Financial review?

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AdVeRsARey
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Financial review?

Postby AdVeRsARey » Fri Jun 19, 2015 3:17 pm

I have a personal Platinum and Gold business card. I got a call from Amex not too long ago. They want to do a financial review? Make the long story short .... I have 3 AU's and they want to verify just my income? My base salary is 61k but we definitely spend waaaaaaay more than that yearly. All my accounts are frozen until this clears up! Am I going to be in trouble with the IRS?


Vermonster
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Re: Financial review?

Postby Vermonster » Fri Jun 19, 2015 5:56 pm

AdVeRsARey wrote:I have a personal Platinum and Gold business card. I got a call from Amex not too long ago. They want to do a financial review? Make the long story short .... I have 3 AU's and they want to verify just my income? My base salary is 61k but we definitely spend waaaaaaay more than that yearly. All my accounts are frozen until this clears up! Am I going to be in trouble with the IRS?


Not the IRS yet, but you could be with Amex. I mean they have to expect that the AUs income is going to be contributing to your spending. Either way your choice is to go forth and do it or close the accounts.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

takeshi
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Re: Financial review?

Postby takeshi » Fri Jun 19, 2015 7:47 pm

AdVeRsARey wrote:My base salary is 61k but we definitely spend waaaaaaay more than that yearly.

Do your AU's outspend you? IIRC that's allegedly a trigger for an FR.

AdVeRsARey
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Re: Financial review?

Postby AdVeRsARey » Fri Jun 19, 2015 8:21 pm

takeshi wrote:
AdVeRsARey wrote:My base salary is 61k but we definitely spend waaaaaaay more than that yearly.

Do your AU's outspend you? IIRC that's allegedly a trigger for an FR.


Every month varies on who spends more. Its kinda ridiculous cause I've been Platinum for 2 yrs now and doing the same spending patterns and all of a sudden they want to pull this stunt!

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CarefulBuilder14
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Re: Financial review?

Postby CarefulBuilder14 » Fri Jun 19, 2015 8:25 pm

Have you opened a few other CC accounts recently? Or gotten any other new credit?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

dfm990
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Re: Financial review?

Postby dfm990 » Fri Jun 19, 2015 8:31 pm

Do financial reviews happen often?
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AdVeRsARey
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Re: Financial review?

Postby AdVeRsARey » Sat Jun 20, 2015 5:09 am

CarefulBuilder14 wrote:Have you opened a few other CC accounts recently? Or gotten any other new credit?


I got a business Gold card early Feb 2015 as sole proprietor. I got 2 employees

AdVeRsARey
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Re: Financial review?

Postby AdVeRsARey » Sat Jun 20, 2015 5:12 am

dfm990 wrote:Do financial reviews happen often?


This is the 1st financial review ever! I have a blue card since 2006 (My 1st Amex card) and Platinum for 2 yrs now. Maybe cause my spending is more? Everything is paid on time. You would think they would leave you alone and let things be?

MemberSince99
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Re: Financial review?

Postby MemberSince99 » Sun Jun 21, 2015 7:27 am

Had you used the cards as most do, they probably would have left you alone.

What draws their attention is AUs spending more than the account owner, and of course spending at a level higher than stated income.

Wouldn't YOU wonder if someone told you they make 60k a year but spend 180k a year on the card? I know I would. Maybe it's not really my business how they get the money as long as they pay the bill, but they just want to protect themselves from getting burned is what it comes down to.

In the end as mentioned, you can either comply or face getting the accounts closed. It's possible they will impose a hard limit on the cards for a time as well (and possible they will do nothing). But I find it hard to fault them for questioning this.

Vermonster
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Re: Financial review?

Postby Vermonster » Sun Jun 21, 2015 9:56 am

MemberSince99 wrote:Wouldn't YOU wonder if someone told you they make 60k a year but spend 180k a year on the card?


For a single card that would be a clear sign of MS. But with AUs they have to expect the total available income to be a lot higher than an individual. But I think the issue arises when an AU spends more than the primary, yet is not considered a part of the same household. That is a clear sign that they do not need to be an AU.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k



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