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Last year (with good credit history, but still a student) I applied for the Amex Delta Gold card to take advantage of their promotion at the time for 40K miles. My total credit before applying to that card was probably about 5-6k and I had a 700/850 FAKO score. For some reason they gave me a starting limit of $9500 on the card. I thought that seemed a little odd, but it wasn't until reading about other people getting the same card with a starting limit of $1000 that it made me really question it. By doing that they also made it so that if I were to close that card at any point (it does have a yearly cost) it would absolutely decimate my available credit.
Anyone experienced anything similar?
Edit: Should I ever consider 3x CLI'ing it?
When I applied with mine I only had $6k in credit also and it was a very old account but with high utilization (in my sig) yes I did I apply to AMEX after Chase but they were all on the same day. I was only approved for $2k and it wasnt bad considering the 3x CLI however I missed that also, did it right after another app spree before the new lines were reporting so yeah, things didnt look nearly as good as htey are.
Congratulations to you though Some say anything with a single AMEX line over $25k has the potential to trigger proof of income requirements etc others have not had any additional information requested from them. I am not sure how comfortable/willing you are to have to share your information with them so keep that in mind. However, I would def app for at least the $25k when its CLI time and see what they say.
I will never understand AMEX.....on the opposite, I feel my credit profile and utilization look pretty good and I was approved for a BCP 2 weeks ago with a $2,000 initial limit. Then 3 days later they approved me for their Everday card with a $15,000 limit! If the $15,000 would have been first, then they were conservative with 2nd app, that would make more sense. *scratches head*
My AAoA is 9 years too, so its not like I had a thin file.
When I was approved for my BCP they gave me $9100. At the time I had Cap1 at $7200 (just reported that increase the day I apped) and Barclay at $6900. for my 61 day increase they only gave me $100. $9200 is 40% of my income. I don't expect another increase until I get a raise but we'll see in 4 months.
I am sure the card companies algorithms assign credit limits to consumers based on location, credit score, age etc. and use those data points to assign risk and potential profit when assigning credit lines. For me, AMEX was middle of the group, for others it was higher, and the opposite is true for the rest.
I am willing to venture and say, for most consumers their requests for credit are only processed through automated systems, and the select few who talk to credit analysts either have knowledge of the system or require more information for their application.
I am sure buried in the info that CCC's gather, are factors that show a consumer's useage of their accounts and the corresponding credit lines assigned, and that can probably factor in as well.
when you have a 700+ EX score and good income its not unusual to have them match or even exceed your highest CL on prime cards, they are trying to impress you, and get them to use there card more than competitors. I had a 720 when I applied for my first AMEX revolver and recv'd 7.5k my highest at the time. and continue with most of my CLI request all the way up to 15k CL.
Mine is opposite, my main credit cards are at 25k, and 22k limits, i have good score and good income, and they approved me for a $2500 limit.....? I was very confused.
@Anonymous wrote:Last year (with good credit history, but still a student) I applied for the Amex Delta Gold card to take advantage of their promotion at the time for 40K miles. My total credit before applying to that card was probably about 5-6k and I had a 700/850 FAKO score. For some reason they gave me a starting limit of $9500 on the card. I thought that seemed a little odd, but it wasn't until reading about other people getting the same card with a starting limit of $1000 that it made me really question it. By doing that they also made it so that if I were to close that card at any point (it does have a yearly cost) it would absolutely decimate my available credit.
Anyone experienced anything similar?
Edit: Should I ever consider 3x CLI'ing it?
@Anonymous - LOL!!! My BCE @ $7500... My 3rd card app'd for within a 10 day period... I had no CC's prior, since 2002... I have no complaints, VERY grateful!!!