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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
The worst they can say is no. Ask for 1500 and wait for the response. Good luck!!
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:
Really...I think that you will be successful if you request it...
Also...did you have the closed credit card (w/balance) when you got your AMex card? If so it's definately worth a try...
@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.
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
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??
@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.