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AMEX Financial Review Info

dodtracker 73 February 16, 2013 at 08:03 AM
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Hello,

I have seen forums posted about this but I have some conflicting information and thought I would post it for anyone else that ever has to go through this nonsense.

Been AMEX card holder for a while now but for the past six months I have been putting all of my family's expenditures on the amex. 4-5k a month, paid off every month. I should say we have a Gold card in my wife's name and I'm an authorized user.

Yesterday, got a call from the FR department saying we were under a FR and that our card had be suspended. Being the hot head I am I immediately called back and let the first person I spoke with have a piece of my mind. I have heard of the nightmares of the FR and I was very upset it had happened to us. BUT, from what I have read on every post I can find, no one knows why they get an FR.

This is the conflicting information I have as I actually got the rep to tell me why this is happening. I handle most of the finances in my house and most of the charges go on my amex card. This is where the problem was. He said that when an Authorized user is doing 80% of the charges on the account it will flag a FR every time. Well I explained that I handle the finances and that was why. He still said they needed income verification. Well I also make 70% of our income so this was going to be an issue to. But here is the second conflicting information, he said that if we filled jointly (we are married) that all income on the return would be accepted. This again is different from what I've read in every other forum. I'm only an AU on the card but they will accept my income if it was jointly filed to the IRS with my wife. So I have filled out the IRS form the wanted and now am waiting to see what happens.

32 Comments

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#2
Quote from dodtracker View Post :
Hello,

I have seen forums posted about this but I have some conflicting information and thought I would post it for anyone else that ever has to go through this nonsense.

Been AMEX card holder for a while now but for the past six months I have been putting all of my family's expenditures on the amex. 4-5k a month, paid off every month. I should say we have a Gold card in my wife's name and I'm an authorized user.

Yesterday, got a call from the FR department saying we were under a FR and that our card had be suspended. Being the hot head I am I immediately called back and let the first person I spoke with have a piece of my mind. I have heard of the nightmares of the FR and I was very upset it had happened to us. BUT, from what I have read on every post I can find, no one knows why they get an FR.

This is the conflicting information I have as I actually got the rep to tell me why this is happening. I handle most of the finances in my house and most of the charges go on my amex card. This is where the problem was. He said that when an Authorized user is doing 80% of the charges on the account it will flag a FR every time. Well I explained that I handle the finances and that was why. He still said they needed income verification. Well I also make 70% of our income so this was going to be an issue to. But here is the second conflicting information, he said that if we filled jointly (we are married) that all income on the return would be accepted. This again is different from what I've read in every other forum. I'm only an AU on the card but they will accept my income if it was jointly filed to the IRS with my wife. So I have filled out the IRS form the wanted and now am waiting to see what happens.
I don't understand why they give a shit. As long as your paying your credit card on time, they should be lucky that they are getting credit card processing fees + monthly payments on time.
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#3
When I had my account suspended and they asked for my personal finances it took about a week to get the suspension lifted. Definitely a hassle. Let us know the outcome and Good luck.
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#4
Been through it three times now.

Kind of a PITA.
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#5
Not sure if you have to use Amex specifically but I have about 5 different Chase Cards and have had 0 issues with any of them.
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#6
Quote from vaultaddict View Post :
Been through it three times now.

Kind of a PITA.

Are you serious? 3 times? I am ok doing it this once but if it ever happens again I will go back to using my sapphire for all my expenses.
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#7
Quote from dodtracker View Post :
Are you serious? 3 times? I am ok doing it this once but if it ever happens again I will go back to using my sapphire for all my expenses.
Twice for me, once for my wife.
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I beat the Kobayashi Maru
2,027 Reputation
#8
I had an FR once and in my experience, they don't shut you down...at worst, you'll get a lowered credit limit.In my case, they put in a credit limit of $5000 on my charge card.


Also- if given a choice between the forums and the FR team, I'd believe what the analyst told you.
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#9
Quote from the.J129 View Post :
I had an FR once and in my experience, they don't shut you down...at worst, you'll get a lowered credit limit.In my case, they put in a credit limit of $5000 on my charge card.


Also- if given a choice between the forums and the FR team, I'd believe what the analyst told you.
A $5,000 limit would spell trouble for me. I would cancel the card at that point.
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I beat the Kobayashi Maru
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#10
Quote from PiratesSayARRR View Post :
A $5,000 limit would spell trouble for me. I would cancel the card at that point.

Why so? Just curious.


In my case, the bonus offer was too enticing to pass up. 100k points after a $5k spend.
Cancelling the card would only have netted me a wasted inquiry.


For my purposes $5k is enough, especially since I can come as close to the limit without worrying about utilization rates, since Amex doesn't report those to credit agencies for this card.
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#11
Quote from the.J129 View Post :
Why so? Just curious.


In my case, the bonus offer was too enticing to pass up. 100k points after a $5k spend.
Cancelling the card would only have netted me a wasted inquiry.


For my purposes $5k is enough, especially since I can come as close to the limit without worrying about utilization rates, since Amex doesn't report those to credit agencies for this card.
Too low of a limit so my usage to credit limit would dramatically increase and therefore lower my credit score.
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#12
What exactly is a financial review?

I've had my Blue from Amex for about 10 years now, I've never heard of this. We put everything we can on it each month, and have auto-pay in full each month (between $2500 and $5500 on average) about $35k limit. Reducing me to $5k I would definitely cancel my card. Any way to avoid a FR?
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#13
Quote from Serus View Post :
What exactly is a financial review?

I've had my Blue from Amex for about 10 years now, I've never heard of this. We put everything we can on it each month, and have auto-pay in full each month (between $2500 and $5500 on average) about $35k limit. Reducing me to $5k I would definitely cancel my card. Any way to avoid a FR?
http://creditshout.com/blog/how-t...al-review/
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#14
Hmm. I pump through about $50k/month in spending, mostly business related, through my Starwood Amex. I also have a Platinum card that is fairly active (just got it for the 100,000 bonus). Hopefully they don't pull this stunt with me.
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#15
Quote from Serus View Post :
What exactly is a financial review?

I've had my Blue from Amex for about 10 years now, I've never heard of this. We put everything we can on it each month, and have auto-pay in full each month (between $2500 and $5500 on average) about $35k limit. Reducing me to $5k I would definitely cancel my card. Any way to avoid a FR?
Have a $25K credit line on a card? FR is coming your way that requires sends AMEX everything you could imagine to reopen your accounts. You may escape for a while. Also don't jump through sign up bonuses because that will also trigger one.

My cards are at $24.9K for a reason.
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