topic Re: Should Have Asked For 40 Thousand From Amex in Credit Cards

Should Have Asked For 40 Thousand From Amex

theoldnocreditmaster — Tue, 14 May 2013 21:06:39 GMT

I've had an Amex Optima Platinum Card since 2004. Started out with a 10k limit worked it up to 15, then to 24K, During the Banking crisis, I thought they were going to balance chase me to zero. I owed about 12k and they reduced my credit to 12.1. Paid another thousand and they reduced it to 11.1. So I decided to just pay them a certain amount every month for about 14 months and they finally did stop chasing me.

It's been sitting at a zero balance for about two years. Called them today and requested a min of 30K credit line. They didn't push back a bit, and gave it to me. Who knows, maybe there are starting to feel the pinch of people not spending, and trying to hook them for some hefty interest payments. One thing I know for sure is I don't trust them anymore and will not charge more than a few hundred a year with them. But in the meantime I will "utilize their reporting limit" to benefit myself.

Re: Should Have Asked For 40 Thousand From Amex

Anonymous — Tue, 14 May 2013 21:34:08 GMT

So, that's the first example I know of going from < 25K to > 25K by your request (rather than an auto cli) without being asked for tax forms. Congratulations!

Re: Should Have Asked For 40 Thousand From Amex

LS2982 — Tue, 14 May 2013 21:35:38 GMT

@Anonymous wrote:
So, that's the first example I know of going from < 25K to > 25K by your request (rather than an auto cli) without being asked for tax forms. Congratulations!

Yup, first time i've heard of it too!

CONGRATS!!!

Re: Should Have Asked For 40 Thousand From Amex

Anonymous — Tue, 14 May 2013 21:42:17 GMT

CS800 went from 20 to 30k without docs required too. I think a lot of factors come in play as well.

Grats!

Re: Should Have Asked For 40 Thousand From Amex

theoldnocreditmaster — Tue, 14 May 2013 21:47:17 GMT

I did this by phone and spoke with them directly. I let them know that I understand what they had to do by reducing credit lines for most of their members a few years back. I never called, never complained to them. I also told them they my credit score took a major hit for a long period of time due to their actions. I made my way through it as I did not have to rely on them for credit. But by the same token, not only did I expect them to restore my original credit line, but to add 6K to it.

They said they would (I could hear the keyboard going in the background) and she said my new credit line will be available in 15 seconds and asked if that was fast enough. I checked my account online when I got home and was there. Very nice and all, but they did break my trust with them. I shall proceed with caution as they say.....

Re: Should Have Asked For 40 Thousand From Amex

myjourney — Tue, 14 May 2013 22:46:17 GMT

Congrats

Re: Should Have Asked For 40 Thousand From Amex

theoldnocreditmaster — Tue, 14 May 2013 22:55:08 GMT

Thanks... Can't help to but check online every 20 minutes to see that number. Last statement balance $0, Payment Required $0, Available Credit $30,000.00. Very nice to look at and it will stay that way! Truth is, if it wasn't for forums such as this, this would be just a pipe dream.

Lots of talented and knowledgeable people here. Crowd Sourcing, sharing information and supporting one another does work!!!

I started this mess with a score of 409. Don't ever give up.

Re: Should Have Asked For 40 Thousand From Amex

Anonymous — Tue, 14 May 2013 22:57:16 GMT

Amex customer service may treat you like a human being, but never doubt that they won't pull the rug out from under you if they a wiff that you actually "need" it.

Re: Should Have Asked For 40 Thousand From Amex

myjourney — Tue, 14 May 2013 23:01:10 GMT

@theoldnocreditmaster wrote:
Thanks... Can't help to but check online every 20 minutes to see that number. Last statement balance $0, Payment Required $0, Available Credit $30,000.00. Very nice to look at and it will stay that way! Truth is, if it wasn't for forums such as this, this would be just a pipe dream.

Lots of talented and knowledgeable people here. Crowd Sourcing, sharing information and supporting one another does work!!!

I started this mess with a score of 409. Don't ever give up.

Bravo so true and very well said

Re: Should Have Asked For 40 Thousand From Amex

theoldnocreditmaster — Tue, 14 May 2013 23:09:04 GMT

Couldn't agree more Turnpike.... They thought I had to have them to survive the real estate and bank fallout. But that wasn't the case and I pointed that out to them on the phone. My point to them was simple. You report me as paid as agreed per our card agreement. I have no place to "report" you for not holding up your end of the deal (credit line) and score crushing.

But rest assured, you're correct in your statement. My advice is to never trust Amex. You may think you hit a home run because they gave you a credit card, but beware.

If you owe them two cents or two grand, make sure you can pay them in a moments notice. And I mean a moments notice. Otherwise they will own, and haunt your score.

Re: Should Have Asked For 40 Thousand From Amex

theoldnocreditmaster — Tue, 14 May 2013 23:15:38 GMT

Thanks MJ.... I appreciate the complement.

Re: Should Have Asked For 40 Thousand From Amex

SRAGS — Tue, 14 May 2013 23:21:36 GMT

Congrats , good.

Citi did same thing for me on platinum select card. While was paying they kept on reducing my line of credit (in 2010) ..after that they stopped chasing me.. i Stopped using that card for more than 18 months. Using only like 10 or 25 dollars now and then.

Recently i asked for credit line increase.. and they increased my limit from 6200 to 19500.

Thanks... good post.. congrats.

Re: Should Have Asked For 40 Thousand From Amex

theoldnocreditmaster — Tue, 14 May 2013 23:27:22 GMT

I may be misguided here but based on some of my research from this forum, it seems that those that had credit line reductions during the bad spell, and kept pace with the creditors seem to be getting some huge credit line increases. Or is it just me?

Re: Should Have Asked For 40 Thousand From Amex

Anonymous — Tue, 14 May 2013 23:35:22 GMT

It's not just you. They were reducing credit limits for various reasons, some due to the customers fault and some due to the lenders'.

Some of the lenders just didn't have that enough liquidity to lend out as much money as they could before because of the crisis. Consequently, they had to CLD people's accounts because they just didn't have the money.

Re: Should Have Asked For 40 Thousand From Amex

theoldnocreditmaster — Tue, 14 May 2013 23:51:20 GMT

No doubt... I understand the liquidity and risk management side of the business, but not to even get a heads up was just uncalled for. No email, phone call or letter in the mail.

I found out by checking my account online. Good thing I didn't HAVE to rely on them. If so, I would have been dead in the water, because after such action no would have given me credit. That's their plan. It worked for some and not the others.

Thank God I didn't put my financial future in their hands. I know this sounds like a dumb ass statement coming from someone with a credit line from American Express of $30,000.00 on a piece of plastic credit card, but DON'T ever trust them, ever. Use the line to your advantage with other more reliable creditors. Throw them a bone now and then, but don't let them take it from you and bury it

That's my experience....

Re: Should Have Asked For 40 Thousand From Amex

theoldnocreditmaster — Wed, 15 May 2013 01:16:26 GMT

I learned a hard lesson from this with AMEX…. Never let your util get near 50%. Not just overall, but just on one credit card. If you have several cards with AMEX, don’t let the total util of all or even one of them get near or exceed 50% util. I think that may have triggered them to act in that fashion, coupled with the overall market collapse at the time.

Just a thought to help keep all of my buddies here safe……..

Re: Should Have Asked For 40 Thousand From Amex

SRAGS — Wed, 15 May 2013 01:21:01 GMT

Yes ... i agree with you...

But in my scenario... i was using 80 percent utilization on all cards at that time... and my credit score dropped from 690 to 590. That triggered citi to reduce the credit line.

Thanks.

Re: Should Have Asked For 40 Thousand From Amex

Sevenfeet — Wed, 15 May 2013 01:29:54 GMT

I had BofA do a CLD on me during the financial crisis. At first I thought it was just they thought I was in too much credit trouble to extend further (I wasn't really in trouble but my utilization was high...the CLD made it worse). But now it looks like from others' stories that the financial institutions were CLDing customers all over the place to restrict their overall exposure. Fast forward a few years and they CLI me higher than I've ever been ($20K) and grant me a FIA-based Fidelity Amex for an additional $20K. Go figure.

As for Amex proper, I'm about ready to do ask for a CLI with them to see if I can get my BCP card, which began its life at $20K up to $40K. I'm willing to provide the 4506T form. I have a good six figure household income. I won't get greedy and ask for a 3X CLI but I do think I can get 2X. In two weeks, we'll see.

Re: Should Have Asked For 40 Thousand From Amex

theoldnocreditmaster — Wed, 15 May 2013 01:35:43 GMT

The more AMEX will give you the better for your score. Just don’t use them for high balances. They react in a weird way, and when they do it crushes your score to the point you can’t get a 0% card to transfer the balance. When that happens, you’re on the hook

There’s about $49,500 worth of reasons in this thread not to let them get hold of you.

That’s an expensive piece of free advice.

Just a thought….

Re: Should Have Asked For 40 Thousand From Amex

Walt_K — Wed, 15 May 2013 02:53:26 GMT

Congrats to OP.

If you search through old threads, there are at least a few other examples of CLIs above $25K without requests for 4506t.