What does FR mean?

[Anonymous]

I have seen the FR term used.  What does it mean?

[Scamp]

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Independence wrote:
I have seen the FR term used.  What does it mean?

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Financial Review - What AmEx performs on its customers AFTER they've already approved them for an account.

Hits anytime, usually after the card's been declined for something.  Customer is required to provide in-depth proof of income, etc., up to and including tax returns, for AmEx to examine and decide whether or not they want to keep them as a customer.

Not fun.

[Anonymous]

Haha ohh FR. Yes it is an AMEX financial review that can be conducted randomly on new customers or triggered by multiple or at unpredictable moments. How will you know when you get hit with an FR? Well when you find out when all of your AMEX cards has been declined (Temporarily suspended). You then call the customer service, but little did you know you are transferred to a different department and hear a nasty ole lady with a condescending tone "Financial review." She will then tell you that you have 5 days to fax in 3 months bank statements and tax returns prepared by a CPA or attorney, or fill out at an IRS form to authorize AMEX to view your tax returns. If you do not fax within 5 days, all of your AMEX accounts will be closed. If you do fax, you will receive a response in about 5-10 business days whether or not they will either keep you as a customer, slash your credit limit, or leave your account as it is.

I also forgot to mention, if you pass the FR, you are still subjected to it any time. 4 months after my 1st one, they decided to FR me again. At that point I cashed in all of my memership reward points and closed both of my charge cards. 

Message Edited by Chopbrocoli on 12-16-2008 04:14 PM

[laz98]

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@Anonymous wrote:

I also forgot to mention, if you pass the FR, you are still subjected to it any time. 4 months after my 1st one, they decided to FR me again. At that point I cashed in all of my memership reward points and closed both of my charge cards. 

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GOOD FOR YOU!  Stupid AMEX & their nonsense.

[Not_the_Point]

Yeah that is pretty ridiculous... business is business but sheesh...

[Anonymous]

Yeah, either Financial Review by AMEX or as seen on a credit report, foreclosure/repo.

[Anonymous]

Why would anyone even want an amex card? All I read about is CLD/FR/AA!

I will never have any desire to own one of their products.

Message Edited by going2tdc on 12-16-2008 10:22 PM

[Anonymous]

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@Anonymous wrote:

Why would anyone even want an amex card? All I read about is CLD/FR/AA!

I will never have any desire to own one of their products.

Message Edited by going2tdc on 12-16-2008 10:22 PM

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Neither do I.  I have a thread where I asked people about why they would want one, and there were some good points, but all the preapps I get go straight to the shredder.  the only Amex I have are my two Citi Amex's, and i wish I could get them into 1 card.

[Anonymous]

Some would want it because:

1. Excellent rewards program.

2. Because of the great extensive network AMEX has, thus the great travel benefits.

3. Some want them for the buyer protection and warranty programs.

4. The prestige of having the card.

5. Cash back

5. Etc.

I mainly obtained the card since I'm a frequently traveler, and the charge card definitely was worth having and had paid for itself within a month. However, if I I would have known about their flawed risk assessment system and their ruthless FR practice before applying, I might have thought twice.