topic Re: American Express Financial Review? in Credit Cards

American Express Financial Review?

Anonymous — Fri, 27 Nov 2020 19:41:07 GMT

Been a while since I have come by these forums, but today I went to make a purchase online for under $25.

1st time it came up as refused. Figured I entered something wrong.

Checked everything, did it again, same result.

Hmm, it was an AMEX card, so went to login into my account to see what was up.

At the top, in red it stated, in effect, my charging has been suspended call 1800...

My accounts are paid in full.

There has been no large purchases.

My FICO score, through their site is a hair under 800 (as well as through myFico).

What the heck?

So I call, they tell me I am under financial review. I ask why have I not been notified prior as I have auto and had I not attempted a purchase today I would have had no idea, thusly ensuring that those few autopay accounts would have kicked back causing potential additional fees, etc.

I received no mailing, no email, no phone call. They claimed they called my business line this am, but the VM was full (it is not full nor are we opened today).

Speaking with reps who have very little command of the english language is problemic, just as a matter of understanding what the issue is and how to resolve it.

I ask for a supervisor, who tells me the rep told me what happened (he simply told me that the account is under FR, but gave me no actionable direction on how to resolve this or why this even happened) and disconnects midway through a sentence.

I call back, and am told nothing new, (account is under financial review) and he would email. I ask if he would stay on the phone until I receive it. Nothing received. He sends it again. Again nothing.

He then says he will fax me a 4506T form (that was over an hour ago) which has yet to be received.

I am utlizing almost nothing of my credit limts across all my cards, they are each well under $500 per and many with $0 spending (1 threatened me that if I didn't use it they will close it, so I bought a freaking wiffle ball off Overstock) and all are paid in full each month.

I am now locked out of my AMEX portal, so I cannot even administer the accounts.

I am not comfortable with giving anyone direct access to my income tax returns and I have no idea how many years they even want.

The communication on such an important matter as finances has been zilch and is causing me undue stress without any clear path to correct this.

Back to the portal, It gives me the option to have them send a verification email, which I opt for, nothing received. After about 5 minutes that window refreshes (server side) that even if it is received I have to start the whole process over.

What is American Express doing?

Re: American Express Financial Review?

CreditCuriosity — Fri, 27 Nov 2020 20:02:54 GMT

Others more familiar with FR should be able to explain how to upload your last few years tax transcripts believe it is usually two if i recall correctly? You have one of two choices to either provide the 4506-t's or part ways with AMEX, there is usually no middle ground if they are requesting those. They use thirld party data source such as theworknumber and other means to see income and what you put as income so if there is a decent difference than that could be possible reason of action being taken despite not owing much as you mention. Some people are allowed to just do paystubs, but appears they want your tax transcripts and that is done through Equifax on their behalf. So as mentioned earlier comply or sever the relationship. Sorry this happened to you and best of luck

Re: American Express Financial Review?

trant3 — Fri, 27 Nov 2020 20:45:08 GMT

There's only two options:

1: Send them the 4506T, it will be two years worth of tax transcripts

2: Dont send the 4506T, Amex will close all of your accounts.

Stressing over why the FR was triggered is a moot point rn.

Re: American Express Financial Review?

Curious_George2 — Fri, 27 Nov 2020 21:04:46 GMT

That sounds really upsetting. Every time I read a report like this, it makes me wonder what happened to cause Amex to act this way. I'm sorry you are being subjected to this, OP. I hope you figure out the cause and find a happy resolution. Thanks for sharing your experience here, so the rest of us might have a better chance of avoiding this unfortunate situation.

Re: American Express Financial Review?

silver_idle — Fri, 27 Nov 2020 21:24:21 GMT

Sorry to hear about all of that. Were there any changes in income or usage in other cards? They couldve spot a pattern they dont like or might want to verify your income. Like others have stated they really dont give you a third option when it comes to FR. I wouldnt know what brought about the change but it could just be a random system flag or just a random pick for a FR.

Re: American Express Financial Review? UPDATE

Anonymous — Fri, 27 Nov 2020 21:49:29 GMT

FINALLY got someone in the US!

It was an error on their part that triggered it.

Apologies up the wazoo.

Should be all taken care of by EOD.

Unreal.

Re: American Express Financial Review?

Anonymous — Fri, 27 Nov 2020 21:50:42 GMT

Nothing.

Got someone in the US and it was an error on AMEX's part...

Re: American Express Financial Review?

AllZero — Fri, 27 Nov 2020 21:51:25 GMT

Nice! One less thing to worry about.

Re: American Express Financial Review?

Anonymous — Fri, 27 Nov 2020 21:51:36 GMT

The cause?

Nothing I did.

Finally got someone in the US and it was an error on Amex's part.

What a PITA.

Re: American Express Financial Review?

Anonymous — Fri, 27 Nov 2020 21:52:39 GMT

Looks like I found a 3rd...

Spoke with a US based rep and it turned out to be an error on their part.

Should be fully resolved by EOD w/o any further action from me.

Re: American Express Financial Review?

Anonymous — Fri, 27 Nov 2020 21:58:25 GMT

This is crazy! Thanks for sharing your experience. I go though cycels with my cards and AMEX just got a ton of spend and PIF from me. Knowing this happened to you means it could happen to anyone. Hopefully those of us with AMEX will recall this if it happens again.

Glad it all worked out!

Re: American Express Financial Review?

M_Smart007 — Fri, 27 Nov 2020 22:45:32 GMT

Wild!

Hope it all works out by the EOD.

Good Luck!

Re: American Express Financial Review?

JR_TX — Fri, 27 Nov 2020 23:24:21 GMT

Glad it all worked out well for you!

Although I don't think it was an error on their part but merely a victim of their overly sensitive algo which they probably re-calibrated due to the pandemic which in turn was overturned by their US based UW dep't. when you brought it up to their attention!

I say this because I want to emphasize what lenders have been doing since the start of the pandemic than just blame it on a mere system glitch or error!

Re: American Express Financial Review?

Remedios — Fri, 27 Nov 2020 23:48:51 GMT

@JR_TX wrote:
Glad it all worked out well for you!

Although I don't think it was an error on their part but merely a victim of their overly sensitive algo which they probably re-calibrated due to the pandemic which in turn was overturned by their US based UW dep't. when you brought it up to their attention!
I say this because I want to emphasize what lenders have been doing since the start of the pandemic than just blame it on a mere system glitch or error!

Nope.

Due to hierarchy, UW cannot override request for financial review, and it's not specific to Amex.

"Everyone stays in their lane" is how it's done. If you encounter fraud in the future, call UW and see if they can help you. Or, if you get a denial, ask to talk to fraud about overturning it.

Also, why would they need to lie about system glitch?

It's not like they had something to gain by pretending OP was selected for FR.

Re: American Express Financial Review?

red259 — Sat, 28 Nov 2020 00:38:00 GMT

@CreditCuriosity wrote:
Others more familiar with FR should be able to explain how to upload your last few years tax transcripts believe it is usually two if i recall correctly? You have one of two choices to either provide the 4506-t's or part ways with AMEX, there is usually no middle ground if they are requesting those. They use thirld party data source such as theworknumber and other means to see income and what you put as income so if there is a decent difference than that could be possible reason of action being taken despite not owing much as you mention. Some people are allowed to just do paystubs, but appears they want your tax transcripts and that is done through Equifax on their behalf. So as mentioned earlier comply or sever the relationship. Sorry this happened to you and best of luck

Where is this third party getting your income information from?

Re: American Express Financial Review?

Anonymous — Sat, 28 Nov 2020 01:59:24 GMT

@red259 I could be totally wrong, but I believe some employers report income data/employment status to sources like the work number.

@Anonymous Glad to hear it worked out for you. I'm sure that was a very irritating experience to deal with (hopefully you could get some bonus MRs out of it lol).

Re: American Express Financial Review?

addicted_to_credit — Sat, 28 Nov 2020 02:08:27 GMT

@red259 wrote:
@CreditCuriosity wrote:
Others more familiar with FR should be able to explain how to upload your last few years tax transcripts believe it is usually two if i recall correctly? You have one of two choices to either provide the 4506-t's or part ways with AMEX, there is usually no middle ground if they are requesting those. They use thirld party data source such as theworknumber and other means to see income and what you put as income so if there is a decent difference than that could be possible reason of action being taken despite not owing much as you mention. Some people are allowed to just do paystubs, but appears they want your tax transcripts and that is done through Equifax on their behalf. So as mentioned earlier comply or sever the relationship. Sorry this happened to you and best of luck
Where is this third party getting your income information from?

@red259, your employer/payroll company supplies that info. I can say with certainty ADP does..... you wouldn't believe what can be dug up on you.

Re: American Express Financial Review?

Anonymous — Sat, 28 Nov 2020 02:11:44 GMT

Got an email at 5pm that goes as follows:

"Dear [redacted]:

We are writing regarding your Card account(s).

We have completed our financial review and are pleased to let you know that your Card account(s) are in good order. You may use your Card(s) effective immediately.

You can visit our website at americanexpress.com to view your account online, make payments, and sign up for convenient email and mobile alerts.

Thank you for your Card Membership.

Sincerely,

American Express Credit Services"

Unreal...

Re: American Express Financial Review?

Anonymous — Sat, 28 Nov 2020 02:13:39 GMT

I can only go by what they said, that it was an error on their part.

There was nothing to trigger any action whatsoever, per them, who is high up on the food chain.

It is all done, but wrecked my entire day.

Re: American Express Financial Review?

Anonymous — Sat, 28 Nov 2020 02:33:08 GMT

Like I said when I started this, have not posted in a long while, but hope my experience helps someone down the line.

It was a very aggressive action to take.

I understand if the account was showing questionable spending or close to default, etc. But nothing of the sort took place.

Even then, would expect a heads up.

This is the same co. that keeps pestering me to upgrade to a slew of their cards (platinum, etc.), so it does not line as not a thing has changed.

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