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Looking for advice AMEX CLI - should I ?

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nupey10
Regular Contributor

Looking for advice AMEX CLI - should I ?

Afternoon All

Looking for some advice as to whether I should try for AMEX CLI now or wait a little longer.

I worked hard over the last 3 yrs to bring my scores from the mid 500s for each of the big 3 to EXP 721  TU 723  Efax 703

Baddies on EXP are: Closed CC limit 10k current owed 3.9k - 2 lates on it from 2012

                                  1 medical collection from 1.5 yrs ago

AAoC = 9yrs

 

The last time AMEX appears to have SP my file ( jan 16)  the same baddies and score of 716

My CL on AMEX everday crd is $500

 

Cr util on EXP is sort of confusing in one area it says 39% and in another area it says 10%.  I do have a citi world that has a CL of $500 as well.  Each billing cycle I try to have both around $50-$75 balance.

 

By the end of this month I plan on bringing the closed CC from 3.9k down to 2.9k which will show my utilization at about 29% or less.

I use my AMEX pretty much for everything I can to try and accumulate points but pay several 100s on it per week.  Enough so that I'm close to using 2k every month and I've been doing this for the last 6 months or so.

 

So my questions are should I ask for a CLI now?  Should I do 2x or 3x my current limit?  Is denied how long would I have to wait to try again?

Thanks all.  Love this forum

Message 1 of 8
7 REPLIES 7
JustBPatient
Established Contributor

Re: Looking for advice AMEX CLI - should I ?

The worst they can say is no.  Ask for 1500 and wait for the response.  Good luck!!

Amex Gold =Amex ED 20k = Amex BCP 14k = Amex SPG Lux 2k = Arrival 2k = Ring 14k = BOA 321 30k = BOA BBR 10k = CSR 25k = Freedom 10k = Citi Simplicity 9k = Citi DC 5k = Citi DP 3k = DCVR IT 16k = DCVR IT(2) 10k = CAP1 QS 15k = NFCU CR24k/AE25k/CLOC 15k = BBVA 14k = Wells Plat. 5k = (2) US Bank Cash+ 13k, 18k = PenFed 17k

FICO scores TU 764 EX 739 EQ 745
Message 2 of 8
Anonymous
Not applicable

Re: Looking for advice AMEX CLI - should I ?

My opinion is that your utl is a little high but your score is right on for the request. If you are denied for any other reason besides "not eligible", you would have to wait 90 days before you are eligible again. I say shoot for the 3x. As long as you are not going over 25,000, you should not have to provide proof of income. Also check out this post:

 

http://ficoforums.myfico.com/t5/Credit-Card-Applications/The-Definitive-Amex-3X-CLI-Guide/td-p/18110...

 

Really...I think that you will be successful if you request it...

 

Message 3 of 8
Anonymous
Not applicable

Re: Looking for advice AMEX CLI - should I ?

Also...did you have the closed credit card (w/balance) when you got your AMex card? If so it's definately worth a try...Smiley Happy

Message 4 of 8
DeeBee78
Valued Contributor

Re: Looking for advice AMEX CLI - should I ?


@nupey10 wrote:

Afternoon All

Looking for some advice as to whether I should try for AMEX CLI now or wait a little longer.

I worked hard over the last 3 yrs to bring my scores from the mid 500s for each of the big 3 to EXP 721  TU 723  Efax 703

Baddies on EXP are: Closed CC limit 10k current owed 3.9k - 2 lates on it from 2012

                                  1 medical collection from 1.5 yrs ago

AAoC = 9yrs

 

The last time AMEX appears to have SP my file ( jan 16)  the same baddies and score of 716

My CL on AMEX everday crd is $500

 

Cr util on EXP is sort of confusing in one area it says 39% and in another area it says 10%.  I do have a citi world that has a CL of $500 as well.  Each billing cycle I try to have both around $50-$75 balance.

 

By the end of this month I plan on bringing the closed CC from 3.9k down to 2.9k which will show my utilization at about 29% or less.

I use my AMEX pretty much for everything I can to try and accumulate points but pay several 100s on it per week.  Enough so that I'm close to using 2k every month and I've been doing this for the last 6 months or so.

 

So my questions are should I ask for a CLI now?  Should I do 2x or 3x my current limit?  Is denied how long would I have to wait to try again?

Thanks all.  Love this forum


Chances are you're seeing that 10% utilization from a scoring model that uses VantageScore, which does not count your closed accounts towards AAoA or utilization. The 39% is probably directly from a FICO source, and is more realistic.

 

That closed credit card with the balance is killing your utilization in two ways - overall, and individual. Closed accounts technically have a $0 credit limit, and you're using $3.9K of that $0 limit. You're at 100% utilization on that closed account until it's paid off. 

 

Pay it off, and the floodgates are going to open with your other lenders. 

Message 5 of 8
nupey10
Regular Contributor

Re: Looking for advice AMEX CLI - should I ?

Thanks for the info and the vote of confidence.  I'm really leary of getting denied and waiting another 90 day.... although its not the end of the world expecially since they don't do a HP.  Gonna try later this evening.  Thanks again

Message 6 of 8
nupey10
Regular Contributor

Re: Looking for advice AMEX CLI - should I ?

Chances are you're seeing that 10% utilization from a scoring model that uses VantageScore, which does not count your closed accounts towards AAoA or utilization. The 39% is probably directly from a FICO source, and is more realistic.

That closed credit card with the balance is killing your utilization in two ways - overall, and individual. Closed accounts technically have a $0 credit limit, and you're using $3.9K of that $0 limit. You're at 100% utilization on that closed account until it's paid off.

Pay it off, and the floodgates are going to open with your other lenders.

 

 

I believe you are right on the utilization reporting.  

The one good thing about the  closed account is that it is 15yrs and 7 months old.  I reeeeaaallly don't want it to go away once paid off.  It is my oldest account and does count heavily for my AAoA.  If I wanted to I could have it completely paid by October but I don't want it to fall off.... do I??

Message 7 of 8
DeeBee78
Valued Contributor

Re: Looking for advice AMEX CLI - should I ?


@nupey10 wrote:

Chances are you're seeing that 10% utilization from a scoring model that uses VantageScore, which does not count your closed accounts towards AAoA or utilization. The 39% is probably directly from a FICO source, and is more realistic.

That closed credit card with the balance is killing your utilization in two ways - overall, and individual. Closed accounts technically have a $0 credit limit, and you're using $3.9K of that $0 limit. You're at 100% utilization on that closed account until it's paid off.

Pay it off, and the floodgates are going to open with your other lenders.

 

 

I believe you are right on the utilization reporting.  

The one good thing about the  closed account is that it is 15yrs and 7 months old.  I reeeeaaallly don't want it to go away once paid off.  It is my oldest account and does count heavily for my AAoA.  If I wanted to I could have it completely paid by October but I don't want it to fall off.... do I??


A closed account should stick around for ~10 years from last date of activity. 

 

I just closed 5 accounts last month, and no impact to score at all. Also, don't use VantageScore for your AAoA calculations, use FICO - no one uses VantageScore. 

Message 8 of 8
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