American Express Financial Review Question.

[chalupaman]

I just use my cards normally and have never had a problem with Amex at all. No FRs or anything. If I do carry a balance, I make sure they are low compared to the entire limit and have paid those off with no problem either. I also make a lot big payments to them on my cards and make sure I never just do minimum payment either. For big purchases like my MacBook Air, I just tell customer service up front about it before going through with it so they won't have any problems and that's also helped me to not have to deal with stuff like FR.

[kchengg1]

I feel like alot of people here don't come clean on why they got FR'd when they really do know why they got FR'd . They had to have done some sketchy things.

[FinStar]

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@longtimelurker wrote:

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@Jlu wrote:

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@Simba501 wrote:

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@takeshi74 wrote:

The general fear of FR is overblown here.  Worry about it if it happens.  They don't just randomly FR -- you'd have to give them cause.

Even in January your 2014 transcript won't be available/accepted.  According to what AmEx states they're not available/accepted until August/September.

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I prefer not to have an Amex because of Murphy's Law.  One should assume that the worst that could happen, will happen.  Because said review is possible, I operate under the assumption that it will occur.

But that's just me.

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How do you manage to leave your house? I mean, you can get hit by a mack truck while crossing the street.

Just because a dozen people on a CC forum have been FR'd doesn't mean that any significant majority of AMEX's 100+ million customers are FR'd.

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Because if he/she stays in, that Mack truck is going to plow into the house and explode.  

But yes, I agree, Amex FR is rare and not the end of the world if it does occur.   And sometimes they just close your card like other companies..

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This WAS hilarious LTL!!! I mean, I'm sure it happens but c'mon... I'm in tears laughing

[Blodreina]

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@Jlu wrote:

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@Simba501 wrote:

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@takeshi74 wrote:

The general fear of FR is overblown here.  Worry about it if it happens.  They don't just randomly FR -- you'd have to give them cause.

Even in January your 2014 transcript won't be available/accepted.  According to what AmEx states they're not available/accepted until August/September.

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I prefer not to have an Amex because of Murphy's Law.  One should assume that the worst that could happen, will happen.  Because said review is possible, I operate under the assumption that it will occur.

But that's just me.

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How do you manage to leave your house? I mean, you can get hit by a mack truck while crossing the street.

Just because a dozen people on a CC forum have been FR'd doesn't mean that any significant majority of AMEX's 100+ million customers are FR'd.

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That pattern of thinking eliminates the whole "oh man, it was so unlikely.." type of response you see from nearly every person who shares a FR review story.  I would argue that many think in similar ways (the worst will happen) or should.  Do you assume that all drivers you encounter abide by traffic laws?

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@Open123 wrote:

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@longtimelurker wrote:

But yes, I agree, Amex FR is rare and not the end of the world if it does occur.   And sometimes they just close your card like other companies..

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Right, just use the card, reap the benefits, and if a FR ever ensues, cancel your account if the price of disclosing your financials aren't commensurate with the rewards.

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 And this is where my point lies.  I have no interest in wasting time.  Or in randomly being declined because a review has ensued.  

[FinStar]

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@Simba501 wrote:

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@Jlu wrote:

---

@Simba501 wrote:

---

@takeshi74 wrote:

The general fear of FR is overblown here.  Worry about it if it happens.  They don't just randomly FR -- you'd have to give them cause.

Even in January your 2014 transcript won't be available/accepted.  According to what AmEx states they're not available/accepted until August/September.

---

I prefer not to have an Amex because of Murphy's Law.  One should assume that the worst that could happen, will happen.  Because said review is possible, I operate under the assumption that it will occur.

But that's just me.

---

How do you manage to leave your house? I mean, you can get hit by a mack truck while crossing the street.

Just because a dozen people on a CC forum have been FR'd doesn't mean that any significant majority of AMEX's 100+ million customers are FR'd.

---

That pattern of thinking eliminates the whole "oh man, it was so unlikely.." type of response you see from nearly every person who shares a FR review story.  I would argue that many think in similar ways (the worst will happen) or should.  Do you assume that all drivers you encounter abide by traffic laws?

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@Open123 wrote:

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@longtimelurker wrote:

But yes, I agree, Amex FR is rare and not the end of the world if it does occur.   And sometimes they just close your card like other companies..

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Right, just use the card, reap the benefits, and if a FR ever ensues, cancel your account if the price of disclosing your financials aren't commensurate with the rewards.

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 And this is where my point lies.  I have no interest in wasting time.  Or in randomly being declined because a review has ensued.  

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And I would point out not everyone is a worry bug and the sun still sets day after day.  I've been an AMEX customer for 20+ years (business and personal accounts) and have never encountered any issues.   Then again, anything is possible, but that type of concern is relatively the size of a grain of dust for me.

Of course, it's a matter of personal preference whether you want to do business with them (like any other creditor); you either like them or don't, there's no middle ground.

[baller4life]

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@FinStar wrote:

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@longtimelurker wrote:

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@Jlu wrote:

---

@Simba501 wrote:

---

@takeshi74 wrote:

The general fear of FR is overblown here.  Worry about it if it happens.  They don't just randomly FR -- you'd have to give them cause.

Even in January your 2014 transcript won't be available/accepted.  According to what AmEx states they're not available/accepted until August/September.

---

I prefer not to have an Amex because of Murphy's Law.  One should assume that the worst that could happen, will happen.  Because said review is possible, I operate under the assumption that it will occur.

But that's just me.

---

How do you manage to leave your house? I mean, you can get hit by a mack truck while crossing the street.

Just because a dozen people on a CC forum have been FR'd doesn't mean that any significant majority of AMEX's 100+ million customers are FR'd.

---

Because if he/she stays in, that Mack truck is going to plow into the house and explode.  

But yes, I agree, Amex FR is rare and not the end of the world if it does occur.   And sometimes they just close your card like other companies..

---

This WAS hilarious LTL!!! I mean, I'm sure it happens but c'mon... I'm in tears laughing

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Hilarious!!

[baller4life]

I never really understood the fear of Amex FR. It's not rocket science. Use the card as intended. Don't MS,request cli over $25k, carry balance forever while paying minimum payments or carry high overall util and the likelihood of you getting fr'd is slim to none. And if you do get fr'd, it's certainly not the end of the world. Give up the docs or close the card and move on. There's plenty other card issuers out there. Just seems real simple to me. I don't get all the panic and anxiety!

[longtimelurker]

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@baller4life wrote:
I never really understood the tear of Amex FR. It's not rocket science. Use the card as intended. Don't MS,request cli over $25k, carry balance forever while paying minimum payments or carry high overall util and the likelihood of you getting fr'd is slim to none. And if you do get fr'd, it's certainly not the end of the world. Give up the docs or close the card and move on. There's plenty other card issuers out there. Just seems real simple to me. I don't get all the panic and anxiety!

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Agree except for the bolded bit!   You may get a 4506-T request if you ask for a CLI (of any amount) but it's not an FR and can safely be ignored.   There is not a threshold amount, lots of reports here of people going above $25K with no issue.    So simplify to "use as intended" as sometimes increases above $25K is normal use!

[baller4life]

I meant request for 4506t on the over $25k cli not necessarily a fr. Certainly many are asked for docs under $25 cli requests. And many aren't asked at all over $25k. Just seems to be more common over that amt. Just the other day here someone requested $39k and got the 4506t request. Called and changed to $24.5k and it was instantly approved.