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 1855954 times)

Offline Dan

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Re: Amex F/R Master Thread
« Reply #1160 on: May 01, 2012, 02:10:24 PM »
-Never.
-Once and passed without credit lines cut.
-Once and passed with credit lines cut.
-Multiple Times and passed without credit lines cut.
-Multiple Times and passed with credit lines cut.
-Once and got shut down.
-Multiple Times and shut down on at least one occasion.
-Shut down but 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.

Offline Dan

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Re: Amex F/R Master Thread
« Reply #1161 on: May 01, 2012, 02:10:47 PM »
Also, passed with 4506 or passed with bank statements.
Seems like that would be hard to incorporate.
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.

Offline AJK

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Re: Amex F/R Master Thread
« Reply #1162 on: May 01, 2012, 02:11:07 PM »
Seems like that would be hard to incorporate.

Yeah, based on your last post, I'd agree. Too bad.
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Re: Amex F/R Master Thread
« Reply #1163 on: May 01, 2012, 02:15:04 PM »
Seems like that would be hard to incorporate.
True, and with so many different various the poll wont give much useful data

Unless it could be broke down to 3 or 4 variations max

Offline Dan

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Re: Amex F/R Master Thread
« Reply #1164 on: May 01, 2012, 02:20:40 PM »
-Never.
-Once and passed without credit lines cut.
-Once and passed with credit lines cut.
-Multiple Times and passed without credit lines cut.
-Multiple Times and passed with credit lines cut.
-Once and got shut down.
-Multiple Times and shut down on at least one occasion.
-Shut down but then reopened.
So should I put this up? Any other changes?
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.

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1165 on: May 01, 2012, 02:22:04 PM »
And to make it more complicated: form 4506 ($50) or form 4506-T (free).
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Offline TC610

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Re: Amex F/R Master Thread
« Reply #1166 on: May 01, 2012, 02:42:27 PM »
What about "Mini-FR"s?

Offline Dan

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Re: Amex F/R Master Thread
« Reply #1167 on: May 01, 2012, 02:53:09 PM »
What about "Mini-FR"s?
If you don't need to send in docs it's not an F/R IMHO.
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.

Offline HelpMe

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Re: Amex F/R Master Thread
« Reply #1168 on: May 01, 2012, 03:11:37 PM »
For the pass/no pass of a FR it will be meaningless unless we know if they were straightforward on the application.
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1169 on: May 01, 2012, 03:21:18 PM »
Right point!
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Re: Amex F/R Master Thread
« Reply #1170 on: May 01, 2012, 03:27:11 PM »
I dont see a point in this poll.

It wont show a point. There are too many variations and causes. I dont think there is a comparison to the Chase A/A poll which basically just is showing if people got A/A and if they got their account and/or points back.

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1171 on: May 01, 2012, 03:30:28 PM »
It wont show a point. There are too many variations and causes. I dont think there is a comparison to the Chase A/A poll which basically just is showing if people got A/A and if they got their account and/or points back.

+1
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Offline Drago

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Re: Amex F/R Master Thread
« Reply #1172 on: May 01, 2012, 03:33:29 PM »
How about simply:
Survived
Lost cards
CL cut
Never had

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1173 on: May 02, 2012, 02:17:49 PM »
Funny question: Anyone here counts food stamps or any other kind of public assistance as income?
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Re: Amex F/R Master Thread
« Reply #1174 on: May 03, 2012, 03:37:59 PM »
what is a cancellation review just got a f/r and they wanted bank statements and pay stubs i told  them that i only could provide bank statements cuz i  work on commission so i don't get pay-stubs  and just started working so never had to file taxes before, so the lady said if it don't provide some type of proof of income their going to start a  cancellation review by my deadline? any ideas should i cancel my card?

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Amex F/R Master Thread
« Reply #1175 on: May 03, 2012, 03:42:24 PM »
If you won't be able show them what they want and they cancel your cards it will be hard to get back one...

The question here is if you have enough to prove with bank statements to show enough income to convince then not to cancel you


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Re: Amex F/R Master Thread
« Reply #1176 on: May 03, 2012, 03:43:55 PM »
and if i cancel will it be hard to get back one?

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Re: Amex F/R Master Thread
« Reply #1177 on: May 03, 2012, 07:33:17 PM »
and if i cancel will it be hard to get back one?
I dont know exactly. But as per this thread people have wrote that it is better to shut down yourself than have Amex shut you down

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Re: Amex F/R Master Thread
« Reply #1178 on: May 03, 2012, 08:18:59 PM »
is there anyway i can get them to be happy with just my bank statements? cuz i didnt even do the spending on the card to get the bonus

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Re: Amex F/R Master Thread
« Reply #1179 on: May 03, 2012, 08:37:16 PM »
is there anyway i can get them to be happy with just my bank statements? cuz i didnt even do the spending on the card to get the bonus
Some people has success by just giving in their bank statements ... but there is no guarantee