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@vwgrrc wrote:
@GFer wrote:
@vwgrrc wrote:OK i'll have my first CLI day in March 23rd. I have some concerns here and need you guys advice plz!
1. I assumed the best utilization ratio is 1-9%. But should I just care about the ratio on my AMEX? Or I need to control my overall ratio (all cards)?
While 1-9% is good at any given time, the main importance of this is for the 'ideal score'.
2. Is it better to leave a small balance (below 9%) on statement intentionally then PIF before due date? (I guess the balance/utilization on statement is what really affects my score...Correct me!) Correct.
3. I plan to apply two new cards (Discover and maybe Cap1) in late Feb to early March. Will those moves harm my CLI on AMEX? Should I wait until applying for CLI?
You would be best served by getting your 3x CLI 1st (which is a soft pull SP, by the way). Asking for a 3x CLI right after applying for two new TL's could raise a flag in that you're desperate for credit.
Thanks alot
Not to mention, that with a higher CL on the Amex might very reward you with higher CL's on the new cards!
thanks. learned something!
Regarding to the last one, I know Discover in my area pulls EQ, which is different from EX used by AMEX. Does this mean i can apply Discover before my AMEX CLI and AMEX wouldn't know? That depends...if your score or something that flags their attention...they might pull all three. I would err on the cautious side.
One more question, general question. If I apply for multiple cards in 1 day, will the creditors know my other applications? What if I do that 1 week? Usually, no. But not always. (Hard to say). Better safe than sorry?!
@MustangSaluki wrote:The Guide has now exceeded the single post limit of 20,000 characters, so we will use this thread for discussions. Please check the sticky for the guide.
If you recently received a CLI from Amex, please post in the following format to assist in completing the Carrying Balance vs PIF & Other Utilization Factors work-in-progress portion of the guide.
MyFico/Other Handle: efranklin23
Initial CL: 3k
61 day/181 day CLI: 61 Day (from 3k to 9k)
@Anonymous Utilization @ CLI: 0.4%
@Overall Utilization @ Last EX Soft Pull: 1.1 % (everything paid usually every month)
Ratio of Income/(Overall Available Credit) (4 decimal places): 45000/34500 = 1.3043
Number of new credit lines opened since opening Amex account or last Amex CLI: 0 (received CLI on on BofA in December though)
Total $$ value of all transactions since Amex account opening or last Amex CLI: 1,800
I've been with amex for around 63 days, credit limit of $2800 and I typiclly charge around $1000 a month but always pay in full before it cuts. I was just approved for a new $8400 limit through the online request form! My new highest!
Just read through most of topic.
It seems fairly clearly that amex does not care much about limits on other cards versus their own, or the velocity at which you increase your limits, but... There is certainly a hard limit based on your income to total avail credit. Nor do they care for how heavily you use your card as long as you pay it off.
makes sense because even with a fico of 800 no reason a person with 30k income need a $25k loc.
MAKSIMFA makes good points.
No matter how much credit I have available, I'm not going to spend more than I make. I'd think a cap based on both history and your income has to be there somewhere. Honestly my $8400 limit with just my amex is more than enough credit for me. I normally only charge up around $2000 a month through all my cards based on what gives rewards, then pay them in full. But it sure is nice that I've picked up over $26000 in credit the last year because it keeps my utilization down.
Went from 2k - 6k - 8k... Sigh* oh well no 18k for me...
EDIT: I just noticed that Amex wasnt really soft puilling my report..
@enxinas wrote:Went from 2k - 6k - 8k... Sigh* oh well no 18k for me...
EDIT: I just noticed that Amex wasnt really soft puilling my report..
What is your stated income? Odds are it is not your score but rather total credit avail vs income.
Tiny Contribution:
MyFico/Other Handle: Plasticard
Initial CL: 5K -> $12.5K
61 day/181 day CLI: For me, more like 5 year CLI
Amex Utilization @ CLI: 0%
Overall Utilization @ Last EX Soft Pull: ~21%
Ratio of Income/(Overall Available Credit) (4 decimal places): 1.1032
Number of new credit lines opened since opening Amex account or last Amex CLI: 5 (keep in mind 6 years since opening)
Total $$ value of all transactions since Amex account opening or last Amex CLI: Maybe $2-$3k a year
Decided to just go for $12.5 instead of $15K since I liked the number better. Was an instant approval which was a nice surprise. When I first opened the card in 2008 was given a $2K limit, then a year later an auto cli to the $5K. Being bored now, I decided what the heck and gave the CLI button a shot.
@ZoomZoom22 wrote:
@MustangSaluki wrote:
@ZoomZoom22 wrote:Sorry for my error in typing. I meant 6 month mark as you correctly indicated, NOT 60 days.
To be more specific, my last CLI happend on the first week of June (let's call it June 6th). At the 6 month mark (around December 6th) I intended to ask for my 6 month CLI following the guide. They (Amex) upped my limit on their own barely prior (like December 2nd) to my 6 month mark When my 6 month mark passed I tried to CLI near 3X but right after I put it my code from my card to enter my requested amount and annual income stuff I get that message that I am not eligible because I have received an increase in the past 30 days.
So effectively a week before my 6 month CLI mark they (Amex) thrawted my 3x CLI request by giving me a 10.2% CLI increase without me asking for it and more importantly just before I was going to ask for a 3x CLI increase (300% or whatever they countered with).
Good times.
The other part of my question was answered that people here (at least that have read thus far) have not seen this happen. It is worth noting that while I did not ask for the limp $4k increase they gave me, I received it through an email from Amex that said congrats we have upped your limit to $28,000. Immediately wondered how that would have an effect on my planned 1 week later 3X CLI increase I intended to make. Now I know the answer to that one. It is one thing to get the "within 30 days my CL has increased denial, it is another if them tossing me the $4k increase has restarted a 181 day clock before I can request a 3X
It does sound like a ripoff Once again though I see that the message said "30 days" and maybe applicable to the scenarios where they autoCLI. Please try again 31 days after the rejection and let us know if a 3X works from that point!
Above was posted by someone else in response to my issue I posted ^^
Update below from 1/17/2014:I wanted to loop around on this issue and tell you where I am with it.I got a nice letter from Amex that says they had received my request to increase my credit line, however it would require me completing the 4506T document (the one mentioned on this thread) with all my tax info. It also indicated I must check the box for 2 years of tax returns being released.I haven't decided yet whether I am going to send it in. It would appear for now I am stuck on $28,800 limit I have that was moved from $24,500 as many also here got held down to. I guess good I got beyond the $24.500 to the $28,800, but not the $60,000 I requested and almost no chance of a penny more unless I fill out the form and hand over 2 years of tax returnsI am a high earner and while I have always told the truth on my income during the CLI request process, I don't know yet how I feel about Amex having a lot of my information from tax returns. Seems they should just need a paystub or pay record, not all my tax return info
I was in a similar situation as well. Amex gave me initial CL of $20,100 about 5 months ago. Didnt want their "unexpected" automatic CLI at the 6 month mark. So I requested for 3X CLI or $60,300. I knew I wasn't gonna get it, but tried my luck anyway. They gave me a counter offer of 2K increase only. I took it. I didn't wanna push for it too much or talk to the CSR, cause I figured they'll ask for my tax returns then.