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Established Contributor
Cageym
Posts: 509
Registered: ‎07-31-2012
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Re: People need to re-think Amex's 3x CLI policy

[ Edited ]
Where I work and reside at now I just don't spend a lot every month, I really only go high util 1 or 2 times a year when I travel back stateside. But I'm using my CC now for most of what I do buy over here and then paying it off. If I get denied a CLI I'll call them about it and explain that my twice annual plane tickets aren't cheap!LOL

What's in my wallet: Cap1 Venture $10K NFCU Sig Visa $25k Amex Zync NPSL Delta Gold $18k BCE $2k Citi Simplicity $5450 Priority Select Visa 5.9K Amazon Visa 4k CSP 5k
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CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
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Re: People need to re-think Amex's 3x CLI policy


altayar wrote:

I don't see why you relate spending with credit limit. A lot of people including myself apply for CLI because they want to keep their utilization low having a fixed spending habit. 


As a company with a spend-centric model, Amex is much less likely to give you a huge CLI if you aren't spending much.

 

People apply for CLIs for all kinds of reasons, but for the purposes of this post those reasons are irrelevant. The take-home point here is that there's a disconnect between the perceptions of what many people think they can get, and what they can reasonably expect. Pursuing a credit improvement strategy on a flawed premise is neither helpful nor productive.

FICOs: EX: 826, EQ: 817, TU: 810
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Creditaddict
Posts: 21,711
Registered: ‎10-23-2007
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Re: People need to re-think Amex's 3x CLI policy

I think the OP statements are as far pie in the sky as the ideas that got people leaning towards the pie in sky... we don't have a 100% of anything especially with credit.

but if you suggest a say a Fico of 790 but lets say have only 1 HSBC at $320 and they apply for capital one and get $1k (That seems stupid to most I think that a 790 would not get a huge line... but some banks the computer system generates a different idea of risk... so back to they get this $1k with capital one well guess what we pretty much don't see CLI on Cap1 cards at all...

This same person gets $1k from amex, the chances of that card even moving $100 or up to $3k if based on "Rule" we know... well that's better!

 

and 3x "Policy" really kind of is a policy, it's not saying you can get all 3x but amex over phone will say up to 3x current.

now when it comes to say being at $15k and that's already $8k more than your highest and getting to 61 days and saying well I can't ask for $25k because im not even close to the already $15k limit is just as silly... Amex can be like Navy sometimes when it comes to CL's, if their computer likes what it's gathering on you, it will happen! even if it's not at 61 days... its a FAR better game of risk I would want to play if I could choose which bank to do it with.

Zync - revolver - 3x CLI.

even getting a zync and a rebolver period would be 110% higher on my risk then hoping to do that with say GE, Cap1, etc.

Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
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CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
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Re: People need to re-think Amex's 3x CLI policy


Creditaddict wrote:

I think the OP statements are as far pie in the sky as the ideas that got people leaning towards the pie in sky... we don't have a 100% of anything especially with credit.

but if you suggest a say a Fico of 790 but lets say have only 1 HSBC at $320 and they apply for capital one and get $1k (That seems stupid to most I think that a 790 would not get a huge line... but some banks the computer system generates a different idea of risk... so back to they get this $1k with capital one well guess what we pretty much don't see CLI on Cap1 cards at all...

This same person gets $1k from amex, the chances of that card even moving $100 or up to $3k if based on "Rule" we know... well that's better!

 

and 3x "Policy" really kind of is a policy, it's not saying you can get all 3x but amex over phone will say up to 3x current.

now when it comes to say being at $15k and that's already $8k more than your highest and getting to 61 days and saying well I can't ask for $25k because im not even close to the already $15k limit is just as silly... Amex can be like Navy sometimes when it comes to CL's, if their computer likes what it's gathering on you, it will happen! even if it's not at 61 days... its a FAR better game of risk I would want to play if I could choose which bank to do it with.

Zync - revolver - 3x CLI.

even getting a zync and a rebolver period would be 110% higher on my risk then hoping to do that with say GE, Cap1, etc.


That was extremely painful to read

 

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
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J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011
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Re: People need to re-think Amex's 3x CLI policy


BCF wrote:

I saw lots of cases where people got 3x CLI without spending much on their CC. The most important things are income and util


+1 This is my experience. I got Zync & Costco $2000 CL in Feb. Around 61 days later, I went through automated system and asked for 3x CL and was grated $6000 CL. I had not had a balance over around $300 to $400 in those 2 months. My util was low, my CR was good, my income substantiated the CLI. I certainly didn't think the $6000 CL was guaranteed when I called for the CLI. I was relieved and grateful when the computerized system said it had been approved.

 

I certainly agree that the CLI is in no way a sure thing. However, I think it's determined by your overall credit picture and prompt payment on your Amex. I don't believe that you need to use the card to get a high balance to justify the CLI. And with Amex, that could just backfire. If they see high usage on a brand new card, from what I've read here, that could be a red flag for a FR.

 

 

 

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Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Frequent Contributor
LTomBerry
Posts: 398
Registered: ‎08-02-2011
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Re: People need to re-think Amex's 3x CLI policy

From AmEx website: Financial Education > Your Credit Limit

 

When American Express makes credit decisions, one factor we take into account is the customer's overall level of debt relative to his or her financial resources known to us. Also, we look at a variety of factors that comprise a customer's overall credit profile, which includes, among other things, payment history with American Express, reported income and credit bureau reports and scores.

 

It doesn't mention spending history with them, just payment history. What does that mean? I dunno.


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Established Member
nissanaltimacrazyhorse
Posts: 58
Registered: ‎10-24-2011
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Re: People need to re-think Amex's 3x CLI policy

after 61 days they wouldn;t raise me, i started with 1k now at 2k. After almost a year and putting 5k threw the card, im taking it slow i want amex for the long haul so im in now rush.

chase sapphire preferred 5k
capital one venture 5k
amex blue cash preferred 2.5k
chase freedom 500
amex premier reward npsl

trans union 705 goal 750
equifax 675 goal 750

Frequent Contributor
AF_23
Posts: 288
Registered: ‎02-06-2012
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Re: People need to re-think Amex's 3x CLI policy

[ Edited ]

Agree 100% with the threadstarter. Too many people thinking their 1k credit line deserves a 3x increase every 2-3 months lol.

Moderator
Revelate
Posts: 9,648
Registered: ‎12-30-2011
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Re: People need to re-think Amex's 3x CLI policy

[ Edited ]

I think income and expenses factor into any lender's justiification of a credit limit, not just Amex.  I would agree with CreditScholar (henceforth referred to as CS) and others that Amex is absolutely a spend-centric company (they get paid both sides of the fee, both the originating lender and the transaction network fee) , and also that a certain amount of the Amex prestige is based on high-spending individuals.  

 

I don't think people are entitled to high CL's. if your spend isn't such that it makes sense for them to give you a CLI, they won't.  If for no other reason, banks (Amex doesn't quite qualify on this but I digress) have to maintain a certain level of financial reserve, so any allocated CL is additional risk they have to account for.  If that CL isn't being utilized, and you're therefore not making them as much money as you possibly could, it's not in Amex's financial interests to grant you more, or even arguably continue to allow you the one you currently have though that gets into customer loyalty issues as people respond badly to AA.

 

Everyone's credit situation is unique, and that's without adding the complexities of our individual financial lives into the equation as well.  CS is on the money saying that while Amex is known to be pretty generous with CLI's and 61 days is minimum number, it's nowhere close to guarunteed and as a result one should have backup plans as well.  That said, I don't really see where people go wrong with Amex revolvers anyway, they're among the best in the industry and I'll certainly obtain one when I qualify assuming similar market conditions regardless... and I'll be darned happy about it too even if I receive a C1-like limit and never get a CLI of any sort either.   I can finagle limits for FICO tweaking elsewhere if absolutely required.

 

 

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xboxrunner
Posts: 139
Registered: ‎05-30-2011
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Re: People need to re-think Amex's 3x CLI policy


CreditScholar wrote:

After reading several posts about the topic, I feel inclined to comment on this.

 

There are so many people asking about how to get higher CLs, how to move out of toy limits, and how to get established. One of the most common answers/strategies is to get an Amex revolver and then ask for a 3x CLI after 61 days. In many other cases, you'll see an extra step added: Amex Zync for 6 months => Amex Revolver => 3x CLI after 61 days.

 

While this may be Amex's policy to allow a 3x CLI, it doesn't make it anywhere near a sure-thing. A 3x CLI may be granted but only if your spending habits and credit profile justify it. I can't begin to count the number of people who expect a 3x CLI and are disappointed when they don't get it, simply because they aren't spending enough through their card.

 

It's quite difficult as a lender (even Amex) to give someone with a 2 month old revolver account a 3x CLI, when the person requesting isn't making good use of the initial CL given to them in the first place. If you want to ask for a 2x-3x CLI, make sure you're using the card heavily enough to justify what you're asking for.

 

 

 

 


Everything you said was incorrect, at least in my situation. I only put though $200 a month, and got a 3x cli to $6000. So ymmv.


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