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Just a curious question: When AMEX will give financial review?

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epicureanism
Contributor

Just a curious question: When AMEX will give financial review?

This question arises from my another topic: http://ficoforums.myfico.com/t5/Credit-Cards/Got-approved-for-AMEX-SPG-30k-with-9500-limit/m-p/23635....

 

For those who are reviewed, could you please share your experiences? Thanks! 

Current Cards: BOA Better Rewards (2.5k), Citi Forward (2k), AMEX Blue Cash Preferred (6k), AMEX SPG (7.5k), DISCOVER (1k), Chase Freedom (7k).

Credit Karma: 752, Credit Sesame: 736.
Message 1 of 11
10 REPLIES 10
Luscher
Valued Contributor

Re: Just a curious question: When AMEX will give financial review?

And state why you got the FR? i.e.: what you did to have them FR you.

Thanks

CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 2 of 11
epicureanism
Contributor

Re: Just a curious question: When AMEX will give financial review?


@Luscher wrote:

And state why you got the FR? i.e.: what you did to have them FR you.

Thanks


 

It's actually hard to say why right? I have not been FRed, but just want to know when they are likely to give FRs. 

Current Cards: BOA Better Rewards (2.5k), Citi Forward (2k), AMEX Blue Cash Preferred (6k), AMEX SPG (7.5k), DISCOVER (1k), Chase Freedom (7k).

Credit Karma: 752, Credit Sesame: 736.
Message 3 of 11
CBTS
Frequent Contributor

Re: Just a curious question: When AMEX will give financial review?

Well, when or why in this case means the same thing. If you have start having abnormal spending habits after a history of spending normally, that's why they'll hit you with an FR or that's when they'll hit you. As for the what's considered abnormal in AMEX's view, I'm sure others can chime in too, but AFAIK, it's hard to determine what it exactly is.

Message 4 of 11
CBTS
Frequent Contributor

Re: Just a curious question: When AMEX will give financial review?

I personally believe FR concern is blown way out of proportion. Use the card, and pay it, I don't see any reason why AMEX'd FR you. Now, if you were to start charging more than your annual income, or let's say you overpay by a huge amount like $5000 and let the statement cut so they can send you a check refund of $5000, ofcourse they'd wanna FR you.

Message 5 of 11
epicureanism
Contributor

Re: Just a curious question: When AMEX will give financial review?


@Anonymous- wrote:

I personally believe FR concern is blown way out of proportion. Use the card, and pay it, I don't see any reason why AMEX'd FR you. Now, if you were to start charging more than your annual income, or let's say you overpay by a huge amount like $5000 and let the statement cut so they can send you a check refund of $5000, ofcourse they'd wanna FR you.


 

Thanks for the information. May I ask why overpay would trigger FR? Thanks! 

Current Cards: BOA Better Rewards (2.5k), Citi Forward (2k), AMEX Blue Cash Preferred (6k), AMEX SPG (7.5k), DISCOVER (1k), Chase Freedom (7k).

Credit Karma: 752, Credit Sesame: 736.
Message 6 of 11
09Lexie
Moderator Emerita

Re: Just a curious question: When AMEX will give financial review?

I agree with ternify- Amex is one if the few lenders that will give you an opportunity to keep your accounts. Other lenders will CLD or AA without warning and you might not ever get your CL's back.

We are a small sampling of Amex card members. The general population does not worry about an Amex FR and neither should you.
Message 7 of 11
CBTS
Frequent Contributor

Re: Just a curious question: When AMEX will give financial review?


@epicureanism wrote:

@Anonymous- wrote:

I personally believe FR concern is blown way out of proportion. Use the card, and pay it, I don't see any reason why AMEX'd FR you. Now, if you were to start charging more than your annual income, or let's say you overpay by a huge amount like $5000 and let the statement cut so they can send you a check refund of $5000, ofcourse they'd wanna FR you.


 

Thanks for the information. May I ask why overpay would trigger FR? Thanks! 


Overpaying and bringing the balance to a negative by a small amount shouldn't be a big deal. But overpaying, like I said in my previous example, by say $5000 and then letting the statement cut, which in turn will make AMEX send you a check (which is cash money), isn't exactly a sound decision. Reason I used this example is because I read/heard about a money laundering scheme a couple of years ago, in which the perpetrators would overpay lenders by huge amounts, make them send refunds, and in effect get "washed" money back.

Message 8 of 11
blondy250
Established Contributor

Re: Just a curious question: When AMEX will give financial review?


@09Lexie wrote:
I agree with ternify- Amex is one if the few lenders that will give you an opportunity to keep your accounts. Other lenders will CLD or AA without warning and you might not ever get your CL's back.

We are a small sampling of Amex card members. The general population does not worry about an Amex FR and neither should you.

Well unless you requested an absurdly high credit increase(amongst many reasons), then they will do a FR. The people who are worried usually lied about there income or can't prove there income.

Fico 8 12/9/17
Equifax 850, TransUnion 842 10/30/17 , Experian 842 12/11/17 . AAOA 12 years Oldest 20
No inquires since 2014
All credit reports frozen
Fico 8 Equifax Bankcard 866 12/27/16
Message 9 of 11
Crashem
Valued Contributor

Re: Just a curious question: When AMEX will give financial review?

There have been lots of discussion around why you get FRed. I don't think anything conclusive was decided. I wouldn't bother trying to "avoid" a FR. As example, I pre paid my Amex plat to help build up its credit line faster by about 30k and got no FR.

As previous posters mentioned, Amex will freeze your accounts and ask for permission to pull tax transcripts. They will then either close card, impose limits on card including charge cards, or just release the card. Funny thing is I have heard of people whose tax transcripts matched their declared income but still got their charge cards have a limit placed. If your income in significantly off from tax transcript, then you could be in big trouble,
               LIMITS IN CARD DESCRIPTIONS
Message 10 of 11
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