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AMEX CLI WITH NEW CARD

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Anonymous
Not applicable

AMEX CLI WITH NEW CARD

 

Hi everyone!

 

First time poster. Just wanted to say how much I appreciate the knowledge of these boards, it helped me acquire a new Cap1 Quicksilver and an AMEX Everyday. I was wondering if one could apply for an AMEX CLI as soon as you get the card or must one always aim for the 61 day cutoff? Wanted to take advantage of the sign up offer.

 

 

Message 1 of 21
20 REPLIES 20
K-in-Boston
Credit Mentor

Re: AMEX CLI WITH NEW CARD

Welcome to the forums!  You can certainly try immediately, but results can be mixed.  Generally you'll want to wait until the 61 day mark before asking.  (If credit line is a major concern to hit a signup bonus, you should be able to make mid-statement payments as you go.)  Any denial other than "you asked too soon" will result in a 91 day waiting period before they'll consider one again.  Give them a chance to learn your spending habits and they'll grow quickly.

Message 2 of 21
Anonymous
Not applicable

Re: AMEX CLI WITH NEW CARD

Oh I see! Thank you! Quick follow up question. If I make a $500 payment one day, pay it off the next would my util be reported as 100% or is it only when the CRAs get that snapshot during the month? How does AmEx view that type of high utillization? Should I keep it low even if I pay asap without carrying a balance?

Message 3 of 21
K-in-Boston
Credit Mentor

Re: AMEX CLI WITH NEW CARD

Amex reports your utilization when your statement closes.  That almost always happens on the 2nd statement, and sometimes on the 3rd.  I haven't seen any reports of Amex reporting the first statement to the credit bureaus at all (which is great if you need to max it out at first to hit a signup bonus).  If you look just above Amex Offers on your online account, it will show the statement closing date, so you can plan accordingly for what gets reported to EQ, EX and TU for scoring purposes.

 

Amex is good with high utilization if you're making large payments after (not carrying a large balance forever and making minimum payments every month), and if you're not doing it across every credit card you have in your wallet.  Putting a lot of spend through it is a good way to show them that you need a credit line increase.

Message 4 of 21
Anonymous
Not applicable

Re: AMEX CLI WITH NEW CARD

Thank you for all the information!

Message 5 of 21
DaveInAZ
Senior Contributor

Re: AMEX CLI WITH NEW CARD


@K-in-Bostonwrote:

Amex reports your utilization when your statement closes.  That almost always happens on the 2nd statement, and sometimes on the 3rd.  I haven't seen any reports of Amex reporting the first statement to the credit bureaus at all (which is great if you need to max it out at first to hit a signup bonus).  If you look just above Amex Offers on your online account, it will show the statement closing date, so you can plan accordingly for what gets reported to EQ, EX and TU for scoring purposes.

 

Amex is good with high utilization if you're making large payments after (not carrying a large balance forever and making minimum payments every month), and if you're not doing it across every credit card you have in your wallet.  Putting a lot of spend through it is a good way to show them that you need a credit line increase.


That's really great to know! I've had a BCE since early last year & didn't realize that, just got a Everyday card & now I see the 1st statement will be March 25. And my BCE varies statement on the 26th or 27th, I see next statement is March 26.

 

I don't see an option to request change in billing cycle, do you need to call in for that? I'd like to spread BCE/ED out a bit.

 

And, BaronPraxis - is this your only Amex card? I was approved for a $15k CL on my BCE (Blue Cash Everyday) card last year, and approved for and Everyday card (ED) in late Feb. this year with a $6k CL. The ED card has 15 months 0% interest including BTs (balance transfer) & purchases, so I'll be running up a balance. Since I pretty much just use BCE for groceries I just requested $4k of my BCE credit limit be moved to ED, instant approval, making BCE $11k & ED $10k.

Message 6 of 21
Billharrell
Regular Contributor

Re: AMEX CLI WITH NEW CARD

Don't forget that Amex only allows one payment in the first month.

2/18 FICO 8's:
EX(692): 3.1yrs, 8 inq.
TU(654): 0.3yrs, 3 inq.
EQ(683): 3.1yrs, 3 inq.
Utilization: 50%

Wall of Shame (recent denials/wish list):

Message 7 of 21
K-in-Boston
Credit Mentor

Re: AMEX CLI WITH NEW CARD


@DaveInAZwrote:

That's really great to know! I've had a BCE since early last year & didn't realize that, just got a Everyday card & now I see the 1st statement will be March 25. And my BCE varies statement on the 26th or 27th, I see next statement is March 26.

 

I don't see an option to request change in billing cycle, do you need to call in for that? I'd like to spread BCE/ED out a bit.


For revolvers, click the Payments tab at the top of your card's screen.  Right below where you would choose minimum payment, statement balance, total balance or other amount, there should be a blue link that says Change Monthly Payment Due Date.  For charge cards, you need to do it through chat or call. 

 

Protip: If you're thinking about doing this, you may want to consider that Amex always gives you 25 days between statement date and due date, so your statement date will float month-to-month if your due date is prior to the 26th or after the 28th.  If your due date is set to the 26th-28th, your statement will always close on the same date each month.

Message 8 of 21
Anonymous
Not applicable

Re: AMEX CLI WITH NEW CARD


@DaveInAZwrote:

@K-in-Bostonwrote:

Amex reports your utilization when your statement closes.  That almost always happens on the 2nd statement, and sometimes on the 3rd.  I haven't seen any reports of Amex reporting the first statement to the credit bureaus at all (which is great if you need to max it out at first to hit a signup bonus).  If you look just above Amex Offers on your online account, it will show the statement closing date, so you can plan accordingly for what gets reported to EQ, EX and TU for scoring purposes.

 

Amex is good with high utilization if you're making large payments after (not carrying a large balance forever and making minimum payments every month), and if you're not doing it across every credit card you have in your wallet.  Putting a lot of spend through it is a good way to show them that you need a credit line increase.


That's really great to know! I've had a BCE since early last year & didn't realize that, just got a Everyday card & now I see the 1st statement will be March 25. And my BCE varies statement on the 26th or 27th, I see next statement is March 26.

 

I don't see an option to request change in billing cycle, do you need to call in for that? I'd like to spread BCE/ED out a bit.

 

And, BaronPraxis - is this your only Amex card? I was approved for a $15k CL on my BCE (Blue Cash Everyday) card last year, and approved for and Everyday card (ED) in late Feb. this year with a $6k CL. The ED card has 15 months 0% interest including BTs (balance transfer) & purchases, so I'll be running up a balance. Since I pretty much just use BCE for groceries I just requested $4k of my BCE credit limit be moved to ED, instant approval, making BCE $11k & ED $10k.



 

Yes it is my first one!  Happy I was able to join the Amex family. I was pre-approved for both the Everyday and the BCE. I opted for the Everyday since I think many in the forums said the BCE was hard to get. Should I try my luck and app for the BCE or just hold on and develop my relationship with Amex?

Message 9 of 21
DaveInAZ
Senior Contributor

Re: AMEX CLI WITH NEW CARD


@Anonymouswrote:

Yes it is my first one!  Happy I was able to join the Amex family. I was pre-approved for both the Everyday and the BCE. I opted for the Everyday since I think many in the forums said the BCE was hard to get. Should I try my luck and app for the BCE or just hold on and develop my relationship with Amex?


Did you create an online account yet for Amex? You should have gotten an approval email with a button link w/code to make an online account for the Everyday card. If so, in your account scroll down to Offers, pre-approvals show there plus usually dumb offers like spend $25 at 1-800-Flowers and get $5 back, lol. If not, check the Amex pre-qualifications page & see if BCE is still showing.

 

Their pre-qual page is very reliable. I had a bankruptcy in 2010, Amex not included, had no Amex cards then.  I started checking the Amex at 5 years post BK discharge and nothing for me. Right after the 6 year mark they started showing me pre-appoval for BCE & a few others. I almost fell out of my chair when they approved me for BCE with $15k credit limit. And another funny thing is my card & online accounts all say "Member since 1978". I was in my early 20s then, no way I had an American Express card back then. But, I won't argue with them. Smiley Wink

Message 10 of 21
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