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Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007
0

Re: The AMEX Financial Review Thread


lanah wrote:

Can a consumer deny a F/R be done? I just got a call left on my message and reconized the number as a number that was posted as being the FR dept.

 

I'm not sending them anything.

 

If they request documents that credit cards DON"T need then I think that's an invasion of privacy. Why would they need W2's and bank statements?

 

I'd rather pay the balance off and close the account.


I believe you can refuse, and that they are likely to then close the card.

 

Think of it this way - to get a mortgage (a secured loan) one often has to prove financial ability to pay (at least in the good old days and the new ones coming).  For an unsecured loan, albeit of a lower total amount, one can be asked to do the same thing.

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Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007
0

Re: The AMEX Financial Review Thread

MV is correct. When I had mine, I was told I was free to refuse if I wished, but that my accounts would be closed.
Here we go again...
Established Contributor
fevmlo
Posts: 640
Registered: ‎03-28-2008

Re: The AMEX Financial Review Thread


lanah wrote:

Can a consumer deny a F/R be done? I just got a call left on my message and reconized the number as a number that was posted as being the FR dept.

 

I'm not sending them anything.

 

If they request documents that credit cards DON"T need then I think that's an invasion of privacy. Why would they need W2's and bank statements?

 

I'd rather pay the balance off and close the account.


I could be wrong here, but I think the FR calls may come from the same number as the ones AmEx make when their system has thrown up some security alert on your account. I had a security freeze after I moved house, and about three in the space of a week on my husband's AU card for no apparent reason at all, just after he got it. Each time I called the relevant number (or indeed the number on my card, come to think of it - as soon as you enter your card number you're filtered through to that department anyway), the reps I spoke to seemed a bit hazy about whether my account was in FR-freeze or security-freeze - the first one even mused to herself that "hmmm, let's see, you haven't had a financial review yet, but it doesn't looook like that's the problem here, I don't think it's that".

 

So, my point is... they may just want to do something mundane like verify your work telephone number or similar (I had to go through a whole rigamarole of proving who I was, but no financial documents were requested) - AmEx seem much more keen on just doing AA without bothering with FR these days, they definitely don't seem as common as they were, so it may not be that at all!

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New Member
gem0648
Posts: 2
Registered: ‎01-30-2010
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Re: The AMEX Financial Review Thread

Large purchases, cash advances, etc. will result in a call from Fraud dept...and maybe a FR. Card is suspended until you send in your tax returns and any other income doc. The woman i worked with was stupid.  She asked me what my mothers maiden name was and i said "Steele".  Rather common last name even today..most people should know how to spell it or close. She says "Steal", i say, "no, Steele", She says, "Stele".  She was a stupid call rep and was very vague and abrupt about the process let alone why i was in FR. I was paying them back as fast as i was charging...but made a $2000 dp on a car, and that triggered it (i think).  It was in FR for 2 weeks, i called her and she ignored me pretty much.  Summary:  they suck, not worth the aggravation, so i closed the account b4 the FR was complete.

Valued Member
rebulider
Posts: 27
Registered: ‎06-16-2007
0

Re: The AMEX Financial Review Thread

you are right it wont hurt ur fico score but if it says closed by grantor ....it looks bad on ur credit file and you can get deined if some one is manualy looking at ur credit file

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Valued Member
rebulider
Posts: 27
Registered: ‎06-16-2007
0

Re: The AMEX Financial Review Thread

its not the FR ppl r scared of its ...embarssment and hassle which comes with it ....since they dont warn you ....u could be in diffrent town or counrty and trying to pay for stuff with ur AMex and guess what happens it is decline ......and if u dont have cash or other credit card to pay with u r in trouble ....so i think it is very very bad service from AMEX most of ppl with good credit ..use credit cards only when needed ..like in emerginces or big purchases and if amex is gona do FR they should send out a letter or call the customer and tell them ur card is frozen dont even try using it

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Valued Member
rebulider
Posts: 27
Registered: ‎06-16-2007
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Re: The AMEX Financial Review Thread

if u only have 2 credit card you are consider limited credit experiance .....my freind have 3 cards for 10 years 16,500$ each ....got deined for business nationwide card ...cuz dont have enough credit expreance ..what a bull crap .....these banks r high ...i think thats why ppl like to keep at lest 5 to 10 credit cards

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culbertj1
Posts: 10
Registered: ‎06-28-2010
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Re: The AMEX Financial Review Thread

Looking for a little advice here...

 

I have had my Zync card for a month and a half now. Im a full-time undergrad student, with a fairly well paying part time job. I put down $16,000 as my income, which I figured as $11,000 income from job and $5,000 assitance from my parents. Perfect credit, although I was supprised I got approved for the Zync card in the first place (my credit history is a $400 limit Visa card and a power bill). Low and behold, got a call informing me this morning that I was getting a F/R. The rep said she needed me to fax my last 3 paychecks to them within 15 days, or my account would be cancelled.

 

Heres where the advice part comes in. Should I go through with the F/R, hoping that they continue with my account, or should I just cancel my account and pay off the balance in full? It kind of ticks me off that, although I've had to make only one payment so far, they have given me a hard time when there is absolutly no reason to do so. Im just worried that, based on my limited history, a mark like that from Amex on my credit report will be a big deal...

 

 


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Regular Contributor
asteroidblues
Posts: 117
Registered: ‎05-12-2010
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Re: The AMEX Financial Review Thread

 

If you have the paychecks you should send them. If you are under 21 you have to show proof of income to have a card now with the new credit card law.

 

Regular Contributor
tengtengvn
Posts: 249
Registered: ‎01-18-2009
0

Re: The AMEX Financial Review Thread

 


culbertj1 wrote:

Looking for a little advice here...

 

I have had my Zync card for a month and a half now. Im a full-time undergrad student, with a fairly well paying part time job. I put down $16,000 as my income, which I figured as $11,000 income from job and $5,000 assitance from my parents. Perfect credit, although I was supprised I got approved for the Zync card in the first place (my credit history is a $400 limit Visa card and a power bill). Low and behold, got a call informing me this morning that I was getting a F/R. The rep said she needed me to fax my last 3 paychecks to them within 15 days, or my account would be cancelled.

 

Heres where the advice part comes in. Should I go through with the F/R, hoping that they continue with my account, or should I just cancel my account and pay off the balance in full? It kind of ticks me off that, although I've had to make only one payment so far, they have given me a hard time when there is absolutly no reason to do so. Im just worried that, based on my limited history, a mark like that from Amex on my credit report will be a big deal...

 

 


If you think that you are not gonna pass, go ahead and cancel the card so it shows on your credit report that you request to close the card, not they close it. After they get your pay checks, they will ask for more. In my case, they asked for income tax return, ID, bills... And all those docs need to be faxed from a bank. F AMEX.

 

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