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 1818627 times)

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1220 on: May 17, 2012, 01:07:40 PM »
yea doesn't that pretty much show that he was lying? so I was wondering what he said when he was asked about that?

4506-T is an IRS form authorizing the IRS to release (transcripts of) his data (to Amex in this case), he must've not filled it out to their liking, nothing to do with lying.
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Offline netzih

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Re: Re: Amex F/R Master Thread
« Reply #1221 on: May 17, 2012, 01:08:59 PM »
4506-T is an IRS form authorizing the IRS to release (transcripts of) his data (to Amex in this case), he must've not filled it out to their liking, nothing to do with lying.
oh oops didn't understand

Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1222 on: May 17, 2012, 01:11:03 PM »
oh oops didn't understand

Or maybe I didn't, hopefully meshugener will clarify.
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1223 on: May 17, 2012, 01:13:12 PM »
Right, I just crossed out a few numbers I wrote by mistake, and it was rejected by the IRS.
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Offline netzih

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Re: Re: Amex F/R Master Thread
« Reply #1224 on: May 17, 2012, 01:16:17 PM »
Right, I just crossed out a few numbers I wrote by mistake, and it was rejected by the IRS.
thanks for the clarification

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Re: Amex F/R Master Thread
« Reply #1225 on: May 17, 2012, 03:07:24 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.
I had a 4506 (the one I had to pay $57) I made a tiny cross out, and IRS rejected it. I had to pay for another one. I got the first refund about 6 weeks later.

Offline Mimi K.

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Re: Amex F/R Master Thread
« Reply #1226 on: May 17, 2012, 04:56:28 PM »
ok people! I got a serious question! I applied for 2 amex w/ 2BM. platinum biz & starwoods
I got declined. I called and was told that my CR is frozen I said no problem forget it!
I unfroze my experian (for the 2nd time!  >:( ) and was planning on redoing the 2bm in a month
meanwhile I received 2 letters. The first said I must call w/ a temporary password to get reevaluated
the 2nd  (received today) said I must send in a 4506T within 30 days or they will not continue considering my platinum application!
HELP! I said I make 120k my 1040 says less than 12k! should I ignore it? I have a bluesky pref. w/ 28k limit
for 4 years that I use alot. will I lose it!?!? I'm horrified!  :o  :'(


p.s. the plat. biz. was Prefriggin'Approved!  ::)
« Last Edit: May 17, 2012, 05:01:36 PM by Mimi K. »
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Offline Ergel

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Re: Amex F/R Master Thread
« Reply #1227 on: May 17, 2012, 05:01:31 PM »
That's a big difference between reported and actual income. Good luck
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Re: Amex F/R Master Thread
« Reply #1228 on: May 17, 2012, 05:04:00 PM »
That's a big difference between reported and actual income. Good luck
just one or two zeros!  ;)
nothing between friends  8)
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Offline AsherO

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Re: Amex F/R Master Thread
« Reply #1229 on: May 17, 2012, 07:17:41 PM »
just one or two zeros!  ;)
nothing between friends  8)

Did they ask how much you earn? Did you tell them $12k? If not, you can explain the app $120k as an error and hope for slashed credit lines.
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Re: Amex F/R Master Thread
« Reply #1230 on: May 18, 2012, 02:51:02 AM »
just one or two zeros!  ;)
nothing between friends  8)
[/quot

we all know zero has no value !! and the people at amex are very smart , they too know this

seriously -- GOOD LUCK 

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Re: Amex F/R Master Thread
« Reply #1231 on: May 18, 2012, 10:31:24 AM »
After having an FR back in October, I just got FR'd again, after opening a business gold card (targeted offer), and spending over $5K in the first 2 weeks.
My case manager explained the trigger was the airline tickets not in my name, and that what they told me last time too.

This time I hope that the FR will only work in my favor, last time they slashed my line of credit to $5K. this year on the personal tax returns I had double income, and on the business (which they also requested), I didn't have a big income, but a revenue of over $100K.
they also asked for bank statements, which I'm not afraid of, since they show average balances of $50K, and a revenue of about $150K just in the last 3 months.

Do I need to be afraid of the fact that the business didn't actually have income after taking out wages etc?
Do they caulculate business on income or revenue?
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Re: Amex F/R Master Thread
« Reply #1232 on: May 18, 2012, 12:32:56 PM »
After having an FR back in October, I just got FR'd again, after opening a business gold card (targeted offer), and spending over $5K in the first 2 weeks.
My case manager explained the trigger was the airline tickets not in my name, and that what they told me last time too.

This time I hope that the FR will only work in my favor, last time they slashed my line of credit to $5K. this year on the personal tax returns I had double income, and on the business (which they also requested), I didn't have a big income, but a revenue of over $100K.
they also asked for bank statements, which I'm not afraid of, since they show average balances of $50K, and a revenue of about $150K just in the last 3 months.

Do I need to be afraid of the fact that the business didn't actually have income after taking out wages etc?
Do they caulculate business on income or revenue?

I think so.

I had a similar issue, as I opened a Business Gold card, and they FR'd me ... They only were able to get my 2010 tax returns (as of 1 month ago) So since my reported income in 2010 wasn't to high even though that was my personal income they slashed my CL.

I spoke with them and they told me that they give a CL based on verified income

So if after taking out wages you didn't have a lot of income I would say they might not increase you CL ...


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Re: Amex F/R Master Thread
« Reply #1233 on: May 18, 2012, 02:45:44 PM »
I think so.

I had a similar issue, as I opened a Business Gold card, and they FR'd me ... They only were able to get my 2010 tax returns (as of 1 month ago) So since my reported income in 2010 wasn't to high even though that was my personal income they slashed my CL.

I spoke with them and they told me that they give a CL based on verified income

So if after taking out wages you didn't have a lot of income I would say they might not increase you CL ...



Side Incomer talking about business income, his personal income is good. Your situation the same?
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1234 on: May 18, 2012, 02:50:52 PM »
I'm using a someones name and SS# to apply (and keep the points for me, of course....) and she got FRd, they ask IRS form. The problem is that she doesn't have any income reported, but she earns a 'bunch' of $$ from various public assistance programs and she manage to make a living out of it...... And that is not considered taxable income.
I had her call back the fr buggyman to explain that she earn nicely enough to pass the review but he won't see it on IRS files since public assistance is not taxable, and that she can send in proof of all those income, food stamps approval letters housing rental assistance, etc. but he didn't wanna budge, and said they accept only IRS docs.
So, now, I found this:
"Under the
Equal Credit Opportunity Act:
You cannot be denied credit based
on your race, sex, marital status,
religion, age, national origin, or
receipt of public assistance.
You have the right to have reliable
public assistance considered in the
same manner as other income.
If you are denied credit, you have a
legal right to know why."
So?? Can I sue them?  they are denying credit based on the fact that income  is from public assistance??
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Re: Amex F/R Master Thread
« Reply #1235 on: May 18, 2012, 03:09:18 PM »
Side Incomer talking about business income, his personal income is good. Your situation the same?
My personal and Business income is filed on the same tax return.

What is pathetic is they wanna see the profit, and thats what they are basing the CL on ... its stupid cuz by showing how much I spend on CC's as my business trend, and am making a profit is not good enough for them

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Re: Amex F/R Master Thread
« Reply #1236 on: May 18, 2012, 03:30:26 PM »
ok people! I got a serious question! I applied for 2 amex w/ 2BM. platinum biz & starwoods
I got declined. I called and was told that my CR is frozen I said no problem forget it!
I unfroze my experian (for the 2nd time!  >:( ) and was planning on redoing the 2bm in a month
meanwhile I received 2 letters. The first said I must call w/ a temporary password to get reevaluated
the 2nd  (received today) said I must send in a 4506T within 30 days or they will not continue considering my platinum application!
HELP! I said I make 120k my 1040 says less than 12k! should I ignore it? I have a bluesky pref. w/ 28k limit
for 4 years that I use alot. will I lose it!?!? I'm horrified!  :o  :'(


p.s. the plat. biz. was Prefriggin'Approved!  ::)
should I send in the 4506t or just ignore the paper since it says it is only is for the new application which i would just forget about for now??  :-\ can somebody please give me a long answer?  :-[
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Re: Amex F/R Master Thread
« Reply #1237 on: May 18, 2012, 03:33:37 PM »
should I send in the 4506t or just ignore the paper since it says it is only is for the new application which i would just forget about for now??  :-\ can somebody please give me a long answer?  :-[
Don't send in anything.
Rather wait 90 days and reapply.

Same story happened to a relative. Wasn't approved, they wanted income. Didn't send in. waited 90 days, and applied, and approved.
Side income is the most solid income... בדוק ומנוסה

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Re: Amex F/R Master Thread
« Reply #1238 on: May 18, 2012, 03:35:24 PM »
Don't send in anything.
Rather wait 90 days and reapply.

Same story happened to a relative. Wasn't approved, they wanted income. Didn't send in. waited 90 days, and applied, and approved.

You're suggesting that if it's just for the new app they won't slash her existing CL?
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Re: Amex F/R Master Thread
« Reply #1239 on: May 18, 2012, 03:38:53 PM »
You're suggesting that if it's just for the new app they won't slash her existing CL?
If they didn't suspend her current credit card, why should she look for trouble?
Side income is the most solid income... בדוק ומנוסה