Out With the Old, In With the New

[TeeJay]

I'll start by saying that I haven't been a very active poster here but I read a lot of what others have posted. Thanks to myfico I've learned quite a bit. 

Two weeks ago I closed my First Premier card and 2 Credit One cards. They helped me build and it was hard to say good bye but it felt so good when I finally did it. 

Two big things happened for me today. I was able to refinance my car and cut my interest rate in half! I also was approved for an AMEX Blue Cash Everyday card. It has been a goal of mine to get in with AMEX and I couldn't be happier!

I have a question about the BCE. I was approved for a small limit ($500) but the notice said I am eligible for an increase after the first 6 months. Does anyone know how much their initial CLI is usually for? 

Thanks for all the help guys! I don't know where I'd be without myfico!

[Discover2016]

Congrats on the progress! As to the BCE, I didn't know that they would state that you would get a 6mo CLI, must be a new thing?

[galahad15]

Congratulations! 

[longtimelurker]

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@TeeJay wrote:

I'll start by saying that I haven't been a very active poster here but I read a lot of what others have posted. Thanks to myfico I've learned quite a bit. 

Two weeks ago I closed my First Premier card and 2 Credit One cards. They helped me build and it was hard to say good bye but it felt so good when I finally did it. 

Two big things happened for me today. I was able to refinance my car and cut my interest rate in half! I also was approved for an AMEX Blue Cash Everyday card. It has been a goal of mine to get in with AMEX and I couldn't be happier!

I have a question about the BCE. I was approved for a small limit ($500) but the notice said I am eligible for an increase after the first 6 months. Does anyone know how much their initial CLI is usually for? 

Thanks for all the help guys! I don't know where I'd be without myfico!

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Normally the maximum increase is to 3x your current limit, so a max increase to $1,500.  But, small starting limits often indicate that Amex has some concerns, so they may not grant it all, or at all, depending how things look then.   But there is no harm asking for the maximum, they can counter with less if they feel the need.

They may also auto-increase, my daughter got an 8x increase for reasons we still don't understand.....

[TeeJay]

I thought it was strange too. It sounds like the Capital One Credit Steps my QS1 is in.

I got this email from them when I was approved and thought it was strange. 

[longtimelurker]

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@TeeJay wrote:

I thought it was strange too. It sounds like the Capital One Credit Steps my QS1 is in.

I got this email from them when I was approved and thought it was strange. 

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OK, so it is an auto increase.   So could be any amount then!

It sounds as though they want you to report a balance so don't PIF before statement cuts.

[Anonymous]

Make sure your util is low at 6 months and request $1.5k.

[longtimelurker]

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@Anonymous wrote:
Make sure your util is low at 6 months and request $1.5k.

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This is an auto CLI, so no request.   I guess the question is can OP also ask before then.

[TeeJay]

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@longtimelurker wrote:

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@Anonymous wrote:
Make sure your util is low at 6 months and request $1.5k.

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This is an auto CLI, so no request.   I guess the question is can OP also ask before then.

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I was thinking of asking at the 3 month mark for $1.5k

[Anonymous]

That probably is what I would do in that case.