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.

Author Topic: Amex F/R Master Thread  (Read 1816233 times)

Offline Avid Reader

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Re: Amex Financial Review
« Reply #940 on: January 22, 2012, 03:37:55 AM »
They sure do. When I was fr'ed they told me that that was one of the triggers.

I barely used the card and the AU was doing a most of the spending on the card. The fr rep told me that amex extended credit to me based on my credit worthiness - not my AU's. So how do they know that he's going to be able to pay the bill every mobth.
I can understand that. In your case the AU was doing most of the spending.

Offline dans fan

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Re: Amex Financial Review
« Reply #941 on: January 22, 2012, 06:43:56 PM »
Because then Amex assumes that someone (else, besides the card holder)  is doing the spending on your cc.
(they do  fear extending credit) but they olso fear that you cant make the payment (oto dont have money) and your borrowing from a friend to make your payments,

Offline dans fan

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Re: Amex Financial Review
« Reply #942 on: January 22, 2012, 06:50:59 PM »
It's widely reported that prepaying an account is an FR trigger. Can anyone explain why? I assume the logic behind an FR is that they are getting concerned that you may be a credit risk. So if you've got the cash to prepay an account, doesn't that indicate to them that you're less of a risk?
some times there is no a clear explanation why its a risk its more like "irregular  activity" just doesnt look right something must be going on thats making you do it. this month you may have the cash but soon you may not they want to close your acc before that happens

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Re: Amex Financial Review
« Reply #943 on: January 22, 2012, 06:53:55 PM »
Thanks, makes sense. And I guess why some CC companies (e.g. Chase) don't allow prepaying.
its not that they dont allow it. it just wont up your credit line, i dont see a direct connection.imho

Offline Saver2000

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Re: Amex Financial Review
« Reply #944 on: January 22, 2012, 06:55:29 PM »
(they do  fear extending credit) but they olso fear that you cant make the payment (oto dont have money) and your borrowing from a friend to make your payments,

It seems you missed this post

They sure do. When I was fr'ed they told me that that was one of the triggers.

I barely used the card and the AU was doing a most of the spending on the card. The fr rep told me that amex extended credit to me based on my credit worthiness - not my AU's. So how do they know that he's going to be able to pay the bill every mobth.

Offline Wolf

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Re: Amex Financial Review
« Reply #945 on: January 22, 2012, 07:00:09 PM »
I don't understand how they know From which account you pay the bill, when you add a Bank account to your profile they don't ask you to put in the name of that account,I think chase does but not amex.

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Re: Amex Financial Review
« Reply #946 on: January 22, 2012, 07:04:10 PM »
I don't understand how they know From which account you pay the bill, when you add a Bank account to your profile they don't ask you to put in the name of that account,I think chase does but not amex.

Who said they know?

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Re: Amex Financial Review
« Reply #947 on: January 22, 2012, 07:18:46 PM »
It seems you missed this post.

i am (or you)missing somthing but not the post. his q was why is paying with another acc a risk, you answered that extending credit is a risk, witch i agree is true but i dont think that being a risk of a risk is the answer to his q. and the real answer is you are a risk of not being able to pay your own bills
I don't understand how they know From which account you pay the bill, when you add a Bank account to your profile they don't ask you to put in the name of that account,I think chase does but not amex.
afaik(never tried it just told so by csr) you cannot use a account that the names dont "match" so officially you cant use someone else acc. and if you send a check they see it on the check
« Last Edit: January 22, 2012, 07:34:22 PM by dans fan »

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Re: Amex Financial Review
« Reply #948 on: January 22, 2012, 07:34:51 PM »
(they do  fear extending credit) but they olso fear that you cant make the payment (oto dont have money) and your borrowing from a friend to make your payments,

I was replying to the above post.
The reason they don't like when AU's use the cc often/more than the primary/heavy usage is bec they assume that since the AU is doing so much spending,  they are also doing tje paying.

With that said, they don't trust that AU will be able to pay back every month bec they don't know his credit history/worthiness.
 They extended credit based on one persons credit worthiness and someone else entirely is doing all the spending and paying. 
Amex considers that a big  risk to them..

Offline Wolf

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Re: Re: Amex Financial Review
« Reply #949 on: January 22, 2012, 07:40:45 PM »
Quote
afaik(never tried it just told so by csr) you cannot use a account that the names dont "match" so officially you cant use someone else acc. and if you send a check they see it on the check
That's not entirely true, I am paying every month for the last two years if not more from different accounts with no issue so far b"h,  well maybe its because i'm paying thru business acnts, but its for my personal accnt.

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Re: Amex Financial Review
« Reply #950 on: January 22, 2012, 07:41:56 PM »
I was replying to the above post.
The reason they don't like when AU's use the cc often/more than the primary/heavy usage is bec they assume that since the AU is doing so much spending,  they are also doing tje paying.

With that said, they don't trust that AU will be able to pay back every month bec they don't know his credit history/worthiness.
 They extended credit based on one persons credit worthiness and someone else entirely is doing all the spending and paying. 
Amex considers that a big  risk to them..
i really dont think that when a payment made not from the account holder is any reason to believe that au are doing to much spending. it trigger evan when there are no au on the acc. you are making it way to complicated

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Re: Amex Financial Review
« Reply #951 on: January 22, 2012, 07:43:11 PM »
That's not entirely true, I am paying every month for the last two years if not more from different accounts with no issue so far b"h,  well maybe its because i'm paying thru business acnts, but its for my personal accnt.

does the last name match or somthing else match? i never tried it so it could be your right, the reason i believed the csr is it doesnt really make to much sense to allow a payment from another acc without the actual check bc your routing # and accout # is easily accessible 
« Last Edit: January 22, 2012, 07:48:22 PM by dans fan »

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Re: Amex Financial Review
« Reply #952 on: January 22, 2012, 07:47:27 PM »
i really dont think that when a payment made not from the account holder is any reason to believe that au are doing to much spending. it trigger evan when there are no au on the acc. you are making it way to complicated

Fan, read my post! Your post that I quoted was in reference to AU's triggering fr's.
Your post and my reply has nothing to do with paying the bill. We were discussing why an AU doing the spending is a trigger.

Please reread the last 12 posts in this thread. 
Thanx

Offline elikay

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Re: Amex Financial Review
« Reply #953 on: January 22, 2012, 07:48:56 PM »
Will paying one time with a check from someone else trigger an FR (has anyone had such an experience)?

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Re: Amex Financial Review
« Reply #954 on: January 22, 2012, 07:52:20 PM »
Fan, read my post! Your post that I quoted was in reference to AU's triggering fr's.
Your post and my reply has nothing to do with paying the bill. We were discussing why an AU doing the spending is a trigger.

Please reread the last 12 posts in this thread. 
Thanx
that is my point his q was this
Anyone know why payment by/from another individual is an FR trigger? What doesn't AMEX like about that?
and you answered about au spending

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Re: Re: Amex Financial Review
« Reply #955 on: January 22, 2012, 07:53:36 PM »
Will paying one time with a check from someone else trigger an FR (has anyone had such an experience)?
absolutely not i've done this numerous times and no fr, but ymmv.

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Re: Re: Amex Financial Review
« Reply #956 on: January 22, 2012, 07:59:36 PM »
absolutely not i've done this numerous times and no fr, but ymmv.
nothing personal and sharing your experiences is greatly appreciated, but elikay asked if a one time is a trig.  obliviously he is under the impression that numerous is a trigrer . all triggers have been done by many numerous times and no fry

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Re: Re: Re: Amex Financial Review
« Reply #957 on: January 22, 2012, 08:32:07 PM »
nothing personal and sharing your experiences is greatly appreciated, but elikay asked if a one time is a trig.  obliviously he is under the impression that numerous is a trigrer . all triggers have been done by many numerous times and no fry
that's why I posted my experience and wrote "ymmv"....

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Re: Amex Financial Review
« Reply #958 on: January 23, 2012, 01:59:53 AM »
absolutely not i've done this numerous times and no fr, but ymmv.
Thanks for sharing your experience.

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Re: Amex Financial Review
« Reply #959 on: January 23, 2012, 02:09:08 AM »
absolutely not i've done this numerous times and no fr, but ymmv.

I think the latter is true, the former is only your experience and it doesn't mean everyone else will get lucky.

One other thing y'all need to consider is that while one FR trigger isn't necessarily going to get you in trouble, once they review your account and evaluate you for FR, any minor infraction could sway them toward FR or determine how strict they'll be during an FR.

When I was FR'd recently they asked me about lots of shtick that had nothing to do with (what they told me was) my FR trigger.
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