Applying for a New AmEx After Financial Review (FR) Account Closure

Discussion in 'American Express | Membership Rewards' started by HoKo, Jan 4, 2013.  |  Print Topic

  1. HoKo
    Original Member

    HoKo Silver Member

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    So in December '11 I was put under financial review. I submitted all of the requested paperwork (including 4506-T requests). Despite my cooperation a couple weeks later I received notice from my AMEX FR agent that the accounts were in a queue to be closed and that the decision was final. I didn't want "Account closed by creditor" showing up for 5 different AMEX accounts on my credit report so I quickly transferred all MR points and shut down all of the accounts myself.

    The agent refused to provide me the reason for closure but I believe the cause was a discrepancy in my income. In 2010 (the year for which they requested 4506-T) my salary was that of a first year college graduate working at a crappy job. By December 2011 I had changed jobs and was literally making $17,000 more than I had been in 2010 (and of course this was the income I was listing on my CC applications). I attempted to explain this to the FR agent but they basically said 'tough luck, we can only count verifiable income from your 4506-T.'

    All AMEX accounts were closed in December '11 so it has been slightly over one year since all of this happened. I just received a targeted AMEX Plat offer for 100K MR and would really like to jump on this offer. I have never had an AMEX Plat before.

    Some of the questions running through my head:

    1. Does the fact that I initiated the account closure myself matter?
    2. Does AMEX have some sort of notation on my name/SS # indicating that I was shut down due to FR (even though I initiated the closures)?
    3. Is there a set amount of time where people are allowed to get another AMEX card after being shut down due to FR?
    4. Should I expect to be asked for income verification when I apply for the AMEX Plat?
    5. Will I be on a watch-list for AMEX going forward and should tread very carefully with my Plat usage (assuming I get approved)?

    I realize some of these questions may not have any black & white answers but if anyone has experience with a similar situation I'd appreciate hearing about your experience.
     
  2. marcwint55

    marcwint55 Gold Member

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    Amex has very thorough records of everything you have ever done with them. Having your previous account closed should not be a problem, but they may want to verify income before approving you.

    I would not worry about treading lightly, as long as you are following their rules and regulations.

    Once approved you will not be on a watch list unless you do something suspicious to cause that to happen.
     
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  3. MX

    MX Gold Member

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    If AmEx sent you a targeted offer, chances are good that you are no longer on their s-list. Their marketing is usually well coordinated with other departments. If the offer states "pre-approved", that's even better. But if for some reason you're still blacklisted, they'll turn you down without hitting your credit file. I wouldn't over-think this one. If you like the offer, then go for it. :)
     
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  4. Ed Chandler
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    Ed Chandler Silver Member

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    So they sent you an offer for 100k MR plus all the Platinum perks for $450 with no hard pull if they turn you down?
    Heck, what's there to think about?
     
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  5. HoKo
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    HoKo Silver Member

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    Any idea how they verify income for new applicants. Would it be 4506-T again or just paystubs?

    Interesting, out of curiosity what basis do you have for thinking marketing is well coordinated with other departments? I don't have any particular experience with AmEx in this regard but I do remember reading about a blogger getting their Sapphire shut down by one department and another department was sending him emails trying to convince him to keep the card open haha. Obviously different companies but it seems like this sort of 'left hand not knowing what the right is doing' type of stuff is pretty common with these huge companies.


    Well I don't think the 'no hard-pull' part is guaranteed by any means but I will probably include this app with 3 or 4 others in my next AOR so the extra hard inq won't be too big of a deal if they do end up doing it.
     
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  6. marcwint55

    marcwint55 Gold Member

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    They may want tax returns, 4506-T or pay stubs, or they may take your word for it and not check at all.
    I would just be certain that the numbers on your last years tax returns match the numbers on your application.
     
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  7. Ed Chandler
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    Ed Chandler Silver Member

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    Even with the pull, 100k for that card is a great deal -- best I've seen.
     
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  8. FlyingBear
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    FlyingBear Silver Member

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    My wife got pre-approved offers from them and got nothing out of applying.

    I was under FR from AMEX 5 years ago, had all accounts closed, never got an offer since, but was able to apply and get two cards from them last year.

    I am yet to see a company whose marketing arm is truly aware of its business arm.
     
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  9. Kalboz
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    Kalboz Gold Member

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    Did you get it?
     
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  10. HoKo
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    HoKo Silver Member

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    Yep, had to submit 4506T but was approved after they verified my income
     
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  11. marcwint55

    marcwint55 Gold Member

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    well done. congratulations.
     
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