topic Re: AMEX - Approval very low in Credit Card Applications

AMEX - Approval very low

Anonymous — Mon, 18 Dec 2017 16:42:08 GMT

Just was approvel for the godl skymiles with a paltry $1k limit. I have really good credit info (775 on their pull, not late / derogatory marks or anything). I have to spend $3k to hit the signup bonus, which is hard with a $1k limit.

Short of waiting 60days what can I do to get the limit up? I tried calling a couple times with no success.

Re: AMEX - Approval very low

Anonymous — Mon, 18 Dec 2017 16:52:31 GMT

Any past history with Amex before this one? Years ago?

Re: AMEX - Approval very low

Anonymous — Mon, 18 Dec 2017 16:54:21 GMT

Nope. Entirely new to Amex.

My wife also applied for the same card, and got a $10k limit. We have very similar credit reports, although AMEX pulled a higher score for me. This really throws me off.

Re: AMEX - Approval very low

Shadowfactor — Mon, 18 Dec 2017 16:54:52 GMT

There’s not really a whole lot you can do if you called to recon the limit.

Amex just needs to see some history with usage and payments and they will open up to you big time. Something made them start on the low side ? Any ideas what ? High Util ?

You said your score was 775 ? Is that FICO?
What about new accounts ? Total credit lines to income reported ? New inquiries?

Re: AMEX - Approval very low

Anonymous — Mon, 18 Dec 2017 16:56:28 GMT

You don't have to call them before your account reaches at least 2 months, as it most likely won't help. So your best bet is actually waiting for 61 days and request the 3x increase.

Alternatively you can make payments when your balance is getting high before the statement cut so you can get the available credit back. This is not a credit limit increase, though.

Re: AMEX - Approval very low

Anonymous — Mon, 18 Dec 2017 17:00:06 GMT

My Util is low (<5%). I pay off every card in full every month.

New accts: most recent prior opened was Sept. 15.

Inquiries: Bought a house 2 months ago. I have 2 inquiries showing there. I also applied for a couple cards now that I don't have to maintain credit for the home purch. So has my wife tho. The total showing in 2 years is probably 5 or so.

Re: AMEX - Approval very low

Anonymous — Mon, 18 Dec 2017 17:05:54 GMT

Please list your bank cards (not store or credit union) and their credit limits.

Amex definitely relies on the "prybar effect" to decide what limits to offer people. FICO score doesn't matter as much as the prybar with Amex.

Re: AMEX - Approval very low

Anonymous — Mon, 18 Dec 2017 17:10:17 GMT

That's probably the problem.

I have a chase at $4k.

I'm an AU on capital1 at $10k.

I just opened 2 lines at $24k, and $30k, but those were approved, but not posted when I did the AMEX app.

Re: AMEX - Approval very low

Anonymous — Mon, 18 Dec 2017 17:14:43 GMT

Hmm that is incredibly interesting. That Chase at $4k should have been matched or beat by Amex -- I would have guessed $5000 SL if you posted before apping asking for guesses.

May not hurt to call Amex collections and ask if you have any negative history with them, just to make sure.

Re: AMEX - Approval very low

Anonymous — Mon, 18 Dec 2017 17:22:27 GMT

@Anonymous wrote:
Please list your bank cards (not store or credit union) and their credit limits.

Amex definitely relies on the "prybar effect" to decide what limits to offer people. FICO score doesn't matter as much as the prybar with Amex.

What is prybar? searched forum...no luck

Re: AMEX - Approval very low

Shadowfactor — Mon, 18 Dec 2017 17:48:49 GMT

Amex might not have given you a high limit since you don’t have a history of high limit cards and wanted to see your payment history first.

My best guess at Prybar is that they don’t want to be the first lender to take a crack at you with a high limit and since Amex does 3X CLI at 61 days and then 181 days. You can have the limit up to 9K.

I agree it’s a low limit. I got 2K with them with scores of 610 EX at app and collections. I was also a AU on another Amex card for 2 months before app’ing and made all the payments through my own login.

Not sure how credit card companies factor in new mortgages but that could have played a role in the low limit as well.