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The AMEX Financial Review Thread

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Anonymous
Not applicable

Re: The AMEX Financial Review Thread

I don't think Amex does Financial Reviews on everyone at all. I saw this on the board and mentioned it to my husband. My husband has had an Amex card for over 15..nearly 20 years and he has never had a 'financial review' done. I just became a member recently (first card with own name since becoming a SAHM) and the whole FR thing doesn't bother me in the least bit and when I mentioned it to my husband he said the same thing. Why would someone be afraid of an FR? If your finances are in order then what is the problem? I am asking this because there seem to be a few people who are afraid to get a FR and I don't know why someone would be bothered by it (other than the fact that it's a hassle/time consuming). Perhaps people with good credit and great incomes aren't affected? This is what I am thinking. I bet they only FR people who they see as a 'risk'---those with low incomes and so-so credit. This is the only difference I see. I've also asked a couple other people we know with Amex cards and none have ever heard of or been targeted for an FR.
Message 51 of 71
haulingthescoreup
Moderator Emerita

Re: The AMEX Financial Review Thread

I think that there are two different issues. One is that people are worried that, as a result of the FR, Amex will think that they have too much credit stuff going on for their income and might cut back their CL's or even cancel their cards.

But the one that really seems to rev people up is that when it happens, their cards are frozen, leaving them stranded. It's bad enough needing to use your card and finding out that they don't take it, but to find out that your account is frozen until you submit things (and maybe finding this out at the end of a big business dinner, or when you're on the road or out of the country), is pretty upsetting. This is why I think anyone with an Amex, no matter how impeccable their credit, should always have a back-up card.

And by the way, I don't think it's wrong of Amex to do this. I like for my financial institutions to err on the conservative side. And there does seem to be a pattern of behavior that triggers the FR. I do question the way that they spring it on card-holders.

Monty Python: "No one EVER expects the Spanish Inquisition!" Smiley Very Happy
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 52 of 71
notmyname
Regular Contributor

Re: The AMEX Financial Review Thread

"Impeccable" handling of an Amex account does not bring on frozen accounts and FRs. It is sad but amusing too, that people seem so shocked that they are at a "business" dinner and find their accounts frozen when at midnight they were home opening three MORE accounts and raising the limit on the one they are using. This is what causes frozen accounts. It is not responsible behavior and it triggers the algorithms of Amex software to shut the account down; even perhaps because it could be the actions of an account that has been high-jacked.
Message 53 of 71
andyaycw
Frequent Contributor

Re: The AMEX Financial Review Thread



@notmyname wrote:
"Impeccable" handling of an Amex account does not bring on frozen accounts and FRs. It is sad but amusing too, that people seem so shocked that they are at a "business" dinner and find their accounts frozen when at midnight they were home opening three MORE accounts and raising the limit on the one they are using. This is what causes frozen accounts. It is not responsible behavior and it triggers the algorithms of Amex software to shut the account down; even perhaps because it could be the actions of an account that has been high-jacked.





Hm, that's exactly what I did. In addition to Amex, I opened three more accounts and requested a CLI at activation from $5700 to $10k. My FICO scores also lost on average around 20 points across the board due to the new inquiries and new accounts reporting (my mid-score is now 713). I've been PIF for the first three months I've had the card, hope I don't get hit with an F/R!

Starting Score: EQ 773, TU 766
Current Score (2/25/2017): EX 813, EQ 823, TU 818
Goal Score: 800


Take the FICO Fitness Challenge
Message 54 of 71
notmyname
Regular Contributor

Re: The AMEX Financial Review Thread

Good luck, maybe you won't since you have good scores , but shaky judgement. LOL
RP
Message 55 of 71
Anonymous
Not applicable

Re: The AMEX Financial Review Thread

That's what I thought. I knew there had to be some irresponsible handling of accounts going on in order to get this FR because I know so many with Amex..including my husband and other family members and myself as a new member and no one ever heard of it. Most have been LONG term Amex holders. I also agree with how Amex handles this...a lot of people are really irresponsible when it comes to credit and also just applying for card after card after card. Why would anyone need so many cards? Also why would one need to keep asking for CL increases? They already give you normal increases periodically if you are responsible with your card. Obviously, if you only qualified for a low limit in the beginning there was a reason for that IMO. Otherwise, you would have been given a high limit to begin with. Two major cards is enough IMO and you don't need any store cards. That's my opinion and it's worked in my household. We don't carry debt and we've never been in real debt and we never apply for extra cards or ask for CL's. We are usually just given CL's automatically and most of our CL's are very high to begin with.

Message Edited by indyfree on 10-23-2007 09:09 AM
Message 56 of 71
Anonymous
Not applicable

Re: The AMEX Financial Review Thread

I keep my Amex as one of my lowest CLs to stay on the safe side.
Message 57 of 71
notmyname
Regular Contributor

Re: The AMEX Financial Review Thread

A little pepperoni is all you need anywayl
RP
Message 58 of 71
dizzier
Established Contributor

Re: The AMEX Financial Review Thread



@Anonymous wrote:
That's what I thought. I knew there had to be some irresponsible handling of accounts going on in order to get this FR because I know so many with Amex..including my husband and other family members and myself as a new member and no one ever heard of it. Most have been LONG term Amex holders. I also agree with how Amex handles this...a lot of people are really irresponsible when it comes to credit and also just applying for card after card after card. Why would anyone need so many cards? Also why would one need to keep asking for CL increases? They already give you normal increases periodically if you are responsible with your card. Obviously, if you only qualified for a low limit in the beginning there was a reason for that IMO. Otherwise, you would have been given a high limit to begin with. Two major cards is enough IMO and you don't need any store cards. That's my opinion and it's worked in my household. We don't carry debt and we've never been in real debt and we never apply for extra cards or ask for CL's. We are usually just given CL's automatically and most of our CL's are very high to begin with.

Message Edited by indyfree on 10-23-2007 09:09 AM




that's what i was thinking too. If you apply for 3 cards in a row along with CLI then you are a risk to AMEX. they don't know your intentions. for all they know you could max all these new cards out and get into deep trouble. they are just covering their behinds.

likewise if you go on a charging spree they want to know that you have the means to repay.

i say good for them.
____________________
FICOs: (as of 12-10-08): EX 759 | (as of 01-24-10): EQ 794 TU 756 EX ? | (as of 3-17-11): EQ 794 TU 790 EX ?

Until Chase lowers my ridiculously high APR they can kiss my patootie! Their card has been retired to the sockdrawer. Smiley Mad
Message 59 of 71
lanah
Valued Member

Re: The AMEX Financial Review Thread

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.

Message 60 of 71
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