topic Re: AMEX BCP CLI - Need Clarification in Credit Cards

AMEX BCP CLI - Need Clarification

ChessChik47 — Mon, 01 May 2017 14:51:22 GMT

Hi All,

I've been a lurking on this forum for several months now and I've learned so much, so first let me say thank you to all of you!

My question is this: I was approved for an AMEX BCP with a SL of $15K on April 10, 2017. I read the AMEX Guide to CLI on this forum and I now know about the 61 day 3 times CLI request that can be done. I also read that $25K (or $34, 500 - I saw this amount floating around too) is the "max" to request without a FR. Given that my SL was $15K and 3 times that would be $45K, should I (if I so choose to request the CLI at the 61 day mark) ask for the $45K, $34,500, or $25K?

My scores are good, I'm around 750 across the board and rising. UTL will be around 7% by the 61 day mark and income is over $130K. I have two credit cards (CFU- 10K and AMEX BCP - 15K) and one charge card (AMEX PRG - NPSL). I'd like the larger limit for various reasons: I'd like to have more wiggle room with UTL if/when I carry a balance (right now I'm enjoying the 0% APR which is why I have a balance on my CFU), I may be doing some HGTV-type yard renovations and I'd like to put those purchases on my card to get the rewards then PIF, and I'd prefer to limit the number of credit cards I have to manage. Three/four cards are plenty for me and if the CLs are generous, then I'm set.

If you need more info to make a recommendation, let me know. Thanks in advance for your suggestions/recommendations.

Re: AMEX BCP CLI - Need Clarification

Anonymous — Mon, 01 May 2017 19:10:14 GMT

You can ask for the 3X CL, and in my opinion why not go for it? If you get the income verification notice you can back out and try again for lower limits until it doesn't show (if you don't feel comfortable providing that information).

Re: AMEX BCP CLI - Need Clarification

Anonymous — Tue, 02 May 2017 11:25:50 GMT

Asking for a CLI to $24,500 or $34,500 does not result in an FR (Financial Review). It may result in a request for proof of income via tax returns (4506-T). There is a huge difference between the two. A real FR will result all of your Amex cards being locked until they review your account(s) which may include POI. If you don't provide any requested information or they are not satisfied with the review, your accounts may be permanently closed or limits decreased. When you request a 3X CLI and they request POI, you can drop down your requested amount until they no longer request the POI if you don't want to provide your tax returns. Posters here often use the two situations interchangeably and they're not close to being the same.

Re: AMEX BCP CLI - Need Clarification

ChessChik47 — Mon, 01 May 2017 21:56:12 GMT

I like the way you think, smc4getnot! I guess I don't have anything to lose.

Re: AMEX BCP CLI - Need Clarification

ChessChik47 — Mon, 01 May 2017 22:03:40 GMT

Thanks for the clarification. I didn't realize the FR and the POI were different things. I'm fine with satifiying any POI requests. It seems like the FR is much more intense and I don't want to get involved with that. I certainly don't want my accounts frozen, et al.

Re: AMEX BCP CLI - Need Clarification

JamP — Tue, 02 May 2017 01:10:01 GMT

My BCE was at $13,500 so 3x would be $40,500.

I requested $40k and they asked for proof.

So backed out and requested $34,500 and was instantly approved. I may try again someday or I may not.

You can request any amount up to 3x if they want proof it will prompt you. You can back out and request lower until they instant approve you.

On a side note, this also has to do with what your max exposure is with Amex. I only have one card with them at the moment. Its possible they will not approve that much on one card if you have multiple. This maybe the reason some people only get $25k on one card.

Re: AMEX BCP CLI - Need Clarification

AverageJoesCredit — Tue, 02 May 2017 02:40:02 GMT

With your scores and income why not go for it. If we are truthful when applying, there should be no fear of income verification

Re: AMEX BCP CLI - Need Clarification

ChessChik47 — Tue, 02 May 2017 09:34:07 GMT

Thanks, AverageJoesCredit, I just may go for it! I certainly don't worry about the POI since I was truthful when I applied. I didn't realize that the FR was a different animal than the POI that can freeze one's accounts and since I'm running a significant amount of monthly bills thru the card I don't want a FR to negatively impact me. Sounds like I shouldn't have to worry about the FR, so we'll see when my 61st day rolls around.

Re: AMEX BCP CLI - Need Clarification

Anonymous — Tue, 02 May 2017 16:10:47 GMT

Play it safe, $24,500.

Re: AMEX BCP CLI - Need Clarification

ChessChik47 — Tue, 02 May 2017 16:43:28 GMT

@Anonymous wrote:
Play it safe, $24,500.

Hi MrBuzzsaw, considering you're the only one so far who recommends that I don't "go for it", can you tell me why? I think your perspective will be valuable to me. Thanks!

Re: AMEX BCP CLI - Need Clarification

Anonymous — Tue, 02 May 2017 17:08:15 GMT

@ChessChik47 wrote:
@Anonymous wrote:
Play it safe, $24,500.
Hi MrBuzzsaw, considering you're the only one so far who recommends that I don't "go for it", can you tell me why? I think your perspective will be valuable to me. Thanks!

There is absolutely no need to just ask for $24,500. If a higher amount is what you seek then apply for it. You have already stated that you have no problem providing Amex access to your tax records to prove income so there should be no reason to ask for $24,500 which isn't even an amount with any relevance any longer. Even if you did have an issue with the 4506-T request you can always lower the amount u till they no longer require it without any consequence. There is nothing 'safe' about $24,500.

Re: AMEX BCP CLI - Need Clarification

ChessChik47 — Tue, 02 May 2017 18:07:34 GMT

@Anonymous wrote:
There is absolutely no need to just ask for $24,500. If a higher amount is what you seek then apply for it. You have already stated that you have no problem providing Amex access to your tax records to prove income so there should be no reason to ask for $24,500 which isn't even an amount with any relevance any longer. Even if you did have an issue with the 4506-T request you can always lower the amount u till they no longer require it without any consequence. There is nothing 'safe' about $24,500.

I definitely prefer the higher credit line for the reasons I stated in my original post and you are correct in that I don't have a problem with the POI request should they ask me for it. I'm curious why MrBuzzsaw suggested playing it safe and just wanted his perspective. I have read so many of the threads on this forum and the members provide some great feedback/perspectives, so I appreciate all the recommendations.

Re: AMEX BCP CLI - Need Clarification

Anonymous — Tue, 02 May 2017 18:53:26 GMT

@ChessChik47 wrote:
@Anonymous wrote:
There is absolutely no need to just ask for $24,500. If a higher amount is what you seek then apply for it. You have already stated that you have no problem providing Amex access to your tax records to prove income so there should be no reason to ask for $24,500 which isn't even an amount with any relevance any longer. Even if you did have an issue with the 4506-T request you can always lower the amount u till they no longer require it without any consequence. There is nothing 'safe' about $24,500.

I definitely prefer the higher credit line for the reasons I stated in my original post and you are correct in that I don't have a problem with the POI request should they ask me for it. I'm curious why MrBuzzsaw suggested playing it safe and just wanted his perspective. I have read so many of the threads on this forum and the members provide some great feedback/perspectives, so I appreciate all the recommendations.

Getting different recommendations is fine but when it isn't the best advice or based on any sound reasoning then it can be very misleading and that happens quite a bit here. And I'll add that when words like 'play it safe' are used to imply that something bad' will happen if you ask for an amount above $24,500 then it needs to be corrected or else you or someone else reading it could make a poor choice based on that statement.

Re: AMEX BCP CLI - Need Clarification

ChessChik47 — Tue, 02 May 2017 18:50:58 GMT

@Anonymous wrote:
@ChessChik47 wrote:
@Anonymous wrote:
There is absolutely no need to just ask for $24,500. If a higher amount is what you seek then apply for it. You have already stated that you have no problem providing Amex access to your tax records to prove income so there should be no reason to ask for $24,500 which isn't even an amount with any relevance any longer. Even if you did have an issue with the 4506-T request you can always lower the amount u till they no longer require it without any consequence. There is nothing 'safe' about $24,500.

I definitely prefer the higher credit line for the reasons I stated in my original post and you are correct in that I don't have a problem with the POI request should they ask me for it. I'm curious why MrBuzzsaw suggested playing it safe and just wanted his perspective. I have read so many of the threads on this forum and the members provide some great feedback/perspectives, so I appreciate all the recommendations.

Getting different recommendations is fine but when it isn't the best advice or based on any sound reasoning then it can be very misleading and that happens quite a bit here.

I agree, but to be fair to MrBuzzsaw, he didn't give me any reason for "playing it safe", so that's why I followed up wth him.