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Proceed with AMEX Financial Review?


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My advice would be to return to your normal spending and avoid CLI requests or more AMEX apps. If you follow that plan they probably won't bother you again.

 

I don't plan to get anymore cards or ask for an increase in credit. I am fine with what I have on the BCE for what I am spending and I have no limit on the platinum. I'm just hoping if I buy a new iPad (my graduation gift) or something like that and pay bills off of it, it won't trigger another one of these things. I don't intend to run up a massive bill each month, but I want to try to get the 100,000 points. I made sure when I called that the offer was still valid and had them note it on my account.

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My advice would be to return to your normal spending and avoid CLI requests or more AMEX apps. If you follow that plan they probably won't bother you again.

 

I don't plan to get anymore cards or ask for an increase in credit. I am fine with what I have on the BCE for what I am spending and I have no limit on the platinum. I'm just hoping if I buy a new iPad (my graduation gift) or something like that and pay bills off of it, it won't trigger another one of these things. I don't intend to run up a massive bill each month, but I want to try to get the 100,000 points. I made sure when I called that the offer was still valid and had them note it on my account.

 

That's just normal card use, not manufactured spend. Shouldn't be too hard to get the 3k on the Plat. You're fine.

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I guess I don't understand the terms "manufactured spending." :P

 

I'm just going to do it and use bluebird for bills that only accept Visa/Mastercard until I hit $3,000 and then be done with it. I hope it doesn't trigger anything again.

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I have a bluebird account I might try to use in small amounts, maybe a few hundred dollars here and there for my power bill that doesn't accept AMEX. I'm also buying a new iPad in the next few weeks. I'm not going to go way over $3,000 by august 4 though. I don't want to trigger another one of these even though I escaped this one unscathed. They didn't initiate any limit on any charge cards thankfully.

You should be fine with normal spending.

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right after my wife's CLI, like the next day, she apped (successfully) for the 2 for 1 (charge + revolver).

 

she also requested a CLI at the 61 day mark.

 

I took the successful FR as a license to get whatever she could from them.

 

FRing again so soon serves almost no purpose since they're not going to get different information from your 4506-T.

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They actually have FR'd people repeatedly. I agree it doesn't make sense, but nothing about this makes sense. We tried to compile info on FR's to see if we could find a common denominator, and couldn't. Then add in some of the press accounts - they made the mistake of FRing a couple of reporters, and caused them some embarrassment. So the reporters wrote about it. They had had long histories with AmEx, and, as in your case, no one could makes any sense out of it. Eventually, the bad PR made them change to FRing mostly new accounts - but I wouldn't count on it. Obviously (IMO) they have some algorithm that isn't working quite right yet, but they use it anyway.

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Hi all, I need some unbiased advice before proceeding here.

 

I recently opened a blue cash and used it regularly. I received a targeted 100,000 Platinum signup bonus offer a week or so ago and decided, given I had a trip out of the country coming up, to take advantage of it. I received it in the mail yesterday and was called yesterday afternoon by AMEX.

 

A little about me: I am a graduating law student about to take the bar in July. For the last 3 years, I have been a student and worked during the summers. To live on, I draw $40,000 a year from my family trust fund worth over $1 million. When I signed up for the blue and Plat cards, the applications asked me to list the income I had access to, so I listed it around $20K a year and my assets as over $500,000. I start work as an associate attorney in the late summer, but until then, I will not be making any income from work.

 

Today, I spoke with AMEX and they told me I was chosen for a financial review to see if I can keep up with my spending. I spend no more than $300/month on my BC card and have no balance and pay in full monthly. The woman told me that AMEX considers my income only on my tax returns and requested them from 2013 and 2012. She seemed uninterested in the income I drew from my trust nor the other earner in my household that pays the bills. We did not file jointly.

 

I have 5 days to send in a 4056T form. The rep "promised" me that if it appeared that my account would be closed, she would tell me so I could do it ahead of time, but I'm not sure I trust her. She said they "rarely" close accounts, but they do adjust CL. My CL is only $3K on the card now. I already cancelled my Platinum card - I don't feel like paying $450 for a card they will surely question my expenses, but I am not sure what to do about the BC card.

 

My plan is, if I comply, to send the release in with a letter and copy of my trust account even though the rep said it didn't matter how much money I had in that. It can't hurt my cause. But part of me is simply ticked off and finished with AMEX. I fear that even if I pass this, I will face it again down the road.

 

Should I proceed? OR just cancel all my cards and, if I decide I want an AMEX down the road, reapply when I have 1-2 years of income on my tax return? I want to avoid my credit report getting dinged by having a "closed by issuer" on it when I was in good standing the duration of the account.

 

I have not read through all the threads and comments so I could be repeating what others have written.

 

Amex has revamped their FR process and any information you provide, outside the required 4506T form, they will tak into consideration. So sending them documentation on your trust, bank statements, and future job offer will definitely help. They realize that not all income is reflected on a tax return, and liqued assets count towards the ability to pay back a loan.

 

As much as folks complain about an FR, its alot better then getting your cards shut down without notice and having your accumulated points forfeited.

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They actually have FR'd people repeatedly. I agree it doesn't make sense, but nothing about this makes sense. We tried to compile info on FR's to see if we could find a common denominator, and couldn't. Then add in some of the press accounts - they made the mistake of FRing a couple of reporters, and caused them some embarrassment. So the reporters wrote about it. They had had long histories with AmEx, and, as in your case, no one could makes any sense out of it. Eventually, the bad PR made them change to FRing mostly new accounts - but I wouldn't count on it. Obviously (IMO) they have some algorithm that isn't working quite right yet, but they use it anyway.

 

Totally unpredictable and as you know I followed every FR story I could find. They did it to established accounts of 10+ years, they did it to new account holders, and just about everyone in between. One warning signal used to be fraud alerts that made no sense and constantly having to call them to release the hold on the account and verify charges. That happened to me for a month before the FR. IMO it was too much grief and they would not assure me the ridiculous fraud alerts and a potential future FR would be avoided if I gave them what they wanted so I closed the accounts and won't go back.

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Quick question:

 

Has AMEX FR'd people in the past immediately after clearing you? I basically have 2 months to spend $3K to get my 100k MR points, and they didn't offer to give me extra time due to the shut down of my cards, where I conveniently missed out on my $1300 graduation dinner.

 

If I bought visa/amex gift cards at the grocery store, cashed them out through amazon payments and then put them in my bank account I use to pay for my AMEX bill, is that likely to trigger another FR? If I bought $500 worth of gift cards over the course of a few days? I have no spending history on the Plat card so I don't know how they figure out my "average" spending. They didn't put any limits on it after the FR.

 

Sadly, it sounds like if I don't take advantage of this now, amex's new policy dictates that I will never be able to get a signup bonus again, even if I don't hold a Plat card for 40 years.

Edited by zorbachs
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Quick question:

 

Has AMEX FR'd people in the past immediately after clearing you? I basically have 2 months to spend $3K to get my 100k MR points, and they didn't offer to give me extra time due to the shut down of my cards, where I conveniently missed out on my $1300 graduation dinner.

 

If I bought visa/amex gift cards at the grocery store, cashed them out through amazon payments and then put them in my bank account I use to pay for my AMEX bill, is that likely to trigger another FR? If I bought $500 worth of gift cards over the course of a few days? I have no spending history on the Plat card so I don't know how they figure out my "average" spending. They didn't put any limits on it after the FR.

 

Sadly, it sounds like if I don't take advantage of this now, amex's new policy dictates that I will never be able to get a signup bonus again, even if I don't hold a Plat card for 40 years.

I'm not a gambling man, but I would place a bet that you will not get FR'd again - period. Unless, of course, there's a sudden negative change in your credit report, or you rack up massive charges at a strip club, etc :-)

 

If you plan on buying gift cards, I would suggest buying a pack of gum as well, to make the total an uneven amount (i.e. $102.34, etc). If their computer actually monitors for these types of purchases, it undoubtedly uses a history of strangely 'even' purchases to trigger closer inspection. If you're still concerned, make several trips to the store, instead of buying them all at once. Even better, buy the cards in multiple locations (i.e. home improvement stores, grocery stores, etc).

 

You're worrying too much. Take a deep breath, and spend away.

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That's good to hear... congrats. My experience w/FR (definitely done in India - the English on the faxed forms was atrocious and everyone had thick accents with really poor quality voice lines) was back in 2008 or 2009. My last encounter with any kind of credit analyst was in 2012 and it was in North Carolina.

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I dont mean to hijack this thread but I just got my first Amex card ( Everyday credit card) . Will I go through the same review process?

I wouldn't worry about being fr'd unless you embellished your income.

 

 

Sent from my iPad using Tapatalk HD

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Quick question:

 

Has AMEX FR'd people in the past immediately after clearing you? I basically have 2 months to spend $3K to get my 100k MR points, and they didn't offer to give me extra time due to the shut down of my cards, where I conveniently missed out on my $1300 graduation dinner.

 

If I bought visa/amex gift cards at the grocery store, cashed them out through amazon payments and then put them in my bank account I use to pay for my AMEX bill, is that likely to trigger another FR? If I bought $500 worth of gift cards over the course of a few days? I have no spending history on the Plat card so I don't know how they figure out my "average" spending. They didn't put any limits on it after the FR.

 

Sadly, it sounds like if I don't take advantage of this now, amex's new policy dictates that I will never be able to get a signup bonus again, even if I don't hold a Plat card for 40 years.

 

 

Can you please elaborate more on this? If you cash them out through amazon payments, dont you lose money? This is to get activity through your card, for the bonus points, correct?

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