topic AMEX CLI WITH NEW CARD in Credit Cards

AMEX CLI WITH NEW CARD

Anonymous — Wed, 07 Mar 2018 16:46:07 GMT

Hi everyone!

First time poster. Just wanted to say how much I appreciate the knowledge of these boards, it helped me acquire a new Cap1 Quicksilver and an AMEX Everyday. I was wondering if one could apply for an AMEX CLI as soon as you get the card or must one always aim for the 61 day cutoff? Wanted to take advantage of the sign up offer.

Re: AMEX CLI WITH NEW CARD

K-in-Boston — Wed, 07 Mar 2018 16:52:48 GMT

Welcome to the forums! You can certainly try immediately, but results can be mixed. Generally you'll want to wait until the 61 day mark before asking. (If credit line is a major concern to hit a signup bonus, you should be able to make mid-statement payments as you go.) Any denial other than "you asked too soon" will result in a 91 day waiting period before they'll consider one again. Give them a chance to learn your spending habits and they'll grow quickly.

Re: AMEX CLI WITH NEW CARD

Anonymous — Wed, 07 Mar 2018 16:59:32 GMT

Oh I see! Thank you! Quick follow up question. If I make a $500 payment one day, pay it off the next would my util be reported as 100% or is it only when the CRAs get that snapshot during the month? How does AmEx view that type of high utillization? Should I keep it low even if I pay asap without carrying a balance?

Re: AMEX CLI WITH NEW CARD

K-in-Boston — Wed, 07 Mar 2018 17:16:29 GMT

Amex reports your utilization when your statement closes. That almost always happens on the 2nd statement, and sometimes on the 3rd. I haven't seen any reports of Amex reporting the first statement to the credit bureaus at all (which is great if you need to max it out at first to hit a signup bonus). If you look just above Amex Offers on your online account, it will show the statement closing date, so you can plan accordingly for what gets reported to EQ, EX and TU for scoring purposes.

Amex is good with high utilization if you're making large payments after (not carrying a large balance forever and making minimum payments every month), and if you're not doing it across every credit card you have in your wallet. Putting a lot of spend through it is a good way to show them that you need a credit line increase.

Re: AMEX CLI WITH NEW CARD

Anonymous — Wed, 07 Mar 2018 17:24:17 GMT

Thank you for all the information!

Re: AMEX CLI WITH NEW CARD

DaveInAZ — Wed, 07 Mar 2018 18:05:54 GMT

@K-in-Bostonwrote:
Amex reports your utilization when your statement closes. That almost always happens on the 2nd statement, and sometimes on the 3rd. I haven't seen any reports of Amex reporting the first statement to the credit bureaus at all (which is great if you need to max it out at first to hit a signup bonus). If you look just above Amex Offers on your online account, it will show the statement closing date, so you can plan accordingly for what gets reported to EQ, EX and TU for scoring purposes.

Amex is good with high utilization if you're making large payments after (not carrying a large balance forever and making minimum payments every month), and if you're not doing it across every credit card you have in your wallet. Putting a lot of spend through it is a good way to show them that you need a credit line increase.

That's really great to know! I've had a BCE since early last year & didn't realize that, just got a Everyday card & now I see the 1st statement will be March 25. And my BCE varies statement on the 26th or 27th, I see next statement is March 26.

I don't see an option to request change in billing cycle, do you need to call in for that? I'd like to spread BCE/ED out a bit.

And, BaronPraxis - is this your only Amex card? I was approved for a $15k CL on my BCE (Blue Cash Everyday) card last year, and approved for and Everyday card (ED) in late Feb. this year with a $6k CL. The ED card has 15 months 0% interest including BTs (balance transfer) & purchases, so I'll be running up a balance. Since I pretty much just use BCE for groceries I just requested $4k of my BCE credit limit be moved to ED, instant approval, making BCE $11k & ED $10k.

Re: AMEX CLI WITH NEW CARD

Billharrell — Wed, 07 Mar 2018 18:10:07 GMT

Don't forget that Amex only allows one payment in the first month.

Re: AMEX CLI WITH NEW CARD

K-in-Boston — Wed, 07 Mar 2018 18:18:28 GMT

@DaveInAZwrote:
That's really great to know! I've had a BCE since early last year & didn't realize that, just got a Everyday card & now I see the 1st statement will be March 25. And my BCE varies statement on the 26th or 27th, I see next statement is March 26.

I don't see an option to request change in billing cycle, do you need to call in for that? I'd like to spread BCE/ED out a bit.

For revolvers, click the Payments tab at the top of your card's screen. Right below where you would choose minimum payment, statement balance, total balance or other amount, there should be a blue link that says Change Monthly Payment Due Date. For charge cards, you need to do it through chat or call.

Protip: If you're thinking about doing this, you may want to consider that Amex always gives you 25 days between statement date and due date, so your statement date will float month-to-month if your due date is prior to the 26th or after the 28th. If your due date is set to the 26th-28th, your statement will always close on the same date each month.

Re: AMEX CLI WITH NEW CARD

Anonymous — Wed, 07 Mar 2018 18:49:43 GMT

@DaveInAZwrote:
@K-in-Bostonwrote:
Amex reports your utilization when your statement closes. That almost always happens on the 2nd statement, and sometimes on the 3rd. I haven't seen any reports of Amex reporting the first statement to the credit bureaus at all (which is great if you need to max it out at first to hit a signup bonus). If you look just above Amex Offers on your online account, it will show the statement closing date, so you can plan accordingly for what gets reported to EQ, EX and TU for scoring purposes.

Amex is good with high utilization if you're making large payments after (not carrying a large balance forever and making minimum payments every month), and if you're not doing it across every credit card you have in your wallet. Putting a lot of spend through it is a good way to show them that you need a credit line increase.
That's really great to know! I've had a BCE since early last year & didn't realize that, just got a Everyday card & now I see the 1st statement will be March 25. And my BCE varies statement on the 26th or 27th, I see next statement is March 26.

I don't see an option to request change in billing cycle, do you need to call in for that? I'd like to spread BCE/ED out a bit.

And, BaronPraxis - is this your only Amex card? I was approved for a $15k CL on my BCE (Blue Cash Everyday) card last year, and approved for and Everyday card (ED) in late Feb. this year with a $6k CL. The ED card has 15 months 0% interest including BTs (balance transfer) & purchases, so I'll be running up a balance. Since I pretty much just use BCE for groceries I just requested $4k of my BCE credit limit be moved to ED, instant approval, making BCE $11k & ED $10k.

Yes it is my first one! Happy I was able to join the Amex family. I was pre-approved for both the Everyday and the BCE. I opted for the Everyday since I think many in the forums said the BCE was hard to get. Should I try my luck and app for the BCE or just hold on and develop my relationship with Amex?

Re: AMEX CLI WITH NEW CARD

DaveInAZ — Wed, 07 Mar 2018 19:25:30 GMT

@Anonymouswrote:
Yes it is my first one! Happy I was able to join the Amex family. I was pre-approved for both the Everyday and the BCE. I opted for the Everyday since I think many in the forums said the BCE was hard to get. Should I try my luck and app for the BCE or just hold on and develop my relationship with Amex?

Did you create an online account yet for Amex? You should have gotten an approval email with a button link w/code to make an online account for the Everyday card. If so, in your account scroll down to Offers, pre-approvals show there plus usually dumb offers like spend $25 at 1-800-Flowers and get $5 back, lol. If not, check the Amex pre-qualifications page & see if BCE is still showing.

Their pre-qual page is very reliable. I had a bankruptcy in 2010, Amex not included, had no Amex cards then. I started checking the Amex at 5 years post BK discharge and nothing for me. Right after the 6 year mark they started showing me pre-appoval for BCE & a few others. I almost fell out of my chair when they approved me for BCE with $15k credit limit. And another funny thing is my card & online accounts all say "Member since 1978". I was in my early 20s then, no way I had an American Express card back then. But, I won't argue with them.

Re: AMEX CLI WITH NEW CARD

Anonymous — Wed, 07 Mar 2018 23:52:45 GMT

@Billharrellwrote:
Don't forget that Amex only allows one payment in the first month.

Did not know this! They should mention that somewhere. Unless I overlooked it?

Re: AMEX CLI WITH NEW CARD

Anonymous — Wed, 07 Mar 2018 23:53:45 GMT

@DaveInAZwrote:
@Anonymouswrote:
Yes it is my first one! Happy I was able to join the Amex family. I was pre-approved for both the Everyday and the BCE. I opted for the Everyday since I think many in the forums said the BCE was hard to get. Should I try my luck and app for the BCE or just hold on and develop my relationship with Amex?
Did you create an online account yet for Amex? You should have gotten an approval email with a button link w/code to make an online account for the Everyday card. If so, in your account scroll down to Offers, pre-approvals show there plus usually dumb offers like spend $25 at 1-800-Flowers and get $5 back, lol. If not, check the Amex pre-qualifications page & see if BCE is still showing.

Their pre-qual page is very reliable. I had a bankruptcy in 2010, Amex not included, had no Amex cards then. I started checking the Amex at 5 years post BK discharge and nothing for me. Right after the 6 year mark they started showing me pre-appoval for BCE & a few others. I almost fell out of my chair when they approved me for BCE with $15k credit limit. And another funny thing is my card & online accounts all say "Member since 1978". I was in my early 20s then, no way I had an American Express card back then. But, I won't argue with them.

I havent gotten an email. Got approved 2 days ago. Should have I gotten one by now?

Re: AMEX CLI WITH NEW CARD

HeavenOhio — Thu, 08 Mar 2018 00:04:43 GMT

@Anonymouswrote:
@Billharrellwrote:
Don't forget that Amex only allows one payment in the first month.
Did not know this! They should mention that somewhere. Unless I overlooked it?

If you can log into your AMEX account, set up your payment account right away. Payments are restricted for the first 30 days after a payment account has been added. By adding the payment account as soon as possible, restrictions will be lifted well before your first due date.

I'll probably miss something, but basically it works like this. Before your first statement cuts, you'll be allowed to make one "prepayment" to bring your balance down. After the statement cuts, you can make as many payments as you like until you reach your statement balance. You can do that in one payment or several. Once you've paid your statement balance, I believe you can make one prepayment beyond that.

If your limit is low, this can be a bit of a pain. But if you have a sufficient limit to handle your charges, it shouldn't be a problem. If you find you can't make a payment due to the restrictions, you can always push a payment from your bank.

This 30-day restriction will happen whenever a new payment account is added. If the time comes where you'd like to start paying from a different bank, try to do it so you can transition from the old bank to the new one. The restrictions will only apply to the newly added account.

Also note that adding new cards won't affect your ability to pay because your payment account has already been established.

Re: AMEX CLI WITH NEW CARD

Anonymous — Thu, 08 Mar 2018 00:19:00 GMT

I’d be careful with this imformation. I was under the same impression that it wouldn’t report for a couple statements. I received my Amex on Feb. 9th. My statement cut on Feb.13th and was reported to the CRA 2-3 days later. I made a total of two transactions and cut with a balance higher than anticipated.. to be reported. So YMMV.

Re: AMEX CLI WITH NEW CARD

Anonymous — Thu, 08 Mar 2018 00:25:52 GMT

Re: AMEX CLI WITH NEW CARD

K-in-Boston — Thu, 08 Mar 2018 00:53:22 GMT

Wow, that's surprising! Thanks for sharing that. Truly the first I've seen of Amex reporting so quickly.

Re: AMEX CLI WITH NEW CARD

Snipper117 — Thu, 08 Mar 2018 01:03:23 GMT

I recently received my second Amex card and my first statement has not cut yet it actually says the statement closes on 3/8. I was able to make 2 payments and I also received my statement credit bonus as well. Is the one payment only for new card holders?

Re: AMEX CLI WITH NEW CARD

bourgogne — Thu, 08 Mar 2018 01:08:14 GMT

@Anonymouswrote:
@Billharrellwrote:
Don't forget that Amex only allows one payment in the first month.
Did not know this! They should mention that somewhere. Unless I overlooked it?

you can push as much as you want to them, trust me they will not reject it. pulling on the portal is once. I would recommend using the card and max it out and pif it after the statement cut. set a high water mark for the card pay and pif after the statement and the cli's will roll in

Re: AMEX CLI WITH NEW CARD

K-in-Boston — Thu, 08 Mar 2018 02:35:24 GMT

@Snipper117wrote:
I recently received my second Amex card and my first statement has not cut yet it actually says the statement closes on 3/8. I was able to make 2 payments and I also received my statement credit bonus as well. Is the one payment only for new card holders?

@HeavenOhio wrote:

This 30-day restriction will happen whenever a new payment account is added. If the time comes where you'd like to start paying from a different bank, try to do it so you can transition from the old bank to the new one. The restrictions will only apply to the newly added account.

Also note that adding new cards won't affect your ability to pay because your payment account has already been established.

Re: AMEX CLI WITH NEW CARD

Anonymous — Thu, 08 Mar 2018 04:07:53 GMT

That's a YMMV situation.