Jan 3, 2014, 2:49 pm
Last edit by: mia
Earlier discussion is in this thread: Financial Review Discussion [2009-2013]
In the USA a Financial Review typically includes a request to submit an IRS form 4506-T which authorizes American Express to obtain a transcript of your Federal Income Tax Return for a specific year. It does not authorize a copy of the actual return. Download the form here: http://www.irs.gov/pub/irs-pdf/f4506t.pdf
Order your own transcript here: https://sa2.www4.irs.gov/irfof-tra/start.do
Other USA-based rewards card issuers also audit accounts and end unsatisfactory relationships.
Bank of America: 2013
Citibank: 2013
JP Morgan Chase: 2013.1 2013.4 2013.9 2013.12
In the USA a Financial Review typically includes a request to submit an IRS form 4506-T which authorizes American Express to obtain a transcript of your Federal Income Tax Return for a specific year. It does not authorize a copy of the actual return. Download the form here: http://www.irs.gov/pub/irs-pdf/f4506t.pdf
Order your own transcript here: https://sa2.www4.irs.gov/irfof-tra/start.do
Other USA-based rewards card issuers also audit accounts and end unsatisfactory relationships.
Bank of America: 2013
Citibank: 2013
JP Morgan Chase: 2013.1 2013.4 2013.9 2013.12
Financial Review discussion
Dec 30, 2013, 4:57 pm
#16
Original Poster
Join Date: Jul 2008
Location: MSP
Programs: Delta PM, Marriott Plat, Hertz Pres
Posts: 3,649
Perhaps they just now caught up with your adjustment in income from 2 years ago - did you inform them of that change? Sounds to me like you may have stretched yourself a little thin and perhaps they were making the right call in shutting things down. Selling a car and paying (if Im reading it right) 30k worth of debt off doesn't signal the right things. I'm pretty sure their calculations showed that quantitatively vs. my qualitative guessing.
I'm a little curious if companies like AMEX keep accounts open if they're maxed out for a while and waiting for them to pay off or pay down.... seems a more likely situation to getting their $ back vs canceling. Someone else alluded to this above.
By the way, good luck with the New Years lifestyle change... sounds like you're making some good moves for long term financial health. As others said, there are plenty of other banks out there you can build a relationship with... AMEX is far from the only game in town.
You seem to imply "person" here.... I can assure you there is a very large server farm running algorithms on their customers to figure out which accounts should be reviewed for closure (if not closed electronically.)
I'm a little curious if companies like AMEX keep accounts open if they're maxed out for a while and waiting for them to pay off or pay down.... seems a more likely situation to getting their $ back vs canceling. Someone else alluded to this above.
By the way, good luck with the New Years lifestyle change... sounds like you're making some good moves for long term financial health. As others said, there are plenty of other banks out there you can build a relationship with... AMEX is far from the only game in town.
You seem to imply "person" here.... I can assure you there is a very large server farm running algorithms on their customers to figure out which accounts should be reviewed for closure (if not closed electronically.)
Dec 30, 2013, 6:28 pm
#18
Join Date: May 2002
Location: Arizona
Posts: 5,689
I feel like something important is missing from your first post. I am not sure if you left it out on purpose or acident. You write Amex did a FR. Did they notify you of the FR. Did any of your payments to Amex bounce once before going through your bank? Amex will automatically submit at least twice. Have you looked at all three major credit reports including Experian? Have you looked at the two new credit information agencies that banks like Chase are now using? Did you trigger what I call a "Bust out" fraud alert with Amex? I gave a definition on flyertalk
Dec 30, 2013, 6:32 pm
#19
Join Date: Jan 2010
Location: Stockholm, Sweden + Austin, Tx
Programs: "But, I'm a GLOBALIST guest...."
Posts: 2,848
Dec 30, 2013, 7:49 pm
#20
Original Poster
Join Date: Jul 2008
Location: MSP
Programs: Delta PM, Marriott Plat, Hertz Pres
Posts: 3,649
I feel like something important is missing from your first post. I am not sure if you left it out on purpose or acident. You write Amex did a FR. Did they notify you of the FR. Did any of your payments to Amex bounce once before going through your bank? Amex will automatically submit at least twice. Have you looked at all three major credit reports including Experian? Have you looked at the two new credit information agencies that banks like Chase are now using? Did you trigger what I call a "Bust out" fraud alert with Amex? I gave a definition on flyertalk
Past FR- I had one about a year and a half? ago when i was running work related charges through my personal plat card, being reimbursed for them from work, and paying my bill. I was totally open with them about my card use, being for work, at which point they said it was fine but they recommended a business card for it. Tho did not tell me to stop my use, they let me continue.
bounced payment - I wanna say a year ago a check was deposited into the bank bank account linked to my cards, a few days later i went online over the weekend and posted 3 separate payments to my cards. A day later i got a call from amex saying they were canceling my account (like now) and after pushing they told me all 3 payments bounced. Got in contact with the banker who admitted the bank had made a mistake, and for some reason sent a insufficient funds alert when amex attempted to take the funds (not sure how it happened). Got amex to re-run the payments and everything was fine, my account was re-enstated.
Dec 30, 2013, 8:12 pm
#21
Join Date: Dec 2013
Location: DFW
Programs: AA Plat, HHonors Gold, Marriott Silver, Hyatt Diamond
Posts: 21
Based on the information you have supplied, take a look at it from their point of view.
You have carried high balances for some time. You have one missed payment and have had payments "bounce" (even if it was a bank mistake) and you have had a high credit usage to income ratio for a while.
They made the correct decision to cancel you when your balances dropped to zero.
Not because you, personally, are a bad risk, but because you fit the profile of a bad risk.
For every person like you who is responsible and makes the appropriate adjustments, there are a dozen who will just run up the cards again and file bankruptcy.
That said, it sucks.
You have carried high balances for some time. You have one missed payment and have had payments "bounce" (even if it was a bank mistake) and you have had a high credit usage to income ratio for a while.
They made the correct decision to cancel you when your balances dropped to zero.
Not because you, personally, are a bad risk, but because you fit the profile of a bad risk.
For every person like you who is responsible and makes the appropriate adjustments, there are a dozen who will just run up the cards again and file bankruptcy.
That said, it sucks.
Dec 30, 2013, 9:56 pm
#22
Join Date: Dec 2010
Programs: Hilton Diamond, Marriott Titanium, Radisson Gold, Hyatt Globalist, M life Gold, IHG Spire
Posts: 918
Dec 30, 2013, 10:56 pm
#23
Join Date: May 2002
Location: Arizona
Posts: 5,689
xolinlevh-I would check and see if your recent eft payments were rejected just once the first time and then when they attempted the 2nd time they went through. This would trigger the close the account scenario you describe.
you can forget my theory above as I see you said you did push payments from your bank versus pull from amex.
you can forget my theory above as I see you said you did push payments from your bank versus pull from amex.
Last edited by Centurion; Dec 30, 2013 at 11:06 pm
Dec 31, 2013, 12:51 am
#25
Join Date: Mar 2011
Location: FL
Programs: AAdvantage Elite Plat, HH Gold, SPG Gold, Hertz Gold, BA
Posts: 498
Amex just canceled all my cards based on bad information.
They look at all your debt together which includes mortgage, student loan, car loans, credit card and any outstanding loan or payment and match against some internal algorithm
They don't like people who pay in full, they like debtors that make them money. But they balance it out according to specialized computer programs.
Who knows maybe they ran a year end audit of all accounts and yours was flagged for closure.
Having had :
-a FR
-High debt to income ( they saw your taxes based on FR)
-Bad check ( red red red)
-Missed payments
-20k on platinum???
The computer flagged you for cancelation. They could have flagged you for review subject to analyst scrutiny. Hope you were not MS using those cards. Amex does not like that at all and will come up if they decide to reevaluate you.
Don't sweat it, you just made a HUGE step into freedom and you will see that they come back to you once you are a customer that handles his finances.
If there is consolation, please know that a lot of us are planning on canceling Amex platinum. Goes both ways!
They don't like people who pay in full, they like debtors that make them money. But they balance it out according to specialized computer programs.
Who knows maybe they ran a year end audit of all accounts and yours was flagged for closure.
Having had :
-a FR
-High debt to income ( they saw your taxes based on FR)
-Bad check ( red red red)
-Missed payments
-20k on platinum???
The computer flagged you for cancelation. They could have flagged you for review subject to analyst scrutiny. Hope you were not MS using those cards. Amex does not like that at all and will come up if they decide to reevaluate you.
Don't sweat it, you just made a HUGE step into freedom and you will see that they come back to you once you are a customer that handles his finances.
If there is consolation, please know that a lot of us are planning on canceling Amex platinum. Goes both ways!
Last edited by lacuadra; Dec 31, 2013 at 12:57 am
Dec 31, 2013, 1:58 am
#26
Join Date: Mar 2012
Programs: Hilton, Hyatt, Priority, SPG - AA, Hawaiian Airline, United, US Airline
Posts: 608
Will I pass Financial Review or not?
My credit limit at Amex is
Amex Blue Prefer ($1,000).I had this card in 2004.
Amex Blue ($7,700). I had this card in 2004
November 2012: I got approved on Amex Hilton (no annual fee version). I did lie on my application and put annual income of $50,000. My actual income is only $15,000. My credit limit is : Hilton Amex ($19,900)
December 2013: I applied and got approved instant on Amex Blue Cash. This time I put my actual income of 2012 which was $21,000. I will manufacture spending on this card. Dont know my credit line yet.
If I get a Financial Review on Amex Blue Cash for manufacture spending, will I pass the FR on this? If they ask me to send them Tax return 2012, I will send it because I stated the actual income in 2012. Will they look at my application for Amex Hilton on November 2012 which I did lie on my income? Is there anything they will ask me to send?
Thank you for all your help!
Amex Blue Prefer ($1,000).I had this card in 2004.
Amex Blue ($7,700). I had this card in 2004
November 2012: I got approved on Amex Hilton (no annual fee version). I did lie on my application and put annual income of $50,000. My actual income is only $15,000. My credit limit is : Hilton Amex ($19,900)
December 2013: I applied and got approved instant on Amex Blue Cash. This time I put my actual income of 2012 which was $21,000. I will manufacture spending on this card. Dont know my credit line yet.
If I get a Financial Review on Amex Blue Cash for manufacture spending, will I pass the FR on this? If they ask me to send them Tax return 2012, I will send it because I stated the actual income in 2012. Will they look at my application for Amex Hilton on November 2012 which I did lie on my income? Is there anything they will ask me to send?
Thank you for all your help!
Last edited by happy9zz; Jan 1, 2014 at 2:03 am
Dec 31, 2013, 7:39 am
#27
Join Date: Nov 2010
Location: Bellingham, WA
Programs: AMEX Platinum, Delta Gold, Alaska Air MVP Gold
Posts: 449
When you use "lie" in your statement about your income be prepared to have everything cancelled. And to top it off to try and do manufactured spend.
Two words: Good Luck
Two words: Good Luck
Dec 31, 2013, 8:01 am
#28
Join Date: Feb 2010
Location: US
Programs: (PM)AA SPG (Marriott), Hilton
Posts: 1,040
A mistake (and worse), but moving on from that:
This may not be the best idea.
If you have gross income less than $2K/mo, and you start pushing $1K+/mo through your cards, it's going to raise red flags.
You may want to lay low for a while. As others have said, credit is a marathon, not a sprint.
A 4506, which is giving them permission to to request a summary of your taxes (not the actual returns) from the IRS. They get the data direct from the IRS not from you. You can find the form on the IRS web site. There are samples of the output on the web.
See http://www.flyertalk.com/forum/ameri...on-merged.html for FR experiences.
I will manufacture spending on this card.
If you have gross income less than $2K/mo, and you start pushing $1K+/mo through your cards, it's going to raise red flags.
You may want to lay low for a while. As others have said, credit is a marathon, not a sprint.
Is there anything they will ask me to send?
See http://www.flyertalk.com/forum/ameri...on-merged.html for FR experiences.
Dec 31, 2013, 9:46 am
#29
Join Date: Jan 2010
Location: Stockholm, Sweden + Austin, Tx
Programs: "But, I'm a GLOBALIST guest...."
Posts: 2,848
If I get a Financial Review on Amex Blue Cash for manufacture spending, will I pass the FR on this? If they ask me to send them Tax return 2012, I will send it because I stated the actual income in 2012. Will they look at my application for Amex Hilton on 11/27/2012 which I did lie on my income? Is there anything they will ask me to send?
Thank you for all your help!
Thank you for all your help!
I think AMEX should sever their relationship with you for stating your income at 3x the amount you earn... that is a significant liability for them and a pretty massive lie on your income. Will they see it? I guess you will find out.
I very much doubt you would pass a FR. There are also legal consequences for the fraud you committed. As it sits, I'm shocked they're giving you 25k+ worth of spend which sits at >100% of your yearly income. I'm equally shocked when people admit to fraud on internet forums.
Last edited by austin_modern; Dec 31, 2013 at 10:03 am