topic Re: Is it true Amex Cardholders... in Credit Cards

Is it true Amex Cardholders...

Anonymous — Tue, 13 Nov 2012 18:28:08 GMT

I'm curious to find out about this credit limit increase after 61 days. I want to know is it true that they actually give you 3 times your starting limit? I was approved for the BCE this past weekend with a limit of $8000. So sometime in January I can expect a limit increase of oover $20k? Seems a bit extreme to me. I guess maybe it depends on your income as well as how much you charge monthly to justify it. Can anyone back this up?

Re: Is it true Amex Cardholders...

Anonymous — Tue, 13 Nov 2012 18:42:21 GMT

Re: Is it true Amex Cardholders...

TheConductor — Tue, 13 Nov 2012 18:47:56 GMT

It's not guaranteed, but it happens often enough to be regarded as pretty typical.

I think the most important thing to take away is that by AmEx's own estimation it is reasonable to request a 3x increase. And then they may give it to you, or counter-offer a lower amount, or say "wait a bit".

FWIW, when I previously had an AmEx revolver I was unaware of this custom. For my first CLI I asked for 2.5x and ended up getting 2x. As always in the credit world, your mileage may vary.

Re: Is it true Amex Cardholders...

Anonymous — Tue, 13 Nov 2012 19:04:09 GMT

Ok so it is pretty possible then. I just don't think I would want to actually ask for $24,000 because I don't need it per say I would jus like to have a larger total credit limit to decrease utilization. What is a financial review because I've seen people bring it up in other forums? And if it it comes out bad what happens?

Re: Is it true Amex Cardholders...

Anonymous — Tue, 13 Nov 2012 20:15:03 GMT

Just to give you an idea, I was at 7,500 and requested the full 3x CLI. Amex countered at 19.2k. So I got about a 2.5x CLI from them.

Re: Is it true Amex Cardholders...

Anonymous — Tue, 13 Nov 2012 20:31:17 GMT

Jeez that's great. I can't wait until my 2 months roll around. I haven't even got my card yet and I'm already looking into the future. Do you have to spend a lot of money on the card per month or is it kind of like a unwritten thing and it doesn't really matter?

Re: Is it true Amex Cardholders...

Anonymous — Tue, 13 Nov 2012 20:40:10 GMT

Some have had experience where it does not matter. Others who have gotten the card and requested 3x CLI and did not spend much have gotten rejected. I personally use Amex as my main card (originally my charge cards) but moved my spend on them over to the BCE to show activity. Typically I put about 1.5k per month through them. Now I use both charge and credit from them just to mix things up a bit.

Re: Is it true Amex Cardholders...

Anonymous — Tue, 13 Nov 2012 20:51:23 GMT

Ok I will try to use it as much as possible to show activity. I used to have the Green card but I canceled it a few months back.