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 1193415 times)

Offline LoLo

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Re: Amex F/R Master Thread
« Reply #6975 on: June 20, 2016, 03:08:24 PM »


-1 ime they expedited all the points!

You didn't say anything different than him.

Offline deal boy

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Re: Amex F/R Master Thread
« Reply #6976 on: June 21, 2016, 02:18:31 PM »
I got FR'd. I want to close my cards but i was wondering if i am able to do this if i have pending charges (that will fall off)... anyone have any insight?

Offline chinagel

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Re: Amex F/R Master Thread
« Reply #6977 on: June 21, 2016, 02:19:51 PM »
I got FR'd. I want to close my cards but i was wondering if i am able to do this if i have pending charges (that will fall off)... anyone have any insight?
you can close

Offline deal boy

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Re: Amex F/R Master Thread
« Reply #6978 on: June 21, 2016, 02:20:39 PM »
Thank you...

Offline hide4

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Re: Amex F/R Master Thread
« Reply #6979 on: June 21, 2016, 02:21:09 PM »
Do I have till the end of the 14th day to close my accounts before they do it?

Offline chinagel

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Re: Amex F/R Master Thread
« Reply #6980 on: June 21, 2016, 09:36:27 PM »
any reason to believe transferring cl is a fr trigger

Online TimT

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Re: Amex F/R Master Thread
« Reply #6981 on: June 21, 2016, 09:42:25 PM »
any reason to believe transferring cl is a fr trigger
Haven't seen reports

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #6982 on: June 21, 2016, 09:43:50 PM »
Do I have till the end of the 14th day to close my accounts before they do it?
I would not just let it sit...but call them up and tell them you need time to get your papers in order...then if they don't hear back in 14 days they will close

Offline chinagel

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Re: Amex F/R Master Thread
« Reply #6983 on: June 21, 2016, 09:46:03 PM »

Offline shulem92

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Re: Amex F/R Master Thread
« Reply #6984 on: June 23, 2016, 02:02:50 PM »
Most important thing is not to give false information that cannot be backed up to the fr rep

Tell them you are still listed as a dependant on your fathers tax returns if it's a biz account tell them the biz will not be filing this year... Then hope that they agree to take bank statements.

Thank you very much guys. i passed my fr today bh. special mention to @yakrot for all your help.
told the rep i make 8k a year, im a full time student with online reselling at nights. she let me off with bank statements showing maybe 2k in the bank ;)

Offline B.D.Da'ehu

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Re: Amex F/R Master Thread
« Reply #6985 on: June 23, 2016, 02:05:27 PM »
Thank you very much guys. i passed my fr today bh. special mention to @yakrot for all your help.
told the rep i make 8k a year, im a full time student with online reselling at nights. she let me off with bank statements showing maybe 2k in the bank ;)
Wow nice! She didn't mention anything about the amount you claimed you made on the applications?

Offline chinagel

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Re: Amex F/R Master Thread
« Reply #6986 on: June 23, 2016, 02:07:24 PM »
Wow nice! She didn't mention anything about the amount you claimed you made on the applications?
they never do ime

Offline yakrot

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Re: Amex F/R Master Thread
« Reply #6987 on: June 23, 2016, 02:07:28 PM »
Wow nice! She didn't mention anything about the amount you claimed you made on the applications?
Ime they never do...the only number they hold you to is what you say when they call you... On the app you can write household income on the call they need more specific info.

Fwiu most ppl get into trouble by giving numbers that they cannot backup on the phone all they get

Offline shulem92

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Re: Amex F/R Master Thread
« Reply #6988 on: June 23, 2016, 02:10:41 PM »
They didn't hold me to that number, bit I clearly explained to them why I am not a financial risk. That's all they really care about. If u have a good enuf story...

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #6989 on: June 23, 2016, 02:15:45 PM »


Fwiu most ppl get into trouble by giving numbers that they cannot backup on the phone all they get
+1000000, IME.
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