topic Re: GEMB Amazon high util... CLI? in Credit Cards

GEMB Amazon high util... CLI?

Anonymous — Fri, 17 Jun 2011 18:25:36 GMT

Just opened an Amazon store card with an $800 limit (6 mo financing, $680 in cart) last week. All 3 reports updated with the new card and inquiry within a few days - insane!

The bad news... it's posting that Amazon purchase as my high limit. As a result, it's showing that the card is close to 80% util.

I was able to post a payment today when I got the card ($680 down to $530), but there's no way I could PIF or get it down to a low util by the end of the month.

After reading this amazing post, I was thinking... Should I call and ask for a CLI?

Re: GEMB Amazon high util... CLI

Anonymous — Fri, 17 Jun 2011 18:59:33 GMT

call them and tell them ask to speak with a supervisor, dont tell them the reason, then tell the supervisor you were talking with an underwriter about a concern on your credit limit, ask to be conected. once you are conected with an underwriter give them a modest CL that you would like and they will try and approve you.

Re: GEMB Amazon high util... CLI

Anonymous — Fri, 17 Jun 2011 19:11:51 GMT

Would $400 be too much? (raising from $800 to $1200).

What would be a realistic CLI to ask for instead?

I have a few baddies (paid) that I worry about though... but I plan on using this a decent amount since I have a Prime membership.

Can't (and won't) when the util. is so high...

Re: GEMB Amazon high util... CLI

Anonymous — Fri, 17 Jun 2011 19:12:59 GMT

what ever you feel comfortable with

Re: GEMB Amazon high util... CLI

UFGuy2006 — Fri, 17 Jun 2011 19:44:10 GMT

@Anonymous wrote:
Would $400 be too much? (raising from $800 to $1200).

What would be a realistic CLI to ask for instead?

I have a few baddies (paid) that I worry about though... but I plan on using this a decent amount since I have a Prime membership.

Can't (and won't) when the util. is so high...

Its worth a shot.

Re: GEMB Amazon high util... CLI

Anonymous — Fri, 17 Jun 2011 20:32:17 GMT

Update: Just tried calling and was declined.

Getting a letter in 7-10 business days as to why... oh well.

Re: GEMB Amazon high util... CLI?

Anonymous — Fri, 17 Jun 2011 20:41:58 GMT

On some reports, my revolving accounts report both a "high limit" and a "credit limit". On other versions, it lists the CL as the "largest past balance" even though I have never come remotely close to the CL.

Is your Amazon showing both a "high limit" and a "credit limit"?

And, if I can ask, where are you pulling the report that is showing this? Some third party reports have only partial information, so that will be helpful to know.

Re: GEMB Amazon high util... CLI?

Anonymous — Fri, 17 Jun 2011 23:30:00 GMT

Hi beamMEup,

All three reporting agencies reflect both High Limit (current financing offer of 680) and CL (800).

I pulled EX from FreeCreditReport.com, EQ from myFico Score Watch and TU via TrueCredit. My EX and EQ FICO/PLUS scores both plummeted the day the Amazon account posted.

Re: GEMB Amazon high util... CLI?

Anonymous — Sat, 18 Jun 2011 14:51:31 GMT

Oh, yes, I see. On second reading I understand your post better - originally I thought you were concerned that your High Limit was being used as your CL for utilization calculations. My bad - must have been lack of sun. Time for me to go out and do some tanning!!!

Re: GEMB Amazon high util... CLI?

slarano — Sun, 19 Jun 2011 00:06:58 GMT

You just opened, so I don't think you should ask for a CLI. After paying down you balance to $0, try at that point. You'll have some history behind your account, and they'll probably want to entice you with a larger CL to take advantage of more financing offers or even more expensive products on the site. I too started with around an $800 limit a few years ago, and am currently at $2700. I've made a few big purchases with financing (plasma TV, Macbook Pro) and my CL was automatically increased each time by Amazon without having to ask for an increase. Ironically, the one time I did ask for an increase (right before I bought my MBP, because I needed a little more of a limit to buy the higher model that I wanted), they denied the increase despite being at $0 balance at the time. Every time they have initiated a CL increase on their behalf, I was actually carrying a fairly large balance. Go figure!

Re: GEMB Amazon high util... CLI?

bichonmom — Sun, 19 Jun 2011 00:16:54 GMT

The same thing happened w/me when I got their Old Navy card in March: my util was over 50%, which really irked me. On the plus side, as soon as you pay and they report to the CRAs, your score will rebound.

Also, I've been reading here that GEMB gives CLIs every 4 months - sometimes automatic and sometimes you need to call, but it doesn't take a hard pull. So all in all, you have a pretty decent card that will grow and help your util.