topic Re: Out With the Old, In With the New in Credit Cards

Out With the Old, In With the New

TeeJay — Wed, 11 Jan 2017 20:25:54 GMT

I'll start by saying that I haven't been a very active poster here but I read a lot of what others have posted. Thanks to myfico I've learned quite a bit.

Two weeks ago I closed my First Premier card and 2 Credit One cards. They helped me build and it was hard to say good bye but it felt so good when I finally did it.

Two big things happened for me today. I was able to refinance my car and cut my interest rate in half! I also was approved for an AMEX Blue Cash Everyday card. It has been a goal of mine to get in with AMEX and I couldn't be happier!

I have a question about the BCE. I was approved for a small limit ($500) but the notice said I am eligible for an increase after the first 6 months. Does anyone know how much their initial CLI is usually for?

Thanks for all the help guys! I don't know where I'd be without myfico!

Re: Out With the Old, In With the New

Discover2016 — Wed, 11 Jan 2017 20:29:53 GMT

Congrats on the progress! As to the BCE, I didn't know that they would state that you would get a 6mo CLI, must be a new thing?

Re: Out With the Old, In With the New

galahad15 — Wed, 11 Jan 2017 20:36:48 GMT

Congratulations!

Re: Out With the Old, In With the New

Anonymous — Wed, 11 Jan 2017 20:36:52 GMT

@TeeJay wrote:
I'll start by saying that I haven't been a very active poster here but I read a lot of what others have posted. Thanks to myfico I've learned quite a bit.

Two weeks ago I closed my First Premier card and 2 Credit One cards. They helped me build and it was hard to say good bye but it felt so good when I finally did it.

Two big things happened for me today. I was able to refinance my car and cut my interest rate in half! I also was approved for an AMEX Blue Cash Everyday card. It has been a goal of mine to get in with AMEX and I couldn't be happier!

I have a question about the BCE. I was approved for a small limit ($500) but the notice said I am eligible for an increase after the first 6 months. Does anyone know how much their initial CLI is usually for?

Thanks for all the help guys! I don't know where I'd be without myfico!

Normally the maximum increase is to 3x your current limit, so a max increase to $1,500. But, small starting limits often indicate that Amex has some concerns, so they may not grant it all, or at all, depending how things look then. But there is no harm asking for the maximum, they can counter with less if they feel the need.

They may also auto-increase, my daughter got an 8x increase for reasons we still don't understand.....

Re: Out With the Old, In With the New

TeeJay — Wed, 11 Jan 2017 20:37:31 GMT

I thought it was strange too. It sounds like the Capital One Credit Steps my QS1 is in.

I got this email from them when I was approved and thought it was strange.

Re: Out With the Old, In With the New

Anonymous — Wed, 11 Jan 2017 20:42:32 GMT

@TeeJay wrote:
I thought it was strange too. It sounds like the Capital One Credit Steps my QS1 is in.

I got this email from them when I was approved and thought it was strange.

OK, so it is an auto increase. So could be any amount then!

It sounds as though they want you to report a balance so don't PIF before statement cuts.

Re: Out With the Old, In With the New

Anonymous — Wed, 11 Jan 2017 20:43:52 GMT

Make sure your util is low at 6 months and request $1.5k.

Re: Out With the Old, In With the New

Anonymous — Wed, 11 Jan 2017 21:03:22 GMT

@Anonymous wrote:
Make sure your util is low at 6 months and request $1.5k.

This is an auto CLI, so no request. I guess the question is can OP also ask before then.

Re: Out With the Old, In With the New

TeeJay — Wed, 11 Jan 2017 21:22:27 GMT

@Anonymous wrote:
@Anonymous wrote:
Make sure your util is low at 6 months and request $1.5k.
This is an auto CLI, so no request. I guess the question is can OP also ask before then.

I was thinking of asking at the 3 month mark for $1.5k

Re: Out With the Old, In With the New

Anonymous — Wed, 11 Jan 2017 21:47:26 GMT

That probably is what I would do in that case.

Re: Out With the Old, In With the New

Anonymous — Wed, 11 Jan 2017 21:56:22 GMT

@Anonymous wrote:
@TeeJay wrote:
I thought it was strange too. It sounds like the Capital One Credit Steps my QS1 is in.

I got this email from them when I was approved and thought it was strange.

OK, so it is an auto increase. So could be any amount then!

It sounds as though they want you to report a balance so don't PIF before statement cuts.

At least don't pay the "whole" balance before the statement cuts.

Re: Out With the Old, In With the New

austinguy907 — Wed, 11 Jan 2017 22:02:42 GMT

@TeeJay wrote:
I thought it was strange too. It sounds like the Capital One Credit Steps my QS1 is in.

I got this email from them when I was approved and thought it was strange.

$500 approval with AMEX is truly the equivalent of CS by C1. Even the $1000 approvals are borderline as well but usually don't come with the 6 month rule. I'd say put a monthly bill on it like your Cell and just let it autopay each month. 6 months down the road you might see them give you a CLI that's pretty decent. Now whether you can actually request one after your "steps" increase is something that hasn't been seen around here much. Wait for the CLI and then you can test the waters on a 3X request but, I wouldn't get my hopes up for an approval or even a counter at that point unless something drastic happens on your credit profile like something huge dropping off like a BK or recent Late.

Re: Out With the Old, In With the New

Anonymous — Thu, 12 Jan 2017 00:33:40 GMT

Excellent work!