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CLI over $25k

Frequent Contributor

CLI over $25k

Hello, on this forum I frequently read about caveats regarding CLI over $25000. Can you tell me more about them and how they are different from simple soft pulls, or hardpulls with online buttons or calling in and just receiving/not receiving the credit limit?

 

I have zero limits over $25,000 right now

 

but in a few months when I go for new CLIs I am going to shoot for 3x again, in theory I have 5 credit limits that can be multiplied by 3 to be over $25,000

 

current available credit = $100,000   stated income = $120,000, which will be the same thing the companies already have on record. The point of mentioning this is to reduce the variables.

 

what should I know/expect?

 

Message 1 of 8
7 REPLIES
Valued Contributor

Re: CLI over $25k


gen-specific wrote:

Hello, on this forum I frequently read about caveats regarding CLI over $25000. Can you tell me more about them and how they are different from simple soft pulls, or hardpulls with online buttons or calling in and just receiving/not receiving the credit limit?

 

I have zero limits over $25,000 right now

 

but in a few months when I go for new CLIs I am going to shoot for 3x again, in theory I have 5 credit limits that can be multiplied by 3 to be over $25,000

 

current available credit = $100,000   stated income = $120,000, which will be the same thing the companies already have on record. The point of mentioning this is to reduce the variables.

 

what should I know/expect?

 


This is talked about only in respect of Amex, and usually the 3x CLI.  Generally, but not always, if you request $25K or more, Amex will ask you to submit a form that allows them to get your tax returns from the IRS.   This isn't a FR, if you don't submit the form, your account remains open, you just don't get the CLI.

 

For other issuers, there doesn't seem to be an equivalent number, so again, the $25K stuff is just Amex.

Message 2 of 8
Frequent Contributor

Re: CLI over $25k

THANKS! 


bs6054 wrote:

gen-specific wrote:

Hello, on this forum I frequently read about caveats regarding CLI over $25000. Can you tell me more about them and how they are different from simple soft pulls, or hardpulls with online buttons or calling in and just receiving/not receiving the credit limit?

 

I have zero limits over $25,000 right now

 

but in a few months when I go for new CLIs I am going to shoot for 3x again, in theory I have 5 credit limits that can be multiplied by 3 to be over $25,000

 

current available credit = $100,000   stated income = $120,000, which will be the same thing the companies already have on record. The point of mentioning this is to reduce the variables.

 

what should I know/expect?

 


This is talked about only in respect of Amex, and usually the 3x CLI.  Generally, but not always, if you request $25K or more, Amex will ask you to submit a form that allows them to get your tax returns from the IRS.   This isn't a FR, if you don't submit the form, your account remains open, you just don't get the CLI.

 

For other issuers, there doesn't seem to be an equivalent number, so again, the $25K stuff is just Amex.


What does FR mean?

 

This was very helpful! I have a AMEX Blue with a 10k limit. My previous years tax return will not reflect my current salary, more so closer to half. Should I request $30k on that card?

Message 3 of 8
Valued Contributor

Re: CLI over $25k


gen-specific wrote:

THANKS! 


bs6054 wrote:

gen-specific wrote:

Hello, on this forum I frequently read about caveats regarding CLI over $25000. Can you tell me more about them and how they are different from simple soft pulls, or hardpulls with online buttons or calling in and just receiving/not receiving the credit limit?

 

I have zero limits over $25,000 right now

 

but in a few months when I go for new CLIs I am going to shoot for 3x again, in theory I have 5 credit limits that can be multiplied by 3 to be over $25,000

 

current available credit = $100,000   stated income = $120,000, which will be the same thing the companies already have on record. The point of mentioning this is to reduce the variables.

 

what should I know/expect?

 


This is talked about only in respect of Amex, and usually the 3x CLI.  Generally, but not always, if you request $25K or more, Amex will ask you to submit a form that allows them to get your tax returns from the IRS.   This isn't a FR, if you don't submit the form, your account remains open, you just don't get the CLI.

 

For other issuers, there doesn't seem to be an equivalent number, so again, the $25K stuff is just Amex.


What does FR mean?

 

This was very helpful! I have a AMEX Blue with a 10k limit. My previous years tax return will not reflect my current salary, more so closer to half. Should I request $30k on that card?


FR is Financial Review, a much overhyped process here, when American Express freezes all your accounts without notice and requires tax forms and sometimes other things.  If you fail to comply within a very short time, your accounts are closed.  This only happens if they suspect problems.

 

Apart from the inconvenience, it's bad if they discover that you have overstated  income on the application, they may cancel the card or reduce limits.

 

So is your CIti TY at 24.9K to avoid the 25 limit!

Message 4 of 8
Valued Contributor

Re: CLI over $25k


gen-specific wrote:

What does FR mean?

 

This was very helpful! I have a AMEX Blue with a 10k limit. My previous years tax return will not reflect my current salary, more so closer to half. Should I request $30k on that card?


I missed your last question.   First question is does that tax form approximately match the salary stated on the app form?  If the app has a (much) higher salary listed, best not to risk it!   Otherwise, you can certainly ask for 30K, and, when submitting the tax form, offer to provide proof of increased income to support the new proposed credit limit.

Message 5 of 8
Frequent Contributor

Re: CLI over $25k


bs6054 wrote:

So is your CIti TY at 24.9K to avoid the 25 limit!


HAHAHA, that is a mastercard where I did a 3x increase from the $8300 I was initially approved for!

 

 

thanks for revealing the 3x stuff is just for AMEX, does that mean I should try for even greater % CLIs from mastercard and visas, or particular issuers? I have seen people go from $2.5k to $10k

Message 6 of 8
Moderator Emeritus

Re: CLI over $25k


gen-specific wrote:

Hello, on this forum I frequently read about caveats regarding CLI over $25000. Can you tell me more about them and how they are different from simple soft pulls, or hardpulls with online buttons or calling in and just receiving/not receiving the credit limit?

 

I have zero limits over $25,000 right now

 

but in a few months when I go for new CLIs I am going to shoot for 3x again, in theory I have 5 credit limits that can be multiplied by 3 to be over $25,000

 

current available credit = $100,000   stated income = $120,000, which will be the same thing the companies already have on record. The point of mentioning this is to reduce the variables.

 

what should I know/expect?

 


Anytime you request a CLI, of any monetary denomination, you should be prepared to support the income you stated using tax transcripts, pay stubs, and/or W-2s.  If you are self employed and own your own business, you may be asked to provide business specific forms such as Profit and Loss Statements, or a copy of your Schedule C, or business tax filings.

If income alligns with documentation, then the lender can consider your request, and either grant it, or approve you for a lesser amount based on your income and credit profile.

 

The documentation required will vary from lender to lender... but if you are generally prepared to require extra documents, then ask away. 


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Message 7 of 8
Highlighted
Super Contributor

Re: CLI over $25k

I'm going to attempt to get my BCE over $25K in May. WE'll see how that goes.




Message 8 of 8