Just got thru doing this, here are the steps I followed.

If you do not want to comply with the FR, and in order to circumvent it, as well as avoid any adverse action on your credit report, do the following.

1. When you get the FR on your card, cancel the card the same day. Tell them to make sure to enter it as "CLOSED AT CUSTOMERS REQUEST". Also make sure to verify that whatever offer you got on the outstanding balance will still apply (ie: 0% for 12 months). It should, but double check just to be safe.

2. Make your minimum payments (assuming this is a card that does allow for carrying a balance) for 2 months straight.

3. A few days after making your 2nd payment and it clearing, call them, and ask them to reopen the card.

4. As long as you ask them to reinstate the card NO longer than 90 days after it has been closed, they will not run a credit check (meaning no hit on your CB). Verify with CS if you want to be 100% certain.

5. Your CL and card should be reinstated without any FR. They will most likely tell you that a new (physical) card will be issued to you. Now just make sure not to make the same mistake of what got you into an FR in the first place!! Shalom!
Edit by Moderator: Thank you for participating in the forums. However, this topic has been covered in a recent post Here.

On a related note, other than the inconvenience what are the negative effects of a financial review?

mauricer said:They close your account at mark the file on your CR as "closed by grantor" or something to that extent. Basically it will say that whoever gave you credit, took it away. Not a good thing to see on ur credit file...

also, a FR will put a block on ur CC so you will not be able to use it, and if ultimately they will probably close it down and mark it as I said above.

I underwent a review last December. The only effect I felt was that all my AMEX cards were blocked for the duration of the review (the inconvenience factor). When and why do they close accounts?

dudetheobscure said:
Plus you forfeit all pending points/promotions - one reason to keep redemptions current.

You mean you lose your points regardless of the outcome of the review?

Ecuadorgr said:dudetheobscure said:
Plus you forfeit all pending points/promotions - one reason to keep redemptions current.

You mean you lose your points regardless of the outcome of the review?

Certainly not if you comply with their request and are approved. We're talking here about circumventing a FR.

jmz668 said:dudetheobscure said:Certainly not if you comply with their request and are approved. We're talking here about circumventing a FR.
Why would you not want to comply?

Did you lie?

Ask OP.

babaamit said:No, it is not just for circumventing a lie (although some people probably do overstate income)

Even if you fully comply and had not lied, they will sometimes close. Also many people use household income which is greater than the personal income they will match against--- and that is not a lie--.... Also they look at up to 2 year old income tax return, which for many people (me for example who had just graduated) is waaaaaaay outdated--- And they are generally not too considerate during the process

You have any evidence to support that?

I have never seen anyone who had everything be on the up-and-up, go through a review, and with no change of circumstances, finances or credit get their account closed.

I think there is little risk to undergoing a review if you are not messing around with your credit ala AORs or doing or have other credit/income issues that would change what AMEX knows about you.

I would also like more discussion of the "closed by grantor" and why so many act so scared of it....I dont see how it makes any difference vs. simply being closed....

maddybeagle said:I would also like more discussion of the "closed by grantor" and why so many act so scared of it....I dont see how it makes any difference vs. simply being closed....

Obviously there must be a reason to mark it "closed by grantor", otherwise they would just mark it closed.

What I'd like to know is what if you don't have any balance or anything on the card. Would closing it and then reopening it 60 days later do the trick? Or did this only work for OP sincce he had his balance transfer?

Porqin said:There is no reason why AMEX should need to see all of my tax data for multiple years. If I am paying them back with no delinquencies and they want to FR me, I will just close the account. Additionally if people want to share their tax information with AMEX, fine, but since people use HHI...why should they have to share somebody elses private tax information with AMEX?!

yup.