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Valued Member
GangnamFICO
Posts: 87
Registered: ‎11-28-2012
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Re: American express, be afraid, be very afraid

There's no reason to be afraid of American Express, they lend credit like many others.  If you stir up the honey pot and bring too much attention to yourself all creditors will review you.  Stay off the radar, that's how you build your credit, don't get greedy and shoot yourself in the foot.  Garden six months after a spree, enough of this 61 day nonsense, be patient and you'll score big.

Walmart TU Score 740
Chase Freedom($5000); CitiThankYou Preferred($5000); GEWM Discover($3500); Walmart Store($1300); AMEX Gold; AMEX BCE($6000); GE Discount Tire($1500); Mor Furniture ($4700);Cap1($750)
Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
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Re: American express, be afraid, be very afraid

The 61 day cli isn't nonsense, silly!!!

It's a real, awesome thing :-)

Gardening is def the way to go !
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Frequent Contributor
jake619
Posts: 496
Registered: ‎11-13-2012
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Re: American express, be afraid, be very afraid

Advertised policies aren't nonsense.  Several of us have been told directly by a CSR to remember CLI's can be requested after 60 days.  Nonsense would be asking for 6X when we all know the limit is 3X.


GangnamFICO wrote:

Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.


Minor vulgarity edit --Rev



Established Contributor
Watchmann
Posts: 985
Registered: ‎05-14-2008
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Re: American express, be afraid, be very afraid


GangnamFICO wrote:

There's no reason to be afraid of American Express, they lend credit like many others.  If you stir up the honey pot and bring too much attention to yourself all creditors will review you.  Stay off the radar, that's how you build your credit, don't get greedy and shoot yourself in the foot.  Garden six months after a spree, enough of this 61 day nonsense, be patient and you'll score big.


This is correct.  You cannot rush your relationship with AMEX.  Sure, you can do the 61 day thing, but AMEX is smarter than you and has more information at their fingertips then you'll ever comprehend.  AMEX views solid payback and a LONG TERM relationship (years, decades) and not 61 day snippets.  Use your AMEX card, pay your bills and let time do it's thing, you cannot rush the time aspect yet I see people doing themselves in time and time again trying to rush things.  I've never asked for a CL increase but my Platinum Optima has $37.9k line, a Starwood with $25k limit, and a Gold card that easity took a $28k charge on New Years Day in Aruba no questions asked, but that is with a 32 year old relationship with them.  Take your time with AMEX and you'll do fine.

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: American express, be afraid, be very afraid


Watchmann wrote:

GangnamFICO wrote:

There's no reason to be afraid of American Express, they lend credit like many others.  If you stir up the honey pot and bring too much attention to yourself all creditors will review you.  Stay off the radar, that's how you build your credit, don't get greedy and shoot yourself in the foot.  Garden six months after a spree, enough of this 61 day nonsense, be patient and you'll score big.


This is correct.  You cannot rush your relationship with AMEX.  Sure, you can do the 61 day thing, but AMEX is smarter than you and has more information at their fingertips then you'll ever comprehend.  AMEX views solid payback and a LONG TERM relationship (years, decades) and not 61 day snippets.  Use your AMEX card, pay your bills and let time do it's thing, you cannot rush the time aspect yet I see people doing themselves in time and time again trying to rush things.  I've never asked for a CL increase but my Platinum Optima has $37.9k line, a Starwood with $25k limit, and a Gold card that easity took a $28k charge on New Years Day in Aruba no questions asked, but that is with a 32 year old relationship with them.  Take your time with AMEX and you'll do fine.


I think this just reflects that people are at different points in credit.   So some of those advocating the 61-day 3xCLI (followed by the same at 6 months) are those that would benefit from the increased credit to reduce utilization.  

 

Of course, there are probably many as well who have no such need, but view the size of their CL as reflecting their intrinsic worth as a human (and, as applicable, **bleep** size and sexual prowess etc), so the 61 day thing is important for them as well.

 

And just to make sure I've abused everyone, having a "relationship" with a giant multinational (convicted of several criminal violations over the years) isn't automatically a great goal either.   With good credit and that many years of history, you can get similar credit limits from a variety of lenders.  You don't need Amex, and they don't need you.

Moderator
Revelate
Posts: 9,645
Registered: ‎12-30-2011
0

Re: American express, be afraid, be very afraid

[ Edited ]

bs6054 wrote:

Watchmann wrote:

GangnamFICO wrote:

There's no reason to be afraid of American Express, they lend credit like many others.  If you stir up the honey pot and bring too much attention to yourself all creditors will review you.  Stay off the radar, that's how you build your credit, don't get greedy and shoot yourself in the foot.  Garden six months after a spree, enough of this 61 day nonsense, be patient and you'll score big.


This is correct.  You cannot rush your relationship with AMEX.  Sure, you can do the 61 day thing, but AMEX is smarter than you and has more information at their fingertips then you'll ever comprehend.  AMEX views solid payback and a LONG TERM relationship (years, decades) and not 61 day snippets.  Use your AMEX card, pay your bills and let time do it's thing, you cannot rush the time aspect yet I see people doing themselves in time and time again trying to rush things.  I've never asked for a CL increase but my Platinum Optima has $37.9k line, a Starwood with $25k limit, and a Gold card that easity took a $28k charge on New Years Day in Aruba no questions asked, but that is with a 32 year old relationship with them.  Take your time with AMEX and you'll do fine.


I think this just reflects that people are at different points in credit.   So some of those advocating the 61-day 3xCLI (followed by the same at 6 months) are those that would benefit from the increased credit to reduce utilization.  

 

Of course, there are probably many as well who have no such need, but view the size of their CL as reflecting their intrinsic worth as a human (and, as applicable, **bleep** size and sexual prowess etc), so the 61 day thing is important for them as well.

 

And just to make sure I've abused everyone, having a "relationship" with a giant multinational (convicted of several criminal violations over the years) isn't automatically a great goal either.   With good credit and that many years of history, you can get similar credit limits from a variety of lenders.  You don't need Amex, and they don't need you.


While I agree in general with virtually all of your points, name a any other generally available lender (NFCU is excluded) that can help individual establish higher limits with anywhere close to Amex's facility?

 

The majority of people here found this forum when they were struggling with credit, or wanted to learn more about it, or a mix of both.  Like anything in life, people tend to get wrapped up in what they're interested in and credit is no exception.  Combine that with society's current instant-gratification slant and nobody wants to wait a decade or longer.  I absolutely agree with Watchman's point that a large dose of personal fiscal conservatism and patience can help just about anyone; however, if there's shorter ways to accomplish our goals, why not take them?

 

Amex has it's issues, and assuredly they're smarter than me; however, if they want to take some form of AA in the future for my eventual CLI requests, OK, I can live with that.  Until then I'll use their policies to my advantage wherever possible... and presumably given they're my go-to cards, Amex probably is fine with that.  If that changes, such is life.

 

End of the day, having a bigger limit by itself isn't going to change my spending pattern at all, and I assure you there's plenty of other things hampering me socially that there won't be any ego with regards to my credit, ever.  Walk into the club like "What up?  I got a big limit!"  Yeah, right.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Contributor
shakalaka
Posts: 567
Registered: ‎09-10-2012
0

Re: American express, be afraid, be very afraid

Well, we like the 61 day mark for one thing also ... it will result in lower Util. I do intent to go for the 3x CLI at 61 days mark. No to use the CLI, but to have better Util with same usage over all my cards. I will still PIF, but not before statement. I intend to use the grace period, if Util allows. Better Chash Flow is always nice.

 

But I agree, esp. with Amexco nothing is better then patience. And good usage and paying them.


Amex Platinum (NPSL) | Amex BCE (33,400) | Chase Sapphire Preferred (24,800) | Discover IT (12,700) | Chase Freedom (6,300) | Walmart (4,500) | CapOne (4.000) | Alliant CU Visa | Gone for good: CapOne secured (thx for getting me started) | Amex Zync (thx for getting me into AX)

FICO: TU 758 (10/12) EQ 724 (10/22) EX 748 (12/5)

Regular Contributor
Smerri1029
Posts: 190
Registered: ‎10-22-2010
0

Re: American express, be afraid, be very afraid

I put a $12,495 purchase on my Starwood AmEx a month ago for school when I barely spent over 1200 - 1500 a month and there were no issues from AmEx. Great company and they will continue to be my go to card.

What's In My Wallet:American Express Starwood Preferred Guest Business Card, American Express Costco True Earnings, Citi AA Visa, Chase Freedom
What's In My Sock Drawer: American Express Starwood Preferred Guest Card, Chase Sapphire Preferred, Citi AA AmEx, Chase United Mileage Plus Explorer Card, Barclays US Air, Discover More, Bank of America Accelerated Rewards AmEx, Citi Dividend Platinum Select, LEM FCU Visa, SME FCU Visa
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: American express, be afraid, be very afraid


Revelate wrote:


While I agree in general with virtually all of your points, name a any other generally available lender (NFCU is excluded) that can help individual establish higher limits with anywhere close to Amex's facility?

 

Capital One gave me great  limits with no prior relationship.   (OK, maybe that's just me because I am Richard Fairbank's unacknowledged love child).

But, yes, I agree, but the claim was for 30+ years of history, and I think over that time many lenders probably come close.   (And other lenders, like PenFed, do seem to give high initial CLs to many)

 

The majority of people here found this forum when they were struggling with credit, or wanted to learn more about it, or a mix of both.  Like anything in life, people tend to get wrapped up in what they're interested in and credit is no exception.  Combine that with society's current instant-gratification slant and nobody wants to wait a decade or longer.  I absolutely agree with Watchman's point that a large dose of personal fiscal conservatism and patience can help just about anyone; however, if there's shorter ways to accomplish our goals, why not take them?

 

Amex has it's issues, and assuredly they're smarter than me; however, if they want to take some form of AA in the future for my eventual CLI requests, OK, I can live with that.  Until then I'll use their policies to my advantage wherever possible... and presumably given they're my go-to cards, Amex probably is fine with that.  If that changes, such is life.

 

End of the day, having a bigger limit by itself isn't going to change my spending pattern at all, and I assure you there's plenty of other things hampering me socially that there won't be any ego with regards to my credit, ever.  Walk into the club like "What up?  I got a big limit!"  Yeah, right.

 

 


And I just want to combine your thoughts:

 

however, if there's shorter ways to accomplish our goals, why not take them?

 

and

 

I assure you there's plenty of other things hampering me socially that there won't be any ego with regards to my credit, ever.  Walk into the club like "What up?  I got a big limit!"  Yeah, right.

 

 

So, give it a try!  Could be a lot of fun,   "Ha, you call that a credit card?  What it is, paper?  I've got credit cards that would eat your credit card for breakfast and still have room to charge 200 first class flights to Asia" etc.

Moderator
Revelate
Posts: 9,645
Registered: ‎12-30-2011
0

Re: American express, be afraid, be very afraid

@BS: I strongly suspect by the time you applied for Cap One, you'd already well-established your limits and creditworthiness.

 

If I'd started this a decade ago, I could apply with Chase and get a CSP with a 25K line; however, that's not where I and probably the majority of this forum are at currently.  In my case my limits are scattered in the 1-2.5K range, and it would be non-trivial for future approvals if I could move those upward.  Also I've been pretty vocal as to why increased limits help my financial defensibility, so far I haven't seen anything to dispute that, and historically I tend to go in 4 year cycles where the money is running, and then when it's not.

 

With that sort of time frame (probably 2 years before another downturn, and someday within the next decade my current career focus is likely going to have to change from industry shifts) it'd behoove me to be in the best place possible by that point.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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