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American Express Financial Review?

Hasselfree
Valued Contributor

Re: American Express Financial Review?

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!




"Your ego is writing checks your body can't cash".
Message 11 of 34
M_Smart007
Epic Contributor

Re: American Express Financial Review?

Wild!

 

Hope it all works out by the EOD.

 

Good Luck!

Message 12 of 34
JR_TX
Valued Contributor

Re: American Express Financial Review?

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!



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Message 13 of 34
Remedios
Moderator

Re: American Express Financial Review?


@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.

 

 

 

 

Message 14 of 34
red259
Super Contributor

Re: American Express Financial Review?


@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? 

;
Starting Score: EQ: 714, TU 684
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Message 15 of 34
Caprisun987
Frequent Contributor

Re: American Express Financial Review?

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

 

@Yanks2014 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).

Message 16 of 34
addicted_to_credit
Established Contributor

Re: American Express Financial Review?


@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.












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Message 17 of 34
Yanks2014
New Contributor

Re: American Express Financial Review?

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...

Message 18 of 34
Yanks2014
New Contributor

Re: American Express Financial Review?

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.

Message 19 of 34
Yanks2014
New Contributor

Re: American Express Financial Review?

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.

 

Mod cut - not here 

Message 20 of 34
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