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pastnow123
Posts: 124
Registered: ‎09-27-2011
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Re: The Definitive Amex 3X CLI Guide Discussion Thread

[ Edited ]

OhioCPA wrote:

pastnow123 wrote:

i currently have 18k cl and  planning for my next CLI. Do you mean documentation is required when reaching 25K, so I may be better off to ask for 24.5k total CL. Or it's ok to increase to 25k, just not go above


It's okay to increase to 25k, just not over.


 

That's great. Thanks for the information. Can you please clarify on one point? I understand 25k is a limit over which financia documentsm is required, but is this the limit for one CC, or for  total CL for all AMX CC I own

Established Contributor
scenery_guy
Posts: 957
Registered: ‎07-24-2012
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Re: The Definitive Amex 3X CLI Guide



I hit my 61 day window for my Delta Reserve for Business card. I started a CLI request online but received the 7 to 10 day response. I will either wait for the letter or get impatient and call to see what's going on tomorrow but it looks to not be separate for business and personal as the CSR informed me during my last call. Not really good news but at least I can plan for my next request. 


Just got off the phone with a CSR and yes, the 180 day rule covers ALL CARDS regardless of personal or business. So I do have to wait until 180 days after my last request to place a new request. Bummer as would have rather gotten an increase on my Delta Reserve for Business them my personal Delta Platinum. 

By the way the number I was given when I tried calling last night is 800-576-8942. I called the number on the back of my card and the CSR I spoke with was going to transfer me to the department I needed but they were not in on Sunday evening. She gave me the number and said to dial in direct. 

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scenery_guy
Posts: 957
Registered: ‎07-24-2012
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Re: The Definitive Amex 3X CLI Guide Discussion Thread


pastnow123 wrote:

OhioCPA wrote:

pastnow123 wrote:

i currently have 18k cl and  planning for my next CLI. Do you mean documentation is required when reaching 25K, so I may be better off to ask for 24.5k total CL. Or it's ok to increase to 25k, just not go above


It's okay to increase to 25k, just not over.


 

That's great. Thanks for the information. Can you please clarify on one point? I understand 25k is a limit over which financia documentsm is required, but is this the limit for one CC, or for  total CL for all AMX CC I own


Just the card you are requesting the increase on at the time. You can have multiple cards from AMEX all at the $25,000 amount. 

Regular Contributor
pastnow123
Posts: 124
Registered: ‎09-27-2011
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Re: The Definitive Amex 3X CLI Guide Discussion Thread


scenery_guy wrote:

pastnow123 wrote:

OhioCPA wrote:

pastnow123 wrote:

i currently have 18k cl and  planning for my next CLI. Do you mean documentation is required when reaching 25K, so I may be better off to ask for 24.5k total CL. Or it's ok to increase to 25k, just not go above


It's okay to increase to 25k, just not over.


 

That's great. Thanks for the information. Can you please clarify on one point? I understand 25k is a limit over which financia documentsm is required, but is this the limit for one CC, or for  total CL for all AMX CC I own


Just the card you are requesting the increase on at the time. You can have multiple cards from AMEX all at the $25,000 amount. 


Nice. 25k is good enough for one individual CC. very generous policy. thanks buddy

Valued Member
GangnamFICO
Posts: 87
Registered: ‎11-28-2012
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Re: The Definitive Amex 3X CLI Guide Discussion Thread

This is a great guide explaining in detail how to get yourself in 25k of credit card debt.

Walmart TU Score 740
Chase Freedom($5000); CitiThankYou Preferred($5000); GEWM Discover($3500); Walmart Store($1300); AMEX Gold; AMEX BCE($6000); GE Discount Tire($1500); Mor Furniture ($4700);Cap1($750)
Regular Contributor
McArthur
Posts: 249
Registered: ‎12-24-2012
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Re: The Definitive Amex 3X CLI Guide Discussion Thread


GangnamFICO wrote:

This is a great guide explaining in detail how to get yourself in 25k of credit card debt.


Available credit is not equal to debt.  But if you can't handle high limits, you don't have to ask for them.

Valued Member
GangnamFICO
Posts: 87
Registered: ‎11-28-2012
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Re: The Definitive Amex 3X CLI Guide Discussion Thread

I can't imagine someone on a credit score building forum needing 25k on a credit card limit from one card. If you need that kind of credit, you're in the wrong forum for that type of credit extension.  If you're looking for a 25k credit limit, you're perspective and education on finance is in need of major overhaul.

Walmart TU Score 740
Chase Freedom($5000); CitiThankYou Preferred($5000); GEWM Discover($3500); Walmart Store($1300); AMEX Gold; AMEX BCE($6000); GE Discount Tire($1500); Mor Furniture ($4700);Cap1($750)
Moderator
Revelate
Posts: 8,896
Registered: ‎12-30-2011
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Re: The Definitive Amex 3X CLI Guide Discussion Thread

[ Edited ]

GangnamFICO wrote:

I can't imagine someone on a credit score building forum needing 25k on a credit card limit from one card. If you need that kind of credit, you're in the wrong forum for that type of credit extension.  If you're looking for a 25k credit limit, you're perspective and education on finance is in need of major overhaul.


To be honest, I fail to see how that tracks.  There's plenty of legitimate financial reasons for certain individuals to have a 25K CL.  As for the rest, McArthur did succintly state that one didn't have to use it.  

 

Granted, one could suppose on this forum that we chase CLI's for the wrong reasons (silly FICO games); however, that's really a non-issue just taken by itself.  In my case, I'll push my own limit on my Amex revolver to the max, just on the off chance that someday I might be in a spot where 25K of short-term float may actually be incredibly useful from a financial strategy perspective.

 

Edit: while the FICO forums are about credit education, at least for the CC forum, it's not all about credit score building. :cattongue:

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Member
GangnamFICO
Posts: 87
Registered: ‎11-28-2012
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Re: The Definitive Amex 3X CLI Guide Discussion Thread

[ Edited ]

If you're "floating" 25K, you're mismanaging your finances.  If you're rationalizing it, you're mismanaging your expectations.

Walmart TU Score 740
Chase Freedom($5000); CitiThankYou Preferred($5000); GEWM Discover($3500); Walmart Store($1300); AMEX Gold; AMEX BCE($6000); GE Discount Tire($1500); Mor Furniture ($4700);Cap1($750)
Moderator
Revelate
Posts: 8,896
Registered: ‎12-30-2011
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Re: The Definitive Amex 3X CLI Guide Discussion Thread


GangnamFICO wrote:

If you're "floating" 25K, you're mismanaging your finances.  If you're rationalizing it, you're mismanaging your expectations.


I look at it this way: I've been unemployed in the past, I'll be there again.  25K buys me a lot of time to find another job, or even having to retrain for a new one if things go really sideways (hopefully I'll be in front of that but life offers no guaruntees).

 

I would agree running up 25K in charges for everyday personal use on a typical median income, doesn't make much financial sense; however, there are extraordinary circumstances which could merit it... namely, I'd rather run up credit cards while I have a shortfall of income than either burn my assets / cash reserves / retirement, or default on other financial obligations.  It also prolongs the possible walk from financial problems to financial ruin to a Ch 7 if push comes to shove.  

 

That's my rationale for building aggregate credit limits and the Amex one individually.  FICO scoring, sure can do that on $200 worth of limits, spending power, dictated by income for any financially conservative (savvy?) individual.  Awkward things can happen though, and I'd rather be as prepared as possible.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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