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The Definitive Amex 3X CLI Guide

Contributor

Re: The Definitive Amex 3X CLI Guide Discussion Thread


GangnamFICO wrote:

This is a great guide explaining in detail how to get yourself in 25k of credit card debt.


Lemme guess: Capital One exec?

US Bank Cash+ -- Chase Freedom -- Citi Dividend -- Citi Double Cash -- AMEX BCE -- Discover It
Message 101 of 3,700
Regular Contributor

Re: The Definitive Amex 3X CLI Guide Discussion Thread


GangnamFICO wrote:

If you're "floating" 25K, you're mismanaging your finances.  If you're rationalizing it, you're mismanaging your expectations.


That is totally untrue.

 

Some in this forum are heavy hitters and easily spend that much per month.  Others are semi-heavy hitters and spend maybe half, but play the FICO shuffle.  In those cases, it would be crazy not to float the money.  

Message 102 of 3,700
Regular Contributor

Re: The Definitive Amex 3X CLI Guide Discussion Thread


slippy84 wrote:

GangnamFICO wrote:

This is a great guide explaining in detail how to get yourself in 25k of credit card debt.


Lemme guess: Capital One exec?


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Message 103 of 3,700
Established Contributor

Re: The Definitive Amex 3X CLI Guide Discussion Thread


GangnamFICO wrote:

I can't imagine someone on a credit score building forum needing 25k on a credit card limit from one card. If you need that kind of credit, you're in the wrong forum for that type of credit extension.  If you're looking for a 25k credit limit, you're perspective and education on finance is in need of major overhaul.


I think you misunderstand a couple of things. 

First I don't consider this a "credit building forum", just a great place where members share information. Sure, some members are building or rebuilding but others are at a good place now and are looking for the best cards that match how they use cards. I joined with a 765 real (non fako) score. I would love to hit 800 but I doubt that will happen based on how I use my cards. 

Second I do need and use $25,000 on a single card. As a business owner many times I spend $50,000 to $75,000 in purchases IN ONE MONTH. Average month is almost always over $25,000. As it stands now the only two cards that will allow me to make a spend like that are my two AMEX charge cards (And perhaps Chase Ink Bold but I have not tried to charge that much yet). I have seven other cards in the rotation with one in the sock drawer with a $46,000 limit. Getting all seven to a limit close to $25,000 would greatly help me be able to put an entire month's spend on one card, maximize my rewards and make one payment to one bank. Yes, I do make business purchases on personal cards. Nothing wrong with that as I am a sole proprietor. I simply use the business accounts to pay that portion of the bill. 

In the past I used to pay cash, write a check or use a debit card for these purchases. One day someone showed me the rewards I was leaving on the table. It was like a light bulb came on. Work using other people's money for 30+ days and then pay in full. Earn rewards like travel miles, hotel points and cash back. Why wouldn't someone do this? 

 

 

Message 104 of 3,700
New Contributor

Re: The Definitive Amex 3X CLI Guide Discussion Thread

Just did my 3x CLI even though I've been procastinating on it (I got the card at the end of October, so i'm way past 61 days). My previous CL was $7600, so 3x that would be $22800. Because I'm paranoid of FR (and other related documentation needed because a lot of my income isn't US sourced so isn't reported on my US tax) and I like round numbers more, I put in $20k as my request. Totally wasn't expecting this:

 

Your request for line of credit increase of $20,000 can be approved for $19,700. Your new line of credit would be $19,700.

 

Wow. Totally surprised. My annual income is only $50k so totally wasn't expecting this (seems crazy to have a card that has a CL of almost 40% of my annual income). Also it's my highest CL by far (next closest is Citi with $4k).

 

Now that I have such a high CL, when I come to ask for a CLI from Citi at 6 months, will they see this AMEX CL and give me a CLI? Kinda want my Forward to be a Signature card...

 

PNC Points Visa $3.3k (5/09), Amex PRG NPSP (9/10), Amex BCP $19.7k (10/12), Chase Amazon $4.8k (10/12), Citi Forward $7.5k (11/12), Chase Southwest RR Premier $8k (3/13), Discover it $4.3k (11/13), Citi Double Cash $18k (PC'd 9/16 from AA Executive 7/15), Chase CSR $12.2k (9/16)
Message 105 of 3,700
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Contributor

Re: The Definitive Amex 3X CLI Guide Discussion Thread

2 days...
Message 106 of 3,700
Valued Member

Re: The Definitive Amex 3X CLI Guide Discussion Thread

I've had a few days to ponder this discussion.

 

I'm rethinking my position.

 

For sure the reduction in utilization is tangible and a good thing.

 

And perhaps not everyone here is a poor SOB like me and can handle a 25k float.

 

I'm might try this later this year.

 

 

 

 

 

 

 

 

Walmart TU Score 740
Chase Freedom($5000); CitiThankYou Preferred($5000); GEWM Discover($3500); Walmart Store($1300); AMEX Gold; AMEX BCE($6000); GE Discount Tire($1500); Mor Furniture ($4700);Cap1($750)
Message 107 of 3,700
Regular Contributor

Re: The Definitive Amex 3X CLI Guide Discussion Thread

Agree high cl leaves flexibility when in financial hard time. Just to add on, fico score heavily driven by credit usage. Having higher limit can translate to a lower credit usage. This helps improve fico score and drives big money saving in long term
Message 108 of 3,700
New Contributor

Re: The Definitive Amex 3X CLI Guide Discussion Thread

SUCCESS! Just went from 2K to 6K, took like 30 seconds using the automated phone system. I was a little worried because my first month I didn't PIF, but I guess that's not that big of a deal as long as you are PIF before you apply, or maybe that's not that big a deal either, but I know for a fact Amex is allergic to carrying balances. Let the 6-month countdown begin!

 

Oh and regarding the above argument, I'm sorry but that's like saying eating causes obesity. If you aren't responsible and can't manage your money the problem is you not the CCs.

Message 109 of 3,700
Contributor

Re: The Definitive Amex 3X CLI Guide Discussion Thread

Just went from $2K to $6K on my BCE!
Message 110 of 3,700