Amex Financial Review

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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Cyberius
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Joined: Fri Apr 06, 2012 8:17 pm
Location: Tennessee

Postby Cyberius » Fri Jul 27, 2012 8:49 pm

DoingHomework wrote:Hey Yay,

I've never had to go through a FR but I'm curious about something you say in your post. You say AMEX wants to see a high bank balance. In my case I keep my balance as low as possible and manage cash in a money market account at a brokerage. When they asked for balance history did you have the ability to include more than just a checking account?

I guess I'm not too worried about it. I have adequate W-2 income as well as substantial marketable investments I could show them. But I try to keep as little in bank accounts as possible. I often go below $1000 nearly every month. Based on your experience, do you think that could be a problem?


I do the same. My checking typically has a relatively low balance and everything else is stocks / money market. W2 backs up all income.


Yaysnowday
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Postby Yaysnowday » Thu Aug 09, 2012 12:52 pm

NYC_Dweller wrote:how and what were your spending patterns/habits prior to the review?


Hi, sorry for the late response.

I've had the card since 2004.

Basically if the charge falls under "entertainment" - hotels, restaurants, concerts, fun stuff etc, I charge it to my AMEX.

I don't pay bills on the AMEX (cell phone, utilities, insurance etc) because they don't care for those transactions and United Mileage Plus I believe is better for that.

They don't want to see Paypal transactions, unless it's tied to an eBay tran number or something...

I spend about $4000-$6000 every month on the card and it is paid off in full. I do have the option to pay over time but I never use it, the interest rate is way too high - I think it's like 18.xx%, completely ridiculous. My Blue Card Cash Pref card is 13.99%... no idea why the charge card is so high (it was untouched after the review btw).

Yaysnowday
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Postby Yaysnowday » Thu Aug 09, 2012 12:54 pm

NYC_Dweller wrote:how and what were your spending patterns/habits prior to the review?


Hi, sorry for the late response.

I've had the card since 2004.

Basically if the charge falls under "entertainment" - hotels, restaurants, concerts, fun stuff etc, I charge it to my AMEX.

I don't pay bills on the AMEX (cell phone, utilities, insurance etc) because they don't care for those transactions and United Mileage Plus I believe is better for that.

They don't want to see Paypal transactions, unless it's tied to an eBay tran number or something...

I spend about $4000-$6000 every month on the card and it is paid off in full. I do have the option to pay over time but I never use it, the interest rate is way too high - I think it's like 18.xx%, completely ridiculous. My Blue Card Cash Pref card is 13.99%... no idea why the charge card is so high (it was untouched after the review btw and has had a -$24.99 balance for nearly 3 years).

Yaysnowday
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Posts: 5
Joined: Thu Jul 26, 2012 11:38 pm
Location: USA

Postby Yaysnowday » Thu Aug 09, 2012 12:57 pm

MemberSince99 wrote:If they don't like when you do something, they shouldn't let you do it in the first place.


Exactly what I was thinking during the whole ordeal :D

Same goes with bank accounts and overdraft fees and returned check fees...

Few years ago Chase automatically debited my checking (mortgage), BoA approved the debit, my balance went under by about $10, 2 days later, BoA canceled the charge and charged me an additional $35 lol... If they just declined the debit in the first place I would have been fine. Meh.

Yaysnowday
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Postby Yaysnowday » Thu Aug 09, 2012 1:03 pm

DoingHomework wrote:Hey Yay,

I've never had to go through a FR but I'm curious about something you say in your post. You say AMEX wants to see a high bank balance. In my case I keep my balance as low as possible and manage cash in a money market account at a brokerage. When they asked for balance history did you have the ability to include more than just a checking account?

I guess I'm not too worried about it. I have adequate W-2 income as well as substantial marketable investments I could show them. But I try to keep as little in bank accounts as possible. I often go below $1000 nearly every month. Based on your experience, do you think that could be a problem?


Hello, yes, when I took the form to BoA the bank manager thought it was completely ridiculous. Have 4 total account with them, she included information from every single one of the account and squeezed them onto the form lol...

shomethemiles
 
Posts: 1
Joined: Fri Jun 20, 2014 3:47 pm
Location: Virginia

Postby shomethemiles » Fri Jun 20, 2014 4:03 pm

At the outset, my apologies for this rather lengthy post. I really am in a fix, and wanted to provide as complete a picture as possible.

Around the 1st week of June, was trying to meet a 10K spend on the Amex Plat Buss for 100K MR points, and so was purchasing GCs at the local store (was trying to put though the about 4K in two 2K transactions, which I then would load to BB). My second 2K did not go though due to a security alert, and so had to call in. My surprise to find that I was transferred to the dreaded AMEX financial review team, who basically said I needed to provide a 4506T authorizing Amex to evaluate my accounts. I have a healthy household income, have always paid balances in full, and have a FICO of around 810. So was cautiously optimistic that it will go through.

I sent it in and was told that it would take 5-7 buss days for the process to be completed (and was advised that there might be either a limit to my accounts or no change, which was a relief). I had to leave for Europe for a planned vacation with my wife the next day (10th), and so was hoping that this would get resolved shortly. But nothing happened for about a week.

I called in again to check the status (this was the 17th), and my case manger told me that when he contacted the IRS, they reported that I had NOT FILED a tax return for 2013! So there was no way for them to check my credit worthiness, and so the accounts might need to be closed. This was highly alarming, since I always get my taxes done well within time (this year was in March), and I have the physical copy of the return (this is of course the first time something like this has happened to me with my taxes and I am looking into that matter).

I suggested that this was probably a mistake, and asked him for an extension, given that I was still in Europe (I had informed him before I left) and returning only after 4 days. His response was that the most he can allow me was until the 25th (in his words — “to be fair to all the other Amex customers”), and the only way forward was to request a transcript by mail through the IRS send it directly to AMEX.

Seeing no other way around with me being in Paris at that time and no access to any other documentation, I quickly e-filed my taxes again that same night online, hoping that the 10 days I had might be sufficient for the IRS to maybe get my application in the system, and thus be able to offer AMEX a transcript. Unfortunately, although the IRS received and was the processing my return, it would take them 21days to do so, and so there is no way for me to get AMEX a transcript from the IRS.

So now my situation is this - I have a tax return which is under processing, and might take anywhere up to another 2 weeks to get done. I only have one week with AMEX, wherein I need to have the transcript sent to me first and then mailed out to them (highly unlikely that this gets done). Best case scenario — I convince my case manager to give me an extension, but going by my conversations with my case manager thus far does not seem too promising. Scenario2: I preemptively close my accounts myself, and thus prevent my credit report saying that it was closed by the issuer. Scenario3: Just let it play out.

I have about 40K MR points that I need to use up. I would like to transfer them to my Hawaiian Account (they have a bonus offer right now), but am not sure if this will work since there is a minimal fee/tax for the transfer that is charged to the Amex card, and since charging has been suspended, this will probably not go through. My other option is to buy something from the Amex online portal, but the redemption values are not really good. I have no balance on any of the cards, so using it for paying down my balance is not an option either.

I am looking for advise on these possibilities:

1. How do I go about convincing my case manager to give me an extension? My thoughts were to offer to send him my W2, my salary slips, my tax returns for the past 2 years (which I have), and also the tax documentation that I had completed in March but that did not really get filed. He seems a tough cookie, and as much as I would like to suggest to speak to a manager, I am afraid I might piss him off.
2. Transfer my MR points out (either through the mall). I guess my delta points and SPG points would be safe. Then close out my accounts myself before they do it (if this is possible). In this case, what happens to the annual fees that I pay (I just signed up for the Amex Plat Business in April, so have only used up about a months worth of value). Do they refund it on a prorated basis?
3. Do nothing and wait for them to complete the process. I am guess they will offer me a chance to do something with my MR points (I have seen earlier data points where people were allowed 3-6 months to use them up). Not sure if this is really the best option since I am completely at their mercy at that point.

Please feel free to suggest other alternatives. I wanted to get some feedback and put together a strong action plan before I call in again to talk to the case manager. Any comments are welcome. I intend to call in again to speak to my manager on Monday.

Again, my apologies for this long post, but really wanted to get my thoughts on paper.



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