Financial Review discussion

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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
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Old Aug 23, 16, 8:52 pm
  #691  
 
Join Date: Nov 2009
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Originally Posted by Troopers View Post
Why would more income than stated be a concern?
It's LESS income, not more....... I only got a major pay raise in late 2015, so my taxable income is 2015 is way less than my 2016 declared income.
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Old Aug 23, 16, 10:17 pm
  #692  
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Originally Posted by Rommie2k6 View Post
It's LESS income, not more....... I only got a major pay raise in late 2015, so my taxable income is 2015 is way less than my 2016 declared income.
You have pay stub, dont you?

Offer the FR rep to send that proof of your CURRENT income.

How much you made in the past should be irrelevant because how much you make NOW determine your ability to pay your bills NOW.

I understand AMEX could be stupid and stubborn, but there are times they still use some logic. If your 2016 income is what you have told us here, then just tell AMEX that is the situation.

Unless of course if your spend are still much more than your current income could support and you dont have proof of other sources of funds to show them, then yeah, it would be a problem.
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Old Aug 24, 16, 7:24 am
  #693  
mia
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Originally Posted by Happy View Post
You have pay stub, dont you?

Offer the FR rep to send that proof of your CURRENT income.
Already tried:

Originally Posted by Rommie2k6 View Post
I offered them that, but the person only wanted last year's tax return!
They will only accept the tax transcript, but this doesn't mean that American Express does not use other sources to estimate current income.
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Old Aug 25, 16, 11:18 pm
  #694  
 
Join Date: Aug 2016
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Amex FR on Paypal my cash cards

Hi Everyone, I want to use the Paypal my cash card strategy to pay my rent each month. Before I start this, I thought it would be best to check with the experts here. Does anyone know if that would be a common case to trigger a FR? ie. Buying 3k worth of Paypal my cash cards each month on my Points Rewards Gold Card?

Thanks in advance,
BB
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Old Aug 25, 16, 11:56 pm
  #695  
 
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Originally Posted by BadBreath View Post
Hi Everyone, I want to use the Paypal my cash card strategy to pay my rent each month. Before I start this, I thought it would be best to check with the experts here. Does anyone know if that would be a common case to trigger a FR? ie. Buying 3k worth of Paypal my cash cards each month on my Points Rewards Gold Card?

Thanks in advance,
BB
Why not just pay rent via Plastiq?
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Old Aug 26, 16, 8:54 am
  #696  
 
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Originally Posted by Carl View Post
Why not just pay rent via Plastiq?
Because using Paypal My Cash cards is cheaper - $3.95 per $500 vs 2% or whatever Plastiq charges.
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Old Aug 26, 16, 9:22 am
  #697  
 
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Originally Posted by bodiddely View Post
Because using Paypal My Cash cards is cheaper - $3.95 per $500 vs 2% or whatever Plastiq charges.
Plastiq currently charges 1.75% (as long as you establish the rent or mortgage payment before the end of next month). It also means you don't have to leave your house. Most importantly, you won't run into the high likelihood of having your PP account shutdown (which can happen if you're using My Cash and then sending money to someone else, as opposed to buying goods and services from somewhere like eBay where either you or the recipient would pay an additional PayPal fee).
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Old Sep 27, 16, 3:44 pm
  #698  
 
Join Date: Sep 2013
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I'm unable to use any of my Amex cards since yesterday and was unable to transfer points today. I assume this means I'm under a financial review?

This kind of sucks given that I met the spend just in time to be able to take advantage of the Avios transfer bonus.

UPDATE: I originally thought this was an FR but I was mistaken. My points have just been frozen after applying for a targeted 100k Platinum offer. I was able to successfully use my Amex cards yesterday.

Last edited by Big4Flyer; Sep 28, 16 at 1:48 pm Reason: UPDATE
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Old Sep 28, 16, 5:25 pm
  #699  
 
Join Date: Nov 2009
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Can't reallocate credit to card with reduced line after Financial Review.

Last month I passed my AMEX FR. Last week I tried to move CL from one card to another. The card receiving the CL had a CL reduction as a result of the FR.

The request was denied, ..., and the rep cited a recent CL reduction on my card. It looks like even after passing AMEX FR you can't reallocate CL? Does anyone know how long I have to wait before I can reallocate CL?
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Old Sep 28, 16, 5:46 pm
  #700  
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Thread title edited to more fully describe the issue. A credit line reduction is a typical outcome from a Financial Review. I would say you survived the review with your cards intact, but a credit line reduction is still a sanction.

I do not recall anyone else mentioning how soon they were able to increase the limit on a card in this circumstance, but if it is like a new account I would wait six months.
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Old Sep 28, 16, 6:17 pm
  #701  
 
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FR issue aside, you can't reallocate between AmEx cards more than once every 30 days: http://www.doctorofcredit.com/how-to...rican-express/

This is just speculation, but perhaps the computer sees the CL reduction from the FR the same way it sees a reallocation, and thus starts the 30 day clock. My advice would be to try again in 31 days using the link in DoC's post on the subject.
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Old Sep 29, 16, 8:59 am
  #702  
 
Join Date: Nov 2009
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That's definitely a possibility.

Does anyone know if after passing FR, if you are able to apply for new cards, or is there a "waiting period"?
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Old Sep 29, 16, 9:26 am
  #703  
 
Join Date: Dec 2015
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I passed an FR in mid-February with no adverse action (CLs were not changed). Applied for EDP and SPG personal a month later - both went pending and were approved within 1-2 days.
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Old Oct 6, 16, 4:08 pm
  #704  
 
Join Date: Aug 2013
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DH received a vm today from Amex asking him to return the call. Logged in and his cards are suspended with the message "Charging suspended. Please call 1-800-678-0738 if we haven't already spoken with you." The only card I ms on with his accounts is the obc and always stay below the credit limit. Guess the new, large WF transactions caused this. I stated the correct income on his apps so hopefully he'll come out alright.

Update: it was related to bgr and green cards that I used ms on back in May/June to meet the minimum spends. The rep was very nice and only asked for basic info (name, job, income, email, etc) and sent the request form via email. Didn't mention anything about the charges. I'll update when he gets the outcome.

Update: Just had limits placed on the charge cards. Credit cards weren't touched.

Last edited by diseased; Oct 23, 16 at 3:55 pm
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Old Oct 7, 16, 12:01 pm
  #705  
 
Join Date: Jul 2015
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Has anyone seen a correlation between FRs and getting retention offers?
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