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I posted last week about getting declined when I requested a cli with Amex. I received the letter yesterday and this is what it says.......
Your income is insufficient relative to your overall debt obligations as reflected in our records or on your credit report.
I'm trying to understand what this means. My income is alittle under 63k, my total available credit across the board is 97.5k and my utililization is 11%.
Is it because I have more credit available than income or is Amex counting a minimum payment for every card whether I have a balance or not against my DTI?
Any installment loans?
@lhcole77 wrote:Any installment loans?
No, my house and cars are all paid off. The only accounts are the credit card revolving accounts.
My guess is that the $10,000 debt is why it was denied. 11% utilization in a vacumn may sound low but when it is 11% of 97.5k that is still alot of money. I think they are looking at the 20k of limits you already have with them in combination with these overall balances and not wanting to extend any more credit.