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 1002504 times)

Offline Torkay

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Sep 2016
  • Posts: 275
  • Total likes: 16
  • DansDeals.com Hat Tips 0
    • View Profile
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

Offline 12HRS

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jun 2013
  • Posts: 4787
  • Total likes: 289
  • DansDeals.com Hat Tips 6
    • View Profile
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?

Offline aarondeutsch95

  • Dansdeals Silver Elite
  • **
  • Join Date: Dec 2016
  • Posts: 59
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7637 on: April 02, 2017, 01:19:06 AM »
Why would you assume the accounts would get closed if you get an FR?

Dont have tax forms, used household income...

Offline 12HRS

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jun 2013
  • Posts: 4787
  • Total likes: 289
  • DansDeals.com Hat Tips 6
    • View Profile
Re: Amex F/R Master Thread
« Reply #7638 on: April 02, 2017, 01:55:14 AM »
Dont have tax forms, used household income...

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

Offline mmgfarb

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2015
  • Posts: 7913
  • Total likes: 728
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Amex F/R Master Thread
« Reply #7639 on: April 02, 2017, 02:10:11 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.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline 12HRS

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jun 2013
  • Posts: 4787
  • Total likes: 289
  • DansDeals.com Hat Tips 6
    • View Profile
Re: Amex F/R Master Thread
« Reply #7640 on: April 02, 2017, 02:12:53 AM »
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.

my bad, totally misread his statement.

Offline aarondeutsch95

  • Dansdeals Silver Elite
  • **
  • Join Date: Dec 2016
  • Posts: 59
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7641 on: April 02, 2017, 01:38:50 PM »
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.

What if I updated my income... is that a trigger

Offline mmgfarb

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2015
  • Posts: 7913
  • Total likes: 728
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Amex F/R Master Thread
« Reply #7642 on: April 02, 2017, 01:39:12 PM »
What if I updated my income... is that a trigger
No reason to do that with amex.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline aarondeutsch95

  • Dansdeals Silver Elite
  • **
  • Join Date: Dec 2016
  • Posts: 59
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7643 on: April 02, 2017, 02:04:15 PM »
No reason to do that with amex.

Ok, and last question.... If I get F/Red, Dan writes that if you know you wont pass, to immediately shut down account. Does that mean shut down all accounts with Amex? Will I ever be able to get cards from them if I do that?

Online zagguru

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2014
  • Posts: 2453
  • Total likes: 93
  • DansDeals.com Hat Tips 61
    • View Profile
Re: Amex F/R Master Thread
« Reply #7644 on: April 02, 2017, 02:12:50 PM »
anyone know if using Return Protection or the alike too many times can cause F/R?

Offline BP16

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Feb 2017
  • Posts: 283
  • Total likes: 21
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7645 on: April 02, 2017, 02:14:06 PM »
Ok, and last question.... If I get F/Red, Dan writes that if you know you wont pass, to immediately shut down account. Does that mean shut down all accounts with Amex? Will I ever be able to get cards from them if I do that?
yes when you have income to prove

Offline aarondeutsch95

  • Dansdeals Silver Elite
  • **
  • Join Date: Dec 2016
  • Posts: 59
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7646 on: April 03, 2017, 02:36:09 PM »
Is it smart to keep buying and paying off my bill? Or will that do more harm than good? Im assuming that a few times a month isnt too bad, just to show im able to pay bills

Offline MoMo22

  • Dansdeals Silver Elite
  • **
  • Join Date: Nov 2012
  • Posts: 96
  • Total likes: 2
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Florida
  • Programs: Delta platinum
Re: Amex F/R Master Thread
« Reply #7647 on: April 05, 2017, 03:48:53 PM »
Is there a way to transfer membership rewaeds from my plat.. account to my wifes account ?

Offline shulem92

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Feb 2015
  • Posts: 2882
  • Total likes: 83
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: Lakewood
Re: Amex F/R Master Thread
« Reply #7648 on: April 05, 2017, 03:56:17 PM »
Is there a way to transfer membership rewaeds from my plat.. account to my wifes account ?
No. But its quite appropriate the thread that you're in

Online as2

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Mar 2013
  • Posts: 4879
  • Total likes: 538
  • DansDeals.com Hat Tips 21
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #7649 on: April 05, 2017, 04:16:17 PM »
No. But its quite appropriate the thread that you're in
Lol
Memories last forever, make them while you can.