topic Re: Amex: Not enough experience with credit line - guidance needed in Credit Cards

Amex: Not enough experience with credit line - guidance needed

JM761 — Thu, 18 Apr 2024 21:45:50 GMT

Hello,

I currently have an Amex Blue Card Everyday w/ 35k limit. I opened it in Dec 2022 with 9k limit. My score was low, they took a chance on me, and I appreciate it. I've asked for CLI regularly and I'm working to build out my credit portfolio because right now it is fairly thin with a few dings.

Current Fico8: EX: 738 TU: 719 EQ: 762 (EQ is higher because they unexpectedly removed 2 charge offs a little before 5 years with no explanation).

My current CL is 35k. I waited 6 months and asked for a 5k CLI. I got an denial because I did not have enough experience with the credit limit.

Fair enough...I only charge about $1000-$2000 and don't let it report very high, I don't carry a balance but do report between 2-4% each month (I think the highest I went was $1800 and then paid it down immediately to $0).

When I asked for the CLI, I had about $900 on the card.

Since then, I've charged it up to $3300.

The statement will close soon.

How does amex determine usage? Do they look at total amount charged for the month, regardless of how much is reported on the statement (Ie: high balance for the month is $3300 but if I pay it down now, it iwll report out at babout 1%) OR does it want to see the amount reported?

On my discover, it didn't matter how much I chanrged during the month, it denied me unless I let the statement close with a slightly higher than normal balance and then it increased my CL. Is that what I need to do with Amex too?

I'd prefer to pay it down but I will let it report higher if that makes a difference.

Thanks in advance...

Re: Amex: Not enough experience with credit line - guidance needed

GZG — Thu, 18 Apr 2024 21:53:56 GMT

it wouldn't surprise me if $35k is just your limit for right now given your dirty profile and lack of spend until your profile cleans or you show significant need for more

you don't need the balances to report, amex knows how much you spend

Re: Amex: Not enough experience with credit line - guidance needed

JM761 — Fri, 19 Apr 2024 00:54:41 GMT

Thanks...this makes a lot of sense. I guess I kind of suspected this but I'm still pretty new to using credit cards (in a correct and healthy way) so I wanted to be sure. Im grateful for the 35k limit. Looking forward the the last of my songs to fall off my report in about 2 years....

Again, I'm grateful for the insight. Thanks!!

@GZG wrote:
it wouldn't surprise me if $35k is just your limit for right now given your dirty profile and lack of spend until your profile cleans or you show significant need for more

you don't need the balances to report, amex knows how much you spend

Re: Amex: Not enough experience with credit line - guidance needed

Shooting-For-800 — Fri, 19 Apr 2024 02:46:20 GMT

$40k is a lot harder than $30k or $35k it seems.

DW got $35k instantly but needed financials for $40k.

Re: Amex: Not enough experience with credit line - guidance needed

GZG — Fri, 19 Apr 2024 04:10:33 GMT

@JM761 wrote:
Thanks...this makes a lot of sense. I guess I kind of suspected this but I'm still pretty new to using credit cards (in a correct and healthy way) so I wanted to be sure. Im grateful for the 35k limit. Looking forward the the last of my songs to fall off my report in about 2 years....
Again, I'm grateful for the insight. Thanks!!
@GZG wrote:
it wouldn't surprise me if $35k is just your limit for right now given your dirty profile and lack of spend until your profile cleans or you show significant need for more

you don't need the balances to report, amex knows how much you spend

it's clear amex likes you, you could have very easily have gotten $1-$5k for that type of profile, going past $35k though is a much bigger, likely heavy spend and clean profile and bank statements needed kind of step

Re: Amex: Not enough experience with credit line - guidance needed

JM761 — Fri, 19 Apr 2024 18:15:57 GMT

@Shooting-For-800 wrote:
$40k is a lot harder than $30k or $35k it seems.
DW got $35k instantly but needed financials for $40k.

Thanks for this feedback. Ive heard many people need financials for over 35k. I want to optimize my credit but, at the same time, don't want to poke the bear. At least not until my account is cleaned up a bit. Thanks for this feedback and congrats to DW for 40K!

Re: Amex: Not enough experience with credit line - guidance needed

JM761 — Fri, 19 Apr 2024 18:18:08 GMT

Again, very helpful info. I was shocked to get a SL of 12k (I mistyped and said 9k earlier). Then, each time I asked, I was going up a few thousand. I knew I was pushing it at 35k - esp since I am trying to save money for a new roof so my overall spending has decreased. I appreciate the guidance and will just sit and wait it out for a while...and hope that Amex still looks on me favorably as I continue this journey!