topic Re: Amex CLI when at 28k? in Credit Cards

Amex CLI when at 28k?

txgal73 — Sun, 29 Jul 2018 06:17:49 GMT

Hi all,

I recently moved 5k from my ED to BCE, making the total CL on BCE 28k. I have a CLI due here soon. Should I ask on BCE or ED? Wil Amex go much higher on the BCE?

Re: Amex CLI when at 28k?

HeavenOhio — Sun, 29 Jul 2018 11:04:30 GMT

What's the limit on the ED?

You can likely bring yourself to 34k without income verification. After that, AMEX has shown a willingness to increase limits by 5K every six months without proof of income.

If your goal is to increase the limit on the BCE by a larger amount, it might be best if you requested the CLI on the ED and moved some of its limit over again.

Re: Amex CLI when at 28k?

simplynoir — Sun, 29 Jul 2018 12:38:21 GMT

Individual limits don't matter as much as your total exposure in relation to how much credit AMEX is willing to extend you based on your profile. Not saying they don't consider that as well but I think it definitely has more of an impact. Just depends on how your credit profile looks and how much you left on the ED that they will be willing to extend on your BCE without income verification if you're worried about that.

Re: Amex CLI when at 28k?

Anonymous — Sun, 29 Jul 2018 20:17:11 GMT

Income vs toatal CL also plays a big role, I had 3 cards with Amex totaling 45k, SimplyCash+ 20k, BCE 20k and BCP 5k. I was denied twice attempting to 3X my BCP to 15k, both were 7-10 day message with reason "income not high enough to....". After moving 10k from BCE to BCP, my 3rd attempt (15k-22k) was met with income verification request, first time I ever got one me thinks very good, hit the back tab and requested 1k less, same result, requested another 1k less expecting more IVs but got a counter offer for $700 LOL, after contemplating awhile I took the offer, it was my best offer in 9 months.

Now my BCP sits at $15,700

Re: Amex CLI when at 28k?

txgal73 — Mon, 30 Jul 2018 00:01:25 GMT

Thank you all!!

Oldman87, so what percentage is that of your income? I hope you don’t mind me asking this! Not trying to be rude . I’m curious how high I should shoot for? I’d like to bring my utilization down with the CL. Thanks!!

Re: Amex CLI when at 28k?

wasCB14 — Mon, 30 Jul 2018 00:03:32 GMT

Amex revolvers can go into the millions...if you have the income and proof of it!

Re: Amex CLI when at 28k?

Anonymous — Mon, 30 Jul 2018 00:06:27 GMT

@txgal73 wrote:
Thank you all!!

Oldman87, so what percentage is that of your income? I hope you don’t mind me asking this! Not trying to be rude . I’m curious how high I should shoot for? I’d like to bring my utilization down with the CL. Thanks!!

My reported income is 65k.

Re: Amex CLI when at 28k?

txgal73 — Mon, 30 Jul 2018 00:07:32 GMT

Thank you so much!!

Re: Amex CLI when at 28k?

Anonymous — Mon, 30 Jul 2018 00:14:11 GMT

No problem.

Re: Amex CLI when at 28k?

Anonymous — Mon, 30 Jul 2018 21:24:20 GMT

I was at 25K and I requested a CLI this month for 30K which went through but I think @HeavenOhio's suggestion makes more sense here. I think they might be looking at %utilization of your total credit but I'd keep it below 50% of your income in order not to trigger a ~~Financial Review~~ Edit: (income verification/4506T) not FR as corrected in further posts.

Re: Amex CLI when at 28k?

simplynoir — Mon, 30 Jul 2018 10:24:49 GMT

@Anonymous wrote:
I was at 25K and I requested a CLI this month for 30K which went through but I think @HeavenOhio's suggestion makes more sense here. I think they might be looking at %utilization of your total credit but I'd keep it below 50% of your income in order not to trigger a Financial Review.

From recent datapoints that seems to be somewhat of a myth since I've seen some people report getting pretty close to their income in credit extended with AMEX but it at least serves as a baseline to work with.

Also, please do not confuse a financial review with income verification. One shuts down your accounts pending submission of 4506-T documentation for possibly having your cards re-instated (financial review) and the other is simply asking to voluntarily confirm your income before granting your CLI request (income verification).

Re: Amex CLI when at 28k?

UncleB — Mon, 30 Jul 2018 11:55:30 GMT

@simplynoir wrote:
@Anonymous wrote:
I was at 25K and I requested a CLI this month for 30K which went through but I think @HeavenOhio's suggestion makes more sense here. I think they might be looking at %utilization of your total credit but I'd keep it below 50% of your income in order not to trigger a Financial Review.
From recent datapoints that seems to be somewhat of a myth since I've seen some people report getting pretty close to their income in credit extended with AMEX but it at least serves as a baseline to work with.

Also, please do not confuse a financial review with income verification. One shuts down your accounts pending submission of 4506-T documentation for possibly having your cards re-instated (financial review) and the other is simply asking to voluntarily confirm your income before granting your CLI request (income verification).

I think I should take the cards out of my siggy and replace them with the definition of "Financial Review".

Re: Amex CLI when at 28k?

txgal73 — Mon, 30 Jul 2018 16:30:05 GMT

So, I looked up financial review and that's scary LOL. Now I'm afraid to ask for a CLI.

Re: Amex CLI when at 28k?

UncleB — Mon, 30 Jul 2018 17:24:00 GMT

@txgal73 wrote:
So, I looked up financial review and that's scary LOL. Now I'm afraid to ask for a CLI.

Why are you afraid? CLIs have absoutely nothing to do with a FR. Zilch, nada.

Re: Amex CLI when at 28k?

txgal73 — Mon, 30 Jul 2018 17:47:23 GMT

Right before I read this one, I read that it wouldn't on another thread. I initially thought one triggered the other.

Thanks!

Re: Amex CLI when at 28k?

txgal73 — Mon, 30 Jul 2018 17:56:16 GMT

Ok, another question...

So, my BC has $28,500k and my ED is $1k, since I moved the CL to BC and I don't do CLIs on ED. Do you think I could request 10k on the ED card? More?

Re: Amex CLI when at 28k?

UncleB — Mon, 30 Jul 2018 18:07:03 GMT

@txgal73 wrote:
Ok, another question...

So, my BC has $28,500k and my ED is $1k, since I moved the CL to BC and I don't do CLIs on ED. Do you think I could request 10k on the ED card? More?

Nope, you can't request more than 3x a card's current limit (or rather, you can request it but you won't get it).

Re: Amex CLI when at 28k?

Anonymous — Mon, 30 Jul 2018 21:12:07 GMT

@simplynoir wrote:
Also, please do not confuse a financial review with income verification. One shuts down your accounts pending submission of 4506-T documentation for possibly having your cards re-instated (financial review) and the other is simply asking to voluntarily confirm your income before granting your CLI request (income verification).

Forgive me but CLI has resulted in the IRS 4506T form from an experience of a person I know and randomly searching on google. It might not result in account being blocked/locked but a financial review has/had been asked on certain occasions.

From my own personal experience when my limit was low and I had requested a CLI since I had the finances to back it up. The CSR said that she will need to do a FR since she cannot do a HP and explained the 4506T form process.

Do bear in mind this is old info/experience from 2011-2012, so not sure how much is still pertinent.

Re: Amex CLI when at 28k?

Anonymous — Mon, 30 Jul 2018 21:22:07 GMT

Either you misunderstood the CSR or she misused the term FR, what you experienced is IV request (income verification/4506T) not FR. You can ignore or declined to comply with an IV, not so with an FR without serious consequences with your Amex relationship.

Re: Amex CLI when at 28k?

UncleB — Mon, 30 Jul 2018 21:38:33 GMT

@Anonymous wrote:
Either you misunderstood the CSR or she misused the term FR, what you experienced is IV request (income verification/4506T) not FR. You can ignore or declined to comply with an IV, not so with an FR without serious consequences with your Amex relationship.

+1... spot-on.

@Anonymous, I covered the difference between a FR and proof-of-income request here: https://ficoforums.myfico.com/t5/Credit-Card-Applications/Too-many-AMEX-Applications/m-p/5311934#M205555

This is well-covered in the Amex 3x Mega Thread as well.

To clarify, the 4506-T is one tool that is often used in a FR, but requesting a 4506-T for income verification isn't in itself a financial review.