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 1854351 times)

Offline Moishebatchy

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Re: Amex F/R Master Thread
« Reply #2020 on: January 13, 2013, 07:52:45 PM »
Assuming they wouldn't, although perhaps a 1007 purchase at cvs times 2 may be suspicious in their books, hence the question.

Nu, so throw in a pack of gum on one order, and a bottle of Tylenol on the next.

I don't recall who, but I heard from someone who had trouble for large purchases at Rite Aid. They found it unusual that large purchases were occurring at a pharmacy.

Now THAT sounds a little more serious... :(

Offline moisheh

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Re: Amex F/R Master Thread
« Reply #2021 on: January 14, 2013, 11:28:05 PM »
I just got a notice to contact amex asap and all my accounts were susspented after i signed up for the amex platinum any suggestions

Offline Reb Moshe

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Re: Amex F/R Master Thread
« Reply #2022 on: January 15, 2013, 12:06:33 AM »
I just got a notice to contact amex asap and all my accounts were susspented after i signed up for the amex platinum any suggestions
:( :( :( 131 pages to review, Welcome :( :( :( :(, i can almost say that i feel your pain bec amex would NEVER EVER approve me for a card, not sure whats worse
« Last Edit: January 15, 2013, 12:33:07 AM by Reb Moshe »

Offline Saver2000

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Re: Amex F/R Master Thread
« Reply #2023 on: January 15, 2013, 12:14:48 AM »
:( :( :( 131 pages to review, Welcome :( :( :( :(, i can almost say that i feel your pain bec amex would approve me ever for a card, not sure whats worse
Would, or would not?

Offline Reb Moshe

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Re: Amex F/R Master Thread
« Reply #2024 on: January 15, 2013, 12:33:26 AM »
Would, or would not?
Corrected, thanks

Offline Saver2000

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Re: Amex F/R Master Thread
« Reply #2025 on: January 15, 2013, 12:35:34 AM »
:( :( :( 131 pages to review, Welcome :( :( :( :(, i can almost say that i feel your pain bec amex would NEVER EVER approve me for a card, not sure whats worse
Why is that?  What did you do so wrong?

Offline whacked1

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Re: Re: Amex F/R Master Thread
« Reply #2026 on: January 15, 2013, 01:17:47 AM »
I just got a notice to contact amex asap and all my accounts were susspented after i signed up for the amex platinum any suggestions
oh man I'm starting to get nervous. I have no income and I too just got the plat card (although they approved the spg after that). How long after u got the card did u get a notice from amex?

Offline Fan of Dan

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Re: Re: Amex F/R Master Thread
« Reply #2027 on: January 15, 2013, 01:32:27 AM »
oh man I'm starting to get nervous. I have no income and I too just got the plat card (although they approved the spg after that). How long after u got the card did u get a notice from amex?
I would change my DDF user name. Bad luck for FR's.

Offline whacked1

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Re: Re: Re: Amex F/R Master Thread
« Reply #2028 on: January 15, 2013, 08:14:31 AM »
I would change my DDF user name. Bad luck for FR's.
:-)

Offline Thingywingy

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Re: Amex F/R Master Thread
« Reply #2029 on: January 15, 2013, 06:59:29 PM »
Is doing a 3bm a possible trigger for FR?
I am sometimes accused of overthinking things. I am still mulling over whether that accusation has merit.

Offline MEIR613

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Re: Amex F/R Master Thread
« Reply #2030 on: January 15, 2013, 07:19:30 PM »
Is doing a 3bm a possible trigger for FR?
If it would the whole ddf would be filling out forms.


Offline MnM1130

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Re: Amex F/R Master Thread
« Reply #2031 on: January 16, 2013, 11:53:29 AM »
if i cant log in online to an amex account (thank god its not mine) it says unable to log in- what does that fall under? FR?

Offline meshugener

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Re: Amex F/R Master Thread
« Reply #2032 on: January 16, 2013, 01:43:37 PM »
Love me or hate me. I still love you.

Offline MnM1130

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Re: Amex F/R Master Thread
« Reply #2033 on: January 16, 2013, 02:17:58 PM »
hmm weird.. i wonder what it is than. i guess ill try and call for them and see what happens

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #2034 on: January 20, 2013, 07:39:50 AM »
So i just got my spg card and made some purchases as well as 2 VR cards.  Would I be better off paying off the card and keeping the balance at or around zero  or waitign a couple weeks before paying?  Is this a good preemptive strategy?  Can it hurt?
READ THE DARN WIKI!!!!

Chuck Norris...
...can still do FT method
...READS THE WIKI!!!

Offline Name Changed

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Re: Amex F/R Master Thread
« Reply #2035 on: January 20, 2013, 07:57:05 AM »
if i cant log in online to an amex account (thank god its not mine) it says unable to log in- what does that fall under? FR?
No.

Prob site is down, or account just locked out. By a FR you could log in

Offline CHAIM999

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Re: Amex F/R Master Thread
« Reply #2036 on: January 23, 2013, 12:37:12 PM »
I got an Fr about a month and half ago, I read thru this whole thread  8) 8) 8), I just went it thru, I got a limit on my charge card. I will post soon my whole experience, I just need now some help, I remember seeing here, some that passed thru, and got some (15000) curacy points and $25 statement credit as an apologies, dos any one have more info, or could refer where it was posted?

Offline Jkhein

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Re: Amex F/R Master Thread
« Reply #2037 on: January 24, 2013, 02:09:58 AM »
I got an Fr about a month and half ago, I read thru this whole thread  8) 8) 8), I just went it thru, I got a limit on my charge card. I will post soon my whole experience, I just need now some help, I remember seeing here, some that passed thru, and got some (15000) curacy points and $25 statement credit as an apologies, dos any one have more info, or could refer where it was posted?
welcome to the forums, and good that you passed.
its very rare that you get compensation, you might of seen the posts where people missed out on an amex promo due to the FR, that's why they received it.

Offline gloreglabert

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Re: Amex F/R Master Thread
« Reply #2038 on: January 24, 2013, 02:17:06 AM »
Wife and I both got FR about 10 days ago, with different reps, and faxed in forms immediately (a copy of same joint return to each rep).  I, with both personal and biz cards, got email notification of charge card hard limit a few days ago, then got fully unlocked yesterday with a phone call from my rep.  Wife, however, with only personal cards, hasn't gotten any notifications at all and her rep is a complete flake who never picks up her phone and doesn't return voicemails.  Is she basically just at the rep's mercy until she decides to actually look at the form or whatever?  Really irritating to just have the cards locked and nobody to get in contact with.

Offline dovy2

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Re: Amex F/R Master Thread
« Reply #2039 on: January 24, 2013, 11:15:19 AM »
new question for everyone out there with the knowledge (I tries searching, but couldn't find it),
I had amex spg for over a year now, with average spending of about 1000 a month, I just got now for the 1st time the biz gold card for 75k.
as i have big legit expenses coming up (10k+) in the next month or two, would that trigger or F/R? I'm not doing any GC or VR shtick.. only legit expenses ...