topic Re: no amex cli's in Credit Cards

no amex cli's

accjohn1990 — Fri, 16 Nov 2018 04:21:07 GMT

I've had 2 amex card (everday and blue) since june 17, but havent gotten a single cli from the $1,000 approved for despite many attempts. I have 41 hard pulls in 2 years, although only a hand full in the last 6 months. My student loan is at 80k my income is 18k and my lot rent is 505. Is there any hope for me? Discover states my fico is a 750 and i have no derogatory marks

Re: no amex cli's

Anonymous — Fri, 16 Nov 2018 04:40:38 GMT

@accjohn1990 wrote:
I've had 2 amex card (everday and blue) since june 17, but havent gotten a single cli from the $1,000 approved for despite many attempts. I have 41 hard pulls in 2 years, although only a hand full in the last 6 months. My student loan is at 80k my income is 18k and my lot rent is 505. Is there any hope for me? Discover states my fico is a 750 and i have no derogatory marks

Hey!

Well, I think that the main issue here is your income. With an income of 18k a year (I imagined you meant 18k/year not month), if we take in consideration your rent ($505 x 12) you only have around 12k left and here we are not taking in consideration bills such as car payments (if you have any), utilities, cellphone bills, grocery shopping and so on. 18k (specially for Amex) is considered low income and that's why they will not raise your CL with your actual income.

Your credit score can be 750 but they are probably holding you with a 1k CL because they are not too sure if you'd be able to pay them back in case they increase your CL and you max the card out.

You mentioned 41 HP. I mean, are you sure that you have 41 HP? If you actually do (first, WOW...Just WOW) I believe that it will be extremelly (I mean REALLY extremelly) hard for them to give you a CL increase because, with 41 HP, it looks like you are desperate for credit (even if its not true) and that is bad. But like, fo-show, 41?! WOW!

I apologize, I am not here to say whats right and whats wrong. Anyways, putting the 41 HP (WOW) and your income aside, it also depends on how you've been using these 2 cards. Have you been paying the only minimum every month or in full? Because if you've been only paying the minimum, that is why they haven't increased your CL yet. What is your utilization ratio? Are you under 20% or at like 70%? That would play a big role too.

To be 100% honest here, if you actually have 41HP I find it reallt hard for any bank to give you a credit card or a CL increase for awhile. Also, with your income being 18k - it doesn't help because banks want to see that you can afford pay them back, this is actually part of the CARD act. Your utilization, like I said, plays a big role. If your utilization is at, let's say 70% and you want a credit line increase, it won't happen. Of course, we don't know your utilization ratio yet, this is just an example.

I hope I was helpful!

Re: no amex cli's

Jnbmom — Fri, 16 Nov 2018 04:48:43 GMT

Is that 41 HPS for all 3 bureaus in 2 years? Heck I have over that if I count all 3, so I don't think that was the major factor.

But I agree it may very well be your income. Have you evev burned AMEX in the past? 1K SL are usually borderline approvals.....................

Re: no amex cli's

accjohn1990 — Fri, 16 Nov 2018 04:48:45 GMT

I havent used either amex in a long time and they have been sitting at a 0 balance. I typically pay all my cards in full a few times a month. I do have 41 pulls because i was practiaclly addicted to applying for credit. Luckily, once i got a few cards i was able to spend my time requesting clis instead of doing new apps and my number of hard pulls has decreased slightly. 5 of my hard pulls are scheduled to drop off by new years

Re: no amex cli's

accjohn1990 — Fri, 16 Nov 2018 04:51:56 GMT

I have only burned discover. Ironically i have a 2.6k discover card and was just approved for another 1k discover. The 41 hard pulls are for just one bereau over 2 years

Re: no amex cli's

Anonymous — Fri, 16 Nov 2018 16:13:32 GMT

Profile and insane number of inquiries aside, Amex has specific timelines that you must abide to, you must wait 61 days after account opening to request your 1st CLI, and after a legitimate denial (a denial based on your profile not for breaking timeline) you must wait 91 days until you can request again. Furthermore, the timeline applies to your entire Amex profile not just individual cards, meaning you can only choose 1 card at each request along the timeline.

Based on the fact that the cards were only opened in June and you said you have made multiple requests since, I'm guessing you have broken above rules multiple times.

Re: no amex cli's

CreditInspired — Fri, 16 Nov 2018 04:56:24 GMT

OP

If you haven’t used your cards in a long time—AmX is thinking—why do you need a CLI when you’re not using the limit you have.

Re: no amex cli's

Jnbmom — Fri, 16 Nov 2018 04:57:49 GMT

@accjohn1990 wrote:
I have only burned discover. Ironically i have a 2.6k discover card and was just approved for another 1k discover. The 41 hard pulls are for just one bereau over 2 years

Only on one ? I stand corrected that is way too much

Re: no amex cli's

Anonymous — Fri, 16 Nov 2018 05:00:45 GMT

@accjohn1990 wrote:
I havent used either amex in a long time and they have been sitting at a 0 balance. I typically pay all my cards in full a few times a month. I do have 41 pulls because i was practiaclly addicted to applying for credit. Luckily, once i got a few cards i was able to spend my time requesting clis instead of doing new apps and my number of hard pulls has decreased slightly. 5 of my hard pulls are scheduled to drop off by new years

Hey,

Well, if you aren't using their credit cards there's no reason for them to give you a credit line increase. One of the ways that banks use to make money is merchant fees that are collected every time you use your credit card at a store/restaurant. If you are not using their cards, like I mentioned, there's no reason for them to give you a CLI. Also, if you burned Discover, that is probably on your credit reports and that will probably hurt your ability to get CLIs and open new accounts from my perspective.

Re: no amex cli's

thornback — Fri, 16 Nov 2018 05:42:53 GMT

I'm guessing it's likely due to your DTI (debt to income ratio). It's high and amex will cap your limit because of it.

I was in the same boat - full time student, P/T job making only $18.4K, $50K student loans, but had a 763 EX FICO. Amex approved me, but only for $500 SL. The first CLI denial reason was my high DTI so I decided not to request again til I went back to work full time - because, what would be the point? As soon as I did, I updated Amex with my income info and a couple days later was approved for a 3x CLI.

BTW - I used the card with the $500CL regularly & PIF - they still were not inclined to grant even the smallest auto CLI until my income increased.

Just hang in there, when your income rises, let them know and they'll make up for it, plus, you'll have a nice payment history with them. Throw a small purchase on the cards every now and then too...

Re: no amex cli's

staticvoidmain — Fri, 16 Nov 2018 07:04:59 GMT

@Anonymous wrote:
Profile and insane number of inquiries aside, Amex has specific timelines aside that you must abide to, you must wait 61 days after account opening to request your 1st CLI, and after a legitimate denial (a denial based on your profile not for breaking timeline) you must wait 91 days until you can request again. Furthermore, the timeline applies to your entire Amex profile not just individual cards, meaning you can only choose 1 card at each request along the timeline.

Is the 61 days strict for *any* CLI requests, or just the 3x CLI?

(I talked to a CSRep, and she said it would not be an instant denial. That said, I would be asking 1.04x increase only just to round up my limit. I want to believe her, because she was right when she said I can instantly transfer limit before my card even arrived. That is despite majority of sources saying I'd have to wait as well for a transfer.)

Also, what do you mean by not breaking timeline? If one get denied for the reason that the account is too new, does the 91 day rule not apply?

Re: no amex cli's

Anonymous — Fri, 16 Nov 2018 07:20:51 GMT

@staticvoidmain wrote:
@Anonymous wrote:
Profile and insane number of inquiries aside, Amex has specific timelines aside that you must abide to, you must wait 61 days after account opening to request your 1st CLI, and after a legitimate denial (a denial based on your profile not for breaking timeline) you must wait 91 days until you can request again. Furthermore, the timeline applies to your entire Amex profile not just individual cards, meaning you can only choose 1 card at each request along the timeline.
Is the 61 days strict for *any* CLI requests, or just the 3x CLI?

All timelines apply to *any* CLI (3x or otherwise), be it 61 days for the first new account, 91 days after a profile denial or 181 days after an approval.

(I talked to a CSRep, and she said it would not be an instant denial. That said, I would be asking 1.04x increase only just to round up my limit. I want to believe her, because she was right when she said I can instantly transfer limit before my card even arrived. That is despite majority of sources saying I'd have to wait as well for a transfer.)

Also, what do you mean by not breaking timeline? If one get denied for the reason that the account is too new, does the 91 day rule not apply?

It means pulling the trigger too early (breaking the above 61/91/181 timelines) does not reset the clock. For example, if you're denied because you requested too early on the 59th/89th/179th day, you can still request 2 days later on 61st/91st/181st day.

Re: no amex cli's

Malcono — Fri, 16 Nov 2018 12:16:29 GMT

41 HPs on just one Bureau.

Wow. I'm impressed.

OP, you should really calm that itchy trigger finger of yours.

Credit is a marathon, not a sprint.

Your income is pretty low compared to your debt, and you have shown lots of credit seeking behavior.

It's no surprise that Amex is hesitant to give you a higher CLI.

I would chill for a bit and let your profile grow, let those inquiries drop off...

Re: no amex cli's

pizza1 — Fri, 16 Nov 2018 16:40:14 GMT

@Malcono wrote:
41 HPs on just one Bureau.
Wow. I'm impressed.
OP, you should really calm that itchy trigger finger of yours.
Credit is a marathon, not a sprint.
Your income is pretty low compared to your debt, and you have shown lots of credit seeking behavior.
It's no surprise that Amex is hesitant to give you a higher CLI.
I would chill for a bit and let your profile grow, let those inquiries drop off...

I still love the act of surprise from some forum members when they see things like this. LOL...

Re: no amex cli's

RonM21 — Fri, 16 Nov 2018 17:21:12 GMT

@pizza1 wrote:
@Malcono wrote:
41 HPs on just one Bureau.
Wow. I'm impressed.
OP, you should really calm that itchy trigger finger of yours.
Credit is a marathon, not a sprint.
Your income is pretty low compared to your debt, and you have shown lots of credit seeking behavior.
It's no surprise that Amex is hesitant to give you a higher CLI.
I would chill for a bit and let your profile grow, let those inquiries drop off...
I still love the act of surprise from some forum members when they see things like this. LOL...

@pizza1 lol yes, but I'm not going to lie, my eyebrow went up a bit and I "may" have skipped a heartbeat.

Re: no amex cli's

Anonymous — Fri, 16 Nov 2018 20:29:33 GMT

The most that I know of is a forum member that has 106-108. That number could be more by now but hopefully they are gardening. Some others aren't far behind. Maybe there could be a special icon next to their name recognizing them as current inquiry champion...lol

Re: no amex cli's

K-in-Boston — Fri, 16 Nov 2018 23:10:44 GMT

@pizza1 That was my thought as I was reading this thread. We've had numerous triple-digits-on-each-bureau posters around here.

OP, you mentioned that you'd burned Discover in the past. Is that a charge-off or did you file BK? Those with BKs on their reports often have difficulty getting past training wheels limits with Amex until they fall off your reports. Although you did mention "no derogs" in your first post, so I'm not sure if you meant just recently or if nothing shows on your reports from burning Discover previously.

You mentioned that you had a 750 score from Discover. That would be a TransUnion FICO 08 score; Amex uses Experian FICO 08 scores as part of their decision-making, and you should be able to see that score in your Amex account.

What is the reason listed on your denials? As mentioned already, if you were denied with cause that sets the clock back another 91 days for all Amex accounts. If you are unsure of your denial reasons, you should be able to use the Ref# in your emails from Amex as the PCN number here: https://www262.americanexpress.com/eaol/welcome_loc.do

Amex certainly values income just about as much as any other single factor, but there are others with very low incomes that have been able to get decent credit lines from Amex.