0.005x Amex CLI!

[vpae]

So I pulled the trigger and request an Amex CLI. but I didn't go for 3x, not even 2x. I asked for $35K total, currently at $18K, so $17K CLI.

They countered and is offering me $100. $100/$18,000 = 0.005.

If I decline, can I ask again soon, or do I have to wait 181 days either way?

[BigBS]

Interesting.  I think either way it will be 6 months before you can request again.

[vpae]

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@BigBS wrote:

Interesting.  I think either way it will be 6 months before you can request again.

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Gotcha. I'll take note and will try again in Nov. I declined it.

They already sent me an email with the info. Here's the reason for the decline.

Thank you for your recent request for a credit limit increase. We're writing to let you know we're unable to approve your request at this time for the following reason(s):

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.

I just refi'd, so my debt may look high, but my credit card util is less than 3%. My Amex Blue Cash has a $0 Balance (actually a - 0.15 cents). If it makes a difference, I close my PRG on 3/19/14. and I plan on opening Plat / Everyday in mid June (after 90 days has passed since I closed the PRG). I hope I will get approved then since this is a bit alarming.

<edit>

At the top fo the page when I sign into my online account, it's saying that I'm pre-qualified for a Business Gold Rewards Card if that means anything. lol

[trumpet-205]

The second part is what you should be worried about, cause it sounds like you reached the max limit AMEX is willing to extend. AMEX considers total credit limit when making decision so if you plan to open up another AMEX card be prepared to move CL.

[vpae]

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@trumpet-205 wrote:

The second part is what you should be worried about, cause it sounds like you reached the max limit AMEX is willing to extend. AMEX considers total credit limit when making decision so if you plan to open up another AMEX card be prepared to move CL.

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Thanks for your reply. I was really considering this after I made the post. If I was declined for the EveryDay, would AMEX be willing to relocate the credit limit from my Blue Cash if I tried to Recon? Or should I request a CLD right now before I apply for the EveryDay? 

When Amex considers total credit limit, does that also apply to their Charge cards? I would like to guess no because I was approved for the PRG back in Aug 2013, and then approved for the 3x CLI 6K->18K in Nov 2013. This is after the refi and a lot of new account opening posted with a MUCH higher utilization. Since Charge is easier to get (comapred to revolvers, I believe) and I have to PIF every month. I should likely still be able to be approved for the Charge?

I plan on applying for the Plat before the EveryDay, but likely, on the same day. Thanks!

[trumpet-205]

Technically speaking AMEX charge card does have a variable internal limit. You can't just charge however much you like.

Whether AMEX includes that internal limit into its decision making I don't know. I'd probably leave the limit as it is and if AMEX shots you down for Everyday then recon to move CL.

Keep in mind you already have $18K revolving limit, anymore higher and AMEX is likely to ask for 4506-T.

[NikoD]

Interesting. I just asked for my 61 day CLI a few days ago. I didn't think I had the income for a 3x CLI so I just asked for 2x. I guess I shouldn't feel so bad now that they only gave me a 10% CLI.

[vpae]

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@NikoD wrote:

Interesting. I just asked for my 61 day CLI a few days ago. I didn't think I had the income for a 3x CLI so I just asked for 2x. I guess I shouldn't feel so bad now that they only gave me a 10% CLI.

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Yeah, I had this card for 2 years before I knew about the 3x CLI. Initial CL was $2K, it went to $6K, and then $18K with no problems. I've hit that internal limit now. I Also don't use this card much, if at all. So that may or may not have anything to do with it. Hopefully if I get approved for the Everyday/Plat, I'll move my spend over to it and could be considered for CLI in the future.

I wonder what would have happened if I asked for the full 3x at $54K? Instant denial? Tax doc request? same $100 counter? We will never know... lol 

[NikoD]

My starting CL was 10K so I guess I don't have much to complain about. If I hadn't read here about the 3x CLI, I'm sure I would have been perfectly happy with my 10K.