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 1817173 times)

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Re: Amex F/R Master Thread
« Reply #1120 on: April 11, 2012, 10:14:24 PM »
You must of charged a lot really fast to get FRed again?
I spent about 10k+ monthly I never went much over my CL, as I paid a few times monthly... But I am not sure if that's what triggered it. I really think it was the new account.

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Re: Amex F/R Master Thread
« Reply #1121 on: April 11, 2012, 10:17:24 PM »
Opening a business gold can actually be an FR trigger for some reason.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

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Re: Amex F/R Master Thread
« Reply #1122 on: April 11, 2012, 10:22:20 PM »
Opening a business gold can actually be an FR trigger for some reason.
The reason why I think its what triggered it, is - I didnt get an instant approval, and when I called to check the status the rep told me I will be receiving a letter for the 4506-T ...

But, it wasn't until a few days later that my current Amex account got suspended


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Re: Amex F/R Master Thread
« Reply #1123 on: April 12, 2012, 10:54:49 AM »
I spent about 10k+ monthly I never went much over my CL, as I paid a few times monthly... But I am not sure if that's what triggered it. I really think it was the new account.

It's thought that paying multiple times during billing cycle causes a Chase A/A.

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Re: Amex F/R Master Thread
« Reply #1124 on: April 12, 2012, 10:58:48 AM »
It's thought that paying multiple times during billing cycle causes a Chase A/A.

This thread is about AmEx.

Secondly, I believe the widespread consensus is that churning a CL is better than prepaying your CL as far as FR goes.
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Re: Amex F/R Master Thread
« Reply #1125 on: April 12, 2012, 11:06:53 AM »
This thread is about AmEx.

Secondly, I believe the widespread consensus is that churning a CL is better than prepaying your CL as far as FR goes.
What about paying multiple times a month? I usually max my CL and pay up part, I do this a few times monthly.

I know it prob isnt the smartest thing...

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Re: Amex F/R Master Thread
« Reply #1126 on: April 12, 2012, 11:12:51 AM »
What about paying multiple times a month? I usually max my CL and pay up part, I do this a few times monthly.

I know it prob isnt the smartest thing...

That's what I mean by churning your CL. You effectively can turn a 10k CL into ???k CL by charging, paying, charging, paying, etc.
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Re: Amex F/R Master Thread
« Reply #1127 on: April 12, 2012, 11:13:24 AM »
Using more than 50% of your CL is an F/R trigger.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

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Re: Amex F/R Master Thread
« Reply #1128 on: April 12, 2012, 11:19:36 AM »
Using more than 50% of your CL is an F/R trigger.
Is pre-paying in middle of the month a FR Trigger?

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Re: Amex F/R Master Thread
« Reply #1129 on: April 12, 2012, 11:22:33 AM »
supposedly

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Re: Amex F/R Master Thread
« Reply #1130 on: April 12, 2012, 12:13:56 PM »
Prepaying is, paying down balance shouldn't be.

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Re: Amex F/R Master Thread
« Reply #1131 on: April 16, 2012, 08:34:05 PM »
Opening a business gold can actually be an FR trigger for some reason.
Just an update on my most recent FR - I sent in the 4506-T, I spoke with them, they said the reason for the FR was they need to verify income for the new Business Gold card...

Based on my 2010 personal tax return they capped the credit limit to 3K :( I tried telling them that the 2010 info is my personal, and its 2 years old ... Bla Bla Bla ... Nothing doing


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Re: Amex F/R Master Thread
« Reply #1132 on: April 16, 2012, 08:39:44 PM »
Just an update on my most recent FR - I sent in the 4506-T, I spoke with them, they said the reason for the FR was they need to verify income for the new Business Gold card...

Based on my 2010 personal tax return they capped the credit limit to 3K :( I tried telling them that the 2010 info is my personal, and its 2 years old ... Bla Bla Bla ... Nothing doing

 :( :(
Did it affect your other amex cards?

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Re: Amex F/R Master Thread
« Reply #1133 on: April 16, 2012, 08:47:47 PM »
:( :(
Did it affect your other amex cards?
We'll during the FR my other account was suspended, but they aren't lowering the CL

I find it really pathetic - I opened the Buss card cuz I need the business spending ability ... I dont see why they would open a business card with such a low CL

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Re: Amex F/R Master Thread
« Reply #1134 on: April 16, 2012, 10:16:23 PM »
Just an update on my most recent FR - I sent in the 4506-T, I spoke with them, they said the reason for the FR was they need to verify income for the new Business Gold card...

Based on my 2010 personal tax return they capped the credit limit to 3K :( I tried telling them that the 2010 info is my personal, and its 2 years old ... Bla Bla Bla ... Nothing doing
Why the sad face? Isn't it good that your cards weren't shut down? BTW in a few months i'm sure you won't have a problem asking them to raise the limits. Annoying i know, but it could be worse, no?

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Re: Amex F/R Master Thread
« Reply #1135 on: April 16, 2012, 10:29:31 PM »
Why the sad face? Isn't it good that your cards weren't shut down? BTW in a few months i'm sure you won't have a problem asking them to raise the limits. Annoying i know, but it could be worse, no?
I know, just its annoying. If you read my previous post - My account was shut down a few years ago, and I just got back on a few months, and I had to send in my tax returns (pay $57) I didn't think I would get shut down now...

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Re: Amex F/R Master Thread
« Reply #1136 on: April 17, 2012, 01:01:19 AM »
I find it really pathetic - I opened the Buss card cuz I need the business spending ability ... I dont see why they would open a business card with such a low CL
You really wanted it for the spend, and not for the generous sign up bonus?
:)

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Re: Amex F/R Master Thread
« Reply #1137 on: April 17, 2012, 08:04:15 AM »
You really wanted it for the spend, and not for the generous sign up bonus?
:)
Believe it or not - I didnt get any sign up bonus, currently the only bonuses are targeted offers...

Its worth for me to have for 2x points on shipping, and the 5% Fedex discount

I spend a lot monthly, and I need a high CL. I opened a INK Bold, they started me with 10K and upped me to 15K

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Amex F/R Master Thread
« Reply #1138 on: April 17, 2012, 08:31:36 AM »

I spend a lot monthly, and I need a high CL. I opened a INK Bold, they started me with 10K and upped me to 15K

I'd imagine youd get upped again. they started me with 3.5k and around 4 months later they told me I have access to 75k

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Re: Amex F/R Master Thread
« Reply #1139 on: April 17, 2012, 08:34:34 AM »
I'd imagine youd get upped again. they started me with 3.5k and around 4 months later they told me I have access to 75k
Are you referring to Chase?

I need the CL with Amex, as I want to use MR Mall for a lot of spending...