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 1874593 times)

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #2980 on: April 26, 2014, 10:29:33 PM »

Quote from: Yehuda25 on April 26, 2014, 10:02:43 PM
Wow, B'h !!
It's not scary at all, they're not trying to get rid of customers they just want to make sure you have I come to pay your bills.
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Offline CountValentine

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Re: Amex F/R Master Thread
« Reply #2981 on: April 26, 2014, 11:03:01 PM »
Quote from: Super Speed on April 26, 2014, 09:57:24 PM
So there's nothing to be scared of IMHO. I did 30K on 6 brand new cards the first week I had them I got F/Rd and passed with flying colors!
Not going to ask how much you are doing know.  :)
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Only on DDF does 24/6 mean 24/5/half/half

Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #2982 on: April 26, 2014, 11:03:50 PM »

Quote from: CountValentine on April 26, 2014, 11:03:01 PM
Not going to ask how much you are doing know.  :)
HT: CV :D
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Offline SOS

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Re: Amex F/R Master Thread
« Reply #2983 on: April 30, 2014, 07:23:52 PM »
i just had a mini (hopefully) f/r
i spoke to the rep and he told me that the charge was much higher than usual on this account and told me to charge lower amounts.
does this mean i passed? should i transfer out my mr points?
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Offline Ephraimh

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Re: Amex F/R Master Thread
« Reply #2984 on: April 30, 2014, 07:27:04 PM »

Quote from: SOS on April 30, 2014, 07:23:52 PM
i just had a mini (hopefully) f/r
i spoke to the rep and he told me that the charge was much higher than usual on this account and told me to charge lower amounts.
does this mean i passed? should i transfer out my mr points?
No need to transfer your MR's, even if you're F/Red you'll have 30 days to transfer
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Offline SOS

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Re: Amex F/R Master Thread
« Reply #2985 on: April 30, 2014, 07:35:05 PM »
Thanks
And do you think I am good to go or the f/r could still go on after they talk to you abt your future charges?
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #2986 on: April 30, 2014, 07:36:54 PM »

Quote from: SOS on April 30, 2014, 07:35:05 PM
Thanks
And do you think I am good to go or the f/r could still go on after they talk to you abt your future charges?
I would take it slow, I had a mini F/R and a couple of months later I had a full blown one! :D
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Offline SOS

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Re: Amex F/R Master Thread
« Reply #2987 on: April 30, 2014, 08:13:06 PM »
I just upgraded from bgr to plat and need to spend 10k
Can I spend this month a lot and than take it slow or should I take it slow now
I just want to finish my spend before my annual fee hits
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #2988 on: April 30, 2014, 08:28:03 PM »

Quote from: SOS on April 30, 2014, 08:13:06 PM
I just upgraded from bgr to plat and need to spend 10k
Can I spend this month a lot and than take it slow or should I take it slow now
I just want to finish my spend before my annual fee hits
Can you pass an F/R?
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Offline churnbabychurn

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Re: Amex F/R Master Thread
« Reply #2989 on: April 30, 2014, 08:40:30 PM »
Quote from: Super Speed on April 26, 2014, 10:29:33 PM
It's not scary at all, they're not trying to get rid of customers they just want to make sure you have I come to pay your bills.
not so sure, they could also be interested in what you are spending on. IE. some think that AP is a trig...
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #2990 on: April 30, 2014, 08:51:35 PM »
Quote from: churnbabychurn on April 30, 2014, 08:40:30 PM
not so sure, they could also be interested in what you are spending on. IE. some think that AP is a trig...
They asked me when I had my F/R why I spent 30K+ on GC in less then a week. I told them that since it's the holiday time I get a lot of bonuses so I like purchasing GCs so that I can have smaller CC bills throughout the year! :)
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Offline SOS

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Re: Amex F/R Master Thread
« Reply #2991 on: April 30, 2014, 10:37:15 PM »
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #2992 on: April 30, 2014, 11:06:55 PM »
Quote from: SOS on April 30, 2014, 10:37:15 PM
Don't think so
No income on the books?
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Offline SOS

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Re: Amex F/R Master Thread
« Reply #2993 on: April 30, 2014, 11:20:02 PM »
I have income on the books
Just not as much as I told them
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Offline Emkay

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Re: Amex F/R Master Thread
« Reply #2994 on: April 30, 2014, 11:23:24 PM »
Quote from: SOS on April 30, 2014, 11:20:02 PM
I have income on the books
Just not as much as I told them
you dont need nearly that much
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Offline Super Speed

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Re: Amex F/R Master Thread
« Reply #2995 on: May 01, 2014, 12:04:14 AM »

Quote from: SOS on April 30, 2014, 11:20:02 PM
I have income on the books
Just not as much as I told them
As long as your making something you're fine. When I was done with my F/R I had credit double the amount of my income. The most they'll do is lower your credit lines and maybe put hard lines on your charge cards.
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #2996 on: May 01, 2014, 03:46:33 PM »
Whew!!! Just got F/R'ed from amex 3 personal and 1 biz!!!
What do I do now? My income isn't as high as I said!
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Offline Moshe123

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Re: Amex F/R Master Thread
« Reply #2997 on: May 01, 2014, 03:47:10 PM »
I knew this thread was going to liven up with all the applications.
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Offline rivkao

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Re: Amex F/R Master Thread
« Reply #2998 on: May 01, 2014, 03:48:22 PM »
And spend!
asked me about gift cards and cvs charges! I said since it was Holidays I gave GC's to friends and employess
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Offline Moshe123

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Re: Amex F/R Master Thread
« Reply #2999 on: May 01, 2014, 03:49:39 PM »
Quote from: rivkao on May 01, 2014, 03:48:22 PM
And spend!
asked me about gift cards and cvs charges! I said since it was Holidays I gave GC's to friends and employess

And no, they didn't believe you, but does it matter?
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