Amex financial review - help

[Anonymous]

I got hit with Amex Financial Review yesterday. My 3 Amex cards have their charging suspended now. I had been using Card#1 for 8 months, Card#2 for 5 months and Card#3 for 2 months. I have only 2.x years of credit history and credit score ~730. I pay their balances each month. I did purchase of VR’s on CVS last couple of months and I assume that’s the reason for trigger.

I am not comfortable to fill up the form 4506T and send it back to them as I exaggerated(60% more – it was not really mean, but I did not earn as expected) my income during cc applications as I was/am self-employed. I am afraid if Amex would close my accounts even if I send them the filled 4506T.

I have balances now on the cards (statements have not closed for all 3 cards) and I will be paying the balances today. I plan to close my 3 Amex cards in a day or two before the deadline to submit my FR. Will this be a good idea? If I do so, will I be able to get Amex cards in future? Basically I am not confident with 4506T fill-up and I do not want Amex to close my accounts. Can I do the request for account closure (for all 3 accounts) via Phone or secure message? What could be a good reason from me to Amex for closure request of my accounts?

I would appreciate your answers/ suggestions. Thank you for your help.

[Happychap]

They would probably just place an hard limit on your charge cards and maybe lower the limit on your revolving. They very rarely close accounts in good standing. You have 8 months of good history with them.

[Anonymous]

each card has only 2k spend limit (very low CL).

[Blurbz]

I second the above.  As long as you've paid taxes, hopefully you can escape with just CLD/hard limits.  

How much were the VR's for?  How often did you purchase them?  (I assume VR = Visa Reloadable? Right?)

[LS2982]

If your not comfortable with it axe them. FR is too intrusive.

I would close them rather than AMEX doing it.

[ibmrad7]

Anyway you are thinking to close the account, why not take a chance and send them the form. Who knows your luck works out well.

[ibmrad7]

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@Blurbz wrote:

I second the above.  As long as you've paid taxes, hopefully you can escape with just CLD/hard limits.  

How much were the VR's for?  How often did you purchase them?  (I assume VR = Visa Reloadable? Right?)

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Vanilla Reloads.

[winner88]

That is probably a bad idea. Submit the form requested, if they decide to close your accounts (which is not guarrantted) they usually tell you account is on queue to be closed and give you some days (redeed MR points, pay off balances whatever). 

If you come to that point, then go ahead and request for it to be closed yourself prior to them closing it.. don't do it before.. Unless of course you dont to close the accounts regardless.

[Anonymous]

@Blurbz - I did 6 or 7 reloads within 2 months but I shared among 3 amex cc's.

@LS2982 - Thanks. That will be my primary plan. Will closing cc on consumer request during FR has anyting to do with future amex cc apps?

@ibmrad - I am afraid to take risk. Closing account on consumer request would be okay rather the CC company does it. Also I think if Amex closes my account, will I be able to get future amex cc?

[shakalaka]

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@Anonymous wrote:

I got hit with Amex Financial Review yesterday. My 3 Amex cards have their charging suspended now. I had been using Card#1 for 8 months, Card#2 for 5 months and Card#3 for 2 months. I have only 2.x years of credit history and credit score ~730. I pay their balances each month. I did purchase of VR’s on CVS last couple of months and I assume that’s the reason for trigger.

I am not comfortable to fill up the form 4506T and send it back to them as I exaggerated(60% more – it was not really mean, but I did not earn as expected) my income during cc applications as I was/am self-employed. I am afraid if Amex would close my accounts even if I send them the filled 4506T.

I have balances now on the cards (statements have not closed for all 3 cards) and I will be paying the balances today. I plan to close my 3 Amex cards in a day or two before the deadline to submit my FR. Will this be a good idea? If I do so, will I be able to get Amex cards in future? Basically I am not confident with 4506T fill-up and I do not want Amex to close my accounts. Can I do the request for account closure (for all 3 accounts) via Phone or secure message? What could be a good reason from me to Amex for closure request of my accounts?

I would appreciate your answers/ suggestions. Thank you for your help.

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Sorry to hear that. I believe they will hit you with a F/R again, if you open an new card in the future and do not go through it now.