topic Re: Amex CLI or not ? in Credit Cards

Amex CLI or not ?

lg8302ch — Wed, 11 Sep 2013 01:58:18 GMT

When I got to the 61 day mark for 3 x CLI on my AX BCP I "chickened" and requested 2 x and got approved from the initial 5K to 10K. At that time it was my first 5 digit card. Approaching 6 months after that first CLI I now wonder if I shall try my luck and request 20K next month and see what will happen ? (my profile show only the cards in my Siggy and all of the cards except the 2 BofA cards are less than 12 months old)

What would you do? Try to punsh my luck or rather leave it. Wonder also if it could be helpful for Chase CSP approval if AX grants me higher CL or if it could be used against me by telling me you have already enough CL?

What woud your expert advise be?

Have tried it with Cap1 since they have come up with the LUV button: Result below

This is the same for Amex but not sure if they look at it this way too ?

Thanks in advance for your opinions

Re: Amex CLI or not ?

Anonymous — Wed, 11 Sep 2013 02:11:17 GMT

Ask for 25k. They are known to counteroffer if they don't want to go all the way, and it's just a soft pull, so there's no real downside. Plus, if they approve you for less, you'll get an EX score out of the deal. I did 2k - 6k and just did the 6 months again and went from 6k - 18k. So, I've nontupled my AMEX CL in 181 days.

Re: Amex CLI or not ?

OptimalFICO — Wed, 11 Sep 2013 03:14:08 GMT

Like Mauve, a friend was initially approved by AMEX at $2k... two months later they were approved for CLI to $6k. Based on other posts in this forum, waited six more months and this week requested CLI of three times the existing CL... requested $24,000 to see what would happen... AMEX approved at $18,000 (three times the existing CL).

Based on this scenario and what I've read in this forum, I would request a CLI to $30,000 (three times your existing CL). The online system should return the max their system will approve. At that point you either "accept" what they approve or "decline" and keep your existing CL.

It has not been my experience that lenders refuse a higher CL because of existing high CLs, but I have heard of lenders refusing higher CLs because of low CLs.

Good luck!

Re: Amex CLI or not ?

Anonymous — Wed, 11 Sep 2013 03:33:14 GMT

I suggested 25k instead of 30k because over 25k, AMEX is pretty likely to want to see your tax filing info or whatever. Check out the sticky at the top of this forum for more info.

Re: Amex CLI or not ?

OptimalFICO — Wed, 11 Sep 2013 04:14:30 GMT

Good thinking Mauve.

My friend was required to enter her current annual income in a field below the requested CL and submitted the two numbers together during the online CLI process.

Personally, I have an original AMEX BCE card and about five years ago my CL was increased to $30,000 with no request for income documentation. Of course this is not always the case, as outlined in the following guide which details potential reasons why AMEX may ask for a signed IRS Form 4506T granting permission to pull a recent tax return (including new requested credit limits exceeding $25,000 for a particular account).

The Definitive Amex 3X CLI Guide

http://ficoforums.myfico.com/t5/Credit-Cards/The-Definitive-Amex-3X-CLI-Guide/td-p/1811071

Re: Amex CLI or not ?

Anonymous — Wed, 11 Sep 2013 04:33:28 GMT

I charged less than $200 total over a 2 month period and AMEX upped me from 8k to 23k on the 61st day.

Re: Amex CLI or not ?

youngandcreditwrthy — Wed, 11 Sep 2013 04:42:59 GMT

Is this $25k limit a per card basis?
I have $30,000 in Amex cred between two cards already, but wanted to get a 3xcli on my Delta to $16,500.

Re: Amex CLI or not ?

DigitalArk — Wed, 11 Sep 2013 04:47:05 GMT

Is better to talk to a rep or do it online for CLI request? My 61 day is right around the corner.

Re: Amex CLI or not ?

Anonymous — Wed, 11 Sep 2013 04:51:49 GMT

I did it online and it took a matter of seconds to get the new limit. Good luck, it will be easy.

Re: Amex CLI or not ?

OptimalFICO — Wed, 11 Sep 2013 05:04:14 GMT

@Anonymous wrote:
I charged less than $200 total over a 2 month period and AMEX upped me from 8k to 23k on the 61st day.

This is consistent with what has been shared about AMEX' 3X CLI policies, based upon which AMEX likely would have approved $24k. Did you request the $23k? You will be eligible to request another CLI in six months.

Re: Amex CLI or not ?

OptimalFICO — Wed, 11 Sep 2013 05:07:26 GMT

@youngandcreditwrthy wrote:
Is this $25k limit a per card basis?
I have $30,000 in Amex cred between two cards already, but wanted to get a 3xcli on my Delta to $16,500.

The "Definitive Amex 3X CLI Guidelines" (link posted above) states:

The following often (but not always) are potential reasons why Amex asks for 4506T for a CLI request.

New requested credit limit exceeds $25,000 for that particular account.
New requested credit limit would make overall credit extended across all Amex revolving accounts exceed $34,500 (post 123)
High internal risk score due to income on file to overall credit across amex and non-amex accounts ratio being too low.
Unusual/large/manufactured/risky spending patterns.

Hope this helps. Good luck!

Re: Amex CLI or not ?

OptimalFICO — Wed, 11 Sep 2013 05:10:01 GMT

@DigitalArk wrote:
Is better to talk to a rep or do it online for CLI request? My 61 day is right around the corner.

I don't believe it matters, whichever you prefer. My friend talked to a rep for her 61 day CLI, used the online system for the following 6 month CLI.

Re: Amex CLI or not ?

Anonymous — Wed, 11 Sep 2013 05:21:32 GMT

@OptimalFICO wrote:
@Anonymous wrote:
I charged less than $200 total over a 2 month period and AMEX upped me from 8k to 23k on the 61st day.
This is consistent with what has been shared about AMEX' 3X CLI policies, based upon which AMEX likely would have approved $24k. Did you request the $23k? You will be eligible to request another CLI in six months.

I requested 24k and they countered with 23k. Yeah, I will be hitting them up after 6 mos.

Re: Amex CLI or not ?

OptimalFICO — Wed, 11 Sep 2013 05:45:26 GMT

@Anonymous wrote:
@OptimalFICO wrote:
@Anonymous wrote:
I charged less than $200 total over a 2 month period and AMEX upped me from 8k to 23k on the 61st day.
This is consistent with what has been shared about AMEX' 3X CLI policies, based upon which AMEX likely would have approved $24k. Did you request the $23k? You will be eligible to request another CLI in six months.

I requested 24k and they countered with 23k. Yeah, I will be hitting them up after 6 mos.

Interesting. Well $23k is still very decent, congrats!

My friend said that first she entered the CLI of $24k and hit the "continue" button... the system returned a summary... she said it listed her requested CLI to $24k and the next line (she couldn't remember/understand the difference between the two lines other than the amounts... wasn't sure if it was reflecting what would be approved) listed $18k. She said she went back and entered a CLI of $18k and hit the "continue" button again, this time it returned a summary with her requested CLI to $18k and the second line listed $12k. So she went back again and re-entered the $24k with the second line at $18k -- and finally hit the "submit" button. It returned the approved CLI to $18k. Did you experience anything like this or know what it's about? I'm wondering what would have happened if she had requested $30k? Would it have given her more than $18k?

Re: Amex CLI or not ?

Anonymous — Wed, 11 Sep 2013 05:47:52 GMT

The 2k to 6k to 18k in 181 days scenario is what makes AMEX a key card to building out your credit profile. Basically no downside risk for being aggressive. Get that AMEX early and have them help you get your credit line up. I never understood people who get Chase cards early. Chase can be generous with initial CLs, but their CLI policies are not good for people early in credit history (not that many auto CLIs, HP for user initiated CLI requests no matter what the outcome, etc.). Get that AMEX to 18k and watch Chase match or beat it. Why go for that Chase card when your highest card is 2k and Chase is likely to "beat it" with a 2.5 or 3.5k card.

Re: Amex CLI or not ?

OptimalFICO — Wed, 11 Sep 2013 05:51:13 GMT

@Anonymous wrote:
The 2k to 6k to 18k in 181 days scenario is what makes AMEX a key card to building out your credit profile. Basically no downside risk for being aggressive. Get that AMEX early and have them help you get your credit line up. I never understood people who get Chase cards early. Chase can be generous with initial CLs, but their CLI policies are not good for people early in credit history (not that many auto CLIs, HP for user initiated CLI requests no matter what the outcome, etc.). Get that AMEX to 18k and watch Chase match or beat it. Why go for that Chase card when your highest card is 2k and Chase is likely to "beat it" with a 2.5 or 3.5k card.

I agree. Plus AMEX' customer service is stellar and can't be beat IMHO and experience.

Re: Amex CLI or not ?

lg8302ch — Wed, 11 Sep 2013 08:25:55 GMT

Thanks a lot for all the info. I will request it online beginning next month (not sure anymore about the exact 181 days) and try for 25K and see what happens. Looking forward to the result.

Re: Amex CLI or not ?

youngandcreditwrthy — Wed, 11 Sep 2013 12:50:09 GMT

Thanks@optimalfico...
I have read that Amex cli thread, but never noticed that $34,500 threshold.
Also, for the op-
I requested my first 3xcli over the phone, and I requested my second online. Both were instant, and both were approved "in fifteen" minutes :-)

Re: Amex CLI or not ?

OptimalFICO — Wed, 11 Sep 2013 23:24:57 GMT

@lg8302ch wrote:
Thanks a lot for all the info. I will request it online beginning next month (not sure anymore about the exact 181 days) and try for 25K and see what happens. Looking forward to the result.

Good luck and best wishes!

Re: Amex CLI or not ?

OptimalFICO — Wed, 11 Sep 2013 23:28:34 GMT

You're welcome