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

Lets 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 dont 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 1082917 times)

Offline AsherO

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Re: Amex Financial Review
« Reply #255 on: January 23, 2011, 03:36:50 PM »
That's an awfully personal question!

+1 and an irrelevant one too.
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Offline Yordai Dooma

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Re: Amex Financial Review
« Reply #256 on: January 23, 2011, 03:37:30 PM »
what income u entered on the appllication

Which part of:
That's an awfully personal question!
did you not understand?


+1
Lets put it this way...our stated income is my annual income + my wife's annual income ;D

Offline miles

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Re: Amex Financial Review
« Reply #257 on: January 24, 2011, 10:44:35 AM »
Which part of: did you not understand?
sorry for asking but i dint want to get in your details just want to know if all are blowing up the income on the application

Offline AsherO

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Re: Amex Financial Review
« Reply #258 on: January 24, 2011, 12:06:52 PM »
sorry for asking but i dint want to get in your details just want to know if all are blowing up the income on the application

David already answered that question, the answer is no.
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Offline miles

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Re: Amex Financial Review
« Reply #259 on: January 24, 2011, 12:17:53 PM »
David already answered that question, the answer is no.
i sow his answer i just sorry'd for him

Offline AsherO

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Re: Amex Financial Review
« Reply #260 on: January 24, 2011, 12:21:53 PM »
i sow his answer i just sorry'd for him

When you say 'just want to know' (and not 'just wanted to know') it implies you still want to know...
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Offline Yordai Dooma

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Re: Amex Financial Review
« Reply #261 on: January 24, 2011, 12:37:20 PM »
i sow his answer i just sorry'd for him

Can we get a definition of that? Google translate didnt do much ;D

Offline askmoses

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Re: Amex Financial Review
« Reply #262 on: February 14, 2011, 03:41:24 AM »
 :( I'm still trying to recover from my amex fr some 18 months ago, where overnight I had to shut down four of my 6 credit cards, and over 80% of my credit line. Weirdly they messed up on how all my credit was filed and after I just did the free fico credit report, I am unsure of what to do now. I got a 734 score and it only shows my length of credit for 18 months(even though I've had for close to 4 1/2 years, I think this might be bc they accidentally linked myself and my brothers accounts(our ss numbers are just one off). I didn't just reach that conclusion, it took hours of phone calls with the credit card companies to figure this out. Regardless, my FICO report only shows 1 credit card on file, even though I have a MC aadvantage, AND a citibank AT&T business card.
Even so, I am really trying to rebuild my credit and would ideally like to get back on the starwood wagon. I used to have both the business and personal starwood, but ever since the fr, I don't know if Amex will ever approve me. I get paid off the books, so I don't have any paperwork to show them. Did anyone have success after a FR getting approved for a Amex Starwood without sending paperwork? I tried to sign up for it a couple of times and recieved that request. My last attempt was probably over 9 months ago. I also attempted to get the Continental one pass MC and was unsuccessful.
I have no debt and have never been late to pay a bill in full, every time. I also utilize under 20% of my current credit line. I really need to start expanding my options, especially because I'm missing out on so many opportunities for credit + cc bonuses.
Anyone able to give me any tips??? Thanks in advance!!

Offline myb821

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Re: Amex Financial Review
« Reply #263 on: March 28, 2011, 11:18:14 PM »
I just have a general question me and my wife are both students being supported by our parents. the income i put on my application was the same as what we receive. If i got fr'ed would i be ok? im just curious since i just applied for three amexs at the same time and am concerned this could lead to an fr.

Offline AsherO

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Re: Amex Financial Review
« Reply #264 on: March 29, 2011, 01:08:06 AM »
I just have a general question me and my wife are both students being supported by our parents. the income i put on my application was the same as what we receive. If i got fr'ed would i be ok? im just curious since i just applied for three amexs at the same time and am concerned this could lead to an fr.

If you can prove you're receiving the income you're safe, but I don't know if what you'll offer as proof will satisfy Amex.
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Offline myb821

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Re: Amex Financial Review
« Reply #265 on: March 29, 2011, 01:15:55 AM »
Would bank statements suffice that shows the monthly deposit every month

Offline YudiG

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Re: Amex Financial Review
« Reply #266 on: March 29, 2011, 09:09:17 AM »
IDK but Amex told me flat out that when applying i can include all incomes from everyone living at that address i.e. me/wife - both studying - and that of my parents....

Offline yare

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Re: Amex Financial Review
« Reply #267 on: March 29, 2011, 09:29:09 AM »
Would bank statements suffice that shows the monthly deposit every month
that should be fine

Offline shach

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Re: Amex Financial Review
« Reply #268 on: March 29, 2011, 09:43:02 AM »
Would bank statements suffice that shows the monthly deposit every month
with a written statement it shd suffice

Offline myb821

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Re: Amex Financial Review
« Reply #269 on: March 29, 2011, 09:54:34 AM »
with a written statement it shd suffice
thanks for easing my my nerves lol