No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
hi folks,
I recently received my 2nd Amex 3xcli increase and my limit went from $6,000 to $18,000 and now I'm wondering if I need to raise my balance on my statement now that I have a higher limit. I've been letting my statement cut with a balance of $60 so that it would be 1% of my limit, so what I'm asking is should I let this new statement cut with a balance of $180 or $60 bc I've read that your balance should not be higher that 10% and no lower than 1% for maximum fico correct?
@Youngcreditbuilder wrote:hi folks,
I recently received my 2nd Amex 3xcli increase and my limit went from $6,000 to $18,000 and now I'm wondering if I need to raise my balance on my statement now that I have a higher limit. I've been letting my statement cut with a balance of $60 so that it would be 1% of my limit, so what I'm asking is should I let this new statement cut with a balance of $180 or $60 bc I've read that your balance should not be higher that 10% and no lower than 1% for maximum fico correct?
Even $1 balance over a total CL of $100,000 still results in a 1% utilization if I'm not wrong. FICO models round util up.
@Aarvard wrote:
@Youngcreditbuilder wrote:hi folks,
I recently received my 2nd Amex 3xcli increase and my limit went from $6,000 to $18,000 and now I'm wondering if I need to raise my balance on my statement now that I have a higher limit. I've been letting my statement cut with a balance of $60 so that it would be 1% of my limit, so what I'm asking is should I let this new statement cut with a balance of $180 or $60 bc I've read that your balance should not be higher that 10% and no lower than 1% for maximum fico correct?
Even $1 balance over a total CL of $100,000 still reseults in a 1% utilization if I'm not wrong. FICO models rounds util up.
+1
Even $1 reporting would be considered 1%
CONGRATS on the CLI.
Having just applied for an Amex card, I am curious about this 3X CLI I keep hearing about, is this an automatic thing after 61 days in good standing?
You have to ask for it, and no it's not automatic. but IMO, it's pretty easy to get ..
@Anonymous wrote:Having just applied for an Amex card, I am curious about this 3X CLI I keep hearing about, is this an automatic thing after 61 days in good standing?
@Youngcreditbuilder wrote:I'm wondering if I need to raise my balance on my statement now that I have a higher limit.
You only need to raise the balance if it's 0.
I think there is a sticky for the Amex 3xCLI thread. If not, use the search bar. It is pretty lengthy and explains everything.
@Anonymous wrote:I think there is a sticky for the Amex 3xCLI thread. If not, use the search bar. It is pretty lengthy and explains everything.
Thanks, I just found it, I guess I'll try my luck in May!