american express financial review?

dallybird said: American Express sent me a mail saying that my credit card would not accept new charges, because my account was under finanacial review. They asked me to send bank statement and tax information, and there is a deadline. I am wondering what will happen to my account?

This may be a stupid question, but to clarify, did you receive this request via snail mail or email?

what did you do to get the review? Did your credit limits go up too fast? Did you max out your cards?

btw: I had a business AMEX card, now they also wanted bank and tax info for that business.
should I just go ahead cancal the business account?

I just faxed the documents to them, and they told me it would take 7-10 days.
Ah, should I be worried about all the membership reward points?
maybe I should transfer them all now.
anyone had similiar experience here, would AMEX cancel your account after review?

expert5186 said: if they cancel your account any earned and unused points are null and void

No, he will get an option of transferring them to different programs.
My company given AMEX corporate card was cancelled by my company after 4-5 years and
I was given 3 months to transfer it to any programs.
Offcourse, I never had any inquiry from AMEX like the OP had.

OP should transfer them ASAP.

You should have also asked the reason for the review?
They should be able to tell you.

Yes it is from American Express.
I maxed out my credit card, and AMEX told me this is irregular activity.
This is really trouble to me, I had about 40k spg points,
should I transfer them all now?

If its the SPG card check your SPG account. Most likely the points from your last statement are already there. AMEX cant take points from your SPG account if you close your SPG AMEX AFAIK.
Gagan

dallybird said: Yes it is from American Express.
I maxed out my credit card, and AMEX told me this is irregular activity.
This is really trouble to me, I had about 40k spg points,
should I transfer them all now?

jlgrandam said: Please be so kind as to list all the AMEX accounts you currently have open. Prevailing theory is that you only get FR if you have AMEX charge products.no its not! You can get FR with their CREDIT products

FR thread
http://www.fatwallet.com/forums/arcmessageview.php?catid=52&threadid=241746&highlight_key=y&keyword1=amer

American Express once requested that I give them my banking info. This was back in late 90's. I went to use my AMEX Platium charge card and they declined the charge. When I got back to my office I called and complained. The CS rep explained that because my charging pattern went from 20K a month to close to 60K a month they wanted to verify I had the funds to pay the bill.

Now my bill went up so much because this was back when the Public Utilites started to accept credit cards for payments. I own and run investment properties. So to get a ton of "Free Miles" I started to run all my bussiness expenss through my personal card.

The person I got transfered to asked for my banking info which I provided. I gave them all my personal accounts including my brokerage account and my bussiness accounts. If I remember correctly they put me on hold and verified the info and unblocked my account.

When I applied for SPG credit card in 2003 I was giving originally a $5K limit. When I got the card I called up and complained and they asked for my banking info and where able to raise the limit from $5K to $25K but they refused to raise it any more because I have a centurion card with LOC attached with another 25K limit on it. They explained to be between the internal limit on my charge card and 2 credit lines they could not offer me any more credit.

So I dont think it is rare for American Express to request banking info they done it to me 2X over the last 10 years. slightly office topic but Citibank called me up when I applied last month for PP elite lvl credit card asking me for my banking info because I already had what they consider to be 2 high limit card with them. A $38K AA credit and a Diners Card. After providing them with my banking info they opened the new account with a $25K limit.

I think it becoming more commen today for credit issuers to ask for banking info as more consumers get hip onto how fico scores work and how to increase there scores.

freakinfreak said: I've decided not to comply this time as they said they can now do this review every 6 months now. Screw AMEX. I just need to transfer all my MR points now.good for you!

NO ONE should ever comply with AMEX FR.

I can get a million dollar home and they cant "re-evaluate" my loan and ask for updated financial info every so often.

Take your business elsewhere.

sorry to resurrect an old thread but i have just been placed under financial review

without going into details, what exactly are they looking for, or what do they do in a financial review?

do they reallocate and close lines? cancel all your cards? or just say, oh, hi, we wanted ot check up on you and leave you alone?

i faxed over the information already, just kind of scared because i use my AMEX cards a lot

wow, must be hitting a lot of people.


Im under FR now as well. I caved in and faxed them the info they asked for. Paystubs for 3 months, bank stmts for 3 months, tax returns last 2yrs. They also called my employer while I was on hold to verify employment.

They closed my new business gold card that I just got for the $100 stmt credit, and said they won't honor that promotion since acct is closed.

Don't know about my personal cards yet.

This was most likely brought on by my recent Xbox 360 buying spree.

I have 7 cards, but one is closed

Personal

Gold Rewards
Hilton
Blue Cash
Starwood (canceled because i got gold rewards and didnt want to pay membership fee)

Business

Gold Business
Delta
Business Cash Rebate

I bought 11k of computers on my business Delta account, which are actually for the business
i bought 6k of xboxs on my gold rewards
all other cards have a <1-2k balance or unbilled as they normally are so thhe two above are th eonly abnormalities

they kept on asking about the business that i own, that i have named in the business cards. the problem is, the business that i have those cards under probably only accounts for 10% of my income

now, granted, im 20 years old, am still at the university, and do internships for income, but hey, i should still be able to be able to buy and pay off items

to top it off, ive been open for about 18 months on the blue cash and no lates or missed payments or carried balances. the 2 gold cards and the Delta have been open for about 3-4 months during my minor app o rama

hope this provides some help

dkk6 said: I spend about 100k to 150k per month on my AMEX cards. However, I tend to pay down the balance as soon as it appears on my cards. So, I usually never owe them more then 40k at any one time.FR is reasonable for 100-150k per month. Most creditors wont even grant lines that high w.o documentation of income.assets

but AMEX is routinely doing this for 4 and low 5 figure balances, which is very different than any other creditor

I was put under financial review twice. It took nearly 4 weeks for them to re-open my accounts. The second time, I did not comply. They closed all my accounts and tried to screw me out of my MR points. If you are concerned with what they are looking for, I have been told by several reps at AMEX they want to adjust your credit lines to 20% of your average balance in your bank accounts.

There are several recent threads over at creditboards.com about people getting F/R from AMEX recently as well. Seems like they just reviewd alot of their accounts recently. fyi.

My finacial review is also over. They reinstated my account after I faxed them the required information.

FinanceFan said: I also got the FR. This is lame.

It would be useful if you would provide some information as to what triggered your financial review.

Heihei said: They closed my account.
When can I reapply the new account?
I may need them in Costoco.

Go get a Citibank AMEX.