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 ectÖ

Letís 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 donít 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 1081874 times)

Offline YudiG

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Re: Amex Financial Review
« Reply #360 on: May 15, 2011, 08:36:04 AM »
is there any advantage to reinstating vs applying for new card?

and if i say father supports..they'll buy that and stop pressing?

Offline AsherO

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Re: Amex Financial Review
« Reply #361 on: May 15, 2011, 08:40:48 AM »
is there any advantage to reinstating vs applying for new card?

and if i say father supports..they'll buy that and stop pressing?

1. There's an advantage to each. With reinstating they probably won't pull your credit, but if they like your situation they will give you your accounts back, so there's no risk. With a new app they'll pull your credit, and you're risking denial, but if you get approved you get the bonus points for opening the account.

2. I'm not saying it's a sure thing (far from it), but what do you have to lose?

I say call and try to reinstate one card, if it flies, try applying for the Amex Platinum (or another card you weren't recently approved for), so you get a nice bonus too.
My barber needs your support, heís a real sweetheart.

https://www.gofundme.com/f/save-our-barber-shop

Offline 3ZeroT

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Re: Amex Financial Review
« Reply #362 on: May 15, 2011, 12:31:13 PM »
I finally just got FR'd for the first time.  I've done lots of churning over the years without incident, but the week prior to the FR I had applied for both a Delta Skymiles and an AMEX gold card simultaneously, so I suspect that may have been a trigger.  And incidentally due to processing time differences (both apps deferred but ultimately approved), the inquiry for one card came a day later than the other on my report, so I saw no real benefit to applying simultaneously and won't try that again.

In any case I sent in the tax form.  My IRS reported income was about 90% of what I had been putting on the application.  About 4 business days later they reinstated all the accounts without any change.  And, the cards I had applied for eventually came in the mail (right in the middle of the FR actually), and I activated and already got the bonus on the Amex gold and part of the bonus on the Skymiles, so at least new accounts/promotions were not impacted either.

Offline yaakov s

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Re: Amex Financial Review
« Reply #363 on: May 15, 2011, 12:34:33 PM »
I finally just got FR'd for the first time.  I've done lots of churning over the years without incident, but the week prior to the FR I had applied for both a Delta Skymiles and an AMEX gold card simultaneously, so I suspect that may have been a trigger.  And incidentally due to processing time differences (both apps deferred but ultimately approved), the inquiry for one card came a day later than the other on my report, so I saw no real benefit to applying simultaneously and won't try that again.

In any case I sent in the tax form.  My IRS reported income was about 90% of what I had been putting on the application.  About 4 business days later they reinstated all the accounts without any change.  And, the cards I had applied for eventually came in the mail (right in the middle of the FR actually), and I activated and already got the bonus on the Amex gold and part of the bonus on the Skymiles, so at least new accounts/promotions were not impacted either.
Great that you didn't run into any problems. I think the people on here that are scared of a F/R is because it will uncover something different then their apps , which isn't the case with you.

Offline Dan

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Re: Amex Financial Review
« Reply #364 on: May 15, 2011, 12:40:22 PM »
If your income differs from your app they may lower your limits, but that's it.
The real issue is for people that don't make any income on the books.
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 yaakov s

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Re: Amex Financial Review
« Reply #365 on: May 15, 2011, 12:44:40 PM »
If your income differs from your app they may lower your limits, but that's it.
The real issue is for people that don't make any income on the books.
Books . Whats that  :)

Offline Jkhein

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Re: Amex Financial Review
« Reply #366 on: May 15, 2011, 12:47:27 PM »
Is the main problem with getting FR mostly with Amex processed cards, or is there the same chances with citi, chase etc.
Im asking because I see alot of discussion about AMEX FRs.

Offline yaakov s

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Re: Amex Financial Review
« Reply #367 on: May 15, 2011, 12:50:30 PM »
Is the main problem with getting FR mostly with Amex processed cards, or is there the same chances with citi, chase etc.
Im asking because I see alot of discussion about AMEX FRs.
Amex are the leaders in F/R , if you search you will see isolated incidents of F/R by Citi/ Chase

Offline aryeh1

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Re: Amex Financial Review
« Reply #368 on: May 15, 2011, 12:56:07 PM »
If your income differs from your app they may lower your limits, but that's it.
The real issue is for people that don't make any income on the books.

But platinum has no limit , am i right? also they wont be upset when you wrote you make tripple of what you really make?

Offline springles

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Re: Amex Financial Review
« Reply #369 on: May 15, 2011, 01:39:36 PM »
Can someone give a short summary on the FR process? Do they do it randomly? what puts you at risk? And what does it mean if you get FR'd?

Offline Dan

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Re: Amex Financial Review
« Reply #370 on: May 15, 2011, 01:40:11 PM »
But platinum has no limit , am i right? also they wont be upset when you wrote you make tripple of what you really make?
They can limit charge cards if they want.
They'll express their displeasure by lowering your limits.
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 3ZeroT

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Re: Amex Financial Review
« Reply #371 on: May 15, 2011, 01:46:10 PM »
Is there a general 'grace period' after you've been FR'd such that they can't/won't FR you again?

Offline aryeh1

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Re: Amex Financial Review
« Reply #372 on: May 15, 2011, 01:49:25 PM »
They can limit charge cards if they want.
They'll express their displeasure by lowering your limits.
Ill accept that from them...

Offline Saver2000

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Re: Amex Financial Review
« Reply #373 on: May 15, 2011, 02:02:47 PM »
is there any advantage to reinstating vs applying for new card?

and if i say father supports..they'll buy that and stop pressing?

I got fr'd about 8 months ago. I told them that my father was doing all the spending and therefore he was the one paying (they already knew that he was doing the spending cuz each au card number is different ) . They were very unsatisfied with my explanation. They said that they can't ask for - and won't accept my fathers tax return and they would need my proof of income to show that I was capable of paying the amount that was being spent on the card since its under my name and at the end of the day I'm the one responsible for the account. (Meaning if c"v my father wouldn't be able to pay it,it would fall on. me) wat may have triggeeed the fr is one of two things
1) the au was doing all spending on the account
2) I ordered $1000 from the mint.
Long story short,  my account got closed then went into collections bec. I enrolled in hardship program.  End of story: finally last month I got them to wipe the account off my credit report/totally deleted.  Was a big mess and took a lot of time.
« Last Edit: May 15, 2011, 02:06:53 PM by Saver2000 »

Offline Dan

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Re: Amex Financial Review
« Reply #374 on: May 15, 2011, 02:13:05 PM »
I got fr'd about 8 months ago. I told them that my father was doing all the spending and therefore he was the one paying (they already knew that he was doing the spending cuz each au card number is different ) . They were very unsatisfied with my explanation. They said that they can't ask for - and won't accept my fathers tax return and they would need my proof of income to show that I was capable of paying the amount that was being spent on the card since its under my name and at the end of the day I'm the one responsible for the account. (Meaning if c"v my father wouldn't be able to pay it,it would fall on. me) wat may have triggeeed the fr is one of two things
1) the au was doing all spending on the account
2) I ordered $1000 from the mint.
Long story short,  my account got closed then went into collections bec. I enrolled in hardship program.  End of story: finally last month I got them to wipe the account off my credit report/totally deleted.  Was a big mess and took a lot of time.
Did you offer to add your father as a joint account holder?
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.