topic Re: amex cli in Credit Card Approvals

amex cli

Anonymous — Tue, 27 Nov 2012 16:50:59 GMT

I asked for my first CLI from Amex, on my BCP. They list me as member since 07 (on a previous card, now trying to backdate to 1986). They asked me to fill out a 4506-T. How usual is that? I read stuff here about auto-CLIs etc, so this seems annoying! I asked to go from 25K to 35K, so nothing like 3x after 61 days, this is 40% after 5+ years.

Re: amex cli

Cdnewmanpac — Tue, 27 Nov 2012 17:28:34 GMT

Had you read the archives a bit more, you would see that auto CLI is only to 25k. They routinely ask for documentation on any CLI above 25k. Most people on this forum start below that amount, so the difference isn't discussed that much, but there are multiple confirmations of this in the archives.

Re: amex cli

Anonymous — Tue, 27 Nov 2012 17:32:06 GMT

Oh, OK, thanks

Re: amex cli

trumpet-205 — Tue, 27 Nov 2012 17:34:31 GMT

Anything after $25,000 triggers FR. Do you even need to have a CL of $35,000?

Re: amex cli

Anonymous — Tue, 27 Nov 2012 17:39:20 GMT

@trumpet-205 wrote:
Anything after $25,000 triggers FR. Do you even need to have a CL of $35,000?

It depends what you mean by "need"! I am closing some cards with AFs and want to keep approx the same total credit line. Let's see what happens. My credit reports are all clean

Re: amex cli

distantarray — Tue, 27 Nov 2012 18:05:31 GMT

@Cdnewmanpac wrote:
Had you read the archives a bit more, you would see that auto CLI is only to 25k. They routinely ask for documentation on any CLI above 25k. Most people on this forum start below that amount, so the difference isn't discussed that much, but there are multiple confirmations of this in the archives.

this =)

Re: amex cli

Creditaddict — Tue, 27 Nov 2012 18:20:14 GMT

Well did you get approved for the $35k?

Re: amex cli

Anonymous — Tue, 27 Nov 2012 18:30:56 GMT

@Creditaddict wrote:
Well did you get approved for the $35k?

Just got the mail requiring the form. Will let you know when I hear.

Re: amex cli

distantarray — Tue, 27 Nov 2012 18:33:33 GMT

what's the income you filed when you got 25k?

Re: amex cli

Anonymous — Tue, 27 Nov 2012 18:38:19 GMT

@distantarray wrote:
what's the income you filed when you got 25k?

That was a few years back so not quite sure, around $150-170K

Re: amex cli

Walt_K — Tue, 27 Nov 2012 19:05:41 GMT

@trumpet-205 wrote:
Anything after $25,000 triggers FR. Do you even need to have a CL of $35,000?

Not necessarily. There are plenty of people that have reported getting CLIs above $25K without having to provide proof of income or taxes. I was given an auto CLI above that without having to provide anything. I know auto CLI is different, but there are plenty of threads with people reporing asking for more than $25K and having it instantly approved. So, while it is common to have to provide additional information, it's not true that anything after $25K triggers it.

Also, while I understand that FR literaly just means financial review, and having to provide a 4506-T is financial review, to avoid confusion I think we should shy away from calling this FR. It's not the same full-blown, suspend all accounts, mandatory compliance FR that Amex does in other situations. My understanding is that if this happens, you can refuse to supply the info and you just won't get the CLI. Unlike the other FR where you must provide the info or your accounts will be closed.

[Edited for spacing. I don't understand why it sometimes groups my paragraphs together, and other times recognizes the breaks.]

Re: amex cli

Anonymous — Tue, 27 Nov 2012 19:08:51 GMT

@Walt_K wrote:
@trumpet-205 wrote:
Anything after $25,000 triggers FR. Do you even need to have a CL of $35,000?
Not necessarily. There are plenty of people that have reported getting CLIs above $25K without having to provide proof of income or taxes. I was given an auto CLI above that without having to provide anything. I know auto CLI is different, but there are plenty of threads with people reporting asking for more than $25K and having it instantly approved. So, while it is common to have to provide additional information, it's not true that anything after $25K triggers it.

Also, while I understand that FR literally just means financial review, and having to provide a 4506-T is financial review, to avoid confusion I think we should shy away from calling this FR. It's not the same full-blown, suspend all accounts, mandatory compliance FR that Amex does in other situations. My understanding is that if this happens, you can refuse to supply the info and you just won't get the CLI. Unlike the other FR where you must provide the info or your accounts will be closed.

Right, at the bottom of the letter is a note that if they don't hear from me within 30 days, they will give no further consideration to the request.

Re: amex cli

Epcot — Tue, 27 Nov 2012 19:22:56 GMT

Keep us posted!

Re: amex cli

Anonymous — Wed, 28 Nov 2012 19:09:20 GMT

@Epcot wrote:
Keep us posted!

No news yet (just faxed in the form yesterday and the IRS says it may take up to 10 days to provide the data to Amex, so I am expecting quite a wait) but they did decide to overnight new cards to me, changing my Member Since from 2007 to 1987. Regular mail would have been good enough!

For AAoA purposes, trying to understand the impact of backdating. This is calculated over all reporting accounts, open and closed right? I was amazed to see how much stuff there is on my credit report, both EQ and TU show 31 accounts, mainly closed, reporting, with AAoA 7 years, with 23 years of credit history. So I guess this backdating adds 20 years over 31 accounts, or about 8 months on average. But what about years of credit? Will it go to 25 years of credit, even though I cancelled the card aroun 1989 and didn't open another Amex until 2007?

Thanks

Re: amex cli

Anonymous — Thu, 29 Nov 2012 03:06:33 GMT

Yea got 30 without (at least so far) no proof of income. But high spending and payments in full like clockwork probably puts me in the green zone. When there are changes to spending etc it will trigger stuff

Re: amex cli

Anonymous — Fri, 07 Dec 2012 15:49:57 GMT

@Epcot wrote:
Keep us posted!

Havent heard officially from Amex but today on the website I see my CL is now $28K. Not the 35 I wanted, but something. This brings a total of 38K added in the last two months (added 55K and closed one 17K card).