topic Re: AMEX CLI help in Credit Cards

AMEX CLI help

Anonymous — Tue, 16 Feb 2016 08:31:34 GMT

Hey guys,

I read the Definitive AMEX 3x CLI guide and I would like some opinions on what I should do:

1) Once I receive my new BCE, apply for a CLI to make my CL 20,000

2) Put major spend on BCE for 1-2 months, then apply for CLI to make CL 20,000

I do not want a 4506-T FR, and am looking to avoid that as much as I can.

Total exposure with AMEX is (10k TE + 10k BCE). I know max exposure before 4506T across AMEX is 34.5k per the guide. (which is why I will only request a 10k cli)

Re: AMEX CLI help

Anonymous — Tue, 16 Feb 2016 15:45:34 GMT

do 1 first. if fail, do number 2. easy peasy! =p

no bueno. see below! ~~here's addt'l step - chat with an amex rep! i read that they can give you specific dates on when you can try for a CLI. goodluck!~~

Re: AMEX CLI help

Ghoshida — Tue, 16 Feb 2016 11:06:01 GMT

@Anonymous wrote:
do 1 first. if fail, do number 2. easy peasy! =p

here's addt'l step - chat with an amex rep! i read that they can give you specific dates on when you can try for a CLI. goodluck!

They are often misleading. OP can get better info on this forum than from AMEX reps.

Re: AMEX CLI help

Anonymous — Tue, 16 Feb 2016 11:17:30 GMT

@Ghoshida wrote:
@Anonymous wrote:
do 1 first. if fail, do number 2. easy peasy! =p

here's addt'l step - chat with an amex rep! i read that they can give you specific dates on when you can try for a CLI. goodluck!
They are often misleading. OP can get better info on this forum than from AMEX reps.

i stand corrected. =p

Re: AMEX CLI help

Anonymous — Tue, 16 Feb 2016 12:14:00 GMT

@Anonymous wrote:
Hey guys,

I read the Definitive AMEX 3x CLI guide and I would like some opinions on what I should do:

1) Once I receive my new BCE, apply for a CLI to make my CL 20,000

2) Put major spend on BCE for 1-2 months, then apply for CLI to make CL 20,000

I do not want a 4506-T FR, and am looking to avoid that as much as I can.

Total exposure with AMEX is (10k TE + 10k BCE). I know max exposure before 4506T across AMEX is 34.5k per the guide. (which is why I will only request a 10k cli)

I tried number one this week, and it didn't work for me. When I called with the reference numbers, I was told my account was too new and now had to wait 90 days. I would try #2...I would have done that one myself now.

Re: AMEX CLI help

takeshi74 — Tue, 16 Feb 2016 15:19:36 GMT

@Anonymous wrote:
I do not want a 4506-T FR, and am looking to avoid that as much as I can.

That is not an FR. Do not conflate income verfiication with FR.

If you want to avoid the 4506-T then avoid crossing the thresholds mentioned in the 3x CLI Guide. It is not guaranteed that you will encounter a 4506-T if you cross those thresholds but you can generally avoid it by not crossing them.

@Anonymous wrote:
Put major spend on BCE for 1-2 months, then apply for CLI

Do not rely on the spend meme. Credit profile and income are always the primary considerations,. It is not just the account with the creditor that matters. Your entire credit profile matters.

There's no harm in requesting the CLI immediately. Decision is based on your last SP. I would think that if you qualified for more then AmEx would have granted you more but some have received CLI's immediately. Worst case if you are denied is that you'll have to wait 90 days -- not much longer than the 1-2 months in your second option) to request again and you'll have denial reasons as a starting point on what to work on.

Re: AMEX CLI help

Mattopotamus — Tue, 16 Feb 2016 16:13:01 GMT

I've always gone with:

first CLI at 61 days and then every 181 after that.

Re: AMEX CLI help

FinStar — Tue, 16 Feb 2016 17:28:19 GMT

@takeshi74 wrote:

@Anonymous wrote:
I do not want a 4506-T FR, and am looking to avoid that as much as I can.
That is not an FR. Do not conflate income verfiication with FR.

If you want to avoid the 4506-T then avoid crossing the thresholds mentioned in the 3x CLI Guide. It is not guaranteed that you will encounter a 4506-T if you cross those thresholds but you can generally avoid it by not crossing them.

Exactly. 4506-T is income verification - hopefully, whatever income you provided on your application lines up with AmEx! However, in the event the 4506-T pops up, some individuals reprocess the CLI request a lesser amount and be approved - if you can live with that. If an FR occurs, then it is what it is.

Re: AMEX CLI help

Anonymous — Tue, 16 Feb 2016 18:53:23 GMT

May I ask why you need the 10k additional credit? Not to pry, but you're 18? Do you really need 10k on top of ~100k?

Got me wondering what you're listing as your income...

Re: AMEX CLI help

Anonymous — Tue, 16 Feb 2016 19:06:33 GMT

@Anonymous wrote:
May I ask why you need the 10k additional credit? Not to pry, but you're 18? Do you really need 10k on top of ~100k?
Got me wondering what you're listing as your income...

Let's not go there. Been brought up before and it has no bearing on his question. What he lists as income is his and the creditors' business, not ours.

Re: AMEX CLI help

mccallb — Tue, 16 Feb 2016 19:10:51 GMT

Could someone tell me why the 4506 is so frown upon? Like why don't people want to do them?

They just get a copy of your tax records, right?

Re: AMEX CLI help

Anonymous — Tue, 16 Feb 2016 19:14:55 GMT

@mccallb wrote:
Could someone tell me why the 4506 is so frown upon? Like why don't people want to do them?

They just get a copy of your tax records, right?

Yes. As for why people don't like them, most often the reason given is that they don't like the idea of a bank/creditor having their income tax information which includes the 1040 and any and all schedules. Some view it as a privacy issue. Some might not like the idea because their tax records won't show what they claim to be their income (not saying that is why OP is reluctant to do so). Others have no problem in providing them.

Re: AMEX CLI help

mccallb — Tue, 16 Feb 2016 19:18:05 GMT

Ah ok. I"m not shifty at all, and I'm ready for all my cards to get into the high 5 digits so I don't care if someone pulls my tax records for income verif, I just want the CLS

I don't know why anyone would care about someone seeing your tax records for privacy unless you were doing some really wonky sketchy stuff. But I"m naive.

Re: AMEX CLI help

FinStar — Tue, 16 Feb 2016 19:41:12 GMT

@mccallb wrote:
Ah ok. I"m not shifty at all, and I'm ready for all my cards to get into the high 5 digits so I don't care if someone pulls my tax records for income verif, I just want the CLS

I don't know why anyone would care about someone seeing your tax records for privacy unless you were doing some really wonky sketchy stuff. But I"m naive.

That's been the case in most anecdotally reported FRs (questionable income, usage and/or transactions) and/or the lack of providing such income substantiation method via the 4506-T. For those who don't skirt the sketchy stuff issue, it's a matter of principle of not providing it based on their privacy stances, just like Irish mentioned above.

Re: AMEX CLI help

Anonymous — Tue, 16 Feb 2016 20:16:05 GMT

i love you irish.

Re: AMEX CLI help

DoroLucky — Tue, 16 Feb 2016 20:28:54 GMT

I have 27 more days to go and BAM I can do my Amex CLI requets....patiently awaits March 14th . FYI, that's 181 days from my last CLI request. I actually requested another one on 11/26/15 and was denied because it had not been 6 months since my last request. Today a rep told me I could request another one on or after 2/26/16 (which will be 90 days from my last request), but I'm not going to since it hasn't been 6 months.

Re: AMEX CLI help

JustBPatient — Tue, 16 Feb 2016 20:27:10 GMT

"That's been the case in most anecdotally reported FRs (questionable income, usage and/or transactions) and/or the lack of providing such income substantiation method via the 4506-T. For those who don't skirt the sketchy stuff issue, it's a matter of principle of not providing it based on their privacy stances, just like Irish mentioned above."

I would guess that 95% of the time the reason people fearing the FORM is them bloating their income. CCC's dont just hand out big SL's without a reasonable income to support it. So there is the lure of bumping the income level up in hopes of bigger lines. Just my opinion, but I think its spot on!!

Re: AMEX CLI help

Anonymous — Thu, 18 Feb 2016 16:44:16 GMT

@Anonymous wrote:
Hey guys,

I read the Definitive AMEX 3x CLI guide and I would like some opinions on what I should do:

1) Once I receive my new BCE, apply for a CLI to make my CL 20,000

2) Put major spend on BCE for 1-2 months, then apply for CLI to make CL 20,000

I do not want a 4506-T FR, and am looking to avoid that as much as I can.

Total exposure with AMEX is (10k TE + 10k BCE). I know max exposure before 4506T across AMEX is 34.5k per the guide. (which is why I will only request a 10k cli)

Can't tell you what you whould do, but what I did was to request a CLI immediately upon activating my Amex BCP. My SL limit was 10k, the same as yours, and I asked for and was approved for 2.5X