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Frequent Contributor
Posts: 396
Registered: ‎04-02-2012
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Future AMEX 61 day CLI strategy

I'll be at the 61 day mark (judging my activation time) the first week of November.  I plan to call in and get a bump to $3k CL.

 

Anyways, I'll have 6 new lines reporting by then (1 mortgage, 5 new cards obtained in August - none which as of yet show on my reports), all on on time of course with 0-5% utilization.  

 

I know my score will drop big time once these 6 new lines report.  How long will it take before it jumps back up?  Will this hurt my chances of a CLI in 61 days?  With the higher CL's reporting, will AMEX take that in consideration and bump me up?

My Wallet:
Discover It $14,300 | Chase United $12,000 | Chase Sapphire Preferred $7,000 | Chase Freedom $5,000 | Citi Simplicity $5,000 | AMEX BCE $4,200 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
Frequent Contributor
Posts: 388
Registered: ‎10-26-2009
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Re: Future AMEX 61 day CLI strategy

Honestly I don't think they even soft you at 61 days.  If you use it and PIF that should take care of things.  When I called in there were not even 30 seconds between applying and approval.  At the level you are talking about it doesn't pay for them to pull a score, they can do that internally and use your score from the app.  We're only talking about a $2K increase in risk.  Make a customer happy by giving them the opportunity to use my card more?  Heck yeah!



Starting Score: TU 672 EQ 654 10/20/09
Current Score: TU 775 EQ 783 EX 799 (PLUS)
AMEX Delta Platinum $35K, NFCU Visa Signature $30K, HHonors Reserve Visa $35K, WF $13.5K, IHG Rewards Club MC $25K
Senior Contributor
Posts: 3,322
Registered: ‎05-05-2011
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Re: Future AMEX 61 day CLI strategy


Razeus wrote:

I'll be at the 61 day mark (judging my activation time) the first week of November.  I plan to call in and get a bump to $3k CL.

 

Anyways, I'll have 6 new lines reporting by then (1 mortgage, 5 new cards obtained in August - none which as of yet show on my reports), all on on time of course with 0-5% utilization.  

 

I know my score will drop big time once these 6 new lines report.  How long will it take before it jumps back up?  Will this hurt my chances of a CLI in 61 days?  With the higher CL's reporting, will AMEX take that in consideration and bump me up?


I got 2 Amex in Feb. They softed me at the end of March and I CLI'd the revolver in April (around 62 days) from $2k to $6k.

 

The likelihood is that they will soft you BEFORE you CLI @ 61 days, and that will be a factor in your CLI approval or denial. 5 new CCs is a lot. I'd be sure all CCs are reporting zero balance, except one @ <10%. That will increase your chances of approval. They won't go over the 3x, so I doubt the new higher CL reporting will influence your CLI w/Amex.

 

It takes around 6 to 12 mos for scores to rebound from new accts., depending on how many, the hit to your AAoA, etc.

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Frequent Contributor
Posts: 288
Registered: ‎02-06-2012
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Re: Future AMEX 61 day CLI strategy

Dont assume you'll get it

Frequent Contributor
Posts: 411
Registered: ‎05-01-2010
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Re: Future AMEX 61 day CLI strategy

With 6 inquiries and 5 new cards, Amex might deny you because of too many inquiries or too many new tradelines. It can't hurt to try though because it's just a SP.

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Frequent Contributor
Posts: 396
Registered: ‎04-02-2012
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Re: Future AMEX 61 day CLI strategy

I'll attempt it at 61 days.  I don't think I'll get it, but I should be sitting pretty at the 6 month mark since all my inquiries would have aged and less damaging to the score.  My AAoA is already 6 years, so I'm not worried about it dropping from the 6 new lines. 

My Wallet:
Discover It $14,300 | Chase United $12,000 | Chase Sapphire Preferred $7,000 | Chase Freedom $5,000 | Citi Simplicity $5,000 | AMEX BCE $4,200 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
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