Would you ask for an Amex CLI?

[Anonymous]

I have Delta with a $2000 CL.  I wanted to ask for an increase.  Technically I don't need one, but I wanted to cover the "loss" of a CLI from two cards I may close (closing because of AFs).

I've had the card 6 months and I PIF every month.

ALSO, If I decide to carry a balance for a month or two is it too early for that?

[scramblingin2007]

They might cld you! Be very careful, you're treading on water with amex!

[Anonymous]

There is absolutely no way in the world I would consider asking AmEx for a CLI right now. I even wish I hadn't asked for the only CLI I've ever had (or indeed asked for) from them, which was back in May - I know I'd feel much safer (even though I know that still wouldn't make me immune from AmEx AA) if I still had the CL they'd initially approved me for, and not a penny more, on both cards. 

Personally, I wouldn't risk it. By all means go ahead if you're just as happy to have that $2000 limit reduced to $500, though.  

[MidnightVoice]

I think a root canal might be preferable to asking Amex for a CLI right now

[Anonymous]

How much of a hit will I get if I close the two cards?  One has a $500 CL and the other has a $400 CL.

[llecs]

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lawskool09 wrote:
How much of a hit will I get if I close the two cards?  One has a $500 CL and the other has a $400 CL.

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Depends on whether or not these cards are helping your utilization and would also depend if these are helping your mix of credit. For util, if you are at $0 now, then don't expect any problems. And if you'd have at least 2 revolving and one store charge card after these closures, then you'll be OK in the short term.. In the long term, these 2 accts would  drop off your CR and the loss in hisotry could negatively impact your AAoA and thus your scores.

[Anonymous]

So I guess I should take the hit to my scores rather than asking for a CLI....

[sl]

After my conversation with AMEX yesterday which I posted on a different post, there is NO way I would ask AMEX for a CLI.  They are playing "Big Brother" now monitoring every cardholder.  I would PIF or pay down to about 10% util. and leave it alone.

What I find very strange is I have good FICO scores, however I utilize my cards and yesterday when I got zapped by AMEX, Discover gave me a CLI of $3500K.  

I watch Suze Orman a lot and she has been talking about this on her show for the last several weeks and also predicts this will get worse before it gets better.  I myself know I need to pay more attention to my credit cards and usage so I took all credit cards out of my wallet and put them in my sock drawer and now going cash basis.  I have not been shopping in over a month and that is a record for me.

I am also watching what is going to happen to the auto industry and taking clues from that as well.  I have come a long way with my credit.  When I started here back in 2006 my FICO's were in the low 600's and now they are in the mid-700's and I don't want to slip. 

Message Edited by sl on 11-18-2008 03:10 AM

[MsKiwi]

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@Anonymous wrote:

I have Delta with a $2000 CL.  I wanted to ask for an increase.  Technically I don't need one, but I wanted to cover the "loss" of a CLI from two cards I may close (closing because of AFs).

I've had the card 6 months and I PIF every month.

ALSO, If I decide to carry a balance for a month or two is it too early for that?

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I wouldn't and I wouldn't close the other acounts if that leaves you with the amex as your only card. Amex would be the last card I would ask for a cli right now.

[shyboy]

i wouldn't do that. They just closed my account not for asking for a CLI but for my student loan.

With AMEX, you are playing with fire