topic Re: Question about Amex BCE CLI in Credit Cards

Question about Amex BCE CLI

youngandcreditwrthy — Fri, 26 Oct 2012 01:38:14 GMT

So I feel a little ocd, but I'm really trying to gain insight on how to accomplish getting a 3xcli on BCE after 61days.

My question is this:
Does Amex prefer you to have a $0.00 balance on your statement to get a cli or at time of cli request? Or do they just want you to pif generally speaking? I already paid my first statement in full, but I'm curious to know if I should pay my next two statements before the statement cuts so they say $0.00.

Even if I let a balance report, I won't use more than 20% of my avail credit, and I will def pay in full. My limit is $3,500, and I'd really like to get that to $10,000. I'll prob request $10.5 or 11k late December (might even wait til the third statement cuts just to avoid any time lag that would result between approval/activation date lol)

Any advice is helpful, especially those who have experience with Amex.
I've been only using this card and have not been actively seeking any clis or anything like that. I'm reallllyy wanting that higher limit, which would even further my financial relationship with Amex). :-D

Re: Question about Amex BCE CLI

SevenNEW — Fri, 26 Oct 2012 01:53:40 GMT

Had the BCP for a year now, and 2 CLI already. They like it when you run serious money through it. Because it's my go-to card, I let it report 1-9% every month, and have the other cards report 0%. I think this is the best strategy. Also, make sure you check your score, so that there are no surprises.

Good luck!

Re: Question about Amex BCE CLI

distantarray — Fri, 26 Oct 2012 01:57:57 GMT

remember Amex is originally a charge card company they don't like large balance carry overs, but with that said a under 15% is perfectly fine, but I would keep it at 2% which is known as the magic number for your credit scores =P

Re: Question about Amex BCE CLI

youngandcreditwrthy — Fri, 26 Oct 2012 03:18:41 GMT

Well, I more than likely won't let more than $500 report (so like 14%). If I get the CLI, I'll be able to charge my tuition. I might even just try to keep the bal reporting at <$100 lol.

Well, I have one card with like an almost $5000 balance, but I'm paying that off soon, prob down to $2.5k when I req a cli from Amex, and Im limiting the balances reported on my other cards to all <$100. I use Wmt Discover for gas that I pif. My overall reported util should be down to 8-9% vs. 12-13% when I was approved. I expect my score to increase 10 or so points by then, but we shall see. There are two fraud accounts that randomly pop up every few months for the past year, an every single time I have to call all of the CBs and explain to them that they are FRAUD and couldn't possibly be mine as they were opened several years before I was 18!!! Ugh! But I watch my reports like a hawk! I even have text alerts sent to my phone from Amex's Credit Secure !
I've never experienced aa btw as I'm always sure to get those accts removed before any creditors see them reporting lol

I also have student loans that recently started reporting.

Re: Question about Amex BCE CLI

youngandcreditwrthy — Fri, 26 Oct 2012 03:20:01 GMT

Thanks y'all:-)

Re: Question about Amex BCE CLI

Anonymous — Fri, 26 Oct 2012 03:36:33 GMT

I havent gotten my card yet and I already want 61 days to pass so I can do it lol.

Re: Question about Amex BCE CLI

score_building — Fri, 26 Oct 2012 03:54:50 GMT

Regardless of the amounts, ideally will have as few accounts as possible reporting any balance for best results.

2.5k is not an insignificant balance reporting on one account (is it more than 50% of CL for e.g.) particularly as a student unless income/ payment history is exceptional/ better than average. Big limits beget big limits but without the personal income to support them, such requests can become dicey on a typical full time student income.

Re: Question about Amex BCE CLI

Anonymous — Fri, 26 Oct 2012 03:57:21 GMT

The lower the balance reported, the better. Probably less than 10% CL is a no problemo amount.

Re: Question about Amex BCE CLI

Anonymous — Fri, 26 Oct 2012 04:15:30 GMT

I just did this today. Here is what I did.

I always let my balances report - I don't care if it affects score yada yada yada - it's what I do and it hasn't affected me yet.

The first balance I paid on the due date. The second balance I got I paid today, (scheduled payments last night, even though it isn't due until next month. Today, I requested the 3x and got pretty close to the full 3x.

I just moved about half of my charge card spend onto the BCE (mostly groceries and a few other things) and that's all.

I think people get a little too nervous with AMEX - I really don't think there is any reason to tip-toe around them. Treat them well and they should treat you well.

Re: Question about Amex BCE CLI

youngandcreditwrthy — Fri, 26 Oct 2012 13:29:13 GMT

Note taken: minimize bal reporting, which I'm already doing.
Score_building: I have a full time job too...hhi is $100k+ so I have the income... The limit on that card with a $5k bal is $6.5k, so $2.5k will be far less than 50%. I have $80k of avail cred, and my highest limit is $12k, while I have several visas, mcs, two discovers, two amex's (one is barclay's trav amex), and store cards with limits in the $4k-$7k range. I've been tackling my debt like a mofo since I got the Amex really trying to get util <9%. I really don't have any fixed expenses. My rent is comp'ed and nontaxable, and I have a cellphone bill lol plus my credit cards (min pmts are only $200-300, but of course I pay far more than that - more like $1k to $2k a month). My downfall is expensive wine and car rentals lol - I like nice restaurants, and I don't want to buy or lease, so I rent- actually cheaper for me and no committment. Lol I also recently started paying on my student loans, even though they are deferred another year or two. I'm really hoping I can get to 710 or 720 fico in two months as I believe Amex will def cli me if I can do that. :-)

Thanks again for the advice y'all :-) I think I can do it !!!! I'm just so excited to have this Amex BCE as I've wanted this card sooooooo long!!!!! I want to treat her right ;-)

Re: Question about Amex BCE CLI

Creditaddict — Fri, 26 Oct 2012 15:36:53 GMT

@youngandcreditwrthy wrote:
Note taken: minimize bal reporting, which I'm already doing.
Score_building: I have a full time job too...hhi is $100k+ so I have the income... The limit on that card with a $5k bal is $6.5k, so $2.5k will be far less than 50%. I have $80k of avail cred, and my highest limit is $12k, while I have several visas, mcs, two discovers, two amex's (one is barclay's trav amex), and store cards with limits in the $4k-$7k range. I've been tackling my debt like a mofo since I got the Amex really trying to get util <9%. I really don't have any fixed expenses. My rent is comp'ed and nontaxable, and I have a cellphone bill lol plus my credit cards (min pmts are only $200-300, but of course I pay far more than that - more like $1k to $2k a month). My downfall is expensive wine and car rentals lol - I like nice restaurants, and I don't want to buy or lease, so I rent- actually cheaper for me and no committment. Lol I also recently started paying on my student loans, even though they are deferred another year or two. I'm really hoping I can get to 710 or 720 fico in two months as I believe Amex will def cli me if I can do that. :-)

Thanks again for the advice y'all :-) I think I can do it !!!! I'm just so excited to have this Amex BCE as I've wanted this card sooooooo long!!!!! I want to treat her right ;-)

UMMMM... I have seen a lot of things BUT "Renting a car!?" Like you rent EVERY DAY OF THE MONTH or you just rent when at home and you travel a lot or? I don't know.... Who do you rent from? What is the rate? HOW is that cheaper then buying or leasing?

Why do you not want to buy or lease?

As for amex you can think you are playing the same game they are and then they will smack you upside the head so you realize you can't play in the game they run!! Just use the card, doesn't matter what it reports if they are the only ones you are looking at to increase right now... overall util make low, but worrying about paying $2600 before statement on $3k balance to then request the full $10,500 3x current CLI at 61 days... blah... that computer system has got it all figured out!

Re: Question about Amex BCE CLI

youngandcreditwrthy — Fri, 26 Oct 2012 19:14:23 GMT

lol I'm not sure what you mean by paying $2600 on a $3k balance...I haven't charged that much on my Amex BCE, nor do I plan to...unless I get that big 3xcli, then I'll pay my tuition with it then pif.

My first statement was $199.58, which I pif'ed already, second statement should be like maybe $500. I'll pif too. lol

Well, I live where I work (a student property).. and I take the bus to school lol... so I don't need a car really, I just rent one like three or four days of the week to run my errands and maybe drive to see friends/family or go out lol. I spend like maybe $400 total a month, maybe even more like $280 ($70 a weekend) on rentals through Hertz, and I already have like a free week of rentals from my points. I like this option because I have no obligation to ever purchase the vehicle or get stuck in a payment or $20,000 in debt for a car OR even paying monthly insurance. Visa covers the car insurance while I rent it.. lol because of that Auto Rental Collision Damage Waiver insurance that is free :-). I've though about leasing a car, but I really just don't want to be stuck in any payment or have to pay full coverage insurance. I've thought about buying a car for cash (like $3-4K), but I just don't really want to own a car right now. It took me forever to pay off the last one LOL.. and I just HATE paying for insurance haha.

:-)

Re: Question about Amex BCE CLI

Creditaddict — Fri, 26 Oct 2012 19:19:38 GMT

@youngandcreditwrthy wrote:
lol I'm not sure what you mean by paying $2600 on a $3k balance...I haven't charged that much on my Amex BCE, nor do I plan to...unless I get that big 3xcli, then I'll pay my tuition with it then pif.

My first statement was $199.58, which I pif'ed already, second statement should be like maybe $500. I'll pif too. lol

Well, I live where I work (a student property).. and I take the bus to school lol... so I don't need a car really, I just rent one like three or four days of the week to run my errands and maybe drive to see friends/family or go out lol. I spend like maybe $400 total a month, maybe even more like $280 ($70 a weekend) on rentals through Hertz, and I already have like a free week of rentals from my points. I like this option because I have no obligation to ever purchase the vehicle or get stuck in a payment or $20,000 in debt for a car OR even paying monthly insurance. Visa covers the car insurance while I rent it.. lol because of that Auto Rental Collision Damage Waiver insurance that is free :-). I've though about leasing a car, but I really just don't want to be stuck in any payment or have to pay full coverage insurance. I've thought about buying a car for cash (like $3-4K), but I just don't really want to own a car right now. It took me forever to pay off the last one LOL.. and I just HATE paying for insurance haha.

:-)

Uhhh... Have I missed something lately with Visa? Why would Visa pay the car off if you total it and don't have insurance because you swiped your Visa card to pay for it?

I have had a Chase Visa 10 years ago pay my $500 deductible because I had an accident in a rental and had charged the rental on the visa but "MY PERSONAL" Insurance had to cover the rest or these days if I had taken the rental companies insurance.

You saying you waive the Auto Rental Collisiion or you buy that when renting?

Re: Question about Amex BCE CLI

youngandcreditwrthy — Fri, 26 Oct 2012 19:26:41 GMT

You are missing the point.

I don't have a car, nor do I have an auto insurance policy as I do not own a vehicle.

Auto Rental Collision Damage Waiver insurance is secondary insurance, ONLY if you have an auto policy.

Since I do not have an auto policy and am smart enough not to purchase the insurance offered by the rental company, the ARCDW insurance becomes my primary insurance assuming I use my Visa(it's in the cardmember agreement I think- covers up to $50k - I use my Chase Freedom). Also, Mastercard, Discover, and Amex all offer this type of insurance assuming you use them as the method of payment.

In your case, you had an actual auto policy, so that defaulted as your primary insurance, causing the ARCDW to be secondary, meaning it would cover damages outside of your limits of your auto policy, but not be able to be used as your primary insurance.

does that make sense? lol

Re: Question about Amex BCE CLI

distantarray — Fri, 26 Oct 2012 19:28:39 GMT

@youngandcreditwrthy wrote:
lol I'm not sure what you mean by paying $2600 on a $3k balance...I haven't charged that much on my Amex BCE, nor do I plan to...unless I get that big 3xcli, then I'll pay my tuition with it then pif.

My first statement was $199.58, which I pif'ed already, second statement should be like maybe $500. I'll pif too. lol

Well, I live where I work (a student property).. and I take the bus to school lol... so I don't need a car really, I just rent one like three or four days of the week to run my errands and maybe drive to see friends/family or go out lol. I spend like maybe $400 total a month, maybe even more like $280 ($70 a weekend) on rentals through Hertz, and I already have like a free week of rentals from my points. I like this option because I have no obligation to ever purchase the vehicle or get stuck in a payment or $20,000 in debt for a car OR even paying monthly insurance. Visa covers the car insurance while I rent it.. lol because of that Auto Rental Collision Damage Waiver insurance that is free :-). I've though about leasing a car, but I really just don't want to be stuck in any payment or have to pay full coverage insurance. I've thought about buying a car for cash (like $3-4K), but I just don't really want to own a car right now. It took me forever to pay off the last one LOL.. and I just HATE paying for insurance haha.

:-)

Honda Civic LX, $220 a month, 35 months. still cheaper than your renting and have a car 100% of the time. and insurance wouldn't be more than $180 a month I would think. Not sure but I'm in Florida and insurance rates here are bad, and it would cost me $44 to insure me for a Porsche 911 but then I have a perfect driving record with excellent credit =)

Re: Question about Amex BCE CLI

Creditaddict — Fri, 26 Oct 2012 19:43:19 GMT

@youngandcreditwrthy wrote:
You are missing the point.

I don't have a car, nor do I have an auto insurance policy as I do not own a vehicle.

Auto Rental Collision Damage Waiver insurance is secondary insurance, ONLY if you have an auto policy.

Since I do not have an auto policy and am smart enough not to purchase the insurance offered by the rental company, the ARCDW insurance becomes my primary insurance assuming I use my Visa(it's in the cardmember agreement I think- covers up to $50k - I use my Chase Freedom). Also, Mastercard, Discover, and Amex all offer this type of insurance assuming you use them as the method of payment.
In your case, you had an actual auto policy, so that defaulted as your primary insurance, causing the ARCDW to be secondary, meaning it would cover damages outside of your limits of your auto policy, but not be able to be used as your primary insurance.

does that make sense? lol

No I understand what you were saying, didn't miss the point... I think you REALLY need to call and talk to someone or Chase again... I called my insurance agent just to be sure... BUT the $50k that you are speaking of I believe would be accident dealth... it's like when you fly!! and yes if you have insurance then you can decline taking the hertz insurance (we will say for now since you used that name) and your insurance would pay anythiny that was damaged then visa (in this case you said visa) would kick in and pay UPTO $1000 deductible. As someone with no car and no insurance you would be required to take the hertz insurance because visa is not going to pay for 2 cars and medical bills if you decline all insurance coverage....

Anyone actually an agent that can come in and make a non official statement on what you would do if renting a car

Re: Question about Amex BCE CLI

youngandcreditwrthy — Fri, 26 Oct 2012 21:07:13 GMT

I am a 23 year old male with a pretty good record, no recorded wrecks, and obvi I have pretty good credit lol... My insurance for full coverage on a 2012 Altima would be like $300. I just don't like committment...
Lol and I don't need an agent or all of that added insurance. It isn't accidental death lol... I know it is Auto Rental Collision Damage Waiver. I've read all the fine print...
You should read "Your guide to benefits brought to you by Chase"....
It's all in there ;-) This guide actually instructs me to decline CDW/LDW coverage from the rental co so that I can take advantage of it. Lol

Re: Question about Amex BCE CLI

Creditaddict — Fri, 26 Oct 2012 22:03:02 GMT

@youngandcreditwrthy wrote:
I am a 23 year old male with a pretty good record, no recorded wrecks, and obvi I have pretty good credit lol... My insurance for full coverage on a 2012 Altima would be like $300. I just don't like committment...
Lol and I don't need an agent or all of that added insurance. It isn't accidental death lol... I know it is Auto Rental Collision Damage Waiver. I've read all the fine print...
You should read "Your guide to benefits brought to you by Chase"....
It's all in there ;-) This guide actually instructs me to decline CDW/LDW coverage from the rental co so that I can take advantage of it. Lol

So I have to say reading the "Visa" guide shows more coverage then I thought, but I'm still not able to locate wording that says "You don't have to carry any personal insurance" (Meaning, yes we cover you and you can decline the rental car insurance" but we "visa" only pay what "other sources" including personal insurance won't pay)

additionally it doesn't cover Personal Liability... isn't that when you hit someone? so if you hit someone and both cars are totaled and the person you hit doesn't have insurance or you are in a "no-fault" state wouldn't that mean you are responsible to pay for the entire car still?

Re: Question about Amex BCE CLI

youngandcreditwrthy — Fri, 26 Oct 2012 22:22:45 GMT

It doesn't say that in those words...but it is in there... It is midway through the agreement I believe. I am under the impression it acts as comprehensive coverage and becomes primary coverage when I have no other primary coverage and protects me, even if the accident is my fault. I've clarified this with Chase also.

Either way, this post was about an Amex BCE cli plan.

:-)

Re: Question about Amex BCE CLI

youngandcreditwrthy — Fri, 26 Oct 2012 22:24:15 GMT

Besides that, I've had no accidents in six years (knock on wood!) lol