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 1818924 times)

Offline bubbles

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Amex F/R Master Thread
« Reply #1140 on: April 17, 2012, 08:40:03 AM »
Are you referring to Chase?

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

Ya I'm talking about chase.

No experience with the MR mall personally. Anyone know if he can use his IB and still get the points like by the UR mall?

Offline Drago

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Re: Amex F/R Master Thread
« Reply #1141 on: April 17, 2012, 09:15:31 AM »
Ya I'm talking about chase.

No experience with the MR mall personally. Anyone know if he can use his IB and still get the points like by the UR mall?

Yes, it appears that all cc's will work through the UR mall anyhow

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Re: Amex F/R Master Thread
« Reply #1142 on: April 17, 2012, 09:16:16 AM »
Yes, it appears that all cc's will work through the UR mall anyhow
The Q' is what about MR Mall?

Offline Drago

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Re: Amex F/R Master Thread
« Reply #1143 on: April 17, 2012, 09:19:58 AM »
The Q' is what about MR Mall?

My bad. That I don't know.

Offline moto

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Re: Amex F/R Master Thread
« Reply #1144 on: April 17, 2012, 09:27:46 AM »
I have a Amex Starwood credit card now fit over 3 months can I use Amazon payments and if yes how much money should I charge to my card so I don't get f/r

Offline Drago

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Re: Amex F/R Master Thread
« Reply #1145 on: April 17, 2012, 09:37:27 AM »
I have a Amex Starwood credit card now fit over 3 months can I use Amazon payments and if yes how much money should I charge to my card so I don't get f/r
There is no set amount. It appears to raise flags, but it doesn't guarantee a trigger.
If you do it, use moderation.

Offline aj26

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Re: Amex F/R Master Thread
« Reply #1146 on: April 18, 2012, 12:42:32 PM »
Well, they got me on the second FR and closed down my accounts.
Anyone know how I might be able to get the $1000+ in rewards dollars that were about to be posted to my bcp card

Offline Drago

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Re: Amex F/R Master Thread
« Reply #1147 on: April 18, 2012, 02:15:57 PM »
Well, they got me on the second FR and closed down my accounts.
Anyone know how I might be able to get the $1000+ in rewards dollars that were about to be posted to my bcp card
How did they get you on your second, and not first?
Weren't all the income figures the same?

Offline aj26

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Re: Amex F/R Master Thread
« Reply #1148 on: April 18, 2012, 03:11:19 PM »
1st time- bank statements
2nd time- irs forms

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Re: Amex F/R Master Thread
« Reply #1149 on: April 18, 2012, 03:22:05 PM »
1st time- bank statements
2nd time- irs forms
Why did you end givin the info to get ur tax returns ... didn't you tell them you didn't file?

Offline aj26

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Re: Amex F/R Master Thread
« Reply #1150 on: April 18, 2012, 03:31:01 PM »
Why did you end givin the info to get ur tax returns ... didn't you tell them you didn't file?

??

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Re: Amex F/R Master Thread
« Reply #1151 on: April 18, 2012, 03:34:11 PM »
??
My bad, I'm mixing you up with someone else

Offline aj26

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Re: Amex F/R Master Thread
« Reply #1152 on: April 18, 2012, 07:21:16 PM »
Anyone with any ideas of how to get my reward dollars back?

Offline Avid Reader

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Re: Amex F/R Master Thread
« Reply #1153 on: April 18, 2012, 09:00:16 PM »
Anyone with any ideas of how to get my reward dollars back?
Did you ask them?

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Re: Amex F/R Master Thread
« Reply #1154 on: April 18, 2012, 09:18:08 PM »
They said once the account is closed, you lose all rewards. It is even harder because these rewards haven't even posted yet

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1155 on: May 01, 2012, 01:59:39 PM »
Prrrrrrrrr!!! Now's my turn!              How about, Dan, you add a poll to this thread, the same you did on the Chase A/A thread?
Love me or hate me. I still love you.

Offline Dan

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Re: Amex F/R Master Thread
« Reply #1156 on: May 01, 2012, 02:03:11 PM »
What should the options be?

I can think of:
-Never.
-Once and passed.
-Multiple Times and passed.
-Once and got shut down.
-Multiple Times and shut down.
-Shut down and then reopened.
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 #1157 on: May 01, 2012, 02:08:20 PM »
Credit lines cut?
Life isn't about checking the boxes. Nobody cares.

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Re: Amex F/R Master Thread
« Reply #1158 on: May 01, 2012, 02:08:46 PM »
What should the options be?

I can think of:
-Never.
-Once and passed.
-Multiple Times and passed.
-Once and got shut down.
-Multiple Times and shut down.
-Shut down and then reopened.
Also - Multiple times, Shut down, Passed
Credit lines cut?
+1

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Re: Amex F/R Master Thread
« Reply #1159 on: May 01, 2012, 02:09:55 PM »
Also, passed with 4506 or passed with bank statements.
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