topic Re: Should I even attempt for the AMEX 3XCL? in Credit Cards

Should I even attempt for the AMEX 3XCL?

respect — Sun, 01 Dec 2013 16:18:32 GMT

Hello everyone,

I am 21 years of age, 25k income, and score is hovering around 690. I applied for the AMEX Costco CC about 2 months ago, and was instantly approved for a 15,000 limit. The 61 day marker is approaching to where I am eligible for that famous 3X CL increase with Amex. My question is the credit limit they gave me is already 60% of my income, should I even attempt to ask for a increase to 45,000? Or try to settle for something like 20,000-30,000 range?

I have another AMEX Blue Card, that has a 2k limit, that is coming up on its 61 day marker as well. I have a total of 5 other CC's with overall total aviavible credit line of around 40,000, including both of the AMEX cards. Oldest account is a little over a year old.

For those of you wondering, I would use these high credit limits. Put 10k on my AMEX during the Xbox One/ PS4 launch days.

Thanks

Re: Should I even attempt for the AMEX 3XCL?

Longroad — Sun, 01 Dec 2013 16:46:34 GMT

$10K usage and $25K income. There could be red flags about to raise soon

Re: Should I even attempt for the AMEX 3XCL?

FocusedAndDetermined — Sun, 01 Dec 2013 16:56:20 GMT

Welcome to the forums.

Asking for $45K at this point might be pushing it. Why not get the Blue up to $6K?

Re: Should I even attempt for the AMEX 3XCL?

lg8302ch — Sun, 01 Dec 2013 16:57:53 GMT

With a 25K income and a "mysterious" CL of 15K I would definitely hold off. But that is just me as I cannot understand the 15K CL with that income and I would not want to risk a CLD instead of a CLI ...but if you are a gambler you might try to 25K but for sure not 45K in my opinion...let us know if you are going for the gamble

Re: Should I even attempt for the AMEX 3XCL?

respect — Sun, 01 Dec 2013 17:54:44 GMT

I've already paid off the 10k usage, due to the selling of all the xbox ones/ ps4s I was able to get my hands on. My credit utilization is under 10% as of right now. I might have it at 0, by the time it all reports. I think at this point, ill just push the Blue card up to 6k, and leave the 15k one alone. I was shocked myself to hear the 15k limit when I called into the automated system to see what I had received.

Maybe months from now I might push my luck to 20k or even 25k.

Re: Should I even attempt for the AMEX 3XCL?

Anonymous — Sun, 01 Dec 2013 21:32:11 GMT

@respect wrote:
I've already paid off the 10k usage, due to the selling of all the xbox ones/ ps4s I was able to get my hands on. My credit utilization is under 10% as of right now. I might have it at 0, by the time it all reports. I think at this point, ill just push the Blue card up to 6k, and leave the 15k one alone. I was shocked myself to hear the 15k limit when I called into the automated system to see what I had received.

Maybe months from now I might push my luck to 20k or even 25k.

I say go for the full 3X and let them counter.

They'll most likely ask you to submit tax docs however.

Re: Should I even attempt for the AMEX 3XCL?

Anonymous — Sun, 01 Dec 2013 21:43:42 GMT

I have a similar income and I tried a 2x AMEX CLI. Rejected. YMMV.

Re: Should I even attempt for the AMEX 3XCL?

09Lexie — Sun, 01 Dec 2013 21:46:15 GMT

Unless there's some compelling reason to increase the TE now, I would try the BCE. Then in six months try the TE, your history would be longer

Re: Should I even attempt for the AMEX 3XCL?

Anonymous — Sun, 01 Dec 2013 22:04:47 GMT

Don't do it. It's a trap. *yawn*

Re: Should I even attempt for the AMEX 3XCL?

Anonymous — Sun, 01 Dec 2013 22:22:05 GMT

I would definitely go for the increase on the lower limit card. Asking for a CLI on a 15k limit when your income is ~30k is crazy. Why should Amex give you 150% of your income on a single card? Getting the other card to a higher CL will make your profile look more favorable to other potential lendors.

Re: Should I even attempt for the AMEX 3XCL?

Creditaddict — Sun, 01 Dec 2013 22:55:24 GMT

In this case I would ask for the increase on the Blue... If the Costco was your only Amex then I would for sure say go for it... worse that happens is they say no or ask for taxes.

Re: Should I even attempt for the AMEX 3XCL?

negg — Mon, 02 Dec 2013 00:04:44 GMT

Why on earth would you want a CLI. 15k is mooooooooorw then enough with a 2k month salary. If anything Amex will FR you and CLD you. Very odd your CLI is 15 k with a 25k salary.

IMO something not right here.

Re: Should I even attempt for the AMEX 3XCL?

Anonymous — Mon, 02 Dec 2013 03:15:57 GMT

not to hijack,

i am on the same boat. however my income is at $60k a year. is getting the $15k bad? will i be FR'd too? and should i bother asking for a CLI in 2 months?

Re: Should I even attempt for the AMEX 3XCL?

Creditaddict — Mon, 02 Dec 2013 03:32:52 GMT

If you don't mind signing the form for them to pull taxes and income is close to stated... Don't worry! It might not even happen!!
It's just not that serious

Re: Should I even attempt for the AMEX 3XCL?

compassion101 — Mon, 02 Dec 2013 05:45:30 GMT

Be careful putting 10k through them in a month. Especially to buy what sounds like inventory for a business. Doesn't matter that you were able to pay it off, it will raise red flags

Re: Should I even attempt for the AMEX 3XCL?

respect — Mon, 09 Dec 2013 08:25:41 GMT

Compassion101,

That was my biggest concern, looking like it was for business purchases. In reality it sort of was, due to me buying them and reselling them on ebay. However, if questioned I have a very large family. The craziest thing to me was I put mulitple 1k charges back to back within minutes, and no phone call/ declines. Then drove 2 n half hours to another store and did the same thing with no phone call/declines. I made one 1k charge on my blue card everyday, that same day. Four days later they call me to verify the transaction lol. Thought to myself the 1k charge raised flag, but not the 10k worth of charges on the other card? Top it of, why wait 4 days to verify lol?

Ive decided not to do any CLI with AMEX, do not want to raise any account scrutiny, with my generous CLS.

Re: Should I even attempt for the AMEX 3XCL?

DaylightSlaving — Mon, 09 Dec 2013 10:11:40 GMT

@respect wrote:
Compassion101,

That was my biggest concern, looking like it was for business purchases. In reality it sort of was, due to me buying them and reselling them on ebay. However, if questioned I have a very large family. The craziest thing to me was I put mulitple 1k charges back to back within minutes, and no phone call/ declines. Then drove 2 n half hours to another store and did the same thing with no phone call/declines. I made one 1k charge on my blue card everyday, that same day. Four days later they call me to verify the transaction lol. Thought to myself the 1k charge raised flag, but not the 10k worth of charges on the other card? Top it of, why wait 4 days to verify lol?

Ive decided not to do any CLI with AMEX, do not want to raise any account scrutiny, with my generous CLS.

Off topic, but I think this needs to be said:

OP, I'd be really, REALLY careful with your illegitmate (i'm assuming you're not registered as a business; i.e. you don't have a tax ID number) business practice. To my knowledge, PayPal and Ebay are both required report 1099-Ks to the IRS once you reach a certain threshold, and quite frankly, I'm pretty sure you're at that threshold.

Buying merchandise with the intent to resell, especially with profit, is a business in the eyes of the IRS.

I'd get ahold of a tax professional immediately.

But hey, if I've got your situation wrong, disregard.

Re: Should I even attempt for the AMEX 3XCL?

takeshi74 — Mon, 09 Dec 2013 14:40:07 GMT

@respect wrote:
My question is the credit limit they gave me is already 60% of my income, should I even attempt to ask for a increase to 45,000?

Have you read the 3X CLI thread? I suspect you wouldn't be asking about anything over $25K if you had.

Re: Should I even attempt for the AMEX 3XCL?

Creditaddict — Mon, 09 Dec 2013 14:54:51 GMT

@DaylightSlaving wrote:
@respect wrote:
Compassion101,

That was my biggest concern, looking like it was for business purchases. In reality it sort of was, due to me buying them and reselling them on ebay. However, if questioned I have a very large family. The craziest thing to me was I put mulitple 1k charges back to back within minutes, and no phone call/ declines. Then drove 2 n half hours to another store and did the same thing with no phone call/declines. I made one 1k charge on my blue card everyday, that same day. Four days later they call me to verify the transaction lol. Thought to myself the 1k charge raised flag, but not the 10k worth of charges on the other card? Top it of, why wait 4 days to verify lol?

Ive decided not to do any CLI with AMEX, do not want to raise any account scrutiny, with my generous CLS.
Off topic, but I think this needs to be said:

OP, I'd be really, REALLY careful with your illegitmate (i'm assuming you're not registered as a business; i.e. you don't have a tax ID number) business practice. To my knowledge, PayPal and Ebay are both required report 1099-Ks to the IRS once you reach a certain threshold, and quite frankly, I'm pretty sure you're at that threshold.

Buying merchandise with the intent to resell, especially with profit, is a business in the eyes of the IRS.

I'd get ahold of a tax professional immediately.

But hey, if I've got your situation wrong, disregard.

PayPal will send you a 1099 once you accepted more than $25k in funds and then you are responsible with rather you need to report that or not... depending what you are doing with your paypal account there might not actually be income out of that money so you wouldn't owe on it.... ebay does not send any forms and you don't need to do any reporting of ebay because that's not actually money being prcoessed.