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Amex financial review

SoCalGardener
Valued Contributor

Re: Amex financial review

I've never been through this process, so this is a wild guess on my part. This is what I'd do: send BOTH of your W2 forms, along with a note that although you don't file jointly, you do co-mingle your incomes.

 

It can't HURT anything, but it might work.

 

And in the future, well, you already know. Smiley Happy

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Message 21 of 43
coldfusion
Community Leader
Mega Contributor

Re: Amex financial review


@Brian_Earl_Spilner wrote:

@longtimelurker 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.


The signs don't really point to an AU slot being sold though here as the AU is the spouse (assuming) at the same address, and the AU i has been placing the majority of the spend on the card. I'm with you though that I think they'll keep the card open, possibly with a spend cap imposed at least for a while.

(5/2023)
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FICO 9 (EX) 848 (TU) 850 (EQ) 850

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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 22 of 43
coldfusion
Community Leader
Mega Contributor

Re: Amex financial review


@Anonymous wrote:

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?

 


 


I ask because the scope of an actual Financial Review can be an investigation beyond just wanting to look at someone's W2 forms.  

They may want to see a few months worth of bank statements from individual or joint accounts that name her as a/the principal or as an authorized user to validate she has reasonable access to your income.

(5/2023)
FICO 8 (EX) 819 (TU) 839 (EQ) 844
FICO 9 (EX) 848 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 23 of 43
TheFIGuy
Established Contributor

Re: Amex financial review


@Kforce wrote:

@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!   Heart

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

Another non possitive feature of Amex


To chime in, it could also be AMEX has taken a more conservative risk review of new accounts. I think OP stated the account has been open for 3/months only. Also, this seems to be their first AMEX card--(reading between lines/assuming) so the bank doesn't have a good view of consumer.

 

All the above are guesses!

Message 24 of 43
spiritcraft1
Valued Contributor

Re: Amex financial review


@SoCalGardener wrote:

I've never been through this process, so this is a wild guess on my part. This is what I'd do: send BOTH of your W2 forms, along with a note that although you don't file jointly, you do co-mingle your incomes.

 

It can't HURT anything, but it might work.

 

And in the future, well, you already know. Smiley Happy


Do this. 



Biz |
Current F08 -
Current 2,4,5 -
Current F09 -
No PG Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, Citi Tractor Supply Rev .8k, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k, B&H Photo, $5k
Message 25 of 43
Anonymous
Not applicable

Re: Amex financial review

Well she sent in the form today that Amex sends to IRS. So we can't really send in both w2.

I'm guessing once they receive the info from the irs they'll call my wife for more information?

Message 26 of 43
FinStar
Moderator Emeritus

Re: Amex financial review


@Anonymous wrote:

Well she sent in the form today that Amex sends to IRS. So we can't really send in both w2.

I'm guessing once they receive the info from the irs they'll call my wife for more information?


AmEx will either send an email or contact her directly.  I would allow them at minimum 3-5 business days to process the requested consent and review the information.  Then, she can reach out to check on the status of things.

Message 27 of 43
spiritcraft1
Valued Contributor

Re: Amex financial review


@Anonymous wrote:

Well she sent in the form today that Amex sends to IRS. So we can't really send in both w2.

I'm guessing once they receive the info from the irs they'll call my wife for more information?


I would send both, include two recent pay stubs from each of you if it supports your case.  I did this with another lender for a CC approval and it won the day with an approval and a big SL.  Non AMEX but still.

 

You obviously are using your income, what do you have to lose?



Biz |
Current F08 -
Current 2,4,5 -
Current F09 -
No PG Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, Citi Tractor Supply Rev .8k, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k, B&H Photo, $5k
Message 28 of 43
SoCalGardener
Valued Contributor

Re: Amex financial review


@Anonymous wrote:

Well she sent in the form today that Amex sends to IRS. So we can't really send in both w2.

I'm guessing once they receive the info from the irs they'll call my wife for more information?


Why couldn't you send both?

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Message 29 of 43
longtimelurker
Epic Contributor

Re: Amex financial review


@SoCalGardener wrote:

@Anonymous wrote:

Well she sent in the form today that Amex sends to IRS. So we can't really send in both w2.

I'm guessing once they receive the info from the irs they'll call my wife for more information?


Why couldn't you send both?


Presumably Amex just wants the 4506 form.

Message 30 of 43
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