topic Re: Did I flub up?????!!!!! AMEX in Credit Cards

Did I flub up?????!!!!! AMEX

BrokerTee65 — Fri, 20 May 2022 13:34:21 GMT

I allocated the available credit from my Delta Sky miles cc to my Everyday preferred. I then submitted a cli for my Delta Sky miles. The response was they needed further info and asked me to either give access to my bank or submit 3 months bank statements. I will find out in 7-10 days if cli was approved. How bad did I mess up?

P.S. My accounts aren't suspended or restricted. And I will never request a cli again!!

Re: Did I flub up?????!!!!! AMEX

Mdowning30 — Fri, 20 May 2022 14:42:38 GMT

Are you requesting to have a CL over $40-45K ?

Re: Did I flub up?????!!!!! AMEX

BrokerTee65 — Fri, 20 May 2022 14:44:01 GMT

No, just 4k

Re: Did I flub up?????!!!!! AMEX

SouthJamaica — Fri, 20 May 2022 15:00:27 GMT

@BrokerTee65 wrote:
I allocated the available credit from my Delta Sky miles cc to my Everyday preferred. I then submitted a cli for my Delta Sky miles. The response was they needed further info and asked me to either give access to my bank or submit 3 months bank statements. I will find out in 7-10 days if cli was approved. How bad did I mess up?

P.S. My accounts aren't suspended or restricted. And I will never request a cli again!!

I think it would have been better to get the CLI first, and then reallocate the limits.

Re: Did I flub up?????!!!!! AMEX

K-in-Boston — Fri, 20 May 2022 15:17:49 GMT

7-10 days is usually a denial. Did you provide the requested documentation? If not, no damage done - you just won't be approved for the increase, and if you were denied you can ask again in 91 days, although you may still receive the same request or a request for a Form 4056-C as Amex appears to have some concerns about your finances.

Re: Did I flub up?????!!!!! AMEX

BrokerTee65 — Fri, 20 May 2022 15:42:14 GMT

Yes, I sent the documents requested. Across the board with AMEX, my credit limit is 14,000.00 total. My bank statements support show that I made south of 30k in the last three months. I hope it's not an issue of finances as my stated income was 63k when I first applied, over 1 year ago

Re: Did I flub up?????!!!!! AMEX

UncleB — Sat, 21 May 2022 07:16:25 GMT

@BrokerTee65 wrote:
Yes, I sent the documents requested. Across the board with AMEX, my credit limit is 14,000.00 total. My bank statements support show that I made south of 30k in the last three months. I hope it's not an issue of finances as my stated income was 63k when I first applied, over 1 year ago

Quick question... if you don't mind sharing, what is your current EX FICO 8 score?

Re: Did I flub up?????!!!!! AMEX

BrokerTee65 — Sat, 21 May 2022 17:35:19 GMT

760

Re: Did I flub up?????!!!!! AMEX

UncleB — Sun, 22 May 2022 01:33:28 GMT

@BrokerTee65 wrote:
760

That shouldn't be the issue then.

Amex has been known to get squirrelly if one's EX score takes a dip but I don't recall any datapoints of folks in the 760s having problems.

Re: Did I flub up?????!!!!! AMEX

jamesdwi — Wed, 25 May 2022 03:40:49 GMT

Most likely AMEX didn't have access to your payroll income, many employers report your income to companies that provide the information to lenders that are willing to pay. So they wanted to validate your income cheaply. The increase from a CL of $10,000 to $14,000 wasn't worth the effort and expense of having to pay for a 4506-t request from the IRS which costs AMEX $43 dollars to submit. So they settled for the checking account statements. I wouldn't worry if your reported income match or isn't grossly different than what person with your reported income earns, would recieve to there checking account. Amex has decades of historical data, so they know that people earning the same as you.

Re: Did I flub up?????!!!!! AMEX

BrokerTee65 — Wed, 25 May 2022 13:42:34 GMT

Thank you for responding! My last 3 statements showed a combined total of 32k in work deposits in the last 3 months. And we are just in May. My request is still pending, I guess I will find out in the next few days. I have my stated income as 65k

Re: Did I flub up?????!!!!! AMEX

K-in-Boston — Wed, 25 May 2022 14:21:45 GMT

@jamesdwi wrote:
Most likely AMEX didn't have access to your payroll income, many employers report your income to companies that provide the information to lenders that are willing to pay. So they wanted to validate your income cheaply. The increase from a CL of $10,000 to $14,000 wasn't worth the effort and expense of having to pay for a 4506-t request from the IRS which costs AMEX $43 dollars to submit. So they settled for the checking account statements. I wouldn't worry if your reported income match or isn't grossly different than what person with your reported income earns, would recieve to there checking account. Amex has decades of historical data, so they know that people earning the same as you.

A qualified IVES transcript from the IRS is $5. As Amex switched to using Equifax to acquire return data (which is also significantly faster) via 4506-C, it's a pretty safe bet they have a negotiated rate that is even less.