topic Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :) in Credit Cards

Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

nenuco — Sun, 31 Jul 2011 01:20:29 GMT

Hello I'm currently 20 years old with two credit cards open. The first is a Capital One Platinum with a CL of $500, the second is a Bank of America AMEX Cash Back with a CL of $1500. These were both open in October of last year (2010), meaning I have less than a year of credit history. Apart form these two cards I have nothing else. My first question regards a Credit Limit Increase. I have a FICO score of 722. I always pay all my balances in full. What would be an appropriate CLI on the BoA AMEX card? I have a checking and savings account with them if that helps. I have not been able to find a "formula" to calculate an amount that would possibly be accepted. My second question is about the AMEX. I have always wanted an AMEX, I initially applied for one along side the other two but got declined. I really like the Blue Cash Everyday card they offer? When would be a good time to apply? Thanks for any help or advice in advance. Sean

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

wmarat — Sun, 31 Jul 2011 01:49:06 GMT

I asked about 20% increase. It used to be pretty safe to request CLI q 6 month, it might be different now. Checking abd savings are the plus. You can call and asked for much bigger increase, but it would be a bet. FICO is good but not decisive.

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

nenuco — Sun, 31 Jul 2011 02:12:24 GMT

Thanks! I appreciate it. Any advice on the Amex Card?

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

android01 — Sun, 31 Jul 2011 03:04:28 GMT

@nenuco wrote:
Thanks! I appreciate it. Any advice on the Amex Card?

Amex credit cards are substantially more difficult to get than the charge cards. With a 6 month credit history, you'd have an easier time starting out with something like Amex Zync, build a 6-12 months history with them (along with paying your existing cards on time) and then try for Blue Cash Everyday.

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

Mekitcat — Sun, 31 Jul 2011 04:05:01 GMT

@nenuco wrote:
Hello I'm currently 20 years old with two credit cards open. The first is a Capital One Platinum with a CL of $500, the second is a Bank of America AMEX Cash Back with a CL of $1500. These were both open in October of last year (2010), meaning I have less than a year of credit history. Apart form these two cards I have nothing else. My first question regards a Credit Limit Increase. I have a FICO score of 722. I always pay all my balances in full. What would be an appropriate CLI on the BoA AMEX card? I have a checking and savings account with them if that helps. I have not been able to find a "formula" to calculate an amount that would possibly be accepted. My second question is about the AMEX. I have always wanted an AMEX, I initially applied for one along side the other two but got declined. I really like the Blue Cash Everyday card they offer? When would be a good time to apply? Thanks for any help or advice in advance. Sean

You can go to their site and see if your pre-approved for any of their cards, it can be a start for you.

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

nenuco — Sun, 31 Jul 2011 04:13:53 GMT

I have no pre-approval offers.... thanks for the advice I really appreciate it. Do you have any advice on the CLI? Thanks

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

Mekitcat — Sun, 31 Jul 2011 06:07:07 GMT

I'm still a newbie myself and I'm really not sure about that kind of stuff yet. Sorry

You can wait and see if some of the more experienced ones on here chime in.

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

nenuco — Sun, 31 Jul 2011 19:27:45 GMT

Thanks Anyways! If anyone else could help it would be great!

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

tntexans72 — Sun, 31 Jul 2011 19:35:39 GMT

Like OP have stated, to get in with Amex...a longer AAoA is important with them. It appears everything else is A+ on your CR. Getting a Amex Zync is a great start...but I would wait at least 6 months since the last Amex declined to app for another Amex card. You don't want to build up hard iqs for Amex when you know AAoA is important to them. Keep paying everything on time and app again in 6 months. Good luck! You have a great start....

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

nenuco — Sun, 31 Jul 2011 19:37:18 GMT

Thanks I will definitely do that! Do you have any advice on my credit limit increase? What would be an adequate increase to ask for? Thanks Again!

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

tntexans72 — Sun, 31 Jul 2011 20:12:23 GMT

@nenuco wrote:
Thanks I will definitely do that! Do you have any advice on my credit limit increase? What would be an adequate increase to ask for? Thanks Again!

Amex will allow 3x the amount requested. Other banks are different. If I was in your shoes, I would try to figure out how much I spend on the card monthly and ask for 3x that amount. For example, say your CL is $1000. You used $300 per month on the card each month than PIF, I would ask for 3x $300 = $900 CL increase. OP may have a different method so choose the one you are comfortable with. If you get declined, I am sure they will come back with a counter days later.

Generally I will use the card hard, PIF each month and they should get the message and bump you up.

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

nenuco — Sun, 31 Jul 2011 20:25:25 GMT

Good Rule of thumb. Thanks!

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

Creditaddict — Mon, 01 Aug 2011 00:00:15 GMT

For BofA CLI I would ask for at least 5k while on the phone with a credit analyst (get the number in sticky above). Tell them you are looking to make them your primary go to card since you do all your banking with them. They will counter if they don't think you can go that high.

I find it pointless to ask for CLI of less than your current CL... I want to at least double CL when I request.

As far as Amex... you might to go charge card route but wouldn't hurt to apply for the Blue that you want and if declined, go back in and apply for gold, green, or zync... same day applications, same credit pull.

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

tntexans72 — Mon, 01 Aug 2011 00:25:28 GMT

@Creditaddict wrote:
For BofA CLI I would ask for at least 5k while on the phone with a credit analyst (get the number in sticky above). Tell them you are looking to make them your primary go to card since you do all your banking with them. They will counter if they don't think you can go that high.
I find it pointless to ask for CLI of less than your current CL... I want to at least double CL when I request.
As far as Amex... you might to go charge card route but wouldn't hurt to apply for the Blue that you want and if declined, go back in and apply for gold, green, or zync... same day applications, same credit pull.

+1.....if his AAoA was longer. His credit card with BOFA was opened less than 1yr ago. Its going to be tough to get approved for all the cards you mentioned too, considering Amex is big on AAoA, negs, on-time payment than high Fico score IMHO. I think the original poster would have to take baby steps...to go from $1.5K to $5K in less than 1yr of having a new card with BOFA is probably too high of a feat for most of us. But than again, YMMV. If he has the HHI to support the $5K increase, than it doesnt hurt to try.

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

nenuco — Mon, 01 Aug 2011 01:36:39 GMT

Thanks for all the opinions. Regarding the AMEX card, I think I'm going to wait it out until next year. I would rather get approved instantly for the blue cash everyday card than get stuck with the Zync charge card which I'm not really interested in. For the CLI I think I'm going to try to get $3,000. I think $5,000 is too much of a stretch for now, and I've been told that BoA doesn't counter offer. You either get a CLI or declined. Do you guys think I should apply for a different credit card. I don't know if two line of credit is enough to build my history own. If so which card would be a recommendable one? Again thanks for any advice, you guys are super helpful!

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

Creditaddict — Mon, 01 Aug 2011 01:43:41 GMT

Citi Forward!! they tend to have great starting CL's and CLI very quickly available online consistantly usually no pull.

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

haulingthescoreup — Mon, 01 Aug 2011 04:28:04 GMT

@tntexans72 wrote:
@nenuco wrote:
Thanks I will definitely do that! Do you have any advice on my credit limit increase? What would be an adequate increase to ask for? Thanks Again!

Amex will allow 3x the amount requested. Other banks are different. If I was in your shoes, I would try to figure out how much I spend on the card monthly and ask for 3x that amount. For example, say your CL is $1000. You used $300 per month on the card each month than PIF, I would ask for 3x $300 = $900 CL increase. OP may have a different method so choose the one you are comfortable with. If you get declined, I am sure they will come back with a counter days later.

Generally I will use the card hard, PIF each month and they should get the message and bump you up.

I am completely ready to agree that I'm wrong on this, but my impression was that AmEx lets you ask for 3X your current CL, not the amount requested. But that might be the target figure, not the amount increased. So if you have a $2500 CL, you can either request a $7500 CL (3X what you have now), or an increase that will get you to $7500 (also 3X what you have now.) A different beast, where one winds you up at $10K and the other ends at $7.5K.

I chickened out and requested double what my original CL was, and I got it. I am a proud chicken in this area.

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

nenuco — Tue, 02 Aug 2011 01:32:51 GMT

Hello Again! I just got approved my CLI! I felt so confident that I went ahead and applied for the AMEX everyday cash back. I was approved!! Should I apply to another card before laying this to rest. I applied for a Citi MasterCard but there systems are down so I will call tomorrow. I want a final card. How is Discover? Any other good card that anyone can recommend? Thank-you guys for all your help!

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

Anonymous — Tue, 02 Aug 2011 14:50:29 GMT

If you can find out the CLI was a from soft pull, it might worth it to apply for another card. I'd wait till the CLI showed up on your credit report, usually within 7 - 10 days. Your AMEX Blue Cash won't show up on your credit report during this time frame. You can go ahead to apply for maybe a Chase Freedom. Discover may be a little bit hard, unless you are in a four year accredited university/college and apply for the student version of the More card. Chase Freedom is better rewards card anyway. It is also currently running a $200 cashback after spending $500 for opening a new card with them. You can find this in the Credit Card Center of myfico.com. HOWEVER, seeing as all of your inquiries are under one year old, maybe lay low a bit until your original two credit card becoming 1 year old and their inquiries having much less effect on your report.

Re: Credit Limit Increase Question + New AMEX Card... THANKS in advance :)

nenuco — Tue, 02 Aug 2011 15:07:11 GMT

Thanks! Great advice. I will lay low after this. I'm super happy about the AMEX app status though! Thanks!