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 980422 times)

Offline knowitall

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Re: Amex F/R Master Thread
« Reply #7515 on: January 30, 2017, 11:43:49 PM »
I currently have 6 charge cards and 5 credit cards (including biz) open from Amex.
I'm under FR and I'm sending in the 4506T. I make 50k on the books. Do you guys think I should proactively close the cards I don't care about? Have there been reports of Reps saying "you passed but you can't keep all your cards"?

Offline David Smith

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Re: Amex F/R Master Thread
« Reply #7516 on: January 30, 2017, 11:55:35 PM »
I currently have 6 charge cards and 5 credit cards (including biz) open from Amex.
I'm under FR and I'm sending in the 4506T. I make 50k on the books. Do you guys think I should proactively close the cards I don't care about? Have there been reports of Reps saying "you passed but you can't keep all your cards"?
You should pass with imposed limits on charge cards, without closing anything.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
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Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7517 on: January 31, 2017, 12:00:29 AM »
I currently have 6 charge cards and 5 credit cards (including biz) open from Amex.
I'm under FR and I'm sending in the 4506T. I make 50k on the books. Do you guys think I should proactively close the cards I don't care about? Have there been reports of Reps saying "you passed but you can't keep all your cards"?

You should pass with imposed limits on charge cards, without closing anything.
+1. Therefore don't close any cards. They see whatever you have now. You're going to want whatever credit you have after the slash, because it may not be alot

Offline knowitall

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Re: Amex F/R Master Thread
« Reply #7518 on: January 31, 2017, 12:28:32 AM »
+1. Therefore don't close any cards. They see whatever you have now. You're going to want whatever credit you have after the slash, because it may not be alot
Thank you very much.

On line 3 of the 4506-T, it says name, address....
However, in the instructions, it just says "enter your current address"... and makes no mention of name.
Which one is it? TIA

Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7519 on: January 31, 2017, 12:30:55 AM »
Thank you very much.

On line 3 of the 4506-T, it says name, address....
However, in the instructions, it just says "enter your current address"... and makes no mention of name.
Which one is it? TIA
Sorry not sure. I managed to avoid the dreaded 4506-T. Got away with bank statements

Offline Boruch999

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Re: Amex F/R Master Thread
« Reply #7520 on: January 31, 2017, 03:15:46 AM »
Thank you very much.

On line 3 of the 4506-T, it says name, address....
However, in the instructions, it just says "enter your current address"... and makes no mention of name.
Which one is it? TIA
No experience but I would say that usually a persons name is fairly constant so the Name part is self explanatory with no instructions (Enter your name where it says Name) needed.  Address is a little more ambiguous.  Where I live now, or where I lived last year when I last filed taxes?

Offline JACKSASSONBK

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Re: Amex F/R Master Thread
« Reply #7521 on: January 31, 2017, 07:45:27 AM »
Thank you very much.

On line 3 of the 4506-T, it says name, address....
However, in the instructions, it just says "enter your current address"... and makes no mention of name.
Which one is it? TIA

i put in my name and address on that line.
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Offline knowitall

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Re: Amex F/R Master Thread
« Reply #7522 on: February 06, 2017, 10:40:53 PM »
Are you able to get approved for a card while under FR?

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7523 on: February 06, 2017, 11:05:22 PM »
No
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Offline regular

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Re: Amex F/R Master Thread
« Reply #7524 on: February 07, 2017, 06:32:07 PM »
Why does it help to shut down your accounts on your own if you think you won't pass the fr?

Offline Iz

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Re: Amex F/R Master Thread
« Reply #7525 on: February 07, 2017, 07:45:27 PM »
Why does it help to shut down your accounts on your own if you think you won't pass the fr?
If they shut it, it looks very bad on your credit report.

Offline BP16

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Re: Amex F/R Master Thread
« Reply #7526 on: February 07, 2017, 08:14:42 PM »
Why does it help to shut down your accounts on your own if you think you won't pass the fr?
Why do you think that you won't pass?

Offline regular

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Re: Amex F/R Master Thread
« Reply #7527 on: February 07, 2017, 10:22:08 PM »
If they shut it, it looks very bad on your credit report.
Aha thanx.
Why do you think that you won't pass?
Thank god im not under fr was just reading thru the thread a little and saw people were saying that so i was curious how it helps

Offline Pesach

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Please give your advice.Amex is requesting a financial review of my account
« Reply #7528 on: February 10, 2017, 01:55:57 AM »
Amex flagged me because I have 7cards with them and. I got flagged for having money sent back for a payment that bounced by accident an acct manager requested to review my acct  and tells me I need to give them a tax form to prove that I make enough money so they can minimize their risk when they lend me money the problem is that I am still single living with my parents and my father Might get nervous if I ask him to give me the tax returns to prove household income is there another way around this ?
Amex told me they will shut down my accounts  if I don't show them proper documentation thanks for your advice that you anyone may give
« Last Edit: February 10, 2017, 01:59:49 AM by pgross925 »

Offline yitrap

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