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 1816791 times)

Offline dans fan

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Re: Amex F/R Master Thread
« Reply #1280 on: June 04, 2012, 09:44:38 PM »
I'm referring to my second point.
then why would you give misleading info with your first point

Offline dans fan

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Re: Amex F/R Master Thread
« Reply #1281 on: June 04, 2012, 09:46:18 PM »
would you share your e about your second point

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1282 on: June 04, 2012, 10:53:02 PM »
First of all, my first point is not misleading. Its my smart and deep understanding on the issue. Take it or leave it.
As regarding my second point, that's what my FR account manager told me when I asked the reason of the review.
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Offline dans fan

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Re: Amex F/R Master Thread
« Reply #1283 on: June 04, 2012, 11:02:01 PM »
First of all, my first point is not misleading. Its my smart and deep understanding on the issue. Take it or leave it
pretty sure its been mentioned as a risk
on a side note, in the future make it clear when you make a statment if its coming from your  smart and deep understanding on the issue, or from actual experience/knowledge 
.
As regarding my second point, that's what my FR account manager told me when I asked the reason of the review.
1)they may of told you that as a concern once they are reviewing your account thats no reason for me to believe it will actually cause a fr
2) being the only one reporting it will mean its a very low risk (like i said)
3)way to many have multiple new ccounts and not been fr
« Last Edit: June 04, 2012, 11:06:22 PM by dans fan »

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1284 on: June 04, 2012, 11:50:17 PM »
On your point #1, I'm not in the altzhimer age so believe me when I'm saying that this was the trigger.
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Offline dans fan

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Re: Amex F/R Master Thread
« Reply #1285 on: June 05, 2012, 09:47:26 AM »
i dont know if thats what you were told, evan if thats what you were told the agent may have mixed up the cause and the concern.(or a clueless rep, evan in fr dept.) either way since way to many ppl who have open multiple new acc and not been fr and the ones who did get fr, this wasnt the reason, i would assume your case was a misunderstanding or fluke. until we hear from others who were told like you

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1286 on: June 05, 2012, 11:07:23 AM »
But it also make sense since its one of the known cause of credit score drop: 1 average age of credit, 2. Too many new accounts open in the near past.
Maybe you're right, maybe not. Maybe you can believe a FR rep, maybe not. But I think we should leave it here because our discussion leads us nowhere, and we're entering the territory of a usual AsherO/AJK dispute.
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Re: Amex F/R Master Thread
« Reply #1287 on: June 05, 2012, 12:00:56 PM »
and we're entering the territory of a usual AsherO/AJK dispute.

Don't flatter yourself, your antics and I have nothing in common, please keep me out of this.
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1288 on: June 05, 2012, 12:14:30 PM »
Don't flatter yourself, your antics and I have nothing in common, please keep me out of this.

Agree ^
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Re: Amex F/R Master Thread
« Reply #1289 on: June 05, 2012, 12:16:50 PM »
Agree ^

That's a first :P

(Kidding, I know it isn't)
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Offline zale

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Re: Amex F/R Master Thread
« Reply #1290 on: June 05, 2012, 12:59:27 PM »
Dan mentioned somewhere recently that the PRG business card is triggering FR's lately.

Does this apply to all the Business cards from Amex, or only the PRG?

I want to do a triple-app for the delta consumer and business cards in a 3bm along with the MB plat, and was wondering if this is asking for trouble.

Offline Dan

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Re: Amex F/R Master Thread
« Reply #1291 on: June 05, 2012, 01:51:13 PM »
The Gold business card is the only one I'm aware of that may be an FR trigger for opening.
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 #1292 on: June 05, 2012, 01:53:52 PM »
The Gold business card is the only one I'm aware of that may be an FR trigger for opening.

Thanks. How about the latter question? Is it risky?

Offline Dan

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Re: Amex F/R Master Thread
« Reply #1293 on: June 05, 2012, 01:54:39 PM »
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 myb821

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Re: Amex F/R Master Thread
« Reply #1294 on: June 06, 2012, 05:16:23 PM »
Im pretty sure i just got hit with FR after my 3BM account suspended and got a message to call amex. No chance im going to survive :(

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Re: Amex F/R Master Thread
« Reply #1295 on: June 06, 2012, 05:22:14 PM »
Im pretty sure i just got hit with FR after my 3BM account suspended and got a message to call amex. No chance im going to survive :(

 :'(

Wishing you g-dspeed. Be honest, cautious, make sure they call you before closing your accounts (so you can close them first), and remember: better show some income than show no income.
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Re: Amex F/R Master Thread
« Reply #1296 on: June 06, 2012, 05:29:15 PM »
Im pretty sure i just got hit with FR after my 3BM account suspended and got a message to call amex. No chance im going to survive :(
Oy! I'm sorry to hear that! Hatzlacho!

:'(

Wishing you g-dspeed. Be honest, cautious, make sure they call you before closing your accounts (so you can close them first), and remember: better show some income than show no income.
How low??
Even if it's as little as 5k?

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Re: Amex F/R Master Thread
« Reply #1297 on: June 06, 2012, 05:30:31 PM »
How low??
Even if it's as little as 5k?

I don't know, but rumor has it that if you show some income they just slash your CLs.
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Offline myb821

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Re: Amex F/R Master Thread
« Reply #1298 on: June 06, 2012, 05:30:46 PM »
:'(

Wishing you g-dspeed. Be honest, cautious, make sure they call you before closing your accounts (so you can close them first), and remember: better show some income than show no income.
don't have any reported income

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Re: Amex F/R Master Thread
« Reply #1299 on: June 06, 2012, 05:31:35 PM »
don't have any reported income

Try to get them to accept bank statements and/or assets.
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