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.
« Last edited by JACKSASSONBK on February 16, 2017, 06:19:07 PM »

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Author Topic: Amex F/R Master Thread  (Read 1851102 times)

Offline Yhgfkj

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Re: Amex F/R Master Thread
« Reply #7620 on: March 26, 2017, 04:55:53 PM »
Quote from: av83 on March 25, 2017, 11:48:50 PM
i just finished my fr with serious slashing to my credit lines. any chance i can get approved now for a new card? how long to wait before applying?
now its time to apply
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Offline shulem92

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Re: Amex F/R Master Thread
« Reply #7621 on: March 26, 2017, 05:04:53 PM »
Quote from: av83 on March 25, 2017, 11:48:50 PM
i just finished my fr with serious slashing to my credit lines. any chance i can get approved now for a new card? how long to wait before applying?
DP: 3 months after getting slashed, got approved for spg biz w/ 25k cl
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Offline BP16

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Re: Amex F/R Master Thread
« Reply #7622 on: March 26, 2017, 05:12:39 PM »
Quote from: mers1 on March 26, 2017, 12:19:43 PM
Did you find out the answer to this question?

Whats the most important thing to do to ensure your 4506 form is not rejected?
Everything is important one small mistake and it gets rejected
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Offline Boondocks

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Re: Amex F/R Master Thread
« Reply #7623 on: March 27, 2017, 08:31:30 PM »
got f/red around 6 months ago but I applied for a business card in jan and they requested 4506... is there a way for me to apply now without any tax returns or the only way is with a tax return also if the suggested wait time is 6 months did my application throw the wait time another 6 months
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Offline LoLo

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Re: Amex F/R Master Thread
« Reply #7624 on: March 27, 2017, 08:41:53 PM »
Quote from: Boondocks on March 27, 2017, 08:31:30 PM
got f/red around 6 months ago but I applied for a business card in jan and they requested 4506... is there a way for me to apply now without any tax returns or the only way is with a tax return also if the suggested wait time is 6 months did my application throw the wait time another 6 months
Would be a good idea to read the posts before yours.. Ymmv.
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Offline aarondeutsch95

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Re: Amex F/R Master Thread
« Reply #7625 on: April 01, 2017, 08:14:07 PM »
I've been using Amex for over 2 years, never made a late payment, closed a couple of cards, and have great credit (about 750). I just got approved for SPG BIZ, BIZ PLAT, and am waiting on a 2nd pull for HHONORS. These are my first business cards, but have had excellent history. If I start spending just to meet bonuses, am I setting myself up for F/R? My total CL with AMEX (BIZ and pers) is 26,500, and my BIZ plat no preset. Should I be worried? Should I not spend too much? I'd rather miss the bonus than have all accounts closed. The 450 fee is worth it for me with just MR value and Airline credit and other perks.....
Thank you guys for your help!
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Offline JTZ

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Re: Amex F/R Master Thread
« Reply #7626 on: April 01, 2017, 08:24:29 PM »
Quote from: aarondeutsch95 on April 01, 2017, 08:14:07 PM
I've been using Amex for over 2 years, never made a late payment, closed a couple of cards, and have great credit (about 750). I just got approved for SPG BIZ, BIZ PLAT, and am waiting on a 2nd pull for HHONORS. These are my first business cards, but have had excellent history. If I start spending just to meet bonuses, am I setting myself up for F/R? My total CL with AMEX (BIZ and pers) is 26,500, and my BIZ plat no preset. Should I be worried? Should I not spend too much? I'd rather miss the bonus than have all accounts closed. The 450 fee is worth it for me with just MR value and Airline credit and other perks.....
Thank you guys for your help!
Spread the spend out over the months meeting all your spend requirements.
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Offline aarondeutsch95

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Re: Amex F/R Master Thread
« Reply #7627 on: April 01, 2017, 08:56:47 PM »
Quote from: JTZ on April 01, 2017, 08:24:29 PM
Spread the spend out over the months meeting all your spend requirements.

Is it even worth it as the risk of F/R?
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Offline JTZ

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Re: Amex F/R Master Thread
« Reply #7628 on: April 01, 2017, 08:59:17 PM »
Quote from: aarondeutsch95 on April 01, 2017, 08:56:47 PM
Is it even worth it as the risk of F/R?
Only you can answer that.
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Offline aarondeutsch95

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Re: Amex F/R Master Thread
« Reply #7629 on: April 01, 2017, 09:09:29 PM »
Quote from: JTZ on April 01, 2017, 08:59:17 PM
Only you can answer that.

Lol that's true. Im just asking how likely it is to get F/Red even on just spend to meet threshhold.
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Offline mers1

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Re: Amex F/R Master Thread
« Reply #7630 on: April 01, 2017, 09:11:47 PM »
Quote from: aarondeutsch95 on April 01, 2017, 09:09:29 PM
Lol that's true. Im just asking how likely it is to get F/Red even on just spend to meet threshhold.
If you don't go slowly it's highly likely.
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Offline aarondeutsch95

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Re: Amex F/R Master Thread
« Reply #7631 on: April 01, 2017, 09:13:17 PM »
What is slowly? On most cards my usual spending is in between 500-1000 on average.
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Offline aarondeutsch95

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Re: Amex F/R Master Thread
« Reply #7632 on: April 01, 2017, 09:13:52 PM »
what if i didnt hit the bonus and spent just a little? Would I still get F/Red?
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Offline rollingstone

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Re: Amex F/R Master Thread
« Reply #7633 on: April 01, 2017, 09:16:14 PM »
Quote from: aarondeutsch95 on April 01, 2017, 09:13:52 PM
what if i didnt hit the bonus and spent just a little? Would I still get F/Red?
Noone will be able to tell you that, the most you can do is play it safe.
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Offline JTZ

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Re: Amex F/R Master Thread
« Reply #7634 on: April 01, 2017, 09:17:12 PM »
Quote from: aarondeutsch95 on April 01, 2017, 09:09:29 PM
Lol that's true. Im just asking how likely it is to get F/Red even on just spend to meet threshhold.
Not likely if you spread out the spend.
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Offline Torkay

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Re: Amex F/R Master Thread
« Reply #7635 on: April 01, 2017, 09:44:13 PM »
Slowly build up spending more and more as you go on and keep on paying off your bill
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Offline 12HRS

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Re: Amex F/R Master Thread
« Reply #7636 on: April 01, 2017, 09:49:21 PM »
Why would you assume the accounts would get closed if you get an FR?
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Offline aarondeutsch95

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Re: Amex F/R Master Thread
« Reply #7637 on: April 02, 2017, 01:19:06 AM »
Quote from: 12HRS on April 01, 2017, 09:49:21 PM
Why would you assume the accounts would get closed if you get an FR?

Dont have tax forms, used household income...
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Offline 12HRS

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Re: Amex F/R Master Thread
« Reply #7638 on: April 02, 2017, 01:55:14 AM »
Quote from: aarondeutsch95 on April 02, 2017, 01:19:06 AM
Dont have tax forms, used household income...

eta: im tired
« Last Edit: April 02, 2017, 02:13:10 AM by 12HRS »
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Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #7639 on: April 02, 2017, 02:10:11 AM »
Quote from: 12HRS on April 02, 2017, 01:55:14 AM
many have passed in your situation assuming you have household income
Household income doesn't help for an FR. It's possible to pass with bank statements and pay stubs although that's YMMV if the rep will let.
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