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 »

« previous next »
Pages: 1 ... 380 381 382 383 384 385 [386] 387 388 389 390 391 392 ... 431   Go Down

Author Topic: Amex F/R Master Thread  (Read 1858292 times)

Offline eli232

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2015
  • Posts: 309
  • Total likes: 3
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #7700 on: June 14, 2017, 03:57:09 PM »
Quote from: JACKBLUE on June 14, 2017, 03:52:10 PM
he was responding to someone that hasn't finish up his FR
oh i see
Logged

Offline eli232

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2015
  • Posts: 309
  • Total likes: 3
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #7701 on: June 14, 2017, 08:15:16 PM »
Quote from: eli232 on June 14, 2017, 03:56:44 PM
Got FR'ed Called up, submitted Docs Etc. waited ...Yesterday i got in the mail from IRS that i didn't fill it out correctly so they can't send the documents, Today i got an email from Amex that they decreased my CL (with the assessment that my review was completed)called up and they said they got all the docs needed and they hope to finish the review still today...who's lying?
anyone ?
Logged

Offline rollingstone

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2016
  • Posts: 277
  • Total likes: 17
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7702 on: June 14, 2017, 09:26:03 PM »
Quote from: eli232 on June 14, 2017, 08:15:16 PM
anyone ?
Who cares? As long as you passed the F/R.
Logged

Offline BP16

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Feb 2017
  • Posts: 328
  • Total likes: 59
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7703 on: June 14, 2017, 10:02:19 PM »
Quote from: eli232 on June 14, 2017, 08:15:16 PM
anyone ?
If they put limits that means they got the transcripts.
Quote from: rollingstone on June 14, 2017, 09:26:03 PM
Who cares? As long as you passed the F/R.
Logged

Offline eli232

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2015
  • Posts: 309
  • Total likes: 3
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #7704 on: June 15, 2017, 01:49:25 AM »
Quote from: rollingstone on June 14, 2017, 09:26:03 PM
Who cares? As long as you passed the F/R.
So far not, they said they "hope" the review should be completed
Logged

Offline rollingstone

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2016
  • Posts: 277
  • Total likes: 17
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7705 on: June 15, 2017, 01:50:44 AM »
Quote from: eli232 on June 15, 2017, 01:49:25 AM
So far not, they said they "hope" the review should be completed
There would be no review to finish if the IRS didn't send the docs.
Logged

Offline eli232

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2015
  • Posts: 309
  • Total likes: 3
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #7706 on: June 15, 2017, 01:51:57 AM »
Quote from: rollingstone on June 15, 2017, 01:50:44 AM
There would be no review to finish if the IRS didn't send the docs.
That's what I'm saying who lying?   Maybe he's not finishing it as the IRS claims....
Logged

Offline rollingstone

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2016
  • Posts: 277
  • Total likes: 17
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7707 on: June 15, 2017, 01:52:36 AM »
Quote from: eli232 on June 15, 2017, 01:51:57 AM
That's what I'm saying who lying?   Maybe he's not finishing it as the IRS claims....
Then they wouldn't slash credit lines.
Logged

Offline eli232

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2015
  • Posts: 309
  • Total likes: 3
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #7708 on: June 15, 2017, 01:55:34 AM »
Quote from: rollingstone on June 15, 2017, 01:52:36 AM
Then they wouldn't slash credit lines.
Thats right but Charging is still suspended ...and that's what got me confused
Logged

Offline rollingstone

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2016
  • Posts: 277
  • Total likes: 17
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7709 on: June 15, 2017, 01:57:05 AM »
Quote from: eli232 on June 15, 2017, 01:55:34 AM
Thats right but Charging is still suspended ...and that's what got me confused
That just means the review is not complete, but the fact that they slashed the CL indicates they received the documents.
Logged

Offline eli232

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2015
  • Posts: 309
  • Total likes: 3
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #7710 on: June 15, 2017, 01:59:30 AM »
Quote from: rollingstone on June 15, 2017, 01:57:05 AM
That just means the review is not complete, but the fact that they slashed the CL indicates they received the documents.
Correct....thanks for your info
Logged

Offline mmgfarb

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2015
  • Posts: 8394
  • Total likes: 1110
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Amex F/R Master Thread
« Reply #7711 on: June 15, 2017, 02:12:09 AM »
Quote from: eli232 on June 14, 2017, 03:56:44 PM
Got FR'ed Called up, submitted Docs Etc. waited ...Yesterday i got in the mail from IRS that i didn't fill it out correctly so they can't send the documents, Today i got an email from Amex that they decreased my CL (with the assessment that my review was completed)called up and they said they got all the docs needed and they hope to finish the review still today...who's lying?
If amex passes you it really doesn't matter what they got it didn't get, the fact that they passed you is all you need to worry about.
Logged
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline eli232

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2015
  • Posts: 309
  • Total likes: 3
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: Brooklyn
Re: Amex F/R Master Thread
« Reply #7712 on: June 15, 2017, 09:50:27 AM »
Finally they completed the review!
# whatagreatfeeling
Now debating whether I should complete the MS of my Amex BP 20k/150k I'm just 6 weeks away with still 16k to spend  (the spending is not an issue just don't want another FR ה"י  ....or should I just downgrade and refund the AF?  Any thoughts?
Logged

Offline BP16

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Feb 2017
  • Posts: 328
  • Total likes: 59
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7713 on: June 15, 2017, 10:08:26 AM »
Quote from: eli232 on June 15, 2017, 09:50:27 AM
Finally they completed the review!
# whatagreatfeeling
Now debating whether I should complete the MS of my Amex BP 20k/150k I'm just 6 weeks away with still 16k to spend  (the spending is not an issue just don't want another FR ה"י  ....or should I just downgrade and refund the AF?  Any thoughts?
You just passed feel free to spend as much as you are allowed
Logged

Offline shmielyosef

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Dec 2016
  • Posts: 399
  • Total likes: 9
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #7714 on: June 15, 2017, 03:02:07 PM »
Im under f/r on spg personal with 12k spend this statement. My rep absolutely refuses to hear of accepting bank statements as proof of income, and i did not file taxes for 2016. Will i get the starpoints if i pay and close the card before the statement would usually close?
Logged

Offline incendia

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Sep 2011
  • Posts: 1275
  • Total likes: 80
  • DansDeals.com Hat Tips 8
    • View Profile
Re: Amex F/R Master Thread
« Reply #7715 on: June 15, 2017, 07:29:25 PM »
Quote from: shmielyosef on June 15, 2017, 03:02:07 PM
Im under f/r on spg personal with 12k spend this statement. My rep absolutely refuses to hear of accepting bank statements as proof of income, and i did not file taxes for 2016. Will i get the starpoints if i pay and close the card before the statement would usually close?

If you paid taxes in 2015 they may take that. It worked for me a few years back when I was under extension
Logged

Offline shmielyosef

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Dec 2016
  • Posts: 399
  • Total likes: 9
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Amex F/R Master Thread
« Reply #7716 on: June 15, 2017, 07:40:57 PM »
Quote from: incendia on June 15, 2017, 07:29:25 PM
If you paid taxes in 2015 they may take that. It worked for me a few years back when I was under extension
I havent filed taxes yet... My question is if it comes to me having to close it...
Logged

Offline rollingstone

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Nov 2016
  • Posts: 277
  • Total likes: 17
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7717 on: June 17, 2017, 04:41:15 PM »
Quote from: shmielyosef on June 15, 2017, 03:02:07 PM
Im under f/r on spg personal with 12k spend this statement. My rep absolutely refuses to hear of accepting bank statements as proof of income, and i did not file taxes for 2016. Will i get the starpoints if i pay and close the card before the statement would usually close?
No. Statement has to close.
Logged

Offline ungar17@yahoo.com

  • Dansdeals Bronze Elite
  • *
  • Join Date: Aug 2013
  • Posts: 43
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: toronto canada
Re: Amex F/R Master Thread
« Reply #7718 on: June 26, 2017, 05:11:25 PM »
Is spending over the limit on a business card a trigger for a FR or since it is not on the credit report it won't matter?
Logged

Offline Boruch999

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2014
  • Posts: 2164
  • Total likes: 186
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Amex F/R Master Thread
« Reply #7719 on: June 26, 2017, 05:19:48 PM »
Quote from: ungar17@yahoo.com on June 26, 2017, 05:11:25 PM
Is spending over the limit on a business card a trigger for a FR or since it is not on the credit report it won't matter?

As much as spending is a trigger for FR, it is irrelevant whether or not it is reported to credit bureaus.
Logged
Pages: 1 ... 380 381 382 383 384 385 [386] 387 388 389 390 391 392 ... 431   Go Up
« previous next »