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AMEX 3X CLI question

Valued Contributor

AMEX 3X CLI question

I've had my Costco AMEX for a while - almost 2 years, and I have not asked for a CLI. I JUST read about the 3X CLI thing and I'm planning to try it. I want to do it NOW. However, until my balances refresh in the next week-ish, I have about 55% utilization. I also JUST got a car loan, which SW has not yet told me is reporting. Should I pull the trigger with the high util and no car loan listed, or should I wait until the util drops to just over 30%? Also, how often do they do soft pulls on accounts that have been active for a while? I'm also planning to refi my mortgage (opened 2011, right before the card), but I probably won't try to do that for another 2-3 months. (Doing a costs-rolled-in refi should get me out of PMI, and even if it doesn't, by my and the CU's calculations, the payment will go down by 2-300/mo and for not a ton more, I can pay it off in the same amount of time)

 

Thoughts?

 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 1 of 7
6 REPLIES
Frequent Contributor

Re: AMEX 3X CLI question

Thats a good question. Most would say to get your util under 10% but maybe it wont matter if you have a good established history already.Im intersted to see how it goes down.


CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $12k United Explorer-$5k
Message 2 of 7
Valued Contributor

Re: AMEX 3X CLI question

Yeah, under 10% isn't doable in the near future - I did just use my Federal refund, the cash I got for my old car, and I've got it set up to use my bonus / retroactive raise to pay down my overall utilization to that 30%. Buying a house alone and then having to pay for appliances, an expensive insulation upgrade, gutters, and having your property taxes spike 29% really takes it out of you. Honestly, if I can get the refi worked out (my main fear: house not appraising for enough - I should qualify otherwise), I'll be putting the extra cash towards paying off utilization.

 

I've decided that I'm going to wait for my current payment to get that card's balance to $0 (I use it almost exclusively for gas at Costco right now), and then pull the trigger. Since I got the notice this morning that the payment had been received, that should be either tomorrow or Friday. I guess it's not the end of the world if I have to try again in 90 days because it was declined...and the increased CL would help bring down the overall util, so there's that....

 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 3 of 7
Frequent Contributor

Re: AMEX 3X CLI question

I know how it is. I bought a house, but I have no furniture. I have two chairs my old room mate gave me and a table my mom gave me for christmas. I have no insulation. I still need to buy a microwave. oh and a TV. Thats why im always here on the forum. I got my trusty macbook and a pink chair. 


CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $12k United Explorer-$5k
Message 4 of 7
Valued Contributor

Re: AMEX 3X CLI question

My CRT is sitting in my bedroom, not being used. My microwave is one of the appliances - I bought a foreclosure and the initial appraisal came in low so I couldn't fund the fridge / dishwasher / oven / microwave(recirculating exhaust) / washer / dryer in my rehab loan. I overbought on my appliances a little, just because I felt it was a waste of money to buy ones that were cheaper but would be temporary. 

 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 5 of 7
Valued Contributor

Re: AMEX 3X CLI question

Paid my balance down to $0 (well, it finally processed, that is)

Still have, on record, about 50% utilization - almost all of my 7 cards are updating in the next 10 days.

 

Approved! $2000 -> $6000!

 

This should help with my utilization, which is pretty exciting - and without a hard pull!

 

I should start my 180 day countdown now, huh?

 

Current CLs:

Capital One:               $500

Target Visa:             $1000

Chase Slate:             $4000

UMCU Visa:              $5000

Chase BP:                  $5800

AMEX True Credit:  $6000

Discover More:         $8300

 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 6 of 7
Highlighted
Senior Contributor

Re: AMEX 3X CLI question

Congrats!!! Hoping for $25k here in about 3 more months lol!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 7 of 7