American Express Question

[Griselle]

Hello Everyone! It's my first time to post. I've been reading a lot about American Express on these boards. I recently got up the courage and applied for my first AMEX card, the Blue Sky. Luckily, I was approved

Now I was reading about the 3x CLI and I have a question as to whether it would be a good idea for me to attempt at the 61 days. I applied and was approved for a Chase Freedom and Best Buy Store that had not begun reporting before I app'd for my AMEX. My initial credit limit for AMEX was 4,700. Since at the time of approval my highest limit was my Chase slate at 4,000. With all that said, I'm wondering since my average age of accounts will be lower and my initial credit limit hovers around all my other limits, should I even try for an increase?

I do have the option to move the credit limit for the slate to my freedom so that I can get a higher reported limit before I try to get a CLI with AMEX. Thoughts or suggestions?

[jugstore]

I'm in a somewhat similar situation.  App spreed at the end of April and snagged the Amex Blue, Citi SImplicity, Chase Freedom, and Discover IT.  I know the INQs and drop in AAOA will drop my score.  I want to answer two questions before I do the 61 day CLI:

1. How much did the INQs and loweing of my AAOA affect my credit score?
2. How much will my scores rebound in 61 days?

Since I'll have to wait 6 months if I get declined on the 61 day CLI I'm going to wait and see what my scores look like and strongly consider waiting if they don't rebound much.  I might also do a small increase at 61 days and not the full 3x CLI discussed here.

[VegasKyle]

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@jugstore wrote:

I'm in a somewhat similar situation.  App spreed at the end of April and snagged the Amex Blue, Citi SImplicity, Chase Freedom, and Discover IT.  I know the INQs and drop in AAOA will drop my score.  I want to answer two questions before I do the 61 day CLI:

1. How much did the INQs and loweing of my AAOA affect my credit score?
2. How much will my scores rebound in 61 days?

Since I'll have to wait 6 months if I get declined on the 61 day CLI I'm going to wait and see what my scores look like and strongly consider waiting if they don't rebound much.  I might also do a small increase at 61 days and not the full 3x CLI discussed here.

Its 6 months if you get approved, 90 days if declined. 

[09Lexie]

^^^^ this

[scenery_guy]

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@Griselle wrote:

Hello Everyone! It's my first time to post. I've been reading a lot about American Express on these boards. I recently got up the courage and applied for my first AMEX card, the Blue Sky. Luckily, I was approved

Now I was reading about the 3x CLI and I have a question as to whether it would be a good idea for me to attempt at the 61 days. I applied and was approved for a Chase Freedom and Best Buy Store that had not begun reporting before I app'd for my AMEX. My initial credit limit for AMEX was 4,700. Since at the time of approval my highest limit was my Chase slate at 4,000. With all that said, I'm wondering since my average age of accounts will be lower and my initial credit limit hovers around all my other limits, should I even try for an increase?

I do have the option to move the credit limit for the slate to my freedom so that I can get a higher reported limit before I try to get a CLI with AMEX. Thoughts or suggestions?

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I think you would get the 3X or at least a counter offer of a lower increase at 61 days. Worst thing they can do is say no. Call the number on the back of the card and request the increase when it's time. I know it's easier to do online but if they decline 3X ($4,700 to $14,100) you can ask right away if there is a counter offer for a lower amount. If they counter offer take it. 

As far as moving the credit from Slate to Freedom - do it unless you need two separate cards. I think it's better to have one card with higher limit than two cards with lower limits. Again Chase might not let you move it all but call and see what they will do. 

[youngandcreditwrthy]

Ime,
As long as your approval FICO w Amex stays the same, you should get a 3xcli.
Just don't rack up high balances on the new accounts. I opened Citi and Discover along with Amex and still got a 3xcli.
My FICO was around 690-700 when I went from 3500-10,500.

Good luck!

[Griselle]

Thank you guys so much! I was thinking about leaving the slate open with a low limit so that when the promotional 0% APR goes out in December (it was 18 month promotion) than I can maybe switch it to a Saphire. Has anyone ever been able to do that? I know they switch the slate to a freedom but I already have a freedom. I know if I move most of the credit line and at least have a 8-9k Credit line on the Freedom that Amex will be a lot more likely to at least match that.

[samset93]

If I remember correctly, the 3x CLI is a soft pull. It won't affect your inquiry  hit, so might as well try it.

Best case scenario: reduce util %, worst case: denied/counter offer.

I say go for it!

There's also a sticky with FAQ and all that if you need something.

[Griselle]

Yeah I am definitely going to take a swing at it when it's time. I'll be sure that my util is fairly low on all cards when I try. Guess I'll try and monitor when they soft pull before the 61 days so I know what information they will make their decision based off of.

[longtermgardener]

I too am in similar situation. I got Approved for Costco AMEX with big CL of $15K on 4/3/2013. Considering the fact that this is my biggest limit, Am I eligible for 61 day CLI?. I am planning to request $24.5k. My scores have gone up since then. Regarding my profile, my oldest account is completing one year this May and my AAoA is 5 months. My income is >$110k/annum.