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.
« Last edited by JACKSASSONBK on February 16, 2017, 06:19:07 PM »

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Author Topic: Amex F/R Master Thread  (Read 1874285 times)

Offline Cbs

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Re: Amex F/R Master Thread
« Reply #1960 on: December 20, 2012, 08:00:19 PM »
B"h. I got approved with my f/r. They moved my CL on prg to 3k
I did the same thing SGF did. Thanx for the help with it.
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Offline EE4504

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AMEX - Charging suspened , please call...
« Reply #1961 on: December 21, 2012, 12:09:46 PM »
What's that supposed to mean? A rep called me yesterday evening but i told her to call me back.... now  i see they suspended my accounts...
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Offline AJK

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Re: AMEX - Charging suspened , please call...
« Reply #1962 on: December 21, 2012, 12:12:37 PM »
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Offline AJK

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Re: AMEX - Charging suspened , please call...
« Reply #1963 on: December 21, 2012, 12:15:53 PM »
And for all the naysayers out there:

Quote from: EE4504 on December 16, 2012, 06:44:53 PM
i got this card and spent the required amount for the bonus.... i just received my first statement wich also has the $450 fee included. How should i go about canceling the card. i didn't received my Bonus points yet. Amex Rep told me this will post on my next statement.

Quote from: EE4504 on December 09, 2012, 09:14:38 AM
amazon is only verifying the last 4 digit of social....
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Offline EE4504

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Re: Amex F/R Master Thread
« Reply #1964 on: December 24, 2012, 03:56:16 PM »
Amex wanted i should send them a bank verification of my average account balance....
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Offline mow

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Re: Amex F/R Master Thread
« Reply #1965 on: December 24, 2012, 08:10:05 PM »
Quote from: mow on December 19, 2012, 09:18:34 AM
I get a Mazel Tov they told me they are not gonna shut me down just lower my credit !!!
They gonna wait till I pay off my bill then lower it
But quick question my wife's Amex account with 4 new cards has the please call that number on the account online , is that because of my fr or is she getting a separate one should I call or wait till mine is lifted and hope hers gets lifted to ?
UPDATE my account they lowered my starwood card to 3 k spending and my business platinum charge card to 5 k . sucks but at least i passed
my wifes account i called in and they took off the hold but they want to see bank statements
question should i try to chop arein big time spending on my wifes cards before they attempt to lower it or not spend and let them see no spending
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Offline MEIR613

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Re: Amex F/R Master Thread
« Reply #1966 on: December 24, 2012, 08:20:43 PM »
Quote from: mow on December 24, 2012, 08:10:05 PM
UPDATE my account they lowered my starwood card to 3 k spending and my business platinum charge card to 5 k . sucks but at least i passed
my wifes account i called in and they took off the hold but they want to see bank statements
question should i try to chop arein big time spending on my wifes cards before they attempt to lower it or not spend and let them see no spending
Isn't biz plat a charge card and no CL
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Offline meshugener

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Re: Amex F/R Master Thread
« Reply #1967 on: December 24, 2012, 08:58:00 PM »
Quote from: MEIR613 on December 24, 2012, 08:20:43 PM
Isn't biz plat a charge card and no CL
They can put an internal limit on a charge card.
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Offline EE4504

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Re: Amex F/R Master Thread
« Reply #1968 on: December 24, 2012, 10:03:25 PM »
they activated my cards again but they lowered the spending limits on the cards to 5k and to 3k...
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Offline Reb Moshe

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Re: Amex F/R Master Thread
« Reply #1969 on: December 26, 2012, 06:20:44 PM »
Quote from: mmermss on December 20, 2012, 06:20:04 PM
I hear.  But please try to do what I suggested and get back to us.

FINAL ANSWER FROM AMEX,
We got you bank letter and 4506T but you dont meet the criteria for credit right now, try back in a few years
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1970 on: December 26, 2012, 06:25:23 PM »
Quote from: Reb Moshe on December 26, 2012, 06:20:44 PM
FINAL ANSWER FROM AMEX,
We got you bank letter and 4506T but you dont meet the criteria for credit right now, try back in a few years
Oy. Do you have any other CCs with Amex currently? Which cards was it for? Tell them to put an internal CL on the charge cards. Try recon.
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Offline Reb Moshe

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Re: Amex F/R Master Thread
« Reply #1971 on: December 26, 2012, 06:27:49 PM »
Quote from: mmermss on December 26, 2012, 06:25:23 PM
Oy. Do you have any other CCs with Amex currently? Which cards was it for? Tell them to put an internal CL on the charge cards. Try recon.
i dont have any other credit cards with Amex now, i had the SPG in 2010 and got f/r and requested it to get closed,
Oh well BH i'm still good with Chase
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Offline mmermss

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Re: Amex F/R Master Thread
« Reply #1972 on: December 26, 2012, 06:36:44 PM »
Quote from: Reb Moshe on December 26, 2012, 06:27:49 PM
i dont have any other credit cards with Amex now, i had the SPG in 2010 and got f/r and requested it to get closed,
Oh well BH i'm still good with Chase
Try recon. Ask them for an internal CL. Try to get them to approve. Don't give up already from that.
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Offline Reb Moshe

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Re: Amex F/R Master Thread
« Reply #1973 on: December 26, 2012, 06:46:07 PM »
Quote from: mmermss on December 26, 2012, 06:36:44 PM
Try recon. Ask them for an internal CL. Try to get them to approve. Don't give up already from that.
i spoke to manager and then supervisor, they said they could request it to get reviewed, however it will take another hard hit on my credit, and after being sent in 2x already he doubts a different outcome.

By requesting the internal CL will he just be sending it for recon again?
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Offline Cbs

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Re: Amex F/R Master Thread
« Reply #1974 on: December 26, 2012, 06:49:36 PM »
Quote from: Reb Moshe on December 26, 2012, 06:20:44 PM
FINAL ANSWER FROM AMEX,
We got you bank letter and 4506T but you dont meet the criteria for credit right now, try back in a few years
im sorry to hear that :(
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Offline robi

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Re: Amex F/R Master Thread
« Reply #1975 on: December 26, 2012, 07:10:01 PM »
Anyone know if paying before statement closes because I wanna spend more on my card, but don't want to spend more than 50% of CL, is a F/R risk?
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Offline Dan

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Re: Amex F/R Master Thread
« Reply #1976 on: December 28, 2012, 11:10:23 AM »
Quote from: robi on December 26, 2012, 07:10:01 PM
Anyone know if paying before statement closes because I wanna spend more on my card, but don't want to spend more than 50% of CL, is a F/R risk?
Not a problem.  Pay from AMEX site.
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Re: Amex F/R Master Thread
« Reply #1977 on: December 28, 2012, 11:14:54 AM »
Quote from: Dan on December 28, 2012, 11:10:23 AM
Pay from AMEX site.
is that davka?
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Offline SGF

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Re: Amex F/R Master Thread
« Reply #1978 on: December 28, 2012, 11:44:52 AM »
how long after I cleared my F/R should I be afraid of doing actions that can trigger another F/R?
Immediately? After a year? Longer?
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Offline AJK

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Re: Amex F/R Master Thread
« Reply #1979 on: December 28, 2012, 11:47:25 AM »
Quote from: SGF on December 28, 2012, 11:44:52 AM
how long after I cleared my F/R should I be afraid of doing actions that can trigger another F/R?
Immediately? After a year? Longer?

Don't be dumb. Ever.
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