topic Re: Amex 3-year CLI in Credit Card Approvals

Amex 3-year CLI

SevenNEW — Sun, 29 Jun 2014 21:38:26 GMT

My Amex BCP is turning 3 in a couple of months. I would like to increase my overall available credit and was thinking of asking for a CLI.

I started with 5.5K in 2011, increased to 12k after 61 days and to 20K after one year (Nov 2012). I was thinking of asking for 40K or 50K--do you guys think it's possible with a yearly income of 60K? Would you like to share you experience?

Also, I think it's still a SP, right? I don't want to give up my emerald spade ; )

Thanks!!

Re: Amex 3-year CLI

fot1 — Sun, 29 Jun 2014 22:27:28 GMT

It is a soft pull, If they won't ok a limit they will counteroffer so no reason not to ask for the high limit.. Just know anything over $25k will most likely result in a request for the tax form.

Re: Amex 3-year CLI

Transmogrifying_Bee — Mon, 30 Jun 2014 01:49:40 GMT

@SevenNEW wrote:
My Amex BCP is turning 3 in a couple of months. I would like to increase my overall available credit and was thinking of asking for a CLI.
I started with 5.5K in 2011, increased to 12k after 61 days and to 20K after one year (Nov 2012). I was thinking of asking for 40K or 50K--do you guys think it's possible with a yearly income of 60K? Would you like to share you experience?
Also, I think it's still a SP, right? I don't want to give up my emerald spade ; )

Thanks!!

SevenNEW - My situation with my Amex BCE card is VERY similar to yours. I received my BCE card in March, 2013, with a starting CL of 5K. 61 days CLI took it to my requested 12.5K, and the subsequent 6 month CLI to (my request again) 24K. My reported income each time was stated as 60K, like yours.

Now just last week my second 6 month CLI opportunity came due, and I requested 28K. I didn't want to go over 30K. Alas, this time the computer spitted back the "Wait for their decision in 7-10 days" message! I am still waiting for Amex's letter. However, I'm guessing that I most probably passed their internal comfort level CL for me, given my income and sparse usage.

Now, and THIS IS IMPORTANT, I and others in this Forum have noticed that Amex seems to limit, in many if not most cases (?), their FINAL CL to about 40% of your stated income! In my case (and yours it would seem) this calculates to: $60K x 0.40 = $24K. As luck would have it, this was the CL I had requested previously! Now that I've exceeded that 40% threshold, I just received my first probable "roadblock" from Amex. Again, I'm still waiting for their actual response. Still, this is pretty good evidence for the Amex "40% Maximum CL Rule of Thumb!"

Of course, your situation may be different, for what ever unknown reason. Shoot for the high end and be an exception to the postulated rule! And YES, it is still a soft pull! Good luck!

Re: Amex 3-year CLI

SevenNEW — Mon, 30 Jun 2014 01:57:07 GMT

Thank you, T-Bee! This is *very* useful! I have used the card pretty heavily during these years, but I understand the level of comfort point. I will wait until a couple of payments register and will give it a try. Will let everyone know how it goes. Moving to 25K would still be valuable.

Re: Amex 3-year CLI

SunriseEarth — Mon, 30 Jun 2014 07:19:03 GMT

@Transmogrifying_Bee wrote:
@SevenNEW wrote:
My Amex BCP is turning 3 in a couple of months. I would like to increase my overall available credit and was thinking of asking for a CLI.
I started with 5.5K in 2011, increased to 12k after 61 days and to 20K after one year (Nov 2012). I was thinking of asking for 40K or 50K--do you guys think it's possible with a yearly income of 60K? Would you like to share you experience?
Also, I think it's still a SP, right? I don't want to give up my emerald spade ; )

Thanks!!
SevenNEW - My situation with my Amex BCE card is VERY similar to yours. I received my BCE card in March, 2013, with a starting CL of 5K. 61 days CLI took it to my requested 12.5K, and the subsequent 6 month CLI to (my request again) 24K. My reported income each time was stated as 60K, like yours.

Now just last week my second 6 month CLI opportunity came due, and I requested 28K. I didn't want to go over 30K. Alas, this time the computer spitted back the "Wait for their decision in 7-10 days" message! I am still waiting for Amex's letter. However, I'm guessing that I most probably passed their internal comfort level CL for me, given my income and sparse usage.

Now, and THIS IS IMPORTANT, I and others in this Forum have noticed that Amex seems to limit, in many if not most cases (?), their FINAL CL to about 40% of your stated income! In my case (and yours it would seem) this calculates to: $60K x 0.40 = $24K. As luck would have it, this was the CL I had requested previously! Now that I've exceeded that 40% threshold, I just received my first probable "roadblock" from Amex. Again, I'm still waiting for their actual response. Still, this is pretty good evidence for the Amex "40% Maximum CL Rule of Thumb!"

Of course, your situation may be different, for what ever unknown reason. Shoot for the high end and be an exception to the postulated rule! And YES, it is still a soft pull! Good luck!

+1. Many have reported that requested CLIs were limited to 40% of income on each revolver.

Re: Amex 3-year CLI

GFer — Mon, 30 Jun 2014 10:49:50 GMT

You know, I've never heard the 40% CL limit dealy. But after reading this, I realize it may in fact, be true. At my 6 month mark when I requested a CLI I got a counter offer for exactly that....40% of my income! Does this mean I'll never get another CLI???

Re: Amex 3-year CLI

lg8302ch — Mon, 30 Jun 2014 11:49:23 GMT

I strongly discourage you from asking this type of CL on 1 card unless you want to set all your eggs into the same basket. I definitely prefer to diversify.... if AA is taken what then? Also keep in mind this might limit options with other lenders. Good luck if you decide to CLI on your Amex

Re: Amex 3-year CLI

SevenNEW — Mon, 30 Jun 2014 18:13:34 GMT

@lg8302ch wrote:
I strongly discourage you from asking this type of CL on 1 card unless you want to set all your eggs into the same basket. I definitely prefer to diversify.... if AA is taken what then? Also keep in mind this might limit options with other lenders. Good luck if you decide to CLI on your Amex

Thanks for your answer. You mean a very high CL with Amex could discourage other lenders in case I wanted to app for other cards?

I am trying to limit the number of my cards as I dont' want to have too many to manage, but you may have a point.

Re: Amex 3-year CLI

SunriseEarth — Mon, 30 Jun 2014 19:18:23 GMT

@GFer wrote:
You know, I've never heard the 40% CL limit dealy. But after reading this, I realize it may in fact, be true. At my 6 month mark when I requested a CLI I got a counter offer for exactly that....40% of my income! Does this mean I'll never get another CLI???

You could request more if your income increases. AFAIK, the auto CLIs aren't limited by this 40% mark, however.

Re: Amex 3-year CLI

SevenNEW — Tue, 01 Jul 2014 01:06:38 GMT

@SunriseEarth wrote:
@GFer wrote:
You know, I've never heard the 40% CL limit dealy. But after reading this, I realize it may in fact, be true. At my 6 month mark when I requested a CLI I got a counter offer for exactly that....40% of my income! Does this mean I'll never get another CLI???
You could request more if your income increases. AFAIK, the auto CLIs aren't limited by this 40% mark, however.

Definitely. At this point I am planning on asking for 25K as soon as I finish paying two cards that I let report, and hope for future auto CLIs from Amex or Chase. If nothing happens for a while I can always add one more good card, but for the time being I would really like to stay in the garden. At this point of my history, I am happy moving slowly like most people with scores in the 750s/760s. Whatever I want to do, my credit score won't be in the way.

Re: Amex 3-year CLI

SevenNEW — Thu, 24 Jul 2014 01:13:01 GMT

OK, everyone. An update on this.

I have just gone online and asked the CLI through the site. I have asked for 25,000 and I got 24,600.

This confirms the rule of 40%.

Thanks to all for your advice!!

Re: Amex 3-year CLI

jasonkm1 — Thu, 24 Jul 2014 08:50:22 GMT

I just got my first AMEX a month ago, with my highest credit limit ($16000). My income is $40000, which is exactly 40%. Does this mean I probably won't ever get a CLI with this card unless my income changes?

Re: Amex 3-year CLI

Kenny — Thu, 24 Jul 2014 09:42:05 GMT

@SevenNEW wrote:
OK, everyone. An update on this.

I have just gone online and asked the CLI through the site. I have asked for 25,000 and I got 24,600.
This confirms the rule of 40%.

Thanks to all for your advice!!

Congratulations on your CLI! Thanks for sharing.

Re: Amex 3-year CLI

Anonymous — Thu, 24 Jul 2014 09:55:09 GMT

Congrats!

Re: Amex 3-year CLI

SevenNEW — Thu, 24 Jul 2014 11:53:30 GMT

@jasonkm1 wrote:
I just got my first AMEX a month ago, with my highest credit limit ($16000). My income is $40000, which is exactly 40%. Does this mean I probably won't ever get a CLI with this card unless my income changes?

That's an interesting question. Maybe they will go up to 20K, let us know how things go when the 61d CLI time comes! Good luck!!

Re: Amex 3-year CLI

SevenNEW — Thu, 24 Jul 2014 11:53:55 GMT

Thank you, Kenny and Wanderer!

Re: Amex 3-year CLI

creditFiend — Thu, 24 Jul 2014 13:48:53 GMT

Interesting..I always learn new things on this forum!
Congrats on the CLI!! Thanks for sharing😃

Re: Amex 3-year CLI

alvon123 — Thu, 24 Jul 2014 16:31:35 GMT

@SevenNEW wrote:
OK, everyone. An update on this.

I have just gone online and asked the CLI through the site. I have asked for 25,000 and I got 24,600.
This confirms the rule of 40%.

Thanks to all for your advice!!

congrats

Re: Amex 3-year CLI

-Wade- — Thu, 24 Jul 2014 19:43:34 GMT

@SevenNEW wrote:
My Amex BCP is turning 3 in a couple of months. I would like to increase my overall available credit and was thinking of asking for a CLI.
I started with 5.5K in 2011, increased to 12k after 61 days and to 20K after one year (Nov 2012). I was thinking of asking for 40K or 50K--do you guys think it's possible with a yearly income of 60K? Would you like to share you experience?
Also, I think it's still a SP, right? I don't want to give up my emerald spade ; )

Thanks!!

Get ready for a FR and if your income supports that much. Good luck

Re: Amex 3-year CLI

Transmogrifying_Bee — Fri, 25 Jul 2014 00:31:29 GMT

@SevenNEW wrote:
OK, everyone. An update on this.

I have just gone online and asked the CLI through the site. I have asked for 25,000 and I got 24,600.
This confirms the rule of 40%.

Thanks to all for your advice!!

Congratulations on your CLI. And for helping to had more substance to this "40% of Income = Max CL" rule-of-thumb we have been discussing! THANKS!