topic Re: Amex Financial Review in Credit Cards

Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:19:26 GMT

I was hit on a amex financial review and my 4 cards are suspended. They didn't ask for tax returns only bank statements. Any advise for me?

Re: Amex Financial Review

AverageJoesCredit — Wed, 16 Aug 2017 20:21:15 GMT

Give them or say goodbye to your accounts.

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:25:12 GMT

Be thankful it's only bank statements which are super easy.

Why'd you get the FR? High utilization? Missed payment? Any spooky data on your CRs lately? Too many apps too quickly?

How old are the accounts?

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:34:29 GMT

They said it was due to big purchases. All my amex accounts are 1 year old except for the starwood which I just received 2 weeks ago. The huge purchase was on the starwood card. How long does it usually take to review information? Why just bank statements isn't it usually tax return?

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:33:37 GMT

Like maxing your account out type purchases across all cards, or what?

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:36:11 GMT

$5000 (50% of credit limit) however I made a payment in the amount of $5000 right after the purchase. All other cards are about 2% utilization

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:36:43 GMT

If you want to keep the cards, you have to submit the information. Not sure what the exactly are asking for since I never had an FR but I'd include all bank accounts including checking, savings. money market, etc. If you can show enough income to manage those credit limits, they'll likely reopen them.

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:38:28 GMT

Information was submitted. I was told only submit the bank account i use to pay amex. Submitting more will lead to account closure.

Re: Amex Financial Review

wasCB14 — Wed, 16 Aug 2017 20:40:25 GMT

It sounds like you are going to provide the information, but in the event you don't, be aware they will ask for it if you apply for a card from them in the future.

*Posted one minute too late.

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:41:31 GMT

Surprised that spooked them with the payoff made shortly after.

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:42:49 GMT

Payoff was made 5 minutes after purchase. bank statements were provided now its just the waiting game.

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:44:01 GMT

Weird that they would ask for only one bank account. Very odd.

That would spook me since I have a bank account set up JUST to push payments to credit card companies. Whenever I make a large charge (over $100) I transfer funds into my payment checking account so I know I always have enough to PIF anytime. If my creditors wanted to see that account all they would see is 10-15 transfers a month and 5-15 payments pushed to creditors. Doesn't really tell any story there.

Amex is bizarre. Did you recently update your income amount on Amex's site?

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:47:40 GMT

Income hasn't been updated since I got my first amex. I thought it was strange as well since I have one bank account I use to pay credit cards except amex and another that my direct deposits go into. The bank account they asked for had $48,000.00 in it.

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:48:33 GMT

Was the purchase through a "reputable" company? If it was not or if it was a payment made to an individual they may want to see if you're churning cash for rewards. Just a thought..

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:49:55 GMT

I'm going to guess they're going to have no issue re-opening the accounts -- and hopefully you won't get the double whammy FR remanding tax returns later, ugh.

Probably also a good reason to be careful in how many accounts you have with any creditor, although I think Chase seems to be the most lenient on number of cards but getting past 5/24 means it takes a few years to get there! I see a lot of folks getting 3, 4 Amex cards in a very short period of time, so these FRs aren't that strange to me.

Remember, for every card you have, they have to be able to back up that credit limit with cash to pay out to vendors -- and Amex does their own underwriting/banking, so it's their money before it's bond buyers.

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:50:17 GMT

I've run into the "just submit one bank account before, when refinancing a mortgage. I was told to submit the one with the fewest transactions, presumably on the principle that anything can raise a question. But like here, doesn't seem to make too much sense if you are really doing a financial analysis

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:51:01 GMT

It was a Paypal purchase for some items I bought however It was not to myself or anyone related to me. It was for goods for my business. Using a business card.

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:53:27 GMT

$5000 on Paypal would do it. Lots of suggestions out there to avoid using Amex for Paypal -- wonder if Amex has internal data showing a higher charge-off rate when people use it for Paypal leading up to financial hurt.

I haven't used Paypal in years. When I sold one of my businesses I forgot I had a Paypal account and it went negative (emails went to the domain I sold, lol) and they banned me for life over $-75 even though I put $10,000s a month through them. Paypal bites. I prefer to use Plastiq or if a vendor takes it, Square.

Re: Amex Financial Review

Anonymous — Wed, 16 Aug 2017 20:55:16 GMT

I've heard of paypal purchases triggering FR. You'll be ok as long as it wasn't some sort of "straw deal".

Re: Amex Financial Review

wasCB14 — Wed, 16 Aug 2017 21:02:32 GMT

Yeah, $5k on Paypal could raise a few eyebrows, especially on a new card. I think you'll be fine once they sort it out.

I've used Amex on Paypal before without any problems, but it's been like 2% of my total Amex spend.