and got approved now for a new card.
But - I tried using it and it got denied.
But -  there's no message online that charging has been suspended.

What's going on?
any progress?

Offline pixi

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Re: Amex F/R Master Thread
« Reply #6676 on: April 01, 2016, 04:16:57 PM »
Is it possible to pass a FR on a plat card with 15k income?  I (my friend)  want to know if I should rather close the account.
money doesn't talk......      it SCREAMS !

Offline maxie m

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Re: Amex F/R Master Thread
« Reply #6677 on: April 01, 2016, 04:19:08 PM »
Is it possible to pass a FR on a plat card with 15k income?  I (my friend)  want to know if I should rather close the account.
people have passed with less,but ymmv
Dumb people learn from their own mistakes,smart people,from the mistakes of others

Offline pixi

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Re: Amex F/R Master Thread
« Reply #6678 on: April 01, 2016, 04:19:39 PM »
people have passed with less,but ymmv
Even with a plat card?
money doesn't talk......      it SCREAMS !

Offline benjie1305

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Re: Amex F/R Master Thread
« Reply #6679 on: April 01, 2016, 04:25:56 PM »
Work hard, Play harder!