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Senior Contributor
Posts: 6,242
Registered: ‎08-16-2012
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Re: Amex 3x CLI and Income?

It shouldn't! I had two nearly maxxed out cards when I rec'd my 3xcli!
My TU Fico actually dropped from 696-690 when my 3xcli was approved!

I'm desperately trying to get it to the 700 mark, where it once was. It's so hard though! Lol
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
Senior Contributor
Posts: 6,242
Registered: ‎08-16-2012
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Re: Amex 3x CLI and Income?

Oh and yw uncommon! Ironically, it's a common misconception lmao
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
Regular Contributor
Posts: 135
Registered: ‎01-29-2013
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Re: Amex 3x CLI and Income?

Going to give an update for you folks:

 

I chickened out and only requested 5700 -> 10,500, which is less than 2x CLI. My reasoning:

 

This brings my total credit line at 33,500 with a reported income of 35,000.

I seriously do not need a 15k+ line at 23 years old.

I don't want to overextend myself and become a risk to future lenders.

I really just wanted this card for the bonus lol.

 

A few data points: I let my first statement cut at ~350 and PIF. Made about 300 other charges the following month, but used the $400 bonus statement credit to pay it off. At the time of the CLI request, I had a balance of 160 and made a payment in full a few hours before the request.

 

I'm quite happy where I am at my age, especially with my new, first 5 digit credit line! This is more than enough with my spending habits. In the future when I get on with my career, I'll think about CLI this sucker up to 24,900! But for now, I'll sit back and garden :smileyvery-happy:

 

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Contributor
Posts: 93
Registered: ‎12-16-2012
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Re: Amex 3x CLI and Income?


wche wrote:

Going to give an update for you folks:

 

I chickened out and only requested 5700 -> 10,500, which is less than 2x CLI. My reasoning:

 

This brings my total credit line at 33,500 with a reported income of 35,000.

I seriously do not need a 15k+ line at 23 years old.

I don't want to overextend myself and become a risk to future lenders.

I really just wanted this card for the bonus lol.

 

A few data points: I let my first statement cut at ~350 and PIF. Made about 300 other charges the following month, but used the $400 bonus statement credit to pay it off. At the time of the CLI request, I had a balance of 160 and made a payment in full a few hours before the request.

 

I'm quite happy where I am at my age, especially with my new, first 5 digit credit line! This is more than enough with my spending habits. In the future when I get on with my career, I'll think about CLI this sucker up to 24,900! But for now, I'll sit back and garden :smileyvery-happy:

 


If you feel your better able to manage your credit by limiting the amount you have available then you did the exact right thing. It's not chickening out, its being smart and prudent. The easist trap alot of young people fall into is overextending or being overly optimistic about their ability to pay back debt to avoid fees. The fact is you should never pay interest on CC debt the APR is horrible and its like taking a 10 or 20 dollar bill to a cashier and saying can I get some one's please and will you also just go ahead and keep one or two of the bills for yourself. Just becasue someone has enough credit to buy a item does not mean they need to buy that item right this second its better to save up and pay cash then finance it over couple months in most cases. It seems like you understand this to some degree by showing restraint when requesting a more modest CLI. However keep in mind one simple fact.  Having 2x income in credit is okay, using 2x income in credit is bad mojo

Regular Contributor
Posts: 135
Registered: ‎01-29-2013
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Re: Amex 3x CLI and Income?

[ Edited ]

Thanks solxp for your comments!  I am definitely aware that having 2x income is okay but like you said, I think it's best for me to manage at this point. Idk why I feel the need to defend myself for not taking the full 3x CLI but I think it's because of this unwritten given right on myfico haha. I'm definitely planning ahead with my request because I don't want to overextend myself if I want to apply for other cards in the future. Also, I am applying for grad school every soon and will need all the loans I can so I think having a more conservative credit report in terms of revolving credit will help me seem less of a risk so I could receive the best possible terms. I thought alot about my CLI and I believe 10500 is perfect for me at this point!

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Senior Contributor
Posts: 3,801
Registered: ‎11-13-2012
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Re: Amex 3x CLI and Income?


wche wrote:

Thanks solxp for your comments! I just feel everyone here is keen on requesting 3x CLI as if it is an unwritten law to do so. I am definitely aware that having 2x income is okay but like you said, I think it's best for me to manage at this point. Idk why I feel the need to back myself up for not taking the full 3x CLI but I think it's because of this unwritten given right on myfico haha. I'm definitely planning ahead with my request because I don't want to overextend myself if I want to apply for other cards in the future. Also, I am applying for grad school every soon and will need all the loans I can so I think having a more conservative credit report in terms of revolving credit will help me seem less of a risk so I could receive the best possible terms. I thought alot about my CLI and I believe 10500 is perfect for me at this point!


Congrats on your decision! I did the same thing with AX and also decided to go for 2 x CLI  5K to 10K and not directly to 15K. Wanted to leave some room for Discover to maybe one day adjust their limit a bit :smileyhappy:

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Frequent Contributor
Posts: 451
Registered: ‎03-05-2013
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Re: Amex 3x CLI and Income?


wche wrote:

Thanks solxp for your comments!  I am definitely aware that having 2x income is okay but like you said, I think it's best for me to manage at this point. Idk why I feel the need to defend myself for not taking the full 3x CLI but I think it's because of this unwritten given right on myfico haha. I'm definitely planning ahead with my request because I don't want to overextend myself if I want to apply for other cards in the future. Also, I am applying for grad school every soon and will need all the loans I can so I think having a more conservative credit report in terms of revolving credit will help me seem less of a risk so I could receive the best possible terms. I thought alot about my CLI and I believe 10500 is perfect for me at this point!


First off congrat  on the CLI. You should do whatever you feel is right for you but I do want to clear up a few things for other readers who may misconstrue things you're saying. First off there is no issue with having more credit than your income. As most have said, the more important issue is debt to income ratio. Also, I don't think the amount of credit you have effects your ability to get education loans. I'm currently working on my third post graduate degree (M.A., MPAA, JD) and never has the amount of credit (in good standing) came up when talking about loans and I have over 50k in credit. All paid on time. While having lower credit limits may be a prudent decision for you, I think that for many people having more available credit is a good thing. Especially going forward in life, when larger credit limits may be a neccesity,having larger credit limits can be immensely helpful if you know how to manage your credit and don't overspend. 

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Posts: 731
Registered: ‎12-14-2011
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Re: Amex 3x CLI and Income?

I'm thinking about requesting a CLI on my BCP from 12,000.00 to 25,000.00 to see if I can get it. Will they require additional information for that request, or only if I request above 25,000.00? My payment history with Amex has been perfect for 15 months now 

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Senior Contributor
Posts: 6,242
Registered: ‎08-16-2012
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Re: Amex 3x CLI and Income?

Congrats on the cli! $10,500 is a fine limit; it's the limit I have.
But when you have a higher limit, you don't have to use it. In fact, in benefits your fico to not use it.

Looking forward to my next cli request of $24,500.
:-)
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
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