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 1079282 times)

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 22125
  • Total likes: 671
  • DansDeals.com Hat Tips 74
    • View Profile
  • Location: NYC
Re: Amex Financial Review
« Reply #390 on: May 22, 2011, 09:41:24 AM »
if they fred a biz account u dont think they would allow biz documents not sure what ur asking

You might think so, but what's obvious isn't always the case with Amex F/R, so I was asking you to clarify if you were talking from experience. For all we know, when they F/R businesses they still (also?) consider personal 4506-T data in their decision.
My barber needs your support, heís a real sweetheart.

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

Offline myb821

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2011
  • Posts: 7471
  • Total likes: 2
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York
Re: Amex Financial Review
« Reply #391 on: May 22, 2011, 09:43:57 AM »
Got it. No not from experience sorry

Offline stevesteve

  • Dansdeals Silver Elite
  • **
  • Join Date: Dec 2010
  • Posts: 72
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New Jersey
Re: Amex Financial Review
« Reply #392 on: May 22, 2011, 07:58:03 PM »
My credit is stellar. I would typically get approved for any application that I submit, however Amex put me under FR and ultimately have me the option of shutting down my accounts prior to them shutting them down , so I did just that. Do u think that will have any affect on a Citi Amex card application?

Offline myb821

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2011
  • Posts: 7471
  • Total likes: 2
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York
Re: Amex Financial Review
« Reply #393 on: May 22, 2011, 07:59:59 PM »
My credit is stellar. I would typically get approved for any application that I submit, however Amex put me under FR and ultimately have me the option of shutting down my accounts prior to them shutting them down , so I did just that. Do u think that will have any affect on a Citi Amex card application?
no totally unrelated one is issued from amex one is issued from citibank using amex dont worry

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 22125
  • Total likes: 671
  • DansDeals.com Hat Tips 74
    • View Profile
  • Location: NYC
Re: Amex Financial Review
« Reply #394 on: May 22, 2011, 10:31:26 PM »
no totally unrelated one is issued from amex one is issued from citibank using amex dont worry

+1. Unless the account closures have already been reported and had an adverse effect on your score.
My barber needs your support, heís a real sweetheart.

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

Offline nageeork

  • DansDeals Copper Elite
  • *
  • Join Date: May 2011
  • Posts: 14
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: new york
Re: Amex Financial Review
« Reply #395 on: May 23, 2011, 03:56:25 PM »
I just got a call from Amex that they want to review me. I told them I would call them back and they said that I should not use my starwood or platinum card until I call them back. I was planning on cancelling the platinum card soon. Is there a reason not to cancel the card before I call them back? Is it better to cancel it?

Offline myb821

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2011
  • Posts: 7471
  • Total likes: 2
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York
Re: Amex Financial Review
« Reply #396 on: May 23, 2011, 03:58:29 PM »
I just got a call from Amex that they want to review me. I told them I would call them back and they said that I should not use my starwood or platinum card until I call them back. I was planning on cancelling the platinum card soon. Is there a reason not to cancel the card before I call them back? Is it better to cancel it?
ur under F/R do u have an income similar to the one you reported?

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 56644
  • Total likes: 4503
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA Global Services, AA Lifetime Plat, DL Dirt, SPG Plat, Hyatt Diamond, Fairmont Lifetime Plat, Hilton Diamond, Priority Club Plat, Avis Chairman, National EE, Hertz PC
Re: Amex Financial Review
« Reply #397 on: May 23, 2011, 04:32:10 PM »
The income doesn't need to be what you said, it just needs to exist.
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 nageeork

  • DansDeals Copper Elite
  • *
  • Join Date: May 2011
  • Posts: 14
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: new york
Re: Amex Financial Review
« Reply #398 on: May 23, 2011, 07:43:13 PM »
ur under F/R do u have an income similar to the one you reported?

Yes a combination of mine and my wife's income...

Offline nageeork

  • DansDeals Copper Elite
  • *
  • Join Date: May 2011
  • Posts: 14
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: new york
Re: Amex Financial Review
« Reply #399 on: May 23, 2011, 07:43:54 PM »
ur under F/R do u have an income similar to the one you reported?

What triggered the f/r?

Offline myb821

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2011
  • Posts: 7471
  • Total likes: 2
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York
Re: Amex Financial Review
« Reply #400 on: May 23, 2011, 07:46:41 PM »
Yes a combination of mine and my wife's income...
if u have the income just send in the forms they require and u will be fine u dont need to cancel anything

Offline nageeork

  • DansDeals Copper Elite
  • *
  • Join Date: May 2011
  • Posts: 14
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: new york
Re: Amex Financial Review
« Reply #401 on: May 23, 2011, 07:47:35 PM »
if u have the income just send in the forms they require and u will be fine u dont need to cancel anything

Also, does allowance count as income?

Offline myb821

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Mar 2011
  • Posts: 7471
  • Total likes: 2
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York
Re: Amex Financial Review
« Reply #402 on: May 23, 2011, 07:48:28 PM »
Also, does allowance count as income?
what is allowance? they r going to ask for ur tax return so if ur tax return shows it u r ok

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 22125
  • Total likes: 671
  • DansDeals.com Hat Tips 74
    • View Profile
  • Location: NYC
Re: Amex Financial Review
« Reply #403 on: May 23, 2011, 07:48:57 PM »
What triggered the f/r?

Any recent applications?
Any recent purchases of giftcards and/or prepaid cards?
Any recent funding of bank accounts?
Any recent large transactions and/or high utilization of your credit line?
My barber needs your support, heís a real sweetheart.

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

Offline nageeork

  • DansDeals Copper Elite
  • *
  • Join Date: May 2011
  • Posts: 14
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: new york
Re: Amex Financial Review
« Reply #404 on: May 23, 2011, 07:50:38 PM »
Any recent applications?
Any recent purchases of giftcards and/or prepaid cards?
Any recent funding of bank accounts?
Any recent large transactions and/or high utilization of your credit line?

I got the platinum card a little while ago and I purchased an Amex giftcard with it.