topic AMEX CLI - Good Idea or Red Flag? in Credit Cards

AMEX CLI - Good Idea or Red Flag?

Anonymous — Tue, 07 Jul 2009 18:18:49 GMT

Hey all - I've been an AMEX customer for 7 years. I've got a credit limit of $8800 and would like to bump this over $10,000 (to about $11,200 or so). Do you think asking for the CLI would be a good idea, or would it be a red flag for them to perhaps decrease my credit line? Even though my credit score is excellent (785), I've read some stories of AMEX actually cutting back customer's limits despite high credit scores, perfect payment history, etc.

The only reason I want the CLI is so that I can have one credit card with a limit over $10,000. I don't intend on using anywhere near that limit, but I've read (varying opinions on this) that it's generally good to have at least one card with a limit this high. Additionally, I know it would lower my debt-to-limit ratio, which can't hurt.

What's your take on this? I know AMEX does soft pulls, so that's not a concern. Prior to the economy going south, I wouldn't even be asking this question. I'm just a little gunshy since I know they've really clamped down on giving additional credit, so I'm weary of my CLI request backfiring. Thanks for your help.

Re: AMEX CLI - Good Idea or Red Flag?

Anonymous — Tue, 07 Jul 2009 20:12:15 GMT

If your other cards have low utilization and you have maintained this card well for 7 years its true a 10k plus card is good for your score as well as others following suit and approving for higher limits. The only Caveat is they my want to do a financial review of your account which would involve certain Irs forms, if that doesn't bother you I say go for it.

Within a yaer of getting my first 10 k card citi raised 2 other accounts to above 10k and Sams Discover approved me for a 13.5k Business Card.

Re: AMEX CLI - Good Idea or Red Flag?

FocusOnFICO — Tue, 07 Jul 2009 20:30:25 GMT

Good concerns. I requested a credit line increase similar to your request and they approved it very quickly. I did it over the phone and said that the reason was that I wanted to not exceed 20% of my credit line (since I charge 1,500--2,000 per month).

I hope that yours is successful, too.

Re: AMEX CLI - Good Idea or Red Flag?

manyquestions — Wed, 08 Jul 2009 02:21:40 GMT

@Anonymous wrote:
If your other cards have low utilization and you have maintained this card well for 7 years its true a 10k plus card is good for your score as well as others following suit and approving for higher limits. The only Caveat is they my want to do a financial review of your account which would involve certain Irs forms, if that doesn't bother you I say go for it.

If you wouldn't mind a Financial Review. That's always a chance you take.

Re: AMEX CLI - Good Idea or Red Flag?

Anonymous — Wed, 08 Jul 2009 11:11:54 GMT

Thanks for the help, everyone. I was granted a CLI to $11,2000 instantly. A financial review would have been fine, but I'm glad they didn't want to do one. Hopefully I'll never need to use that much credit, but it's comforting to know it's there in the unlikely event of a catastrophic emergency, etc. I'll be curious to see if this (combined with paying down a few small balances) will finally nudge me over the FICO 800 mark.

Re: AMEX CLI - Good Idea or Red Flag?

Anonymous — Wed, 08 Jul 2009 13:03:18 GMT

Congratulations on your CLI