06-28-2013 06:49 AM
Hey guys , I got a PRG and a BCE approved last week and have received both cards . Since the BCE came with $1K toy limit, I am wondering that if I do substantial spending on the PRG , that they will look at the spending as an aggregate with Amex and take into consideration when the time comes to request 3x CLI on the BCE. I will spend only enough in the next 3 months on the BCE to get the sign-on bonus, nothing more. Any advice appreciated.
06-28-2013 07:07 AM
I'm wondering the same thing. Just got my AMEX BCE with a 2k limit. Going to make this my every day card, except for gas for the next few months (Discover 5% for gas). What's the best route to getting the 3x CLI?
06-28-2013 09:20 AM
Ok, I just received my 3X, so if you want to know what I did:
Blue Cash Everyday.
My CL was $2000.
First month I charged $576 using the card 37 times. I waited for the charges to show on my billing statement, then paid in full. So this card's utilization was 28.8%
Second month I charged $334 using the card 14 times. I used my $150 signup bonus a few days before statement ended. Then after the statement date I paid in full. So this cards utilization was 16.7%
I have 6 credit cards, all opened in 2013, and I let the Amex BCE and another card post balances in the $500+ range, 2 other cards were just a couple hundred each, 5th card posted about $23, and the 6th card posted $0 to their most recent statements. My total credit limit was $25K, income $58K, and total utilization across all cards was about 6%. The other 5 cards reported about 3 weeks earlier, so their utilization was pretty much stuck for several weeks. I have no idea when the last time Amex did a SP, but they probably saw 6% utilization.
I always keep my card utilization low. The 2 cards reporting $500 were firsts for me, usually they all report very low usage due to paying them off multiple times per month. Plus I just don't use them anywhere near their limits.
With so many cards reporting balances, and my credit scores having taken a beating due to all these new credit cards, I was naturally hesitant to request the increase. But I needed an increase, even if it wasnt the full 3X, because I needed to buy a new HDTV set and wanted the extended warranty. As it turns out, I received the full 3X bringing me to $6000 CL.
If this can help you figure out how you want to attack your first 2 months usage, then so be it. YMMV.
06-28-2013 09:32 AM
I spent the bare minimum ($500) on my Blue Sky to get the sign-up bonus, then didn't use it for the next few weeks. Still got the CLI. I think your income and credit score might more important than usage history. YMMV.
06-29-2013 04:46 AM
Wonderful, I'll stick with the bare minimum spending for the BCE. I don't have enough spend to meet the PRG sign up bonus requirement of $2k All goes into savings
Google search "complete minimum spending on credit cards"
First few links will help.
There's many ways to meet minimum spending, such as paying for your mortage and car loans using CCs through certain services. Worst case scenario, resort to manufactured spending.
Don't ever give up on getting sign-up bonuses! It's one of the best parts of getting approvals.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.