Amex Financial Review

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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RR101
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Amex Financial Review

Postby RR101 » Wed Dec 05, 2012 12:58 pm

Hello everyone

I recently applied for American Express BCP before Thanksgiving and was and instantly approve now I had it for a few weeks before I decided to use it for Thanksgiving shopping. So I used it a total of 5 times on $90 here $20 bucks and so on only using a total of $545 before I got the dreaded call about financial review with the form 4506T... Now it had a 3k limit on it which is my lowest limit card I have. So I received the email and I went through the forms and felt uncomfortable with there request... For the simple fact I make $122K a year and I have been audited free for the last 6 years and I don't want to draw any attention to myself with the IRS. Because I've been audit before and it was my worst nightmare in my lifetime :mad: And I wouldn't wish that on anyone!!! But that's not to say that my tax aren't in order I just don't want to go through that nightmare again... I understand Amex has to protect themselves but I find that to be a little bit extreme. This isn't a mortgage. LOL!!! So with that said and done I decided not to comply with their request. So I received a email today saying that my account has been canceled. I can care less about the card. My question is how does it reflect on my credit and how does it reflect in AMEX system? Will I see a decrease in credit scoring? Am I blacklisted from AMEX? Oh forgot to mention that I pay off the balance when it post 3days later.

Any input would help thanks!


DoingHomework
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Postby DoingHomework » Wed Dec 05, 2012 1:14 pm

I've never been subjected to FR or an audit. But I don't think you have anything to worry about. They probably could not confirm your salary using their resources so they are just checking on it. If you reported $122k in income to the IRS you'll be fine. If you did not then they will want to know the source of your income.

Just don't lie.

RR101
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Postby RR101 » Wed Dec 05, 2012 1:29 pm

Thanks for your input

But you really don't know that for a fact... And that's not the questions I was asking... I was asking how was it going to reflect on my credit and how does it reflect in AMEX system?

Please only people who has experience a FR!


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djrez4
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Postby djrez4 » Wed Dec 05, 2012 2:06 pm

You are now tagged in the Amex system as someone who did not comply with the FR. If you ever apply again, you will likely have to submit the 4506T upon application if you want approval.

The account will report as "Closed by issuer." There won't be a specific designation that shows it was closed because you refused to comply with the financial review. Closed by issuer is slightly more damaging than closed by customer. However, so long as the status shows "paid as agreed," it won't cause a big hit to your score.
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RR101
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Postby RR101 » Wed Dec 05, 2012 2:15 pm

Thanks djrez4 that's exactly what I wanted to know!

jriley
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Postby jriley » Thu Dec 06, 2012 9:08 pm

Wow. Any ideas why you were FR'd? Your account sounds quite normal.
Looking to maximize credit, for myself and others.

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RR101
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Postby RR101 » Fri Dec 07, 2012 11:19 am

I have the slightest clue.... But what I can tell you it did not feel like I was randomly selected because it wasn't like I was spending thousands of dollars! Go Figure!!!


DavidNY
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Postby DavidNY » Fri Dec 07, 2012 5:08 pm

I would tell Amex to bug off with their "financial review" nonsense just as you did.

As long as you can pay the bills they should be happy to have you as a customer.

MemberSince99
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Postby MemberSince99 » Fri Dec 07, 2012 7:04 pm

I've figured out that what Amex "sells" is their rich cardholder image. That's pretty much it. I disputed one charge with them, MANY years ago back in early 2002, and I had to fight like hell for 6 months before they finally found in my favor. Many say they instantly find in your favor in a dispute but that wasn't what I saw. Basically they sell the "sizzle", the image that people with money carry their cards. This is true in a lot of cases, no doubt, but that's what they bank on people wanting their cards for, to appear wealthy.

Beyond that I'm having a hell of a time seeing a reason to have their cards considering how good most prime lenders are. Oh ok, backdating if you can get it, and the 3X CLI you MIGHT get at 61 days. Otherwise, it's not like the rewards are so fantastic or the CS is terrific these days. Throw in the F/R nonsense where they shut down all your cards without notice and why in hell would you leave home with them? Whatever you do, DON'T go overseas with ONLY Amex in your pocket, it could end up being a bad thing.

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Snowman
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Postby Snowman » Fri Dec 07, 2012 7:24 pm

I agree, If I got an FR, I'd rather have my account closed, I mean I'm being truthful and honest, while paying my bills. If they didn't want me to have one of their cards they could have declined me for their cards or checked my paystubs before granting me a card. One of the lessons I learned on myfico and some of the other posts I have read online was, "always stay under the radar, not on the radar." And so yeah, I'm trying to stay under the radar when using Amex. I have heard that having one of their revolvers to can trigger an FR which in this case is true.

RR- Good luck, and hopefully everything turns out in your favor.
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