topic Re: when should i req a CLI in Credit Cards

when should i req a CLI

Anonymous — Sun, 16 Aug 2015 04:26:24 GMT

Hey guys and gals! I recently got approved for Amex Ed, discover it and Macy's store card on thursday however my limits are pretty low at just $1000 on each card. Any tips on When i should request a CLI????

Re: when should i req a CLI

Anonymous — Sun, 16 Aug 2015 04:28:38 GMT

@Anonymous wrote:
Hey guys and gals! I recently got approved for Amex Ed, discover it and Macy's store card on thursday however my limits are pretty low at just $1000 on each card. Any tips on When i should request a CLI????

Congrats on your approvals. There is a reason these limits are low. How does your credit profile look like and what are your scores at time of approval?

Re: when should i req a CLI

Anonymous — Sun, 16 Aug 2015 04:32:16 GMT

Thanks! I have just 6 months of credit I had 1 cap1 with an $800 limit and an auto loan.... No lates no baddies.. Myfico had me at 726 exp 696exp and 694 tu at the time

Re: when should i req a CLI

Anonymous — Sun, 16 Aug 2015 04:33:47 GMT

***696 eq****

Re: when should i req a CLI

Anonymous — Sun, 16 Aug 2015 04:53:57 GMT

@Anonymous wrote:
Thanks! I have just 6 months of credit I had 1 cap1 with an $800 limit and an auto loan.... No lates no baddies.. Myfico had me at 726 exp 696exp and 694 tu at the time

The reason why your limits are low is because of your current limit- $800.

Re: when should i req a CLI

Anonymous — Sun, 16 Aug 2015 04:58:52 GMT

@Anonymous wrote:
Hey guys and gals! I recently got approved for Amex Ed, discover it and Macy's store card on thursday however my limits are pretty low at just $1000 on each card. Any tips on When i should request a CLI????

Now to answer this question above after you have provided a bit of info- You should request a CLI in 6 months to a year. That will be enough time to establish your spending paterns etc.. Right now, I wouldn't encourage you even on the Amex.

Starting credit limits are determine using algorithms and they base your stating limits on your previous limits on cards, credit history, AAoA etc. With a thin history like yours and 1 card with an $800 limit, there isn't enough to judge it by.

Experience with high limits also comes into play when determining an intial starting limit on new card and you lack that also. So give use the new cards and then request a CLI in 6 months.

Re: when should i req a CLI

Anonymous — Sun, 16 Aug 2015 05:56:43 GMT

this also goes to show you scores aren't everything. these lenders wanna see how you treat their cards. honestly, don't waste your time with the amex 3x CLI thread. that's 70% down the drain for most people, especially with starting limits below $2k. a $1k limit with them means you made it by the hair on your chinny chin chin. but you're in so that's cool
just use your cards responsibly and the limits will rise with your AAoA. patience is key in this situation. you'll see many posts that make you think "well if they got that much of a limit increase i should too"
^ don't fall into that. just like snowflakes: each report is different no matter the score. you got 4x your limit in three apps so that's a solid start and your accounts will age together which is amazing. just stick it out pal

Re: when should i req a CLI

UncleB — Sun, 16 Aug 2015 13:08:31 GMT

@Anonymous wrote:
this also goes to show you scores aren't everything. these lenders wanna see how you treat their cards. honestly, don't waste your time with the amex 3x CLI thread. that's 70% down the drain for most people, especially with starting limits below $2k. a $1k limit with them means you made it by the hair on your chinny chin chin. but you're in so that's cool
just use your cards responsibly and the limits will rise with your AAoA. patience is key in this situation. you'll see many posts that make you think "well if they got that much of a limit increase i should too"
^ don't fall into that. just like snowflakes: each report is different no matter the score. you got 4x your limit in three apps so that's a solid start and your accounts will age together which is amazing. just stick it out pal

All of the above is absolutely spot-on, especially the part in blue. I was approved for an Amex Green and BCP, but apparently "by the hair on my chinny chin chin" (LOL) as I was also given a credit line of $1K, and I've been denied twice for a CLI while getting increases on other cards easily. In my case it's due to including Amex in a BK7 back in 2000 - 15 years ago (yep, they have a very long memory...). The credit line is much lower than my other cards, but I only use it for groceries (for 6% back) so I'm able to make it work. It's slightly disappointing, but like 2011XTERROR says above, I'm in, and that's cool with me.

You have solid scores, and in a few months they should only go higher due to the new approvals. Hang in for a bit, and I suspect you'll see your limits skyrocket.

Re: when should i req a CLI

Anonymous — Sun, 16 Aug 2015 13:36:25 GMT

I just don't see the downside of applying for an AMEX CLI after 61 days. Yes, you're probably going to be rejected. However, even if that happens, you'll still have the 90 days covered if you apply for the second time after 6 months (181 days). I would apply for an AMEX increase after 61 days and everything else after 6 months.

Re: when should i req a CLI

Anonymous — Sun, 16 Aug 2015 15:05:41 GMT

Thanks everyone for your feedback it's greatly appreciated! I'm curious if i do try and ask for cli at 61 days would amex snub me or frown on the request since i haven't hit the 6 month mark??

Re: when should i req a CLI

Anonymous — Sun, 16 Aug 2015 15:55:51 GMT

@Anonymous wrote:
Thanks everyone for your feedback it's greatly appreciated! I'm curious if i do try and ask for cli at 61 days would amex snub me or frown on the request since i haven't hit the 6 month mark??

Neither. They'll just more than likely deny you and never give it a second thought.

Just pay your Amex on time and don't worry about them.

Re: when should i req a CLI

Anonymous — Sun, 16 Aug 2015 15:59:59 GMT

I'd say when your needs require it. Is there a specific reason your approvals were low end? Low Income? Negatives on report?

Re: when should i req a CLI

Anonymous — Sun, 16 Aug 2015 16:04:26 GMT

I'm assuming because im only 19 and i just opened my credit file 6 months ago??? No baddies on report income is ok at just under $40, 000

Re: when should i req a CLI

Anonymous — Sun, 16 Aug 2015 16:07:11 GMT

That too will do it. History is a biggie. Spend as heavy as your budget allows within reason and make big payments if not PIF.