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 1818529 times)

Offline tmofan

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Re: Amex F/R Master Thread
« Reply #1200 on: May 17, 2012, 10:52:10 AM »
Just got approved for the mb plat, regular plat and starwood with a 7,000 limit I said I make 35-40,000 annually they asked me for pay stubs and bank statements my pay stubs show that I make around 35,000 is there any reason they would shut one of my accounts or would they just lower my cl on the Starwood?

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1201 on: May 17, 2012, 10:53:13 AM »
Just got approved for the mb plat, regular plat and starwood with a 7,000 limit I said I make 35-40,000 annually they asked me for pay stubs and bank statements my pay stubs show that I make around 35,000 is there any reason they would shut one of my accounts or would they just lower my cl on the Starwood?

If you have pay stubs that can show what you told them, you should be safe (as in, worst case, they'll cut your CLs).
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Offline netzih

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Re: Re: Amex F/R Master Thread
« Reply #1202 on: May 17, 2012, 10:54:32 AM »
If you have pay stubs that can show what you told them, you should be safe (as in, worst case, they'll cut your CLs).
they wouldn't tell him that it only suffices for one card but he has 3? especially being that 2 of them are charge cards?

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1203 on: May 17, 2012, 10:56:38 AM »
they wouldn't tell him that it only suffices for one card but he has 3? especially being that 2 of them are charge cards?

1. they approved him with that info,
2. He's been honest with them and proved it.
3. They can mitigate their risk by limiting his CLs.

I think he's safe (IY"H), can't be sure though.
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Offline netzih

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Re: Re: Amex F/R Master Thread
« Reply #1204 on: May 17, 2012, 11:03:10 AM »
1. they approved him with that info,
2. He's been honest with them and proved it.
3. They can mitigate their risk by limiting his CLs.

I think he's safe (IY"H), can't be sure though.
it could have been 3bm and they could have been approved instantly which means nothing no?

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1205 on: May 17, 2012, 11:08:47 AM »
it could have been 3bm and they could have been approved instantly which means nothing no?

Yes. Past people have reported that if you're honest and can substantiate income you will typically survive, usually with a slash if your income isn't high enough.
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Offline netzih

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Re: Re: Amex F/R Master Thread
« Reply #1206 on: May 17, 2012, 11:10:00 AM »
Yes. Past people have reported that if you're honest and can substantiate income you will typically survive, usually with a slash if your income isn't high enough.
and how do they slash charge cards?

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1207 on: May 17, 2012, 11:11:21 AM »
and how do they slash charge cards?

They have some internal number ("soft limit") for charge cards.
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1208 on: May 17, 2012, 11:23:30 AM »
Prrrrrrrrr!!! Now's my turn!             
finally, I survived!! They cut the SL, but I don't care as long I'm spared!
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Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1209 on: May 17, 2012, 11:34:02 AM »
finally, I survived!! They cut the SL, but I don't care as long I'm spared!

F/R review please?
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1210 on: May 17, 2012, 12:04:27 PM »
Yes. I had the process go on for more than 2 weeks!
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Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1211 on: May 17, 2012, 12:05:34 PM »
Yes. I had the process go on for more than 2 weeks!

Sorry if my question wasn't stated clearly: Can we please get a review of your process?
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1212 on: May 17, 2012, 12:16:21 PM »
Out on application double my actual income, got FRd, sent IRS docs, rejected due to alterations, sent a new one, got response with a new spending limit, and done!
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Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1213 on: May 17, 2012, 12:18:59 PM »
Out on application double my actual income, got FRd, sent IRS docs, rejected due to alterations, sent a new one, got response with a new spending limit, and done!

Did you have any Amexes? When they F/R'd you did they again ask what you make? What did you tell them at that point?
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Re: Amex F/R Master Thread
« Reply #1214 on: May 17, 2012, 12:23:21 PM »
1. How do you think they frd me If I don't have AMEXes? 2. When they called they asked me my income and I told them the amount I entered on the app.
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Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1215 on: May 17, 2012, 12:25:53 PM »
1. How do you think they frd me If I don't have AMEXes? 2. When they called they asked me my income and I told them the amount I entered on the app.

Maybe they F/R'd you with regards to these recent apps, did you have any (active) Amex cards before that?
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Re: Amex F/R Master Thread
« Reply #1216 on: May 17, 2012, 12:53:24 PM »
No, you're prob right.
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Offline netzih

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Re: Re: Amex F/R Master Thread
« Reply #1217 on: May 17, 2012, 12:56:30 PM »
Out on application double my actual income, got FRd, sent IRS docs, rejected due to alterations, sent a new one, got response with a new spending limit, and done!
when they told you the docs were altered what did you tell them?

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1218 on: May 17, 2012, 01:03:10 PM »
when they told you the docs were altered what did you tell them?

I think he means they (Amex or IRS) didn't accept his 4506-T, since there were alterations on it, e.g. edits, stuff crossed out, etc.
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Re: Re: Amex F/R Master Thread
« Reply #1219 on: May 17, 2012, 01:05:22 PM »
I think he means they (Amex or IRS) didn't accept his 4506-T, since there were alterations on it, e.g. edits, stuff crossed out, etc.
yea doesn't that pretty much show that he was lying? so I was wondering what he said when he was asked about that?