Credit Cards

[Jman]

question about amex credit cards. For example, stating an HHI of $40,000 and having 3 cards. "A" has a cl of $20000, "B" has $10000 and "C" has $5000 equals to $35000 total credit limit with AMEX. Can I surpass $40000 worth of credit limit or have to stay below of my income.

[HappyDays]

The first thing I want to tell you is in another thread here. IF you just got the cards, AMEX has frozen many cards until they receive a form from you giving them an ok to get your records from IRS. When they do this they only go by the card holder's income.Look for thread * BE CAREFUL OF AMEX*

If you are asking about the best score with a total of 3 cards the best scores are:

Under 10%  total util.

 3 cards....$ 3150.00   this means no more then this on all 3 cards (going by CL $35,000)

Next...UNder 30%      Not too bad

OVER 30%     not good

To get total UTIL   add total amount & divide by # of cards

It has NOTHING to do with income.

Message Edited by HappyDays on 07-16-2007 04:31 PM

[MercyMe]

JMan ... I've a relative who's worked for Amex for a very long time, and I have been asking her about this F/R, as well as reading as much as I can find on it -- as I assumed approval was based upon HHI, and I do suppose it is, as far as being approved for credit.  The credit limits you are given, however, are determined by your individual income, and if they ask for your bank statements as well as your tax returns they are looking for liquid assets.  From what I understand, if you're reviewed the credit limits allowed you are 20% of your liquid assets/money in the bank for 6 months.  I know, this stinks, huh?  As they don't tell you all this before you apply!  C'est la vie. 

[Noah_Bodie]

From the FR tales I've read, once you go past 1/3 of your HHI in total CL on AMEX CCs you are risking an FR. Go past 1/2, and the danger increases more. $40K HHI with $35K in total CL on AMEX CCs is asking for an FR and a CL reduction.

[flygirl]

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Noah_Bodie wrote:

From the FR tales I've read, once you go past 1/3 of your HHI in total CL on AMEX CCs you are risking an FR. Go past 1/2, and the danger increases more. $40K HHI with $35K in total CL on AMEX CCs is asking for an FR and a CL reduction.

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True to that..........But I am currently under FR by amex and I have a combined total balance on my accounts less than 100.00. My household income is in the 6 digits......so go figure!!!  

[Noah_Bodie]

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flygirl wrote:

I am currently under FR by amex and I have a combined total balance on my accounts less than 100.00. My household income is in the 6 digits......so go figure!!!

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Income doesn't seem to matter, but I suspect those with 7 digit incomes are viewed "more favorably".

Also don't seem to matter if you PIF ontime or early every month.

Much like a real life game of Mousetrap. Ya rolls yer dice and ya moves yer mice.

[ibe333333]

i hit the luv button and got the "7-10 days" response, should i follow up with a phone call?

[Noah_Bodie]

No need to call, but the answer is likely no.

[navigator1256]

Or you can check the status of the application online to see if it was in fact approved or denied. My first CLI with Amex triggered the 7-10 day response, but I checked the status of my CLI request the next day and it showed that it was approved. They probably had to do a manual review. I guess it might work differently for different people.

[ibe333333]

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navigator1256 wrote:
Or you can check the status of the application online to see if it was in fact approved or denied. My first CLI with Amex triggered the 7-10 day response, but I checked the status of my CLI request the next day and it showed that it was approved. They probably had to do a manual review. I guess it might work differently for different people.

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thanks, i just noticed that too....i was approved but for some reason it only says approved for the day that i hit the luv button, but thats it and something like:

"If you requested a balance transfer to this card, click here to view the status of that transfer"

so does that mean i was approved? i haven't seen the increase yet...so should i see it on the 7th, 8th, 9th, or 10th day?