Amex F/R Master Thread

[levi]

Does anybody have experience with applying for any Amex card and getting approved after a Financial Review? How long to wait before reappling? Do I reopen the cards that i closed down or do I reapply for a new account? or any other helpful information

[Dan]

I know people that were able to get approved for new AMEX cards a few months after a F/R when they preemptively closed down their accounts.

The key thing to avoid AMEX F/R's is to keep each card under a 25K credit limit, and try to use under 33% of the credit line on each card.

Same question for Citi and Chase cardholders-have you been able to reopen cards after being shut down?

[AsherO]

Does anybody have experience with applying for any Amex card and getting approved after a Financial Review? How long to wait before reappling? Do I reopen the cards that i closed down or do I reapply for a new account? or any other helpful information

After my App-O-Rama back in February of '07 (remember this:http://www.dansdeals.com/archives/1909), I had $90,000 credit line between 9 cards (though my utilization was less than 15% on any and all of them combined). I was F/R'd, given the run around etc. etc. I ended up closing all but one card, sent them a dreadful 4506, and then I prayed. Thank heavens I was spared. I was left with 1 card, credit line of nearly $30,000. As an aside, I average 35K/annually on my Amex.

This year, I was approved for a Starwood business  .

[Dan]

I've heard that they will also accept bank account statements instead of a tax return.

[levi]

I've heard that they will also accept bank account statements instead of a tax return.

Yes they will, confirmed

[d]

I've had it done twice. Waited about 4 or 5 months in between and then was able to apply and get approved for new cards. Interestingly I constantly got offers even in those few months for AMEX cards.

[levi]

I waited about six months to reapply and got declined i recieved a letter in the mail saying they want some information i just ignored it,  hopefuly i will try again and get approved

[Other Guy]

I've had it done twice. Waited about 4 or 5 months in between and then was able to apply and get approved for new cards. Interestingly I constantly got offers even in those few months for AMEX cards.

Offers don't mean anything. You can still be declined when applying.

[levi]

Offers don't mean anything. You can still be declined when applying.

even when they say "preoproved"

[AsherO]

I've heard that they will also accept bank account statements instead of a tax return.

Not for me, they told me i need to send them a 4506 or my accounts will be closed.

Maybe it depends on the person's mood, the reason your account is under review, or some combination thereof.

[Yitzter]

I got F/R'd and I really want to sign up again. I love amex especially the starwoods. I am going to try in a few months and pray for the best.

[Dan]

Maybe it depends on the person's mood

This is so true for way too many companies out there today...

[eli123]

THEY HAVE DIFF KINDS OF FINANCIAL REVIEWS SOME TOUGHER THEN OTHER AT TIMES YOU CAN GET AWAY WITH BANK ACCOUNT STATEMENTS AND AT OTHER TIMES ONLY TAX RETURNS AND YOU CAN SCREAM TILL YOU ARE RED IN THE FACE BUT THEY WILL DO NOTHING!!!

[levi]

THEY HAVE DIFF KINDS OF FINANCIAL REVIEWS SOME TOUGHER THEN OTHER AT TIMES YOU CAN GET AWAY WITH BANK ACCOUNT STATEMENTS AND AT OTHER TIMES ONLY TAX RETURNS AND YOU CAN SCREAM TILL YOU ARE RED IN THE FACE BUT THEY WILL DO NOTHING!!!

Like Asher said depends on the persons mood. too bad that this is very true in todays day

[Yitzter]

They told me I have to fax in tax forms. screw that.

[ash]

whats f/r whats the worst  can they do screw up your credit ?

[Yitzter]

f/r stands for Financial Review
The worst they can do is cancel your credit card and report to the credit bureau that it was canceled by Credit Card company.

[levi]

f/r stands for Financial Review
The worst they can do is cancel your credit card and report to the credit bureau that it was canceled by Credit Card company.

canceled by Credit Card company,  is very bad for your credit

[ash]

never happened to me i hope it doesnt

[Yitzter]

Yea but you can cancel before they do, so in reality a f/r isn't that bad for your credit. Unless you try being smart and dont tell them to cancel and don't contact them then yes, it will be bad for your credit.