topic Re: Amex financial review in Credit Cards

Amex financial review

Anonymous — Fri, 09 Jul 2021 02:05:39 GMT

Hey y'all. So my wife opened a Platinum card and made me as a authorized user. I've been doing 90% of the payments and probably 70% of the spending on the card and we got hit with a Financial review.

Long story short when she created the account she made her income 55-60k when her income is 32-38k. (Yes I know dumb mistake) as I'm sure nobody here works in the department, but in y'all's opinion are we going to get canceled and black listed. (She has to send in w2 and we didn't file jointly)

Thank you.

Re: Amex financial review

Anonymous — Fri, 09 Jul 2021 02:10:20 GMT

@Anonymous wrote:
Hey y'all. So my wife opened a Platinum card and made me as a authorized user. I've been doing 90% of the payments and probably 70% of the spending on the card and we got hit with a Financial review.
Long story short when she created the account she made her income 55-60k when her income is 32-38k. (Yes I know dumb mistake) as I'm sure nobody here works in the department, but in y'all's opinion are we going to get canceled and black listed. (She has to send in w2 and we didn't file jointly)
Thank you.

IMO, unless there is a great believable reason for the difference, I would just not send in the W2. Your card will be cancelled but possibly not blacklisted. If she applies again at some point, she will almost certainly be asked for the documents, but at that stage (some time from now!) she can supply an accurate income figure on her app.

There is a difference between just not going through the process (some people feel it is too intrusive for example) vs submitting documentation showing that the income was way off.

Re: Amex financial review

Jnbmom — Fri, 09 Jul 2021 02:11:38 GMT

@Anonymous

That is why you should always be truthful and able to prove your income if asked .

Unfortunately that big of a discrepancy I would imagine they are going to shut it down . Not sure if you can add your income and produce proof that she was using HH income ?

Re: Amex financial review

FinStar — Fri, 09 Jul 2021 02:17:06 GMT

It can have a couple outcomes depending on the severity of the FR. If she doesn't comply with the request of such documents (her decision of course), then the accounts will be closed. Future AmEx applications will prompt for POI before any accounts can be approved.

If she complies with the request, the account can be restricted with a hard limit instead of NPSL. If there is POT, it will likely be suspended. Or, if AmEx feels this was an outright falsification of income, exaggerated figure or not (i.e. fraud), they could close the account.

So, it really boils down to who is assigned this particular FR case.

Re: Amex financial review

GatorGuy — Fri, 09 Jul 2021 02:20:32 GMT

What were you spending each month?

How long was it opened for?

Just trying to add some context for anyone else who comes along.

Re: Amex financial review

Anonymous — Fri, 09 Jul 2021 03:03:57 GMT

@GatorGuy wrote:
What were you spending each month?

How long was it opened for?

Just trying to add some context for anyone else who comes along.

3 months

We hit 6k in the 3 months

Re: Amex financial review

Anonymous — Fri, 09 Jul 2021 02:52:13 GMT

Yeah it was dumb. Together we're about 90k but since she's the main holder I doubt they'll look at that since they want her w2.

the lady said she'd make a note on the account what our combined income was but I doubt that will matter since they don't want my w2

Re: Amex financial review

Anonymous — Fri, 09 Jul 2021 03:02:57 GMT

@Jnbmom wrote:
@Anonymous

That is why you should always be truthful and able to prove your income if asked .

Unfortunately that big of a discrepancy I would imagine they are going to shut it down . Not sure if you can add your income and produce proof that she was using HH income ?

It was a 3 way call. The lady said she would notate the account what our total income is. (90k) but I doubt they'll take that into consideration since they want her to fill something out so they can look at her w2. They never asked for mine.

Re: Amex financial review

Loquat — Fri, 09 Jul 2021 03:49:47 GMT

OP I won’t speak about stated income on applications as you’ve already acknowledged such wasn’t the best idea and I don’t want to beat the horse sorta speak.

However I do want to mention (don’t take as fact) that when I joined this here forum some years ago that there was chatter about how Amex doesn’t particularly care for an AU out pacing the primary card holder on charge cards such as the Amex Platinum.

Hopefully others can chime in and speak to this being fact or fiction these days. Just wanted to put it out there just in case you do comply and survive the financial review.

Re: Amex financial review

Anonymous — Fri, 09 Jul 2021 03:59:48 GMT

Yeah we have the platinum. So who knows. After reading I've found paying your balance in full multiple times a month is a bad idea too.

im over here like what the heck I'm giving you your money.

I'll keep everyone posted though!

im guessing this takes 2 weeks or so.

Re: Amex financial review

Anonymous — Fri, 09 Jul 2021 04:08:27 GMT

This is one of those situations where the law vs policy differ. Legally she didn't do anything wrong since she presumably has access to your income which means she actually under-reported but since you don't file jointly, that income won't be visible to AMEX, so there's no way for them to actually verify it.

Re: Amex financial review

Anonymous — Fri, 09 Jul 2021 05:02:15 GMT

So do you think because they can't verify that it will end up being canceled?

Re: Amex financial review

Anonymous — Fri, 09 Jul 2021 05:41:38 GMT

@Anonymous wrote:
So do you think because they can't verify that it will end up being canceled?

Its a possibility. I mean she has some verifiable income so I doubt it will get that far, especially since you already pointed out that your income was included, what's more likely is a fixed limit as has been mentioned upthread.

Re: Amex financial review

coldfusion — Fri, 09 Jul 2021 06:13:24 GMT

@Anonymous wrote:
So do you think because they can't verify that it will end up being canceled?

If they decide to cancel at this point IMO it would more likely be tied to their standard practice when a cardholder overstates their income. If they decided to perform a full Financial Review they will want to look at a lot more than her W2 forms from the last 2 years. Depending upon how you co-mingle your assets it may be a short discovery process if they decide to go that route.

Did they use the term "Financial Review" to explain the process when they reached out to her?

Re: Amex financial review

Anonymous — Fri, 09 Jul 2021 14:50:11 GMT

Yes they stated they were doing a financial review and they sent her something to fill out so Amex can reach out to irs for her w2. They said the reason for the review is that the authorized user was doing most of the spending.

@coldfusion wrote:
@Anonymous wrote:
So do you think because they can't verify that it will end up being canceled?
If they decide to cancel at this point IMO it would more likely be tied to their standard practice when a cardholder overstates their income. If they decided to perform a full Financial Review they will want to look at a lot more than her W2 forms from the last 2 years. Depending upon how you co-mingle your assets it may be a short discovery process if they decide to go that route.

Did they use the term "Financial Review" to explain the process when they reached out to her?

Re: Amex financial review

Anonymous — Fri, 09 Jul 2021 14:55:27 GMT

The lady also asked for her current job what she makes now and last years income along with our combined income she said although she's notating our combined income they're coming off of last year primarily (because we didn't file together)

Re: Amex financial review

Brian_Earl_Spilner — Fri, 09 Jul 2021 15:00:26 GMT

When I spoke to an underwriter last year during a recon, I was told I can put household income down on the form. The reason for fr being the AU uses the account more is a new one to me.

Re: Amex financial review

Anonymous — Fri, 09 Jul 2021 15:14:18 GMT

@Brian_Earl_Spilner wrote:
The reason for fr being the AU uses the account more is a new one to me.

That has been mentioned (along with lots of other things!) as a possible trigger in the past. Reverse engineering, I guess the concern could be that an AU, who might not otherwise be able to get a card, is now the main spender, might be going on a major spending spree that the account owner might not be able to cover.

But as with all FR stories, who knows!

Re: Amex financial review

Brian_Earl_Spilner — Fri, 09 Jul 2021 15:50:32 GMT

@Anonymous wrote:
@Brian_Earl_Spilner wrote:
The reason for fr being the AU uses the account more is a new one to me.
That has been mentioned (along with lots of other things!) as a possible trigger in the past. Reverse engineering, I guess the concern could be that an AU, who might not otherwise be able to get a card, is now the main spender, might be going on a major spending spree that the account owner might not be able to cover.

But as with all FR stories, who knows!

I get that. Maybe they want to make sure she's not selling an AU slot. Regardless, I don't think it'll be an issue once they know it's the spouse.

Re: Amex financial review

Kforce — Fri, 09 Jul 2021 17:16:35 GMT

@Brian_Earl_Spilner wrote:
When I spoke to an underwriter last year during a recon, I was told I can put household income down on the form. The reason for fr being the AU uses the account more is a new one to me.

Not with an Amex card. (However)

My wife and kids spend many times my use on AU cards.

Not sure I have ever been close!

I thought that is why they offer AU cards, more spend/swipes.

Another non possitive feature of Amex