INSANE Amex bce approval - limited history

[newhis]

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@wche wrote:
Still in disbelief that Amex offered so much off the bat. She will need not need that much credit at this stage but I guess it does set her up nicely for future lines that require experience with a 5k min credit line.

Do you guys think she should ask discover for a HP CLI? Any other cards she should be applying for now?

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My DW got Discover and only $500, never a SP CLI, before the 1 year mark, asked for APR reduction and got 0% promo. After 13 months they auto-CLI to $3,000. She was able to get the double cash promo. This is her lowest limit, others are at 5k, 6k and 1 at 10k.

If she has a thin file the HP CLI will give her no good results. Her report will only show the Discover at $500, so maybe they will not give her anything or $500 at most. I think is better to use the HP in other card. Try pre-quals, maybe a Cap1 card, but that will be HP in each bureau. Just don't go overboard apping. 

Time is a good friend. Wait for the Amex, try a CLI, 3X if she is ok having a card with more than her income, 10K if not (or don't ask for CLI) at 6k is a good limit to show she can handle higher limits. Wait a few months after Amex reports (it will report in 1-2 months), then app for another card. She only needs 2-3 cards to build a good credit history. Good luck.

[Broke_Triathlete]

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@wche wrote:

Cousin has a Discover IT card for 8 months with $500 CL (never got a SP CLI). That's the only credit history she has. She applied for the bce today with 15k (student income) and was instantly approved. Called Amex and was floored when the system says her SL is $6000. Wowwwwwzers! Is this typical for Amex to grant such a huge line to someone with only 8 months of credit history and with such a low income / low credit line history? Her FICO TU is 730 and has 0 inquiries on EX.

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Wow that's awesome!!!

[wche]

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@newhis wrote:

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@wche wrote:
Still in disbelief that Amex offered so much off the bat. She will need not need that much credit at this stage but I guess it does set her up nicely for future lines that require experience with a 5k min credit line.

Do you guys think she should ask discover for a HP CLI? Any other cards she should be applying for now?

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My DW got Discover and only $500, never a SP CLI, before the 1 year mark, asked for APR reduction and got 0% promo. After 13 months they auto-CLI to $3,000. She was able to get the double cash promo. This is her lowest limit, others are at 5k, 6k and 1 at 10k.

If she has a thin file the HP CLI will give her no good results. Her report will only show the Discover at $500, so maybe they will not give her anything or $500 at most. I think is better to use the HP in other card. Try pre-quals, maybe a Cap1 card, but that will be HP in each bureau. Just don't go overboard apping. 

Time is a good friend. Wait for the Amex, try a CLI, 3X if she is ok having a card with more than her income, 10K if not (or don't ask for CLI) at 6k is a good limit to show she can handle higher limits. Wait a few months after Amex reports (it will report in 1-2 months), then app for another card. She only needs 2-3 cards to build a good credit history. Good luck.

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Thanks for your input! She is definitely in no rush -- I just want her to apply for cards she'd use, and with nice sign-up bonuses. Right now she has to meet the $1000 spend on the BCE so if anything, she can wait until it's met, and the account is aged, before she applies for anything else. Hopefully the Freedom $200 bonus will come back during the holidays, which will be the perfect time for her to apply. We'll continue to try for SP CLI with discover. She has 0 inquiries other than the Discover and BCE.

[Anonymous]

I would wait until her AMEX reports in her CR with the $6K CL.  Then she can request HP CLI and discover will see that AMEX CC with the high CL and hopefully will increase it.

I did that stragety with Cap1 and Barclay.  Barclay auto CLI my account to $4050 and my Cap1 was stuck at $2000.  When i called and told them about this, they increased my Cap1 to $5k.

[Existentialist]

Nice SL. Grats to her & thanx for sharing.

[newhis]

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@wche wrote:

Thanks for your input! She is definitely in no rush -- I just want her to apply for cards she'd use, and with nice sign-up bonuses. Right now she has to meet the $1000 spend on the BCE so if anything, she can wait until it's met, and the account is aged, before she applies for anything else. Hopefully the Freedom $200 bonus will come back during the holidays, which will be the perfect time for her to apply. We'll continue to try for SP CLI with discover. She has 0 inquiries other than the Discover and BCE.

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That's a perfect plan, I think the Freedom $200 should be back in November. By that time the Amex reported at least 2 times with open date of 4 months. Having the Discover for more than a year by then, she should get the Freedom without any issue. Maybe the BCE will be at 10k or more (if she feels going for CLI). Good luck.

[peaceonearth]

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@Anonymous wrote:
Wow crazy!! That's high for her income.

Tell her to hit the luv button on her discover card. She should get at least 1000 because she hasn't had one.

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BAD advice to a student.

[Anonymous]

Didn't see that part. Read to quickly, but I guess giving a student a 6000 credit card would be bad as well.

[Anonymous]

Certain students....some can manage CCs some cant 

[peaceonearth]

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@Anonymous wrote:
Didn't see that part. Read to quickly, but I guess giving a student a 6000 credit card would be bad as well.

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I know, you were trying to be TOoo nice.

I think, you got over excited away more than the beneficiary.