Amex CLI over $25,000

[Anonymous]

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@Anonymous wrote:

 AMEX "

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Excuse the ignorance here if it exists, by with the Strikethrough on AMEX every time you write it?

[longtimelurker]

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@Anonymous wrote:

You have two types of "common" FR.

1) CLI requests FR are for credit limits. Make no mistake this is still "do it or else" but only pertaining to the newly requested CL only, not the account as a whole. 

2) Bank requested FR is for credit accounts. This is the "do it or else" FR that attacks all your accounts, mainly because the system flagged you as being risky.

Both instances require the same Income verification to exactly the same department.

Any documentation requests about stated income is a FR no matter the circumstances.

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Is that really the case?   From what I have heard, under your type 2, once you call and identify your account, you are automatically sent to the FR department.   That doesn't happen with your type 1.   At one stage I was told to contact "New Accounts" to see what was going on with my CLI request.

Seems a little pointless terminology to me:  yes, both situations want you to fill in a 4506-T, but in many cases reducing the ask removes the need, whereas there is no way out in the second case, unless you want your accounts closed

[longtimelurker]

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@Anonymous wrote:

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@Anonymous wrote:

 AMEX "

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Excuse the ignorance here if it exists, by with the Strikethrough on AMEX every time you write it?

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I was wondering the same.     Reminds me of the substitution of Yahweh in scripture, but I doubt if many traditions hold "Amex" to be a sacred name, as it is already a shortened form of America* Expre*s

[CreditDunce]

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@pat0812 wrote:

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I think they did an SP because my FICO SCORE updated on the 29th, and usually it only updates on the 14th

So if you were me would you ask for another CLI in 6 months or I'm about my maximum limit with them with this income ?

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I agree they did an SP.  My question was do they normally provide you a score twice a month.  If I don't check my updated score before the next time it updates, I can't see the previous update.  The score history only shows one score per month.  However, I have been getting three updated scores per month with three cards.  I can't believe I am the only one who gets a new score with each card that cuts.

My goals are much different than yours.  If I were you, I would base any CLI requirements on my spend and needs.  Not my income.  As,  my Amex cards have a max category bonus spend of 6k per year, I don't need much of a limit on them.   My Amex CLs are more than sufficient for my needs.

I have heard of people with a 100k Amex limit.  However, Amex normally doesn't give out those kinds of limits unless the person is actually spending enough every month to justify it.  They don't take the excuse you are thinking of buying a Telsa on the card.  You need to be using a significant portion of the CL each month.  I don't guess it would hurt to ask, but don't expect much unless you are spending on the card.

[Anonymous]

I've heard of people with one Amex card getting a FICO score anywhere from every other month to 2-3X in one month.

[Anonymous]

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@CreditDunce wrote:

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I have heard of people with a 100k Amex limit.  However, Amex normally doesn't give out those kinds of limits unless the person is actually spending enough every month to justify it.  They don't take the excuse you are thinking of buying a Telsa on the card.  You need to be using a significant portion of the CL each month.  I don't guess it would hurt to ask, but don't expect much unless you are spending on the card.

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This indirectly comes back to the does your income "support" a credit card limit which I think is a laughable phrase.  By putting a significant spend through a card every month, it sort of implies a significant income; generally speaking these two variables are going to be directly proportional.

That said, I don't know anyone that comes anywhere near their CL on any card in any cycle once they grow a monster limit. 

People with $50k in income are able to obtain a credit limit of  around $50k on a card over time.  On that $50k limit they may be putting $2k/mo through the card or so, perhaps a bit more or less in some months, which is considered a solid spend.  No way does this individual need a $50k credit line as at any given point in a cycle they're likely never above 5% or so utilization.  But the phrase "if their income supports it" always comes into play.  I don't know how someone can justify $50k income supporting a $50k line of credit, especially when there are likely other lines of credit present, obvious expenses to living, etc.  Same thing is true if you double the numbers to someone with $100k+ in annual income that is able to obtain a card with a limit above $50k or even up to $100k.  Sure their monthly spend may be higher on average like $4k-$6k give or take, but it's all relative and like the first person if this person were ever to come anywhere near to maxing out their limit their income wouldn't "support" paying it back.  It would be a statistical impossibility.

I guess it comes down to what one considers a "significant" portion of a limit monthly.  I think you'd find that the majority of the "high rollers" on this forum that have cards with credit limits at $50k or greater don't often exceed running 10% of the limit through the card in a cycle and extremely rarely run 20% of the limit through it.  The vast majority I would estimate still run a single-digit utilization number through their card. 

[CreditDunce]

I wasn't planning on commenting if the OP could/should apply for a CLI.  I joined this thread to try to get a DP on if the OP normally was getting two EX-08 scores each month.  When the OP replied and asked my opinion, I felt obligated to give it... even though I didn't think the OP would want it.

I don't mean to attack anyone who wants to push all of their limits to the max.  It isn't something I want to do.  But if you want to do it, more power to you.  As long as the limit is enough for the spend I am going to put through, I don't care about the limit.  My total CL is a little over 2x my income so I am never going to max it out.   I was trying to make the point that Amex will bump your limit up to 25-50k without much trouble.   You don't need much spend. However, even someone with a 7 figure salary is going to have problems getting a 100k limit unless they actually use the card a lot each month.  Yes, you need the income to support the spend (or business expenses), but spend is the big reason most people aren't going to be able to get 100k limit with Amex.

[Anonymous]

But if one can obtain a $50k limit with Amex only spending $1k - $2k/mo, how much would they need to spend to get a $100k limit?  It's all relative.  Spending $4k or $6k in a month for someone with a 7-figure income is pretty much a given I would say, but that's still coming in at single-digit utilization.

I guess we'd need to see some data points on people with high Amex limits and their typical monthly spend.  I know there was a forum member that had a $65k limit with Amex that didn't spend significantly more than I do $1k-$2k/mo but his income was probably twice mine.  In that case I would say the income played a much bigger role than the spend.

[longtimelurker]

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@Anonymous wrote:

That said, I don't know anyone that comes anywhere near their CL on any card in any cycle once they grow a monster limit. 

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Guess that means you don't know heavy MSers then!

[redpat]

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@Anonymous wrote:

But if one can obtain a $50k limit with Amex only spending $1k - $2k/mo, how much would they need to spend to get a $100k limit?  It's all relative.  Spending $4k or $6k in a month for someone with a 7-figure income is pretty much a given I would say, but that's still coming in at single-digit utilization.

I guess we'd need to see some data points on people with high Amex limits and their typical monthly spend.  I know there was a forum member that had a $65k limit with Amex that didn't spend significantly more than I do $1k-$2k/mo but his income was probably twice mine.  In that case I would say the income played a much bigger role than the spend.

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That may not tell you much, you can have high spend w/o high limits. I use my Plat for all my bus airfare which could spike my spend on a given month and the rest of my spend will go on PRG while very little may go on my EDP now.  So I don't need an additional CL on EDP because my spend is along three cards.

Very few individuals will ask to get over 30k because they have more than one amex card that they put spend on, plus they have other cards that they category spend on.

The main reason I think individuals ask for over 30k is because Amex is one of the most friendly ones to ask and get those sizable CLs.  On the other hand that's why they have FRs when balances start to grow and hard limits are put in place on charge cards and CLD on revolvers.  They tend to tighten the reins sooner than later.