Amex 3X CLI Increase- Denied.

sean23 · ‎08-20-2014

So this was fun. Just submitted my Request for the 61 Day Credit Increase and got the 7-10 day message. Called up and was told it was denied for: too many recent inquiries, too many accounts with balances, or balances too high (cant remember exactly which) and internal risk score too high. Decision was based on Experian Soft Pull on 07/30- I asked if I could have it reconsidered with a current report- they put it through to the underwriters and I should have a response in 3 days or call back. Not expecting it to be overturned- but I thought what the hell, whats the worst they can do? Tell me no again or Hard Pull Me... oh well.

Here are the stats:

Amex Current Credit Limit: 1K

Experian FICO- 767

6 Month Old- Capital One: $ 800 Limit- $0 Balance

6 Month Old - Capital One $ 1500 Limit- $0 Balance ($1000 Limit at Time of Soft Pull)

4 Month Old- Discover: $ 1500 Limit- $0 Balance ($ 246/ $1000 Limit at Time of Soft Pull)

Amex PRG Backdated-1993 (originally was 2000 but they went by AU Date of 1993): NPSL- $608 Balance at Time of Soft Pull - (Paid In Full at Statement Close)

Amex ED Backdated-1993 (originally was 2000 but they went by AU Date of 1993): $ 1,000 Limit $304 Balance at Time of Soft Pull (Paid in Full at Statement Close)

10 Inquiries on Report

PrimeRate · ‎08-20-2014

Looks like at the time of the SP you were over 40% utilization. That plus the 10 inqs might have been why you received a denial.

Best of luck on the recon! Hopefully a new SP is ran, they'll see those balances paid off and you'll come out with 3K!

☮ & ❤

sean23 · ‎08-20-2014

@PrimeRate wrote:
Looks like at the time of the SP you were over 40% utilization. That plus the 10 inqs might have been why you received a denial.

Best of luck on the recon! Hopefully a new SP is ran, they'll see those balances paid off and you'll come out with 3K!

So how exactly does the utilization work, see I assumed I was under 30%

Discover- 246/1000= .246%

Amex ED- 304/1000= .304%

Cap1- 0/800= 0%

Cap1- 0/1000= 0%

Amex PRG (Didnt think it factored into utilization, but lets say it does) 608/608= 1.00%

Total Credit Util. With PRG= 1158/4408= .26%

Total Credit Util w/out PRG= 550/3800= .14%

What am i doing wrong?? Haha

heyarrnold · ‎08-20-2014

@sean23 wrote:
@PrimeRate wrote:
Looks like at the time of the SP you were over 40% utilization. That plus the 10 inqs might have been why you received a denial.

Best of luck on the recon! Hopefully a new SP is ran, they'll see those balances paid off and you'll come out with 3K!
So how exactly does the utilization work, see I assumed I was under 30%

Discover- 246/1000= .246%
Amex ED- 304/1000= .304%
Cap1- 0/800= 0%
Cap1- 0/1000= 0%

Amex PRG (Didnt think it factored into utilization, but lets say it does) 608/608= 1.00%

Total Credit Util. With PRG= 1158/4408= .26%
Total Credit Util w/out PRG= 550/3800= .14%

What am i doing wrong?? Haha

No, you're at 14% utilization amongst all your cards.

PrimeRate · ‎08-20-2014

@sean23 wrote:

6 Month Old - Capital One $ 1500 Limit- $0 Balance ($1000 Limit at Time of Soft Pull)

After reading your other balances in similar posted format. I read this as balance at time of soft pull, instead of limit. My mistake.

Arnold is right. Now I'm kinda confused as to why they didn't approve you... are you a student? Maybe it's an income issue...

☮ & ❤

heyarrnold · ‎08-20-2014

@PrimeRate wrote:
@sean23 wrote:

6 Month Old - Capital One $ 1500 Limit- $0 Balance ($1000 Limit at Time of Soft Pull)

After reading your other balances in similar posted format. I read this as balance at time of soft pull, instead of limit. My mistake.
Arnold is right. Now I'm kinda confused as to why they didn't approve you... are you a student? Maybe it's an income issue...

It may also be the amount of inquiries and relatively low age of his accounts. Sure, he's backdated, but Amex may disregard that. At the end of the day, they know exactly when his accounts were opened.

sean23 · ‎08-20-2014

Ahh, I see. And nope not a student. Income is at 55K. After rebuild- Currently No baddies on report with all cards listed as 100% paid on time and in full. Thats actually the frustrating part. I see students with thin files and others with lower income, past BK's still on reports etc. approved for higher limits and 61 Day approvals all the time. Not sure what is going on with my situation though. I know every situation is different, just wish I knew what was going on with my current situation. The denial reasons dont seem to add up, other than the mysterious internal risk score.

sean23 · ‎08-20-2014

@heyarrnold wrote:
@PrimeRate wrote:
@sean23 wrote:

6 Month Old - Capital One $ 1500 Limit- $0 Balance ($1000 Limit at Time of Soft Pull)

After reading your other balances in similar posted format. I read this as balance at time of soft pull, instead of limit. My mistake.
Arnold is right. Now I'm kinda confused as to why they didn't approve you... are you a student? Maybe it's an income issue...
It may also be the amount of inquiries and relatively low age of his accounts. Sure, he's backdated, but Amex may disregard that. At the end of the day, they know exactly when his accounts were opened.

Yeah, I agree. That could definitely be it. Just a little frustrating to see others with similar and thinner profiles able to have better luck than I am. Guess I just have to be patient and let some more legitimate time kick in with them.

Side note: I do also have a closed Amex Account Listed on my report with a 30K Limit from 2007. Closed with perfect History and 100% on time payments. My past history on this account doesnt seem to be helping me though haha.

heyarrnold · ‎08-20-2014

@sean23 wrote:
Ahh, I see. And nope not a student. Income is at 55K. After rebuild- Currently No baddies on report with. All cards listed are 100% paid on time and in full. Thats actually the frustrating part. I see students with thin files and others with lower income, past BK's still on reports etc. approved for higher limits and 61 Day approvals all the time. Not sure what is going on with my situation though. I know every situation is different, just wish I knew what was going on with my current situation. The denial reasons dont seem to add up, other than the mysterious internal risk score.

Yeah, Amex is big on their internal score. Just use your card wisely. At the end of the day, you did not lose anything. Thankfully it was just a SP. Use your card adequately, and pay it off in time. I am sure that your CLI will be approved next time around. And try to just let one account report a balance if possible. That also increases your score. If all accounts but one report a $0 balance, with the singleton account reporting a [1%-10%) balance.

heyarrnold · ‎08-20-2014

@sean23 wrote:
@heyarrnold wrote:
@PrimeRate wrote:
@sean23 wrote:

6 Month Old - Capital One $ 1500 Limit- $0 Balance ($1000 Limit at Time of Soft Pull)

After reading your other balances in similar posted format. I read this as balance at time of soft pull, instead of limit. My mistake.
Arnold is right. Now I'm kinda confused as to why they didn't approve you... are you a student? Maybe it's an income issue...
It may also be the amount of inquiries and relatively low age of his accounts. Sure, he's backdated, but Amex may disregard that. At the end of the day, they know exactly when his accounts were opened.
Yeah, I agree. That could definitely be it. Just a little frustrating to see others with similar and thinner profiles able to have better luck than I am. Guess I just have to be patient and let some more legitimate time kick in with them.

Side note: I do also have a closed Amex Account Listed on my report with a 30K Limit from 2007. Closed with perfect History and 100% on time payments. My past history on this account doesnt seem to be helping me though haha.

Was that account yours? Or were you an ACM? Also, are you rebuilding?