topic Re: Amex 3x CLI in Credit Cards

Amex 3x CLI

mrsno — Thu, 20 Aug 2015 05:16:15 GMT

I've read here and there on these forums about Amex giving a 3x CLI on the 61-day mark.

1. Is this still a thing?
2. Is it auto or do you have to request it? If so, should I call after the second statement cycles? Is there a window on this that closes soon after the 61-day mark?
3. I opened at $10K, so I assume if I were to be considered for the full $30K increase this would require a FR?
4. The pull is a soft one, right?

Does anyone know what types of things might work against me on my CR? Since opening this account I have a new mortgage, a new auto loan and two other new cards reporting as well as all of the inquiries that led to this. There are about 8 inquiries for the auto loan itself as the dealer shopped around my app to multiple lenders.

Re: Amex 3x CLI

OmarGB9 — Thu, 20 Aug 2015 05:57:37 GMT

1. Yes
2. Has to be requested, best way is probably online. You can do it right away as soon as your card arrives though, if you're feeling lucky.
3. Not an FR, but a 4096 T form, yes most likely.
4. Yes

Auto loans and mortgage loans shouldn't count against you. As long as your income is good and your CR is clean you shouldn't have any issues. That's not to say your CLI is guarantee of course, but you'd have a better shot.

Re: Amex 3x CLI

WLRK11 — Thu, 20 Aug 2015 09:23:34 GMT

@OmarGB9 wrote:
1. Yes
2. Has to be requested, best way is probably online. You can do it right away as soon as your card arrives though, if you're feeling lucky.
3. Not an FR, but a 4096 T form, yes most likely.
4. Yes

Auto loans and mortgage loans shouldn't count against you. As long as your income is good and your CR is clean you shouldn't have any issues. That's not to say your CLI is guarantee of course, but you'd have a better shot.

+1 It can't hurt to try. Be prepared to get a denial letter in the mail everytime they shoot you down, though.

Re: Amex 3x CLI

kdm31091 — Thu, 20 Aug 2015 11:10:46 GMT

61 days is no longer relevant. You can ask at any time and if/when you qualify, you will get it. As a reminder you dont have to ask for 3x if you think you wont be approved. You can ask for a smaller increase if you like

Re: Amex 3x CLI

Anonymous — Thu, 20 Aug 2015 12:47:33 GMT

An example of when you may not want to ask for the full 3x is your current situation. At least the way it used to work is that if you asked for $25k or less, no 4506-T was required, whereas if you asked for more, AMEX always asked for proof of income. I don't know if they've eased those rules recently or not. However, when I applied in June, I think i jumped from ~$10k to $25k with no review required.

Re: Amex 3x CLI

takeshi74 — Thu, 20 Aug 2015 12:53:06 GMT

@mrsno wrote:
I've read here and there on these forums about Amex giving a 3x CLI on the 61-day mark.

Have you read the 3x CLI Guide? If you can't find a link to it, it should be the first hit if you Google "3x CLI".

3x is not the CLI that one will receive. Limits and increases are always based on what one's credit and income qualify for. 3x was an upper limit and erquests over that limit would be automatically denied. IIRC AmEx will now counteroffer if one qualifies for less than the amount requested if >3x is requested.

@mrsno wrote:
Does anyone know what types of things might work against me on my CR? Since opening this account I have a new mortgage, a new auto loan and two other new cards reporting as well as all of the inquiries that led to this. There are about 8 inquiries for the auto loan itself as the dealer shopped around my app to multiple lenders.

All depends on your credit profile and whether or not it supports all that recent activity as well as a CLI as far as AmEx is concerned. Keep in mind that we are not AmEx underwriters.

@Anonymous wrote:
At least the way it used to work is that if you asked for $25k or less, no 4506-T was required, whereas if you asked for more, AMEX always asked for proof of income.

The guide covers this as well as many of the OP's questions. $25K/$34.5K are not hard lines. They are are guidelines and YMMV.

Re: Amex 3x CLI

NRB525 — Thu, 20 Aug 2015 12:50:34 GMT

OP, you can request the CLI, but are you certain this is the only AMEX revolver that you want to have? If so, then go for the max, $30k. If they ask for more information, it is not a Financial Review, it is asking for more information to verify your income through the IRS form 4506-T.

Re: Amex 3x CLI

Bmac66 — Thu, 20 Aug 2015 15:34:45 GMT

@Anonymous wrote:
An example of when you may not want to ask for the full 3x is your current situation. At least the way it used to work is that if you asked for $25k or less, no 4506-T was required, whereas if you asked for more, AMEX always asked for proof of income. I don't know if they've eased those rules recently or not. However, when I applied in June, I think i jumped from ~$10k to $25k with no review required.

Petrovirus - When did you request the CLI to $25k? At day 61? I just received my AmEx ED on 7/28 at $10k as well. I was also thinking of requesting a bump to $25k at day 61. Income at $125k.

Re: Amex 3x CLI

mrsno — Thu, 20 Aug 2015 16:47:29 GMT

@takeshi74 wrote:

Have you read the 3x CLI Guide? If you can't find a link to it, it should be the first hit if you Google "3x CLI".

Thanks, I think I found it:

http://ficoforums.myfico.com/t5/Credit-Card-Applications/The-Definitive-Amex-3X-CLI-Guide/td-p/1811071

Re: Amex 3x CLI

mrsno — Thu, 20 Aug 2015 18:28:43 GMT

@NRB525 wrote:
OP, you can request the CLI, but are you certain this is the only AMEX revolver that you want to have? If so, then go for the max, $30k.

So if I have one revolver with a large CL, that will limit my ability to get another revolver? There really aren't any other Amex products that are on my wish list.

Re: Amex 3x CLI

OmarGB9 — Thu, 20 Aug 2015 18:48:44 GMT

Not that one revolver with a large CL will limit your ability to get another one, but rather if you happened to want to get another card with Amex and you were already at maximum overall exposure with them, then that would limit your ability to get another revolver.

Re: Amex 3x CLI

Anonymous — Thu, 20 Aug 2015 19:59:48 GMT

@Bmac66 wrote:
@Anonymous wrote:
An example of when you may not want to ask for the full 3x is your current situation. At least the way it used to work is that if you asked for $25k or less, no 4506-T was required, whereas if you asked for more, AMEX always asked for proof of income. I don't know if they've eased those rules recently or not. However, when I applied in June, I think i jumped from ~$10k to $25k with no review required.
Petrovirus - When did you request the CLI to $25k? At day 61? I just received my AmEx ED on 7/28 at $10k as well. I was also thinking of requesting a bump to $25k at day 61. Income at $125k.

You're good to go. I applied for the Amex BCP on 3/20, received it on 3/27, and requested a 3x CLI on 4/3 and was approved. Do it now, you'll get it.

Re: Amex 3x CLI

Anonymous — Thu, 20 Aug 2015 20:55:32 GMT

I applied for a 2x increase on my 3 month old Amex ED and they've done a hard pull on my Equifax and Transunion according to CK

Re: Amex 3x CLI

Anonymous — Thu, 20 Aug 2015 21:00:12 GMT

@Anonymous wrote:
I applied for a 2x increase on my 3 month old Amex ED and they've done a hard pull on my Equifax and Transunion according to CK

Don't rely on CK. Find it very doubtful that they HPs on you for a CLI request. Another reason that info is bad is that AMEX does not use TU or EQ. Solely pull EX. Either you are misreading it or CK is reporting something erroneous which they commonly do

Re: Amex 3x CLI

Anonymous — Thu, 20 Aug 2015 21:06:25 GMT

The Capital One credit tracker thing is also showing a new hard pull on TU though...

Re: Amex 3x CLI

Anonymous — Thu, 20 Aug 2015 21:08:14 GMT

@Anonymous wrote:
The Capital One credit tracker thing is also showing a new hard pull on TU though...

Have you applied for anything else recently? Anex CLI resets are 99% SPs and they exclusively afaik use EX.

Re: Amex 3x CLI

Anonymous — Thu, 20 Aug 2015 21:11:33 GMT

@Anonymous wrote:
@Anonymous wrote:
I applied for a 2x increase on my 3 month old Amex ED and they've done a hard pull on my Equifax and Transunion according to CK
Don't rely on CK. Find it very doubtful that they HPs on you for a CLI request. Another reason that info is bad is that AMEX does not use TU or EQ. Solely pull EX. Either you are misreading it or CK is reporting something erroneous which they commonly do

Are you sure this is for your ED? Like Irish said, Amex doesn't pull EQ and TU. It's one of the reasons I always laughed when they(CK) actually reccomend Amex. How would they even know what Amex is going to see since they don't have access to experian reports. Also, I don't think Amex does two pulls, do they?

Re: Amex 3x CLI

Anonymous — Thu, 20 Aug 2015 21:15:55 GMT

@Anonymous wrote:
@Anonymous wrote:
The Capital One credit tracker thing is also showing a new hard pull on TU though...
Have you applied for anything else recently? Anex CLI resets are 99% SPs and they exclusively afaik use EX.

No, I haven't applied for anything else for a couple of months - it's definitely an Amex hard enquiry:

http://i.imgur.com/1Ai3wMl.png

Re: Amex 3x CLI

Anonymous — Thu, 20 Aug 2015 21:19:25 GMT

@Anonymous wrote:

@Anonymous wrote:
@Anonymous wrote:
The Capital One credit tracker thing is also showing a new hard pull on TU though...
Have you applied for anything else recently? Anex CLI resets are 99% SPs and they exclusively afaik use EX.
No, I haven't applied for anything else for a couple of months - it's definitely an Amex hard enquiry:

http://i.imgur.com/1Ai3wMl.png

All I can suggest is for you to pull a TU report from TransUnion.com and see what it shows. Do you have any freeze or fraud alert on your Experian report. There has to be some mistake here as Amex uses EX exclusively. Only way you're going to be able to find out for sure is to pull the TU report.

Re: Amex 3x CLI

Bmac66 — Sat, 22 Aug 2015 01:30:27 GMT

@Anonymous wrote:
@Bmac66 wrote:
@Anonymous wrote:
An example of when you may not want to ask for the full 3x is your current situation. At least the way it used to work is that if you asked for $25k or less, no 4506-T was required, whereas if you asked for more, AMEX always asked for proof of income. I don't know if they've eased those rules recently or not. However, when I applied in June, I think i jumped from ~$10k to $25k with no review required.
Petrovirus - When did you request the CLI to $25k? At day 61? I just received my AmEx ED on 7/28 at $10k as well. I was also thinking of requesting a bump to $25k at day 61. Income at $125k.
You're good to go. I applied for the Amex BCP on 3/20, received it on 3/27, and requested a 3x CLI on 4/3 and was approved. Do it now, you'll get it.

So I just requested CLI on AmEx website and received message "our systems are updating. Please resubmit your request in 24 hours." Anybody else ever receive this message?