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Amex CLI and my credit journey...

Regular Contributor

Amex CLI and my credit journey...

Fresh from the boat 3yrs ago I started to build my credit. With a crap one of 500 CL for 1 yr and a 11% APR car loan, I got approved for my first and only AMEX BCP with a CL of 1k. Had no idea about the 3x CLI or the 61 days rule so I only asked for 2k after 6 months. Read the forum and 4 CLIs later here I am, today I went from 18k to 25k CL (my highest limit so far). Didn't want to poke the bear nor deal with any extra paperwork, 25k is more than enough for me for now.

 

Lessons Learned: wanna build your credit the right way, get an AMEX revolver that makes sense with your spending patterns as soon as you can and stick to it. Soft pulls are perfect for growing and as long as you don't do anything irresponsible, it will grow with you beautifully!
Forget about slow auto-CLIs or app sprees, all they do is punch your CR with HPs and low limits.
I still don't understand these ppl that have tons of low limits store cards? Rewards are horrible, limits are terrible and in my opinion it looks bad on your CR on the eyes of prime lenders when applying for credit (my theory based on what I've seen and experienced).

 

Conclusion: 3yrs later I have all the credit cards I want and with great limits, that allows me to keep my utilization always under 15% and maximize my rewards strategy. I was also able to lease the car I wanted last June with tier 1 credit APR (I think it was 2% APR).

So have a little patience and your credit will grow quicker than you expect! After all, 3yrs isn't that much considering the amount of credit I have been extended until today.
Total CCs CL 56K
CCs # 4
Auto Lease: 19k credit for 55k car

 

Good luck to you all!

WALLET: Amex BCP 25K | Barclay Arrival Plus 27K | Ink Plus 25K | Chase Reserve 20K
Amex SimplyCash 19K

FICO: EX 780 | EQ 782 | TU 786
Message 1 of 10
9 REPLIES
Established Member

Re: Amex CLI and my credit journey...

Great work!! I agreed start with Amex revolver! They approved me $8200 CL with less than year history. What other cards u have ?? And CL??


Chase Freedom(6k), Chase Slate(1k), Amex BCP(5k AU), Amex Plat(NPSL AU), Amex Delta Plat(3k AU)

Message 2 of 10
Regular Contributor

Re: Amex CLI and my credit journey...


syul9088 wrote:
Great work!! I agreed start with Amex revolver! They approved me $8200 CL with less than year history. What other cards u have ?? And CL??

Thanks syul9088!

 

Wallet
Amex BCP - 25K (02/12)
Barclay Arrival WMC - 15K (10/13)

 

Socks drawer
CSP - 15K (03/13)
Crap One Quicksilver - 1.25K (04/11)

WALLET: Amex BCP 25K | Barclay Arrival Plus 27K | Ink Plus 25K | Chase Reserve 20K
Amex SimplyCash 19K

FICO: EX 780 | EQ 782 | TU 786
Message 3 of 10
Established Member

Re: Amex CLI and my credit journey...


lexrjSD wrote:

syul9088 wrote:
Great work!! I agreed start with Amex revolver! They approved me $8200 CL with less than year history. What other cards u have ?? And CL??

Thanks syul9088!

 

Wallet
Amex BCP - 25K (02/12)
Barclay Arrival WMC - 15K (10/13)

 

Socks drawer
CSP - 15K (03/13)
Crap One Quicksilver - 1.25K (04/11)


Nice CL !! Did you start with Arrival and CSP with that limit? after 61 days I will try to get 24.5k on my BCE. 



Chase Freedom(6k), Chase Slate(1k), Amex BCP(5k AU), Amex Plat(NPSL AU), Amex Delta Plat(3k AU)

Message 4 of 10
Senior Contributor

Re: Amex CLI and my credit journey...

congrats


Message 5 of 10
Valued Member

Re: Amex CLI and my credit journey...

Great advice - one question, what was your score with the auto lender when you were approved for Tier I financing? One reason I am trying to improve my score is to be eligible for Tier 1 with a prime lender. I have a lease with a prime lender now, but I was not eligible for the best financing deals. Thanks in advance.

Barclay Visa Fin $1500 | Wal-Mart Discover $2000 | AmEx BCE $3000 | Target $3000 | Slate Visa $4800 | Hyatt Visa $5000

Last App: 3/16/2014 (Current FICO 740 per 4/07/14 Barclay FICO)
Message 6 of 10
Moderator

Re: Amex CLI and my credit journey...

Congrats to your success Smiley Happy

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Message 7 of 10
Valued Contributor

Re: Amex CLI and my credit journey...


lexrjSD wrote:

Fresh from the boat 3yrs ago I started to build my credit. With a crap one of 500 CL for 1 yr and a 11% APR car loan, I got approved for my first and only AMEX BCP with a CL of 1k. Had no idea about the 3x CLI or the 61 days rule so I only asked for 2k after 6 months. Read the forum and 4 CLIs later here I am, today I went from 18k to 25k CL (my highest limit so far). Didn't want to poke the bear nor deal with any extra paperwork, 25k is more than enough for me for now.

 

Lessons Learned: wanna build your credit the right way, get an AMEX revolver that makes sense with your spending patterns as soon as you can and stick to it. Soft pulls are perfect for growing and as long as you don't do anything irresponsible, it will grow with you beautifully!
Forget about slow auto-CLIs or app sprees, all they do is punch your CR with HPs and low limits.
I still don't understand these ppl that have tons of low limits store cards? Rewards are horrible, limits are terrible and in my opinion it looks bad on your CR on the eyes of prime lenders when applying for credit (my theory based on what I've seen and experienced).

 

Conclusion: 3yrs later I have all the credit cards I want and with great limits, that allows me to keep my utilization always under 15% and maximize my rewards strategy. I was also able to lease the car I wanted last June with tier 1 credit APR (I think it was 2% APR).

So have a little patience and your credit will grow quicker than you expect! After all, 3yrs isn't that much considering the amount of credit I have being extended until today.
Total CCs CL 56K
CCs # 4
Auto Lease: 19k credit for 55k car

 

Good luck to you all!


CongratsSmiley Happy on your CLI

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 8 of 10
Regular Contributor

Re: Amex CLI and my credit journey...


hilarybanks wrote:

Great advice - one question, what was your score with the auto lender when you were approved for Tier I financing? One reason I am trying to improve my score is to be eligible for Tier 1 with a prime lender. I have a lease with a prime lender now, but I was not eligible for the best financing deals. Thanks in advance.


They pulled EX and it was a 730ish. I asked the finance manager while signing the lease and she said that anything above 730 you most likely get tier1, for leasing at least.

WALLET: Amex BCP 25K | Barclay Arrival Plus 27K | Ink Plus 25K | Chase Reserve 20K
Amex SimplyCash 19K

FICO: EX 780 | EQ 782 | TU 786
Message 9 of 10
Highlighted
Regular Contributor

Re: Amex CLI and my credit journey...


syul9088 wrote:

lexrjSD wrote:

syul9088 wrote:
Great work!! I agreed start with Amex revolver! They approved me $8200 CL with less than year history. What other cards u have ?? And CL??

Thanks syul9088!

 

Wallet
Amex BCP - 25K (02/12)
Barclay Arrival WMC - 15K (10/13)

 

Socks drawer
CSP - 15K (03/13)
Crap One Quicksilver - 1.25K (04/11)


Nice CL !! Did you start with Arrival and CSP with that limit? after 61 days I will try to get 24.5k on my BCE. 


sequence: cap one, amex, csp and arrival

CSP started with 12k and got a 6months auto-cli to 15k

Arrival I was aproved for 12.5k, called in right away and asked  to at least match my CSP limit, they did.

WALLET: Amex BCP 25K | Barclay Arrival Plus 27K | Ink Plus 25K | Chase Reserve 20K
Amex SimplyCash 19K

FICO: EX 780 | EQ 782 | TU 786
Message 10 of 10