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Frequent Contributor
Posts: 474
Registered: ‎06-16-2008
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Did I just shoot myself in the foot with AmEx? - UPDATED

[ Edited ]

I think I got too greedy.  AmEx gave me a CLI from $15,000 to $20,000 last October.  I'm trying to line things up for a mortgage refi next month and I need DH's scores above 700.  Right now his util is at 16% and should be close to 10% when our statement posts in April.  I was hoping that an extra $2,000 added to the limit would be insurance for pushing his util below 10%.

 

But after I tried the AmEx luv button I got a reply that I would receive a written response in the mail.

 

GREAT!  I felt sure they'd give me the CLI if I only asked for $2k.  My payment history with them is great and they've shown me nothing but love the past 2 years.  I've even carried a balance (taking advantage of the 0% interest for a year) and up until now they've treated me like a queen.  For the past 4 - 5 months we've carried a balance between $7k and $12k because a number of unexpected expenses came up.  But we use it a lot every month and we pay a lot every month.

 

What have I done?  Now I'm worried that they'll give me a CLD for being greedy and that will keep DH's FICO's from hitting 700 and certainly not help give us our best shot at a good interest rate for the refi.

 

Does anyone have any idea whether something like this would trigger a CLD from AmEx.  I really don't need that right now.  I use the heck out of that card.

Message Edited by Phoenix-rising on 05-22-2009 08:07 AM
DH's FICOS: July '08 TU-661 / EQ-593 / EX-656 --> April '09 TU-730 / EQ-705 / EX-685

MY FICOS: July '08 TU-735 / EQ-727 / EX-767 --> April '09 TU-789 / EQ-774 / EX-767
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Posts: 24,384
Registered: ‎10-23-2007
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Re: Did I just shoot myself in the foot with AmEx?

Carrying any balance with amex right now is a sure fire way to get a CLD if you ask me... but at the same time, I would THINK they might give you a bit of a break with near 800 scores.  but I wouldn't risk it!
Fico Scores: EQ- 670., TU 705 Sync, EX 728 SoFi(05/04/15)
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Frequent Contributor
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Registered: ‎06-16-2008
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Re: Did I just shoot myself in the foot with AmEx?

It's already too late.  Now all I can do is wait and hope.  My statement closes on the 12th so I may know pretty soon whether there's any CLD damage. 

 

I've had a long run flying under the AmEx radar.  Last year I carried a $5,000 balance for months and nothing bad happened.  I even got a  $5,000 CLI several months after I PIF'd and continued to PIF for month after month.  I thought I could get away with that again.  I got 0% for a year when I did a conversion from Clear to Blue Cash last fall.  The 0% was too good to pass up and I kept a balance even though I should have known better.

DH's FICOS: July '08 TU-661 / EQ-593 / EX-656 --> April '09 TU-730 / EQ-705 / EX-685

MY FICOS: July '08 TU-735 / EQ-727 / EX-767 --> April '09 TU-789 / EQ-774 / EX-767
Frequent Contributor
Posts: 326
Registered: ‎10-20-2008
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Re: Did I just shoot myself in the foot with AmEx?

I don't think you shot yourself in the foot.  I think you will just get a decline letter for the requested CLI.
Senior Contributor
Posts: 3,671
Registered: ‎01-10-2008
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Re: Did I just shoot myself in the foot with AmEx?

while there's always a chance that amex will flip a CLD in response to an otherwise run of the mill request, like a 2k cli, imo it's more likely it will be a simple denial followed by increased softing of EX perhaps. 

 

even today, your near 800 EX and clean reports may insulate you from this minor misstep.  there's probably a v. good chance that you come out of this without as much as a scratch.  gl.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Regular Contributor
Posts: 193
Registered: ‎07-13-2008
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Re: Did I just shoot myself in the foot with AmEx?

Don't be hard on yourself.

There are millions of cardholders. Can you imagine the variety of ways that these customers handle their accounts. If you visit here often, don't forget that this is just a microcosm of the real picture.

 

I have carried a number of low apr BTs at the same time. I fully use my accounts as you say you do. I have no problems and I believe that you don't. I do believe however that you probably won't get the increase. I also don't believe it has a lot to do with you.

 

You're a good customer, contrary to what some write, they offered you the low apr BT because they wanted you to take it. It did you no harm and in fact no doubt it was beneficial.

 

Let us know the outcome. You did good. Keep up your good practices.

 

CI

 



Phoenix-rising wrote:

It's already too late.  Now all I can do is wait and hope.  My statement closes on the 12th so I may know pretty soon whether there's any CLD damage. 

 

I've had a long run flying under the AmEx radar.  Last year I carried a $5,000 balance for months and nothing bad happened.  I even got a  $5,000 CLI several months after I PIF'd and continued to PIF for month after month.  I thought I could get away with that again.  I got 0% for a year when I did a conversion from Clear to Blue Cash last fall.  The 0% was too good to pass up and I kept a balance even though I should have known better.


 

Frequent Contributor
Posts: 474
Registered: ‎06-16-2008
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Re: Did I just shoot myself in the foot with AmEx?

I'll be ecstatic if the outcome of this is simply a written decline on the CLI.  The ducks are all lined up for DH now and I'd hate to mess that up.  We've been working so hard to get his scores up.  He hasn't been this close to 700 since his BK7 in 2003.

 

I'd been away from here for a while, but from what I've glanced over tonight, I think it's time to pull out a couple of cards out of the sock drawer and make some small purchases just to make sure Chase doesn't decide to close the accounts due to inactivity.

DH's FICOS: July '08 TU-661 / EQ-593 / EX-656 --> April '09 TU-730 / EQ-705 / EX-685

MY FICOS: July '08 TU-735 / EQ-727 / EX-767 --> April '09 TU-789 / EQ-774 / EX-767
Frequent Contributor
Posts: 474
Registered: ‎06-16-2008
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Re: Did I just shoot myself in the foot with AmEx?

I just got a letter in the mail from AmEx.  They sent a Form 4506-T request for transcript of tax return.

 

What's up with that?  The letter says that if they don't hear from me within 30 days, they will give no further consideration to my application.

 

O-kay?  So if I don't send it in, I wonder if my current CL will remain intact.  So far it hasn't changed.

DH's FICOS: July '08 TU-661 / EQ-593 / EX-656 --> April '09 TU-730 / EQ-705 / EX-685

MY FICOS: July '08 TU-735 / EQ-727 / EX-767 --> April '09 TU-789 / EQ-774 / EX-767
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
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Re: Did I just shoot myself in the foot with AmEx?

Applying for new credit when preparing for a mortgage is generally not a good idea.  You never can be sure whether or not they will SOFT or HARD pull your CR.

 

There's no sense in fretting at this point, since you can do nothing to undo your request.  Just start thinking potentially of what PLAN B might be if you don't get the CLI or worst case they CLD.

 

I usually recommend that if you need to move your balances down, try to raise the cash rather than the CL.  This time of year is a good time to look around at your "stuff" and have an old fashioned garage sale, list some stuff on ebay and craig's list.  We all accumulate "stuff" that we don't want, need, use, is a luxury, is stored in the attic, garage, closet or worse yet paying to store in a storage unit.  Many people raise hundreds and even a few thousand dollars selling their "stuff."  You could do this this weekend or next and make a big dent in what you need.

 

Also, look at your budget and see where you can cut back and go without for a month or two.  See if there are some bills or expenses that you normally pay cash/check for but could use a credit card.  In that case, pay the cash to the credit card and let it report the lowered balance, then after statement cut pay the bill with the cc.

 

My point:  look for alternative to credit before you decide that you need more credit.  Often there is a cash solution, like the garage/ebay/budget approach for $2k or less.

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Established Contributor
Posts: 586
Registered: ‎03-03-2009
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Re: Did I just shoot myself in the foot with AmEx?

Phoenix-rising, I believe they are conducting a financial review on your account. Check your account online and see if they suspended it or not. They did the same to me in January 2008. They said that if I didn't provide the necessary info within 30 days, they would close my account. I gave them the information and it took about a week for them to release my account.
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