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 981356 times)

Offline SPLP

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Re: Amex Financial Review
« Reply #795 on: December 23, 2011, 02:57:09 AM »
I can try. I wonder if claiming it's a new business will sound more plausible, or maybe both arguments together with some business income via paypal...

Make sure u know what u put on your biz applications b4 u say or do anything 

IMO i think file an amended return , even if show no net income u still have a business that has expenses and i think that is most important when combined with paying ur c.c. on time --

or maybe say biz was dormant for 2010 ( since u have a sked from 2009 ) and that in 2012 will have income since sold in 2011 and will be paid in 2012

i do not think irs will even look at a sked like u have and not to worry about them -- just my thoughts --GOOD LUK

Offline josh nyc

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Re: Amex Financial Review
« Reply #796 on: December 24, 2011, 09:14:37 PM »
On fri at 4pm I get a call from my F/R rep that they received my bank statements but not my 4506T. I explained to her its all in the same fax, she places me on hold and then says okay I see it here and have it - the F/R should be completed by Tuesday or Wednesday.

This morning at 930am Amex sends me emails giving me limits on all my charge cards (5k on Plat and 3k on my two golds) and slashed my biz card to 1G (really amex - 1G?!). My credit balances were spared (5K on 2 SPGs and 4K on DL Gold). I'll take it bc I know that the limits are eventually lifted and thankfully that's enough credit for me for now (all my biz charges will have to be run through VISA for now). But my cards are still not reactivated/restored. What to make of this?

And the wife has not heard anything yet....

Offline dans fan

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Re: Amex Financial Review
« Reply #797 on: December 25, 2011, 08:14:55 AM »
call, st it takes a day or two and st they put you through a security thing after a fry

Offline AJK

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Re: Amex Financial Review
« Reply #798 on: December 26, 2011, 12:37:53 AM »
I'll take it bc I know that the limits are eventually lifted and thankfully that's enough credit for me for now (all my biz charges will have to be run through VISA for now). But my cards are still not reactivated/restored. What to make of this?

Where'd you hear that? Any idea how long after the limits are imposed?
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Offline dans fan

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Re: Amex Financial Review
« Reply #799 on: December 26, 2011, 01:05:55 PM »
Where'd you hear that?
yaish veyaish

Offline ZCN

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Re: Amex Financial Review
« Reply #800 on: December 26, 2011, 11:34:53 PM »
Just got a call from AMEX for FR after doing a 3BM.

I've gone though most of the pages in this thread and have a question I haven't seen addressed.

 I barely had any legal income (under 5k on the books ) last year when I filed. Since then I have some decent income, but still short of what I told AMEX I make a year. Problem is, the guy at AMEX I spoke to told me they are only interested in my tax returns, and it won't help to send in other docs like bank statements etc. Does anybody have any experience with a small amount of income earned with a FR?
 And should I send in the bank docs anyway?


Quick update, along with some confusing and possibily new info.

   I finally got to speak to a supervisor today about sending in bank docs as supprting docs. She told me that they will not accecpt anything else besides the IRS form ( and yes, I was speaking with a supervisor).

 When I told her about my situation she said that no matter what income they see from my 2010 taxes they will NOT close any of my accounts (currently have 4 ). She said the whole purpose of the FR is to determine reasonable credit limits for each account holder.
 She even said something to the effect that they don't have the ability to close accounts based on income, all they can do is readjust credit limits.

  For me, what she's saying makes some sense, but I'm still a little nervous. The last thing I need right now is AMEX to shut down 4 accounts with the resulting plunge in our credit score.

 What do you guys think about what she said? Makes sense, or BS?
 

Offline elikay

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Re: Amex Financial Review
« Reply #801 on: December 26, 2011, 11:50:17 PM »

Quick update, along with some confusing and possibily new info.

   I finally got to speak to a supervisor today about sending in bank docs as supprting docs. She told me that they will not accecpt anything else besides the IRS form ( and yes, I was speaking with a supervisor).

 When I told her about my situation she said that no matter what income they see from my 2010 taxes they will NOT close any of my accounts (currently have 4 ). She said the whole purpose of the FR is to determine reasonable credit limits for each account holder.
 She even said something to the effect that they don't have the ability to close accounts based on income, all they can do is readjust credit limits.

  For me, what she's saying makes some sense, but I'm still a little nervous. The last thing I need right now is AMEX to shut down 4 accounts with the resulting plunge in our credit score.

 What do you guys think about what she said? Makes sense, or BS?
 
As stated in this thread, as long as the income justifies some credit they will keep the accounts open. They definitely can and do close accounts if A. close to no verifiable income is shown B. they consider you to be a liability as you have not kept to their rules (business accounts for businesses etc)

Offline ZCN

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Re: Amex Financial Review
« Reply #802 on: December 27, 2011, 12:01:20 AM »
Quote
As stated in this thread, as long as the income justifies some credit they will keep the accounts open. They definitely can and do close accounts if A. close to no verifiable income is shown B. they consider you to be a liability as you have not kept to their rules (business accounts for businesses etc) 


   Well based on what your saying I'm not sure if I should believe her. She told me clearly they will not close my accounts even if I have very low income. Not sure if they do close my accounts if I can challenger her to overrule the decision.....

Also confused about the bank docs issue. She told me AMEX hasn't accepted them for a while, but there's been posts in this thread pretty recently saying some manager's ARE accepting  them...

Offline AJK

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Re: Amex Financial Review
« Reply #803 on: December 27, 2011, 01:15:52 AM »

   Well based on what your saying I'm not sure if I should believe her. She told me clearly they will not close my accounts even if I have very low income. Not sure if they do close my accounts if I can challenger her to overrule the decision.....

Also confused about the bank docs issue. She told me AMEX hasn't accepted them for a while, but there's been posts in this thread pretty recently saying some manager's ARE accepting  them...

They will accept them if there is no tax information for one reason or another.
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Offline AsherO

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Re: Amex Financial Review
« Reply #804 on: December 27, 2011, 12:18:07 PM »
They will accept them if there is no tax information for one reason or another.

Not i my case...

 :'( :'( :'(

My F/R rep advised me that all my accounts (consumer and biz) are going to be closed because I don't have a biz return for 2010. At the last moment she agreed to let me plead my case with a supervisor, so at least I had a chance to call CS and close my cards  :'(

I closed six of my cards, and left the last one open hoping to plead with the supervisor to at least let me keep that one, anyone think I should close the last one as well? (since I was pretty much told they are shutting me down, and if they close the accounts it'll be reported as "closed by issuer")
PGF24BMGS

Offline Dan

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Re: Amex Financial Review
« Reply #805 on: December 27, 2011, 12:20:04 PM »
Stinks...
What happened to my idea of filing an amended 2010 with a Schedule C?
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AsherO

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Re: Amex Financial Review
« Reply #806 on: December 27, 2011, 12:21:42 PM »
Stinks...
What happened to my idea of filing an amended 2010 with a Schedule C?

She says it'll take 6-8 weeks for the IRS to release it to them, and Amex isn't willing to wait. Should've filed with minimal income, and would probably survive the FR with slashed credit lines.

She did say my triggers were too much spending on a new card, which let them to notice 5 new cards this year, which let them to notice my extensive credit with other issuers, which led them to decide to end the relationship :(

The only hopeful thing she said is that I can apply again at any point and I'll be treated like a new applicant, though I'm not even sure that's true.
« Last Edit: December 27, 2011, 12:24:50 PM by AsherO »
PGF24BMGS

Offline Dan

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Re: Amex Financial Review
« Reply #807 on: December 27, 2011, 12:24:37 PM »
If you don't mind sharing, how much was your spending and util %?

And when do you plan on trying to open another AMEX :)
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AsherO

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Re: Amex Financial Review
« Reply #808 on: December 27, 2011, 12:41:54 PM »
I closed six of my cards, and left the last one open hoping to plead with the supervisor to at least let me keep that one, anyone think I should close the last one as well? (since I was pretty much told they are shutting me down, and if they close the accounts it'll be reported as "closed by issuer")

Update: I just got an email, they closed the 7th card without even calling me :(



If you don't mind sharing, how much was your spending and util %?

And when do you plan on trying to open another AMEX :)

Spent 15k on a new charge card, overall CL with Amex (according to the F/R rep) was >90k.

Even if I apply again, it'll be to screw them for what they're  worth, after they punish me like this for 8 years  (probably a good $250k) of paying all my bills on time.
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Offline steve L

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Re: Amex Financial Review
« Reply #809 on: December 27, 2011, 12:45:32 PM »
wow. its crazy how things have changed