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Ok Team:
I'm eligible for a 61 day 3 x CLI request now.
Last statement posted at $864 (out of $9,500 CL). Overall UTL last month posted at 13%.
Current balance on AmEx is ~$1500. Thinking I should pay the $864 (on Friday--which is pay day) before I request CLI. That way I would have two consecutive months with over $850/mo in charges which have been PIF.
Thoughts?
What new CL are you looking for? The automated system will only allow you to go up to $25K. Anything above that USUALLY requires income verification through your tax forms. At that point you need to have the income to justify the new CL. For $25K and the automated system, if you have the income, that should be pretty easy.
But, conventional wisdom always says to ask for CLI's with a zero balance.
Good luck. Let us know how things turn out.
@DrJim wrote:What new CL are you looking for? The automated system will only allow you to go up to $25K. Anything above that USUALLY requires income verification through your tax forms. At that point you need to have the income to justify the new CL. For $25K and the automated system, if you have the income, that should be pretty easy.
But, conventional wisdom always says to ask for CLI's with a zero balance.
Good luck. Let us know how things turn out.
Thanks! I'm not going to ask for the full 3 x. My goal is to get a $7,500 CLI, which will bring my card to $17,000.
@lhcole77 wrote:Ok Team:
I'm eligible for a 61 day 3 x CLI request now.
Last statement posted at $864 (out of $9,500 CL). Overall UTL last month posted at 13%.
Current balance on AmEx is ~$1500. Thinking I should pay the $864 (on Friday--which is pay day) before I request CLI. That way I would have two consecutive months with over $850/mo in charges which have been PIF.
Thoughts?
I would wait until paid in full $0 balance that's just the way I do it. It does not have to be on the 61st day you can put it off and still get the CLI IMHO
Good luck should you go for it
@lhcole77 wrote:
@DrJim wrote:What new CL are you looking for? The automated system will only allow you to go up to $25K. Anything above that USUALLY requires income verification through your tax forms. At that point you need to have the income to justify the new CL. For $25K and the automated system, if you have the income, that should be pretty easy.
But, conventional wisdom always says to ask for CLI's with a zero balance.
Good luck. Let us know how things turn out.
Thanks! I'm not going to ask for the full 3 x. My goal is to get a $7,500 CLI, which will bring my card to $17,000.
You should still ask for the full 25k, if you're income doesn't support it they'll come back and counter offer. No point in leaving extra money on the table.
Thanks! I am thinking that I will pay the $864 on Friday and then request.
I'm totally ok with statements cutting on this account and then PIF. I think that it's good for statements to cut with balances from time to time and then PIF. I think it shows healthy spending and reponsible payment history.
@bman86 wrote:
@lhcole77 wrote:
@DrJim wrote:What new CL are you looking for? The automated system will only allow you to go up to $25K. Anything above that USUALLY requires income verification through your tax forms. At that point you need to have the income to justify the new CL. For $25K and the automated system, if you have the income, that should be pretty easy.
But, conventional wisdom always says to ask for CLI's with a zero balance.
Good luck. Let us know how things turn out.
Thanks! I'm not going to ask for the full 3 x. My goal is to get a $7,500 CLI, which will bring my card to $17,000.
You should still ask for the full 25k, if you're income doesn't support it they'll come back and counter offer. No point in leaving extra money on the table.
I like the way you think! No harm, no foul, right?