@Transmogrifying_Bee wrote:I am one of the proponents of the "Maximum CL = 40% Income" theory. Asking for 20K certainly seems reasonable, especially given your excellent credit scores and that Amex saw fit to give you an initial CL of 10.5K. Still, I'm somewhat puzzled as to why Amex didn't make you a counteroffer when you requested 25K. Your idea about asking for 15K now (6 months) and 20K later makes sense, although I would be interested to see Amex's response to your testing the 20K level at THIS go-around!
Tough call, I know! Either way . . . GOOD LUCK!
Bleh, just requested CLI to $20k and got a 7-10 day response. So much for that. What is it again? 6 months before I can request again?
And after they e-mail me 7-10 days from now they won't even be giving a counter-offer right?
Sucks that I'm having no luck with getting CLIs from them when everyone seems to say they're so great about it. I have a perfect credit history as far as no derogatories too.
Guess they feel like the limit they give me along with my limits with the other banks are too high (along with my outstanding student loans and auto loan) versus my income or something even though I have low utilization and PIF every month minus a small balance on my Cap1 to show that I do use my credit.
Good luck to you too dallas. AMEX I only ever hear great things about. They haven't done better/worse for me versus competitor banks so far but the 6% groceries cash back can't be beat for the most part. At the same time they did trump all my other cards' limits right off the bat from day 1.
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Here it is:
"Your overall debt with other creditors listed in your credit bureau report and the credit limits on your American Express Cards is high in relation to your reported income."
So it's basically my student/auto loans. From the wording it doesn't seem like they take into account the limits on my credit cards with other banks/companies.
Guess their internal scoring system factors in student loans. Most places claim student loans don't really affect your FICOs either even though I quickly saw my FICOs drop from 810-815 down to 760ish after my student loans came out of forbearance after graduating; no other negative major changes in AAoA, limits, utilization, no inquiries, etc.
I'll be trying again next time for $15k instead and see if I can't work my way up to $20k then $25k.
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Extra Info: My current student loans sit at ~$40k - will have 80-90% of it paid off by the end of this year (~$38k upon graduation; will be paid off in full ~2-2.5 years after finding work). I have a chunk of the repayment cash in my checking account; typically I'd be throwing all of it at the student loans every paycheck to reduce the average 6% daily compounding interest being charged by Sallie Mae (which is highway robbery if you ask me since it's daily compounding) but I kept it in savings as an emergency fund.
The auto loan was one I signed for my brother which sits at ~$26k I think. Most would say to steer clear of signing something like this but it's my brother and he actually makes more than I do; just doesn't have credit built up due to being paid in cash (tattoo artist) and not having a record of income to provide to lenders. I drive a used Honda Accord and plan to 'til it dies.
kaskuli wrote:
Attempted my 3X CLI on 4/28 and got a denial.
Not sure if I can
1 ) re-attempt tomorrow 7/27, or Monday 7/28 ...
2) 3 am Eastern right?
If you were denied due to being Ineligible, you can try again when you have net the timeframe. If you were denied for any other reason, you'll have to wait 90 days from the date of the denial/letter.
