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AMEX Financial Review: DO NOT BE SCARED

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New Contributor

AMEX Financial Review: DO NOT BE SCARED

I just wanted to ease some peoples' fears of the dreaded financial review by AMEX.

I first grew wary of the FR by browsing these forums. I lived in fear that my accounts may be shut down by AMEX if I ever got hit by a FR.

 

Last week, just two days after being approved for an Amex Everyday card,  I was hit by an FR and was told to send in tax documents and bank statements. I immediately faxed the required documents, and after four business days, my accounts were unfrozen and I was actually given a few credit line increases. My BCE limit was raised to $10,000, my Delta Skymiles limit was raised to $15,000, and the $2,000 limit that I was approved for on my Everyday card was raised to $8,000.

 

What I wanted to discuss here is that as long as you haven't lied on your applications and you're not doing anything sketchy, nothing bad will come of a FR. In my case, only good came out of it!  Amex just wants to make sure that you're actually able to pay off the credit lines you've been granted, that's all. The agent I was assigned was very informative, and told me that FRs are triggered when the computer thinks you're a potential credit risk. All Amex wants to know is that you have income and you're able to pay your bill reasonably. The FR is not meant to haunt you, it's just for your protection and Amex's protection.

 

The moral of the story here is: Don't fear or dread an FR. Promptly submit the required documents and your accounts will be restored in no time (assuming you haven't lied or done anything sketchy). In my case, you may actually be given some increases if the agent deems it fit. Keep in mind, I have no late payments and I'm only repoting $25,000 in income to Amex.

 

Hope this helps some people!

Message 1 of 44
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Community Leader
Super Contributor

Re: AMEX Financial Review: DO NOT BE SCARED

Congrats on the CLIs. Awesome!

For me personally, it’s not the FR; it’s the request for 4506T. I just don’t want to provide that kind of detailed info. Paystubs, W2s—that’s fine. And, I definitely have not lied about my income or done anything sketchy. Just no 4506T

DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 2 of 44
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Valued Contributor

Re: AMEX Financial Review: DO NOT BE SCARED

Is the 4506T always a part of the Amex financial review?  Does any other lender ask for a 4506T?  Seems pretty intrusive, but I used to have to grant access to my credit reports and tax returns as part of background investigations for security clearances.

Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom Unlimited
Sock Drawer: PenFed Promise • NFCU cashRewards • Chase Freedom • Chase United MileagePlus • UNFCU Azure
Message 3 of 44
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Community Leader
Super Contributor

Re: AMEX Financial Review: DO NOT BE SCARED

The only time I’ve been asked for a 4506T is when I requested a 3X CLI from $15K to $45K on AmX. However, I kept lowering the CL request and at $25K, I was approved w/o having to do the 4506T.

I can’t recall if other lenders request this or not.

Yep, for a security clearance or to buy a house, I understand a 4506T request. Just not for a CC.

DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 4 of 44
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Contributor

Re: AMEX Financial Review: DO NOT BE SCARED


@DangerNoodle wrote:

The FR is not meant to haunt you, it's just for your protection and Amex's protection.

 

 


Now that they know you'll pay they can lower the APR to 5% right? Smiley LOL

Message 5 of 44
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Valued Contributor

Re: AMEX Financial Review: DO NOT BE SCARED

Thanks for the write-up 

 


Message 6 of 44
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Community Leader
Mega Contributor

Re: AMEX Financial Review: DO NOT BE SCARED

Thanks for sharing opSmiley Happy Im stunned that Amex has given you 33K in credit lines on 25k income. Gives me hopeSmiley Happy
Message 7 of 44
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Community Leader
Senior Contributor

Re: AMEX Financial Review: DO NOT BE SCARED

This looks like a request for income verification rather than a financial review. Or am I missing something? Smiley Happy

Message 8 of 44
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Established Contributor

Re: AMEX Financial Review: DO NOT BE SCARED


@HeavenOhio wrote:

This looks like a request for income verification rather than a financial review. Or am I missing something? Smiley Happy


The OP mentioned that after 4 business days his accounts were unfrozen. To me that definitely sounds like a FR vs just income verification.

Chase Sapphire Preferred 20k | Amex Delta Platinum 20k | Amex Hilton Aspire 20k | US Bank Cash+ 25k | Chase Amazon Prime 25k | Barclaycard Aviator Red 40k | Bank of America Alaska Airlines 42k | Chase Marriott 50k | Discover It 50.3k | Thank You Premier 52K | EDP 52k | Bank of America BBR 57.9k
Message 9 of 44
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Mega Contributor

Re: AMEX Financial Review: DO NOT BE SCARED


@DangerNoodle wrote:

All Amex wants to know is that you have income and you're able to pay your bill reasonably. The FR is not meant to haunt you, it's just for your protection and Amex's protection.

 

 


Just for Amex's protection, not yours!

Message 10 of 44
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