Financial Review

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
7 posts
lnodiv
 
Posts: 1
Joined: Wed May 24, 2017 3:59 am

Financial Review

Postby lnodiv » Wed May 24, 2017 4:09 am

I recently applied for, and was approved for, 2 AMEX Credit Cards, as well as several other cards, in an attempt to improve my overall available credit, since my credit history is now old enough and my score high enough to be approved for a reasonable amount of credit.

I eventually settled on using the AMEX for a large purchase due to the introductory 0% APR and the rewards on the card. Apparently, this out of pattern spending, combined with the suddenly large amount of credit I'd required through various issuers, set off a few red flags.

That's totally understandable, honestly :D

I have no problems submitting my documents for review to AMEX, but I'm concerned because as far as I can tell, they request Tax Returns during these reviews for the most part. My income has increased by more than 50% since my last return was filed, and the income I submitted on the application is my new, accurate income. However, if they only look at my tax return, it's going to look like I was lying through my teeth.

Can I submit pay stubs as well? I'm willing to provide any information I can to maintain my current CL and save my utilization from going down the drain if they lower my limits, but I don't know how the process works.


TXviking
Centurion Member
Centurion Member
 
Posts: 431
Joined: Fri Apr 15, 2016 5:46 pm
Location: Palm Beach, Florida

Re: Financial Review

Postby TXviking » Thu May 25, 2017 11:56 am

I have no experience with financial reviews in this context because I have never been asked to verify my income.

That said, AmEx does know people get raises, better-paying jobs etc. Life changes happen. They probably have a policy on what evidence they accept; pay stubs are likely on the list. If they're not, bank statements showing direct deposits probably are. But the only way you'll find out is to call them and ask.

The financial review request should've come with a contact number. If not, just call the number on the back of your card and ask them.

Also, try not to stress out too much. This is American Express asking you to prove your income, not the police arresting you for a crime. While I have never gotten one of these, my impression just from Internet forums is that they are fairly routine, especially with thinner credit files, and especially after the last "recession".

mountaindewvoltage
Centurion Member
Centurion Member
 
Posts: 383
Joined: Mon Oct 10, 2016 8:40 pm

Re: Financial Review

Postby mountaindewvoltage » Sun May 28, 2017 12:15 am

lnodiv wrote:I recently applied for, and was approved for, 2 AMEX Credit Cards, as well as several other cards, in an attempt to improve my overall available credit, since my credit history is now old enough and my score high enough to be approved for a reasonable amount of credit.

I eventually settled on using the AMEX for a large purchase due to the introductory 0% APR and the rewards on the card. Apparently, this out of pattern spending, combined with the suddenly large amount of credit I'd required through various issuers, set off a few red flags.

That's totally understandable, honestly :D

I have no problems submitting my documents for review to AMEX, but I'm concerned because as far as I can tell, they request Tax Returns during these reviews for the most part. My income has increased by more than 50% since my last return was filed, and the income I submitted on the application is my new, accurate income. However, if they only look at my tax return, it's going to look like I was lying through my teeth.

Can I submit pay stubs as well? I'm willing to provide any information I can to maintain my current CL and save my utilization from going down the drain if they lower my limits, but I don't know how the process works.


I wouldn't even bother, honestly. Just close the cards and show them how annoying they are when they pull FR's. AMEX is the only bank I know of that does FR's at such a frequent rate, and the only one I hear of on message boards that does this.

If more people starting closing their accounts when a random FR hit, they'd stop doing them. How annoying.

TXviking
Centurion Member
Centurion Member
 
Posts: 431
Joined: Fri Apr 15, 2016 5:46 pm
Location: Palm Beach, Florida

Re: Financial Review

Postby TXviking » Sun May 28, 2017 2:30 am

mountaindewvoltage wrote:I wouldn't even bother, honestly. Just close the cards and show them how annoying they are when they pull FR's. AMEX is the only bank I know of that does FR's at such a frequent rate, and the only one I hear of on message boards that does this.

If more people starting closing their accounts when a random FR hit, they'd stop doing them. How annoying.


This is fine if you don't care about the card and want to make a statement. However, OP indicated he was willing to deal with this annoyance in order to retain the cards, and OP's desires and credit needs need to be taken into account here.

Tubpbs
Centurion Member
Centurion Member
 
Posts: 1051
Joined: Mon Oct 19, 2015 2:08 pm

Re: Financial Review

Postby Tubpbs » Sun May 28, 2017 7:31 am

TXviking wrote:
mountaindewvoltage wrote:I wouldn't even bother, honestly. Just close the cards and show them how annoying they are when they pull FR's. AMEX is the only bank I know of that does FR's at such a frequent rate, and the only one I hear of on message boards that does this.

If more people starting closing their accounts when a random FR hit, they'd stop doing them. How annoying.


This is fine if you don't care about the card and want to make a statement. However, OP indicated he was willing to deal with this annoyance in order to retain the cards, and OP's desires and credit needs need to be taken into account here.


Agree. You pre-existing desire to harm and agitate Amex needs to be ignored in this instance.

Closing the cards won't affect Amex here for the OP. It will only affect OP - who wants the cards and wants to build a strong credit profile. Closing the accounts won't help with either of those.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

mountaindewvoltage
Centurion Member
Centurion Member
 
Posts: 383
Joined: Mon Oct 10, 2016 8:40 pm

Re: Financial Review

Postby mountaindewvoltage » Sun May 28, 2017 7:43 am

Tubpbs wrote:
TXviking wrote:
mountaindewvoltage wrote:I wouldn't even bother, honestly. Just close the cards and show them how annoying they are when they pull FR's. AMEX is the only bank I know of that does FR's at such a frequent rate, and the only one I hear of on message boards that does this.

If more people starting closing their accounts when a random FR hit, they'd stop doing them. How annoying.


This is fine if you don't care about the card and want to make a statement. However, OP indicated he was willing to deal with this annoyance in order to retain the cards, and OP's desires and credit needs need to be taken into account here.


Agree. You pre-existing desire to harm and agitate Amex needs to be ignored in this instance.

Closing the cards won't affect Amex here for the OP. It will only affect OP - who wants the cards and wants to build a strong credit profile. Closing the accounts won't help with either of those.


In all honesty there is plenty of competition to go around for a customer to put up with a financial review, especially right after they've received the card. No need to provide your tax information to a company just to keep a card. The OP can build their credit with thousands of other cards.

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 4439
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: Financial Review

Postby CarefulBuilder14 » Sun May 28, 2017 3:23 pm

Tubpbs wrote:
TXviking wrote:
mountaindewvoltage wrote:I wouldn't even bother, honestly. Just close the cards and show them how annoying they are when they pull FR's. AMEX is the only bank I know of that does FR's at such a frequent rate, and the only one I hear of on message boards that does this.

If more people starting closing their accounts when a random FR hit, they'd stop doing them. How annoying.


This is fine if you don't care about the card and want to make a statement. However, OP indicated he was willing to deal with this annoyance in order to retain the cards, and OP's desires and credit needs need to be taken into account here.


Agree. You pre-existing desire to harm and agitate Amex needs to be ignored in this instance.

Closing the cards won't affect Amex here for the OP. It will only affect OP - who wants the cards and wants to build a strong credit profile. Closing the accounts won't help with either of those.

Mdv, the FR isn't random; OP has a lot of new accounts and has spent heavily on a new Amex. OP has already expressed a willingness to comply.

Inodiv, I'm not sure how to send Amex the recent pay stubs, but I would submit both them and the old-income tax return. Call them (perhaps the request for you to sign the 4506-T comes with a phone number to reach the FR department?) and ask how you can show them the pay stubs along with your tax return.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 3 guests