No AMEX CLI for me...

[emptypockets]

I guess AMEX doesn't like too many new accounts. I was denied a CLI in BCP today, due to too many new accounts, and too many INQ's. I have opened a lot of accounts in last 3 months. I have 3 EX INQ's in past yr, one is for AMEX in Feb. My current Util is 6%. At least I got my EX FICO, which is now 779.

[tylaw13]

Your scores are great! Whats your current CL on the AMEX?

[emptypockets]

Current limit on BCP is 5K. I have 2 other AMEX's too, one with a 4k limit, one with a 12k limit. I guess 4 new accounts was more than they could take.

[MustangSaluki]

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@emptypockets wrote:

Current limit on BCP is 5K. I have 2 other AMEX's too, one with a 4k limit, one with a 12k limit. I guess 4 new accounts was more than they could take.

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Seems very strange that you were denied a CLI. I had 3 INQs, 1% Util and scores probably close to yours (definitely lower) and got a 3X CLI to 25k.

[minimock]

Scores are just one factor. They look at other things like income and teletrack lol.

[emptypockets]

It just goes to show that creditors look at more than just a score. They mention that their decision was based on their scoring of my credit and other relevant info. In "the key factors that contributed to our evaluation" are listed the following reasons:

- the number of creditors that have reviewed your credit report,

- our assessment of my monthly payments in relation to outstanding debts on installment accounts

Then they list my FICO score and say the key factors affecting the FICO score are too many INQ's in last 12 months; insufficient length of time accounts have been established, and insufficient time since most recent account was established. 

Like I said, I had a mini app-spree a few months ago and got 4 new accounts. Still, my oldest account is 18yrs old, and AAOA is 4.8 years (I know FICO sees this as 4 years, as I don't think it rounds up.)

I am thinking they are not liking the installment accounts listed on my reports (1 car, 2 mortgages), which is interesting because they were on my reports when I got the last 2 AMEX cards. The 2 mortgages together are less than 209k (one is for my main home, the other is a rental property)  and the most recent mortgage was obtained in 2009. I have more than enough verifiable income (regular employment plus rental income) to support the debt on my report, so I guess it may just take some time for me to get a CLI from them. 

[Crashem]

Empty, you are probably running against their comfort level on their total exposure to you.  Can you give me an idea your history with Amex?  When you got each of your cards and what CL (if applicable) and any CLIs you got.  Might be able to advise you better at that point.

[emptypockets]

It's a long story... I got first AMEX in 6/07 (Green Card). This card was originally my Moms card, open since 2001. She passed away, and I called to cancel card, and they asked if I wanted to keep it. They sent me a app to fill out, and approved me (with a 2002 BK reporting) to keep the account. In 7/08, I upgraded agreed to Gold PR. In 9/09, I apped for the Delta AMEX and was approved with 6k limit. 9/10, I got a CLI from 6k to 12k on Delta. In 4/11, I apped for HHonors, approved for 4k.; 2/12 apped for BCP, approved for 5K. EX score at that time was 733. I tried for CLI for HHonors first, in 4/12 and was denied because of derogatory PR in file ( I assume because the BK was still reporting). EX score at denial was 729. BK fell off reports in June, 2012. I figured I would see if they would do CLI now, since BK is no longer reporting,and other scores went up 60-70 points.

Like I said, current EX score is now 779, so I am pleased with that. I am not even really overly concerned with the denial at this point as I KNOW there is a strong possibility that I spooked them with a bunch of new accounts (US Bank, 2 Chase, 1 Citi). Plus I got a car loan in 2/2012 as well. it is interesting that I could get new cards, and a CLI from them with a BK reporting, and now with clean reports, I am denied. 

I more or less was just posting my experience with the CLI process, so people know that they are not necessarily automatic approvals, and that AMEX does look at your whole report, even on a SP. 

[Crashem]

No one should expect a 3x cli be anywhere close to automatic.  I think we hear of a lot of approvals on 3x for people's first Amex revolver.  Amex often is a bit conservative so 3x takes it to extremely generous cl in 61 days.  Its the frequency and the method they do cli (soft) that make Amex revolvers easy to grow.  Given the information, doesn't surprise me you didn't get cli.  They weren't offering you more cl on subsequent Amex approvals.   For me, first Amex revolver half what they gave me on 2nd revolver even though 3-4 months separating apps.  For you, it went down and then stayed about the same.  Remember there is difference from risk perspective from giving someone 3 5k cards vs one with 15k.  Easier for Amex to take bigger losses on one card with big limit vs 3 smaller limit ones.   Funny thing, Amex has recently started allowing limits to be moved between cards.  so that is your backdoor method.  My guess is they stopped allowing limit movement given what I said above of it being higher risk during the wake of 2008 financial crisis.  However it is back now.  My recommendation is that you move a little limit around so you show higher limit card so computer can see you can handle it.  However don't move too much over so that difficult to get cl up on the now reduced cl card.  Ome technique that used to work was move limits over.  Cancel the crappy limit card.  Reapply for new card in couplloaf months later and get limits more similar to original cl on new card.  Hope that made sense,

[emptypockets]

Yeah, actually it sort of does make sense, LOL. I had been thinking of moving some of the Delta line over. Funny thing with AMEX, they won't up a limit, but will pre-approve me for Platinum and HHonors Surpass. They also seem to be fishing to get people to carry balances, as i have noticed they are asking about this in their recent email surveys. Also, they have been mentioning it in their other email newsletters too. I would cancel HHonors, but I actually use it fairly regular to get  hotel points. I will prob cancel the PRG, as I haven't used it much lately, and the AF is too high. 

I have been rethinking my CC's lately, and wanted to get a few CLI's, and cancel a few store cards I don't use anymore. I have some cards i got while rebuilding to help with util, and show higher credit lines. A good example is the Jared card, which has a 7.6 k limit, but is rarely used. I guess it will just take some time, so I better get to the garden for a while, LOL!