Amex Day 61 Approaching .....T-7,6,5,4,3,2,1

[takeshi74]

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@dapps06 wrote:

I was looking forward to day 61 as well, and then I was declined for both of my cards. Another 61 days went by and I was denied yet again. I don't use the card enough apparently. If you use it often you'll probably be fine, though.

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Do not rely solely on usage.  CLI's are based on credit and income with any creditor.  They are not simply exchanged for time, they are not simply based on usage and creditors do not simply match limits.  If you're getting denials then take the list of reasons on the denial letter and work on addressing them.

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@jologan79 wrote:

I still have a few paid baddies and a 50-60% UTL. So I don't know...I've never filed BK though..

There are your biggest problems.  There's a reason why we recommend addressing derogs first.  Hit the Rebuilding subforum and see what you can do to get them removed.  They willl tend to drag you down as long as they're on your reports.

50 to 60% is also very high.  General recommendation is do not exceed 30%.  If you can't get the derogs removed then at least work on getting your utilization as low as possible.  Advice on optimizing when apping is to allow only one balance to report at 10% or less.

Keep in mind that Payment History and Revolving Utilization (falls under Amounts Owed below) are both significant risk and scoring factors.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

With derogs and high utilization it shouldn't be a surprise that you're getting denied.

[Anonymous]

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@NRB525 wrote:

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@Anonymous wrote:

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@jologan79 wrote:

Wow....That type of limit would work wonders for my UTL.

I don't know if they'd offer me 10K but I'm gonna ask for it..

I still have a few paid baddies and a 50-60% UTL. So I don't know...I've never filed BK though..

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@Anonymous wrote:

You should be fine.  I'm going for 24k.  Should be 18k but what the heck.  They can just say no.  Happying hitting!!!! 

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You should wait until you get that utilization down.  If you're denied, you will have to wait another 90 days to try again.  Also, the 61 days 'rule' doesn't apply any longer.  You can try at any time if you credit file supports the increase.

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Yes, one does not have to wait for the full 61 days to pass. However, big however, OP's scores probably don't support an early request, being they are in the low 600's and may be weak even to support the regular 3x request to $3k. And if OP is expecting to go from $1k on the Delta Gold card to $10k on this request, yeah, no, not gonna happen.

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Never said his scores were high enough.  Note I said for him to wait.  Nonetheless we still need to move away from this 61 day concept.  50 days isn't early or 70 days not late.  It just doesn't apply any longer.  The sooner everyone understands that then we can focus on making the determination of whether to apply for a CLI on your credit file and not some arbitrary time period.

[kdm31091]

Regardless of 61 days or any amount of time, a CLI is never guaranteed. As takeshi said it's based on credit, income etc. So if you're being denied you must improve your profile and try again later.

[NRB525]

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@Anonymous wrote:

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@NRB525 wrote:

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@Anonymous wrote:

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@jologan79 wrote:

Wow....That type of limit would work wonders for my UTL.

I don't know if they'd offer me 10K but I'm gonna ask for it..

I still have a few paid baddies and a 50-60% UTL. So I don't know...I've never filed BK though..

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@Anonymous wrote:

You should be fine.  I'm going for 24k.  Should be 18k but what the heck.  They can just say no.  Happying hitting!!!! 

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You should wait until you get that utilization down.  If you're denied, you will have to wait another 90 days to try again.  Also, the 61 days 'rule' doesn't apply any longer.  You can try at any time if you credit file supports the increase.

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Yes, one does not have to wait for the full 61 days to pass. However, big however, OP's scores probably don't support an early request, being they are in the low 600's and may be weak even to support the regular 3x request to $3k. And if OP is expecting to go from $1k on the Delta Gold card to $10k on this request, yeah, no, not gonna happen.

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Never said his scores were high enough.  Note I said for him to wait.  Nonetheless we still need to move away from this 61 day concept.  50 days isn't early or 70 days not late.  It just doesn't apply any longer.  The sooner everyone understands that then we can focus on making the determination of whether to apply for a CLI on your credit file and not some arbitrary time period.

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I know, I was just trying to clarify that the current scores aren't going to allow a CLI request any time soon. Given the OP desire to go for 10x, I think that clarification and emphasis toward reality based thinking is helpful

And while the 61 day period may seem arbitrary, it is actually the result of reverse-engineering an appropriate time period for weak files to wait for the SP to catch up. It's not stated that way clearly enough, becomes a shorthand and then the original reason for the 61 days, and the situations where it is appropriate, gets lost.

[jologan79]

Yea... 

I'm working on the UtL and the 2 derogatory items aren't going any I've had success with 1 but the others aren't working with me. 

My income is good... Over 90k... Plus savings, brokerage,  and retirement.  

amex is the only card I use everyday. I spend more then the limit Evey month. So I pay at least 2 time a month.   I figured if they see profile improvement, income,  and usage I may have a decent chance. 

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@kdm31091 wrote:
Regardless of 61 days or any amount of time, a CLI is never guaranteed. As takeshi said it's based on credit, income etc. So if you're being denied you must improve your profile and try again later.

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[Anonymous]

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@NRB525 wrote:

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@Anonymous wrote:

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@NRB525 wrote:

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@Anonymous wrote:

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@jologan79 wrote:

Wow....That type of limit would work wonders for my UTL.

I don't know if they'd offer me 10K but I'm gonna ask for it..

I still have a few paid baddies and a 50-60% UTL. So I don't know...I've never filed BK though..

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@Anonymous wrote:

You should be fine.  I'm going for 24k.  Should be 18k but what the heck.  They can just say no.  Happying hitting!!!! 

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You should wait until you get that utilization down.  If you're denied, you will have to wait another 90 days to try again.  Also, the 61 days 'rule' doesn't apply any longer.  You can try at any time if you credit file supports the increase.

---

Yes, one does not have to wait for the full 61 days to pass. However, big however, OP's scores probably don't support an early request, being they are in the low 600's and may be weak even to support the regular 3x request to $3k. And if OP is expecting to go from $1k on the Delta Gold card to $10k on this request, yeah, no, not gonna happen.

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Never said his scores were high enough.  Note I said for him to wait.  Nonetheless we still need to move away from this 61 day concept.  50 days isn't early or 70 days not late.  It just doesn't apply any longer.  The sooner everyone understands that then we can focus on making the determination of whether to apply for a CLI on your credit file and not some arbitrary time period.

---

I know, I was just trying to clarify that the current scores aren't going to allow a CLI request any time soon. Given the OP desire to go for 10x, I think that clarification and emphasis toward reality based thinking is helpful

And while the 61 day period may seem arbitrary, it is actually the result of reverse-engineering an appropriate time period for weak files to wait for the SP to catch up. It's not stated that way clearly enough, becomes a shorthand and then the original reason for the 61 days, and the situations where it is appropriate, gets lost.

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I agree.  I think everyone will be better off when the focus shifts to examining your credit file than thinking something magical happens at 61 days. There were plenty of people that were declined when you did have to wait 61 days but most people thought it was basically guaranteed that a 3X CLI would be given.  When I finally finish updating the guide I hope more and more people realize that, as we see in this case that posters still think along the lines of guaranteed approval at 61 days.