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How to Avoid a Financial Review from American Express



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What triggers a financial review from American Express?
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39 comments

  1. I had 3 cards with Amex with a total limit of 20k that I paid in full every month. Then one day, a few days before a trip I had, they blocked all my cards and put me on financial review; they wanted me to sign a form to give them permission to access my 2016 taxes and said the process would take 2-3 weeks. I told them about my upcoming trip and that I wanted to use my amex cards, and asked if there was a way to speed up the process, even offered to show them my bank statements. Long story short, they said there was nothing could do and they couldn't rush the FR. It got me really upset and decided to close all my cards right there and then, and don't have any regrets, the process was too invasive for my own comfort.

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  2. I am thinking about getting a business card from American Express. I know after you go above the $35,000ish or $25,000 on a single card credit limit with American Express you are subject to a credit audit. If I open up a business card which would put me away above the $35,000 on my personal cards will I be subject to that audit?

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  3. Hello Sebby!
    I’m on the lower end of Amex. Tried the pre qualify tool and was approved for the green card. I did what you did with the tool since there is no documentation of how many times to use it and I hadn’t seen your video until after. It said after the 3rd time that it was unavailable and to cal cs. The guy told me my limit. About 2500. I’m ok with that. He said after 24 hours, it will reset and don’t worry about it. He said hey, while I have you, I can send you two other cards. The gold and platinum. I said sure. Similar limits but a little higher.
    All three on the same day. I have not received the cards yet but I just got shipping confirmation today. Reading all of this about fR is scary. My app is legit, but it’s seems like I’ll get it for the following reasons:
    Using a tool that was put there for me to use
    Spending too little
    Spending too much
    Shopping at a “ low income establishment” like Walmart or Target, not traveling often enough.
    Using too much to fast
    Not spending fast enough
    I spoke to a rep at Amex and he assured me I’m in good beginning standards. Whatever that means. Assures me that my account is ok. Assured me three cards is ok even when I’m new. Honestly, this is so nerve wracking.

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  4. Regarding the financial review, in terms of income, is it gross income or net? Obviously these two numbers can be radically different. But if you grossing a lot – but not netting a lot: what would be the impact?

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  5. what should I do if I want to apply for amex Hilton aspire card, but my current credit limit for 2 cards is 12000 total. 10k on 1 and 2k on the other, but the 2k was not opened with my name, I was set as another user. I don't want a FR, but I am interested in the aspire card. Thanks

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  6. I have the same situation as your friend did..i made alot less last year …my income triple this year…so that was what I was really worry about….im less confuse now…hahahaha

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  7. And also if they were to cancel my card would that show up on my credit report as being negative…or should I cancel first…im confused

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  8. I just had amx..freeze my account for FR..i will have to send them my last year's taxes…well I just paid my balance in full…if I were to cancel my account..will this hurt my credit score. I've only had these 2 cards for like 2 months…i got the platinum and blue card at the same time..the blue card only has a 5k credit line on it….i used it everyday for all my spending..but I guess amx thought that was strange..

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  9. Can you talk about the AMEX Pay It Plans ?

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  10. I m going in FR process..because my son only use the card all the times ..have anyone after FR got cancel the Amex account?

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  11. I went through this recently because I was running charges through my own Square account to meet the minimum spend for the Delta card… They froze all my accounts and asked for my bank statements. They were nice enough to expedite the process so my cards were only frozen for 24 hours, but when they were turned back on, my Platinum charge card now has a "temporary" limit of $5,000… The lady I spoke to at Amex said I was lucky they didn't just automatically close my accounts. So… my advice is to not try and get creative to hit minimum spend.

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  12. Should we cancel the cards or let amex close it? When they start a review

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  13. So, my husband and I are actually in the process of a financial review with American Express right now. Wanna guess the reason? It's not from the check spending power button or maxing out the cards either. Wait for it, wait for it….the reason Amex gave us is because I'm only the authorized user on our Amex PRG and I do the majority of the spending on the cards. It's really annoying because if we had known that we would just use his card for dinner but never thought that my spending could trigger an FR. WOW. In the process now and just waiting, a little nervous because when he applied for the BCE he put $40k (which he makes alone) and for the PRG he put our household income which is closer to $100k. Unfortunately all they want is his last years return which only lists $25k because he took lots of unpaid vacations. If you see this Sebby do you think there is a way that we can present our bank accounts which have considerable savings and checking which we virtually never use other than credit card payments and rent? We don't want our cards shut down but this is weird…

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  14. So I just finished my financial review. I'm away at school so I couldn't give them my tax papers but the other option was to be on a 3-way call with my bank. The specialist was nice and even advised me to go with my accounts that had the highest amount. She said they can check two accounts so we called Chase and I gave them permission to tell her how much was in two of my checking accounts with them. She asked for the opening and closing balance of the last two months for both accounts. One day later she calls back and told me everything was ok except that my platinum card now has a 5k limit. This didn't bother me since I'm in school and don't plan on spending 5k+ rite now and when my income increases again I can have the limit removed. My delta card still has 8k limit and my Hilton and Hilton Surpass still have 15k and 8k respectively. The whole process took less than a week and that's because my assigned specialist was off for two of those days

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  15. Would it be too much of a risk for financial review if I applied for Hilton Honor AMX after applying for Platinum 3 months ago and the Honor card will be my 4th inquiry and card in 24 months and having a 7 year old AMX Blue with 50% utilization? Trying to decide if if I should get Hilton Honor to incorporate into my Asia trip next year. Thanks

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  16. Is a financial review a one time thing though?

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  17. I had financial review. I inadvertently paid my bill through a my business account but I closed the bus acct. the payment got returned then I received a FR. I now have specific limit on my Platinum. I called and was told it will stay On for about 6 months😩

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  18. A lot of my cards are from Chase. Does Chase do these kind of financial reviews? If so, what's their trigger/threshold? It would be very helpful to know. Thanks!

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  19. I literally got a call from Amex yesterday about a financial review and I'm on vacation. They said they will call today with my bank on the line since I can't send them any forms while on vacation. I think what triggered it is my minimum spend on my Delta card (recent 60k offer for Delta Gold)

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  20. If you have a charge card how do they factor that into your total credit available?

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  21. That check spending feature was a trap!

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  22. nice vid, i just got approved for a preferred cash back everyday card, hopefully i can get a charge card soon

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  23. Did you say, "Let's say you're buying a tractor…?"

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  24. Just got the everyday with a 2k limit. I wanted to pay for our family car insurance around $1,900 and my student tuition for around $1,200. I plan on paying off the balance right away since I have the cash. Would this be a bad idea? I wanted to hit my min. spend. Would it be better if I called them first? Card is in the mail on the way to me and I have to pay the insurance and tuition in the next week to 2 weeks.

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  25. Thanks for the information. I just got the platinum on Monday on the 60k sign up bonus, and on Wednesday I see a targeted offer for the 100k (the same day I got my card in the mail). Needless to say I was pissed that Amex did that (and their once in a lifetime bonus rule). After talking to 3 different agents, and expressing my discontent with them, I started to think they may freeze my accounts with them, and make me do a financial review, out of spite. I guess I'll just play it cool and follow your tips.

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  26. My friends Amex Preferred rewards gold card got frozen to due him spending a lot of money in a short period of time. They wanted him to pay off the bill asap. After he payed it off via phone (rep) he was back to normal.

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  27. The button will let you spend outside of your spending limit if you have a non charge card so it can be handy if used normally

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  28. How much credit limit does AMEX allow in relation percentage wise to your income? I.E., 50%of income etc.

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  29. This applies to all cards Amex provides, including charge cards. I have a Centurion card and usually have an average spend around 50K or so a month. But earlier this year I was averaging about 100K a month due to business expenses and was called about a financial review. They did say that out or normal spending is the easiest way to get flagged for review. That being said, it isn't as a terrible process as people might make it seem. You can even do a call with your bank with Amex on the line to give them a majority amount of information that Amex requires.

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  30. Could you do a review on the new Cathay Pacific Visa Signature card? It's bonus just went from 25K miles to 50K miles. Sounds interesting.

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  31. I heard once you reach 15 yrs with Amex and have a flawless record with them the 4 credit card rule is no more. May just have to move credit lines at most. Also, that if live with someone who went through FR, you might be next.

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  32. Three weeks? I would tell them don't bother, they can just close all my accounts because I can't be working with banks who will freeze my accounts for three weeks on a whim. Even if they want to do this to minimize risk it shouldn't take 3 weeks, maybe three days at the most and even then it's a big inconvenience.

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  33. I find how Amex works kind of weird. I applied for a everyday card with a 1000$ credit limit last month I've been using but then I found out about the AARP so I applied for that card but it got denied then I applied for the blue everyday cash back and it was approved for another 1000$ credit limit.

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  34. Can you add student loans, scholarships, and/or grants to your annual income when applying for a credit card?

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  35. I just got a Platinum card, I was planning on using it to pay my fall tuition, which would get me close to minimum. Is this a bad idea?

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  36. i'll never do business with Amex again, i opened an account with them not even 3 months and they did a financial review on me after i spent $2,000, and worst customer service.

    Edit: i spent $1,000 in the first month and pay in full when i received the statement, then spent the $2,000 in the second month

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  37. Hey Sebastian! When you applied for an amex card, did you use the pre-qualify tool they offer? I've used it, and it says it couldn't find me any offers, yet, when I go on credit karma, my odds are good. I know to take credit karma odds, with a grain of salt, I'm just wondering how you went and applied for your amex card, when you first got started. Any help would be appreciated. Thanks.

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  38. When applying for a credit card would you recommend combining you & your spouse's annual income when asked on the application? Thanks Seb!

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  39. Thanks for the vid! Couple questions:

    -Would you say these factors apply exactly the same with business cards?
    -Do you think MS-type transactions at reasonable volumes would trigger? Or have you seen that it is based on volume alone?

    Reply

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