Credit Cards

[liz20]

I just hit the AMEX luv button minutes ago after 3 months with the card, paying in full every month with a highest balance about $700 on $1500 CL. Asked for $6k CL (maybe too high). Got the 7-10 days message...uhmmmmm. I'm not happy at this moment, but a least it was only a soft pull. Now, I'm scared to ever hit the luv button again.

[cheddar]

---

liz20 wrote:

I just hit the AMEX luv button minutes ago after 3 months with the card, paying in full every month with a highest balance about $700 on $1500 CL. Asked for $6k CL (maybe too high). Got the 7-10 days message...uhmmmmm. I'm not happy at this moment, but a least it was only a soft pull. Now, I'm scared to ever hit the luv button again.

---

Yep, you asked for too much.  They will grant max CLI bringing you to 3x your current limit, so the most you should have asked for was $4500.  Try again in a few months.

Message Edited by cheddar on 06-25-2008 07:46 AM

[jaxstraw]

I thought you should only ask for up to 3x your present CL. Wouldn't this be 4500 ???
If you get a denial you could call and try to ask for less maybe, say it was a nervous finger jerk because you were worried asking for a CLI might initiate a FR.

I hope it works out or try again in a few months.

Jax

Message Edited by jaxstraw on 06-25-2008 07:52 AM

[liz20]

Yeah, will do next time. My mistake. I actually wanted my CL to be increased to that amount, that's why I asked for that (needed to use $3k on that card and wanted to have at least 6k avail). Will wait some more time I guess. Do I need to wait 6 mos now or just another 3 which will make it 6 months with the card? Thanks.

[liz20]

You think it will be a good idea to call and maybe tell them if I can get $4k? I'm not sure about this. I think it will be best to leave it alone. I have other cards with the available money, it's just that this card has 0% APR on everything (BT and purchases) for a year, that was my main reason even though I was planning on paying in like 3-4 months. 

[cheddar]

---

liz20 wrote:

You think it will be a good idea to call and maybe tell them if I can get $4k? I'm not sure about this. I think it will be best to leave it alone. I have other cards with the available money, it's just that this card has 0% APR on everything (BT and purchases) for a year, that was my main reason even though I was planning on paying in like 3-4 months. 

---

I would leave it alone.  You've already been declined, so you need to give it a few more months before you try again.

It would probably be best to pay off the balance you're carrying before you ask again, too.

[cheddar]

---

liz20 wrote:

Yeah, will do next time. My mistake. I actually wanted my CL to be increased to that amount, that's why I asked for that (needed to use $3k on that card and wanted to have at least 6k avail). Will wait some more time I guess. Do I need to wait 6 mos now or just another 3 which will make it 6 months with the card? Thanks.

---

The policy is no CLI prior to 60 days on a new account, and no more often than every 6 months after that.

Since you were declined and didn't receive a CLI, technically you don't need to wait, but it's never a good idea to ask for too much too soon from Amex.  Give it three months at least, I would say.

[liz20]

Thanks a lot. Will do that. I don't carry a balance, I always PIF. The balance I mentioned there was my highest balance on the card, not the balance I owe at the moment. I usually pay most of the balance before getting the bill, then pay the remainer when I get the bill.  My bal. at this time is about $184, but nevermind, will just wait a few months and maybe I feel like trying again, or not. Thanks for all the replies.

[credit4me]

You can hit the luv button again... I did the 1st time I requested a CLI .. I asked for 10,000 got the 7-10 message then hit it again  asking for 7,500 the same day and was approved instantly.

[liz20]

I don't know, I don't feel too confident as to try it again anytime soon.

When did you do that? long time ago or recently? has anyone else done this with similar results?