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 1069193 times)

Online pointer

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Re: Amex F/R Master Thread
« Reply #8325 on: December 15, 2019, 03:11:50 PM »
It's inclued as part of 1040. I wrote 1040 and he was able to pull it up
Originally he said not good enough but I said you can't tell me that becuase there are no seperate sole prop taxes. By definition it is part of personal. So he 9ut me on hold and then came back and said the above.
Guess some FR reps still got some Common Sense left.

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8326 on: December 15, 2019, 03:12:39 PM »
Guess some FR reps still got some Common Sense left.
This was a supervisor who called me back
READ THE DARN WIKI!!!!

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Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8327 on: December 15, 2019, 11:38:38 PM »
The crazy part is, they wouldn't accept a Schedule C! only 1120,
which is insane! Even if you legitimately filed taxes for your small business using schedule c, they wouldn't accept it!
This happened to you? And a Supervisor backed it up??
“To avoid criticism say nothing, do nothing, be nothing.”


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Re: Amex F/R Master Thread
« Reply #8328 on: December 15, 2019, 11:44:49 PM »
This happened to you? And a Supervisor backed it up??
Happened to me.
Don't remember exactly, she put me on hold, Can't remember if I actually spoke with a supervisor, but the final answer was, 1120 needed. which makes absolutely 0 sense.
Should've just sent in 1040, #DROPR. 

Offline Yehuda25

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Re: Amex F/R Master Thread
« Reply #8329 on: December 15, 2019, 11:51:29 PM »
Happened to me.
Don't remember exactly, she put me on hold, Can't remember if I actually spoke with a supervisor, but the final answer was, 1120 needed. which makes absolutely 0 sense.
Should've just sent in 1040, #DROPR.
oy! So sorry. So it seems like recently some reps have been stricter for the AH to actually have biz docs, as opposed to generic sole prop, new biz etc. Looking back on DDF and reddit it seems like a few years ago they used to do the same.

WIKI - 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"

And a few reports on reddit of similar.


Does anyone know if they are strict on the biz names? E.G. If one has one or 2 LLC's, but not returns for all, or an old sole prop card mixed in etc...    Or do they simply want to see some biz docs?

Also, in the past it seemed to be that as long as one had decent personal income they were cool with it. Now are they simply trying to verify that the biz does have some activity? Or are they trying to verify if the biz income alone can support that level of spend?


“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

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Re: Amex F/R Master Thread
« Reply #8330 on: December 16, 2019, 10:17:17 AM »
Happened to me.
Don't remember exactly, she put me on hold, Can't remember if I actually spoke with a supervisor, but the final answer was, 1120 needed. which makes absolutely 0 sense.
Should've just sent in 1040, #DROPR.
Wait, so you didn't even send in the 4506T for your 1040?
READ THE DARN WIKI!!!!

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Re: Amex F/R Master Thread
« Reply #8331 on: December 16, 2019, 01:48:14 PM »
Wait, so you didn't even send in the 4506T for your 1040?
They had my 1040 from a previous FR, Was explicitly told only to send in 1120.

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Re: Amex F/R Master Thread
« Reply #8332 on: December 17, 2019, 08:00:23 AM »
So bottom line it seems like with a sole proprietor FR, there is definitely a chance that they will will request an 1120 and leave you screwed.

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Re: Amex F/R Master Thread
« Reply #8333 on: December 17, 2019, 09:00:56 AM »
They had my 1040 from a previous FR, Was explicitly told only to send in 1120.
When i spoke to supervisor and explained to him that by its very nature a SP doesnt do 1120 he put me on hold and went to talk to someone and came back and said the schedule C would be OK. He actually checked what i had filed but it had my wifes information on it so it wasn't good.

@pointer did they allow you to keep any personal cards with either F/R? Did you close the cards or did they? DId you offer to close business cards to see if that would release personal cards? I see that after the closure you said you applied for consumer card. So to make sure i got it, you were closed due to no business tax returns on F/R, and you reapplied soon after closure for just consumer cards, needed to send in 4506 (during application, or was it after? Was it F/R team that asked for it?) and then was approved.
« Last Edit: December 17, 2019, 09:12:46 AM by noturbizniss »
READ THE DARN WIKI!!!!

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Re: Amex F/R Master Thread
« Reply #8334 on: December 18, 2019, 04:07:51 PM »
Just closed all my accounts.
F/R rep said I could reopen cards tomorrow if I wanted but suggested I wait at least a month for all backend processing to happen and make sure doesn't register as still opened or something like that.
Been a good 13 year run.
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

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Re: Amex F/R Master Thread
« Reply #8335 on: December 18, 2019, 10:09:00 PM »
Just closed all my accounts.
F/R rep said I could reopen cards tomorrow if I wanted but suggested I wait at least a month for all backend processing to happen and make sure doesn't register as still opened or something like that.
Been a good 13 year run.
What was the reason that they closed the cards and not just lower the CL?

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Re: Amex F/R Master Thread
« Reply #8336 on: December 18, 2019, 10:31:30 PM »
What was the reason that they closed the cards and not just lower the CL?
No business tax returns
READ THE DARN WIKI!!!!

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Re: Amex F/R Master Thread
« Reply #8337 on: December 18, 2019, 11:01:30 PM »
No business tax returns
I thought that the Sup took care of that.

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Re: Amex F/R Master Thread
« Reply #8338 on: December 18, 2019, 11:13:18 PM »
@pointer did they allow you to keep any personal cards with either F/R? Did you close the cards or did they? DId you offer to close business cards to see if that would release personal cards?

I see that after the closure you said you applied for consumer card. So to make sure i got it, you were closed due to no business tax returns on F/R, and you reapplied soon after closure for just consumer cards, needed to send in 4506 (during application, or was it after? Was it F/R team that asked for it?) and then was approved.
I closed all my personal cards proactively, my business cards were shut down by Amex,
unfortunately did not try any of your great suggestions.

Yes, was closed for not providing business taxes,
was like 8 months later that I applied again for personal CC, went into pending and got a letter in the mail (no email like by FR) with the 4506-T
I actually caled the FR team once to see the status and she had like no idea what I was talking about, so looks like it was a different team working on this.

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Re: Amex F/R Master Thread
« Reply #8339 on: December 18, 2019, 11:19:45 PM »
I closed all my personal cards proactively, my business cards were shut down by Amex,
unfortunately did not try any of your great suggestions.

Yes, was closed for not providing business taxes,
was like 8 months later that I applied again for personal CC, went into pending and got a letter in the mail (no email like by FR) with the 4506-T
I actually caled the FR team once to see the status and she had like no idea what I was talking about, so looks like it was a different team working on this.
Sorry to hear that. What was your thinking in closing personal and not business cards?
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!