Last week Friday we got a call and an email from American Express telling us that account is under financial review. As we explained in the previous post financial review is a nightmare. We started sharing the details of the F/R over here. The reason why we got the F/R is because we were spending to much money on our cards. We did a 12 card App-O-Rama and needed to spend $95,000 total.
They sent us the 4506t form to fill out, I immediately downloaded onto my BlackBerry Classic (which I love). Using the PDF editor on my phone I filled out the form in entirely. Once it was done I emailed the forms that for myself and had a hard copy on my computer. The next step is you need to fax this form over to American Express. The financial review department fax number is 1800 219 8549.. If you don’t have a fax machine you can use a free online fax service for example fax zero.
Once I had the paperwork sent back to them I called him to follow up to make sure it was properly faxed, received, and sent over to the IRS . My agent is not available when I called so I left him a voice message stating my name, credit card number, phone number and a short message. In the message I stating that I sent in the form and it would like him to review them to let me know if they’re satisfactory. He did not return my call.
The following day was Saturday which I was unable to call him, Sunday he was out. Monday he was out and was first back in the office on Tuesday. I did try to get ahold of him on Tuesday, but he did not answer my call. I must’ve tried in five times on Tuesday, but he never did return my call. I left him another message again with my name, credit card number, phone number and I told him I’m waiting to hear back.
Finally, on Wednesday he called me back. He told me that you got my voicemail has been very busy. He told me that he got my forms he sent them over to the IRS to receive the transcripts, and American Express already received the transcripts back. I was advised that they’ll have an answer by the end of the day (Wednesday). I told him that I need my credit cards for my business and I would appreciate to get this done ASAP. He didn’t call me back on Wednesday.
On Thursday I got emails from American Express stating this card ending in 1004 the limits have changed. The new credit limit is $13,500. I got this email for every card. When I logged into American Express I still saw the banner proclamation that my accounts are still suspended. However, I knew the review was basically complete.
Over the weekend there was a voicemail on my cell phone that the review was complete. I should have received an email with this information (which we had on Wednesday). I logged into my account and confirmed this. The review was over. I was actually surprised that I pulled it off in a week, they usually take much longer and are much more dragged out.
After getting my accounts locked for a week, American Express reinstated them. They slashed some of the limits, but more then that they didn’t do.
Some after thoughts:
- It can be that I asked him to expedite it that it helped.
- It seems like the rep doesn’t make the decision, they just do the dirty work, of calling you, being in contact with you ect. The decision making is done by a back office.
- I was extremely nice and respectful to the agent, in return he was helpful and quick.
- Having a real income can definitely pull you through, many people don’t have sufficient income.
- Fill out the 4506T form correctly. Missing information can delay your F/R.
- Use an online editor, this will ensure no mistakes.
- Don’t be upset at the agent, your problem isn’t with them. They are just your contact with Amex.
And some tips to stay under the radar:
- Avoid spending a lot of money on a new account in a short amount of time. It takes months to build up your reputation with American Express.
- Don’t spend more than 50% of your credit limit over the month on a credit card. For a charge card it is much harder to draw the line, as most standard charge cards do not have a limit. The idea is to take it slowly, and build up your relationship. In a short amount of time you will be able to spend $100k monthly.
- Sudden large changes in spending pattern.
- Funding pre-paid cards
- Over utilization of “spending ability” button on website.
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We passed our American Express Financial Review.