topic Re: k I need some advice on american express in Credit Cards

k I need some advice on american express

Anonymous — Tue, 17 Jun 2008 13:59:12 GMT

My scores TU 692 from 5/31,eq 702 6/13, ex 660 6/12.

My open accounts are

credit cards with balances:

Home depot 653/6000 fridge 0% till december

capital one 60/750 cause of annual fee adding last wk and a small purchase

discover 2500/3500

citi 500/6000 just barely raised!

afcu 8100/10000

bofa 5900/6200

bill me later 1049/2500 doesnt report to credit bureau though

credit cards no balances:

rc willey 2000cl

sears 1350 cl

gemb/accc 1000cl

credit firstc 1400cl

hsbc/bestbuy 2500cl

closed credit cards

hsbc 1000cl

applied bank500cl

Mortgage through countrywide 172375/172900

personal loan 950

truck loan 19300

car loan 5041

Just got a card from american express gave me a 2500 dollar credit limit my question is if i should ask for a cli at the activation or not. Also I have not gotten my card in the mail yet but my husbands AU card for the account arrived yesterday. When i went online and registered the account it said welcome and husbands name not mine! Not that it reallly matters but I was the applicant and I just had them issue him a card as an AU.

Any insight on any of this?

Re: k I need some advice on american express

Creditaddict — Tue, 17 Jun 2008 14:35:58 GMT

they changed policy, first cli at 3 months and you can ask for 3x current limit.

Re: k I need some advice on american express

Anonymous — Tue, 17 Jun 2008 14:36:30 GMT

oh ok then i geuss i will wait 3 months

Re: k I need some advice on american express

Anonymous — Tue, 17 Jun 2008 15:01:06 GMT

Creditaddict wrote:

they changed policy, first cli at 3 months and you can ask for 3x current limit.

Their policy is 60 days on new accounts and every 6 months after that. It's still better to wait three months, though.

Message Edited by cheddar on 06-17-2008 08:01 AM

Re: k I need some advice on american express

Anonymous — Tue, 17 Jun 2008 15:04:08 GMT

@Anonymous wrote:

@Creditaddict wrote:

they changed policy, first cli at 3 months and you can ask for 3x current limit.

Their policy is 60 days on new accounts and every 6 months after that. It's still better to wait three months, though.

Message Edited by cheddar on 06-17-2008 08:01 AM

This is exactly what was printed on my letter when I applied at day 59 by accident. Aside from the 3 months part.

Re: k I need some advice on american express

sammyfire2001 — Tue, 17 Jun 2008 17:37:58 GMT

I'm just curious, how is AmEx with auto cli?

Re: k I need some advice on american express

Anonymous — Tue, 17 Jun 2008 17:38:55 GMT

sammyfire2001 wrote:
I'm just curious, how is AmEx with auto cli?

It does happen, but it seems to be pretty rare. The vast majority of Amex CLIs I've ever heard of were cardholder-initiated.

Re: k I need some advice on american express

sammyfire2001 — Tue, 17 Jun 2008 17:41:08 GMT

@Anonymous wrote:

@sammyfire2001 wrote:
I'm just curious, how is AmEx with auto cli?
It does happen, but it seems to be pretty rare. The vast majority of Amex CLIs I've ever heard of were cardholder-initiated.

Thanks cheddar. What is a safe amount to request?

Re: k I need some advice on american express

Creditaddict — Tue, 17 Jun 2008 17:42:18 GMT

3x current limit but no more than 25k.

Re: k I need some advice on american express

haulingthescoreup — Tue, 17 Jun 2008 17:59:35 GMT

I don't know that I'd be bold enough to ask for 3X my limit first time out, unless I had GREAT scores, low util all around, I had used the card a lot, PIF'd promptly, etc.

Any quick read of the AmEx posts around here will tell you that they're going to keep sniffing you over frequently and thoroughly (think of a very large, well-trained watchdog with impressive teeth) until they're completely comfortable with you. Don't give them any reason to think suspiciously about you.

They've been softing me faithfully every fifteen days, even though I just have a charge card. If I had a credit card, there is no way that I would feel comfortable asking for 3X my limit. Not yet, anyway.

Re: k I need some advice on american express

Anonymous — Tue, 17 Jun 2008 18:03:02 GMT

@haulingthescoreup wrote:
I don't know that I'd be bold enough to ask for 3X my limit first time out, unless I had GREAT scores, low util all around, I had used the card a lot, PIF'd promptly, etc.

Any quick read of the AmEx posts around here will tell you that they're going to keep sniffing you over frequently and thoroughly (think of a very large, well-trained watchdog with impressive teeth) until they're completely comfortable with you. Don't give them any reason to think suspiciously about you.

They've been softing me faithfully every fifteen days, even though I just have a charge card. If I had a credit card, there is no way that I would feel comfortable asking for 3X my limit. Not yet, anyway.

They soft the bejesus out of me too. Usually every two weeks or so, but sometimes they do a couple within a day or two of each other.

Kinda like they are Big Brother eh?

Re: k I need some advice on american express

haulingthescoreup — Tue, 17 Jun 2008 18:08:15 GMT

@Anonymous wrote:

@haulingthescoreup wrote:
I don't know that I'd be bold enough to ask for 3X my limit first time out, unless I had GREAT scores, low util all around, I had used the card a lot, PIF'd promptly, etc.

Any quick read of the AmEx posts around here will tell you that they're going to keep sniffing you over frequently and thoroughly (think of a very large, well-trained watchdog with impressive teeth) until they're completely comfortable with you. Don't give them any reason to think suspiciously about you.

They've been softing me faithfully every fifteen days, even though I just have a charge card. If I had a credit card, there is no way that I would feel comfortable asking for 3X my limit. Not yet, anyway.
They soft the bejesus out of me too. Usually every two weeks or so, but sometimes they do a couple within a day or two of each other.

Kinda like they are Big Brother eh?

Yep, it's that warm, moist, slightly doggy breath! Sniff. Sniff, sniff... grrrrowlll...

Re: k I need some advice on american express

Anonymous — Tue, 17 Jun 2008 22:02:21 GMT

Does anyone know what sort of fee these banks pay to soft people? I can't imagine these companies can make much money just off transaction fees if they get so nervous that they soft every 2 weeks. There is prudent risk analysis and then there is eating into your profits!

Re: k I need some advice on american express

smallfry — Tue, 17 Jun 2008 22:08:18 GMT

3X credit limit? Can you spell FR?

Re: k I need some advice on american express

haulingthescoreup — Tue, 17 Jun 2008 22:39:00 GMT

@Anonymous wrote:

Does anyone know what sort of fee these banks pay to soft people? I can't imagine these companies can make much money just off transaction fees if they get so nervous that they soft every 2 weeks. There is prudent risk analysis and then there is eating into your profits!

That's what's behind those astonishing annual fees on AmEx charge cards, and relatively measely rewards on their credit cards!

I guess they figure that if they stay on top of things with their card holders, they can slam the door shut before they get huge defaults, as opposed to more Mickey Mouse defaults.

Re: k I need some advice on american express

smallfry — Tue, 17 Jun 2008 23:25:54 GMT

@haulingthescoreup wrote:
@Anonymous wrote:
Does anyone know what sort of fee these banks pay to soft people? I can't imagine these companies can make much money just off transaction fees if they get so nervous that they soft every 2 weeks. There is prudent risk analysis and then there is eating into your profits!

That's what's behind those astonishing annual fees on AmEx charge cards, and relatively measely rewards on their credit cards!

I guess they figure that if they stay on top of things with their card holders, they can slam the door shut before they get huge defaults, as opposed to more Mickey Mouse defaults.

Chase softs me twice a month as does Barclays. Amex isn't the only creditor to do this. Cit for some reason only finds it necessary to look every quarter along with the credit unions.

Re: k I need some advice on american express

rom828 — Tue, 24 Jun 2008 01:38:06 GMT

Hauling and Fretless....and anyone else willing to chime in....

will you please see my post from tonight "At Risk for CLD--should I call Amex" and please offer any advices??!!

I'm a nervous wreck about this situation would love your opinions on how I should handle!!

THANK YOU!!

Re: k I need some advice on american express

haulingthescoreup — Tue, 24 Jun 2008 10:51:03 GMT

@rom828 wrote:

Hauling and Fretless....and anyone else willing to chime in....

will you please see my post from tonight "At Risk for CLD--should I call Amex" and please offer any advices??!!

I'm a nervous wreck about this situation would love your opinions on how I should handle!!

THANK YOU!!

Timothy is your man for this, and I saw where he posted on your thread. The identical thing happened to him a couple of months back, with a bogus collection popping on to his reports. I can't remember for sure, but I don't think that he called AmEx, and they saw it when they softed him, but they never did anything. Soon after, he and his lawyer killed off the collection. (I hope I'm remembering this correctly; things blur.)

I'd be a basket case in your situation. It's like driving briskly down the interstate at my usual nine MPH over, and realizing that there's a state trooper next to me, matching my speed. Do I make eye contact? Do I smile and wave? scary, scary

Re: k I need some advice on american express

rom828 — Tue, 24 Jun 2008 14:03:19 GMT

Thanks, Hauling!!

Read Timothy's post and feel a little better. I hate to be seem so paranoid and desparate, but gee whiz, I've only been in prime land for a few months and I don't want to leave!!

You're analogy is perfect!!!

I'm gonna just look straight ahead so I appear innocent!! LOL

Re: k I need some advice on american express

Anonymous — Tue, 24 Jun 2008 14:11:02 GMT

Pretty accurate-

Collections happen

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=75543

I call BS on the 9 over HTSU!!!!!!!!!!