topic Re: AMEX 61 DAY 3X CLI - Should I Go For It? in Credit Cards

AMEX 61 DAY 3X CLI - Should I Go For It?

14Fiesta — Mon, 01 Sep 2014 04:16:09 GMT

Hi fellow FICO people!!

I have a question and I would like some feedback from the community on if/how I should go about requesting it.

I was approved on 7/1 for $8,000 with an EX score of 742 (haven't checked it since then)

Quick stats about my profile that may be useful:

Oldest account: 9 months

Total available credit: $8,750

Total income: $12,000

Inq on EX: 4

Current balance on AMEX card: $811

Should I go for the full 3X (expecting counter offer) or not go for it?

Should I pay down my balance to $0 first?

I want to do a mini app spree in December/January for the Chase Freedom and Citi Double Cash. I don't want to get approved for a CLI closer/above my current reported income and then get denied for those cards based on too much available credit. (Are Chase/Citi sticklers of this?)

What are your thoughts? Any input is appreciated!

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

mongstradamus — Mon, 01 Sep 2014 04:57:40 GMT

@14Fiesta wrote:
Hi fellow FICO people!!

I have a question and I would like some feedback from the community on if/how I should go about requesting it.

I was approved on 7/1 for $8,000 with an EX score of 742 (haven't checked it since then)

Quick stats about my profile that may be useful:

Oldest account: 9 months
Total available credit: $8,750
Total income: $12,000
Inq on EX: 4
Current balance on AMEX card: $811

Should I go for the full 3X (expecting counter offer) or not go for it?

Should I pay down my balance to $0 first?

I want to do a mini app spree in December/January for the Chase Freedom and Citi Double Cash. I don't want to get approved for a CLI closer/above my current reported income and then get denied for those cards based on too much available credit. (Are Chase/Citi sticklers of this?)

What are your thoughts? Any input is appreciated!

that proabbly would be an good idea i don't think it would be mandatory tho. Just curious with so little income how did you get such a nice intial Cl, quite impressive.

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

Anonymous — Mon, 01 Sep 2014 05:00:15 GMT

@14Fiesta wrote:
Hi fellow FICO people!!

I have a question and I would like some feedback from the community on if/how I should go about requesting it.

I was approved on 7/1 for $8,000 with an EX score of 742 (haven't checked it since then)

Quick stats about my profile that may be useful:

Oldest account: 9 months
Total available credit: $8,750
Total income: $12,000
Inq on EX: 4
Current balance on AMEX card: $811

Should I go for the full 3X (expecting counter offer) or not go for it?

Should I pay down my balance to $0 first?

I want to do a mini app spree in December/January for the Chase Freedom and Citi Double Cash. I don't want to get approved for a CLI closer/above my current reported income and then get denied for those cards based on too much available credit. (Are Chase/Citi sticklers of this?)

What are your thoughts? Any input is appreciated!

Total income = $12,000? If that isn't an error, I'd really like to see the outcome. This should be interesting. Go for it!!! Good luck!

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

14Fiesta — Mon, 01 Sep 2014 05:13:08 GMT

@mongstradamus wrote:
@14Fiesta wrote:
Hi fellow FICO people!!

I have a question and I would like some feedback from the community on if/how I should go about requesting it.

I was approved on 7/1 for $8,000 with an EX score of 742 (haven't checked it since then)

Quick stats about my profile that may be useful:

Oldest account: 9 months
Total available credit: $8,750
Total income: $12,000
Inq on EX: 4
Current balance on AMEX card: $811

Should I go for the full 3X (expecting counter offer) or not go for it?

Should I pay down my balance to $0 first?

I want to do a mini app spree in December/January for the Chase Freedom and Citi Double Cash. I don't want to get approved for a CLI closer/above my current reported income and then get denied for those cards based on too much available credit. (Are Chase/Citi sticklers of this?)

What are your thoughts? Any input is appreciated!

that proabbly would be an good idea i don't think it would be mandatory tho. Just curious with so little income how did you get such a nice intial Cl, quite impressive.

Honestly I am not even sure myself. I followed the myFICO community guidelines to a T and only let $10 (2%) balance report on my Discover for the initial 6 months waiting to generate a FICO score. On 7/1 when I logged into here, and saw that I could finally get one, I went ahead and applied for BCE and got instant approval for 8K. I was only expecting like 1-2K myself with my low income. (Freshman College student, I only work part time as a cashier while I am in school)

But that brings up another question - Did the computer possibly make an error upon approval and assign me the wrong credit line? If someone were to manually review my account, would I be CLD'd to the correct amount? Or does AMEX really trust me?

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

WuXing5 — Mon, 01 Sep 2014 05:27:13 GMT

@Anonymous wrote:
@14Fiesta wrote:
Hi fellow FICO people!!

I have a question and I would like some feedback from the community on if/how I should go about requesting it.

I was approved on 7/1 for $8,000 with an EX score of 742 (haven't checked it since then)

Quick stats about my profile that may be useful:

Oldest account: 9 months
Total available credit: $8,750
Total income: $12,000
Inq on EX: 4
Current balance on AMEX card: $811

Should I go for the full 3X (expecting counter offer) or not go for it?

Should I pay down my balance to $0 first?

I want to do a mini app spree in December/January for the Chase Freedom and Citi Double Cash. I don't want to get approved for a CLI closer/above my current reported income and then get denied for those cards based on too much available credit. (Are Chase/Citi sticklers of this?)

What are your thoughts? Any input is appreciated!

Total income = $12,000? If that isn't an error, I'd really like to see the outcome. This should be interesting. Go for it!!! Good luck!

i really want to know how this turns out, please update us later OP

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

14Fiesta — Mon, 01 Sep 2014 05:44:46 GMT

@WuXing5 wrote:
@Anonymous wrote:
@14Fiesta wrote:
Hi fellow FICO people!!

I have a question and I would like some feedback from the community on if/how I should go about requesting it.

I was approved on 7/1 for $8,000 with an EX score of 742 (haven't checked it since then)

Quick stats about my profile that may be useful:

Oldest account: 9 months
Total available credit: $8,750
Total income: $12,000
Inq on EX: 4
Current balance on AMEX card: $811

Should I go for the full 3X (expecting counter offer) or not go for it?

Should I pay down my balance to $0 first?

I want to do a mini app spree in December/January for the Chase Freedom and Citi Double Cash. I don't want to get approved for a CLI closer/above my current reported income and then get denied for those cards based on too much available credit. (Are Chase/Citi sticklers of this?)

What are your thoughts? Any input is appreciated!

Total income = $12,000? If that isn't an error, I'd really like to see the outcome. This should be interesting. Go for it!!! Good luck!

i really want to know how this turns out, please update us later OP

I will make sure to keep you guys updated! I want to hear a bit more feedback from the community, and I have decided to pay my AMEX down to $0 first, which is going to take a few days because of banks being closed for the holiday. (I need to transfer money over from a different account)

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

myjourney — Mon, 01 Sep 2014 05:51:47 GMT

Don't forget to plan your request with the last SP for max chances of success.

Good luck

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

14Fiesta — Mon, 01 Sep 2014 05:55:46 GMT

@myjourney wrote:
Don't forget to plan your request with the last SP for max chances of success.
Good luck

Ah yes, if I remember correctly, they use the last SP date as a basis of decision. And thanks for the support!

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

kchengg1 — Mon, 01 Sep 2014 06:25:58 GMT

Any way to find out your last SP date without pulling your credit?

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

heyarrnold — Mon, 01 Sep 2014 06:26:59 GMT

@kchengg1 wrote:
Any way to find out your last SP date without pulling your credit?

You have to view your report directly from the reporting agency; Experian.

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

coldnmn — Mon, 01 Sep 2014 10:41:48 GMT

With a $12k income and your card having a $8k CL in my opinion your going to wake a sleeping bear. I think your chances of getting a CLD is way higher then the 3x CLI. I wish you luck if you go for it but I don't hold out much hope. If it was me I would be thrilled to have a $8k CL with a $12k income and wait until your income gets higher.

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

14Fiesta — Tue, 02 Sep 2014 00:01:23 GMT

@coldnmn wrote:
With a $12k income and your card having a $8k CL in my opinion your going to wake a sleeping bear. I think your chances of getting a CLD is way higher then the 3x CLI. I wish you luck if you go for it but I don't hold out much hope. If it was me I would be thrilled to have a $8k CL with a $12k income and wait until your income gets higher.

That's exactly what I am worried about. And don't think I'm being spoiled and unhappy with my CL, believe me I am ecstatic with what I have, I just thought maybe it would be a good idea to seek the maximum CLs like others here. One thing I forget that I realize now is most everyone here makes 4X what I do, so it's possible for them. I don't think I am going to go through with the CLI. (Sorry for getting some peoples hopes up and curious). I just don't want to scare AMEX and get hit with a wall of AA/FR/ETC.

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

joltdude — Tue, 02 Sep 2014 00:24:18 GMT

Whats the worst that can happen... a CLD down to 40% of her income, or a denial..... Im actually guessing there might a a counteroffer, a very small counteroffer, unless they consider that limit her max for them.... then they will just leave it alone... I dont see an FR in her future esp if she reported that low of an income.. Did you report any retirement income when you were filling out the app.. Reason I said this was a family member.. with only slightly higher income from you, got a comparable offer and hes going to do the 3X CLI after his next statement..

Discovers known to do some silly things like a highish CL on a thin file... esp if they think they can be "the preferred" card in the new files wallet.. Wouldnt put in to Amex to be trying a similar tactic if the member shows restraint and good credit use practices... give em enough rope to hang themselves...

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

14Fiesta — Tue, 02 Sep 2014 00:50:41 GMT

@joltdude wrote:
Whats the worst that can happen... a CLD down to 40% of her income, or a denial..... Im actually guessing there might a a counteroffer, a very small counteroffer, unless they consider that limit her max for them.... then they will just leave it alone... I dont see an FR in her future esp if she reported that low of an income.. Did you report any retirement income when you were filling out the app.. Reason I said this was a family member.. with only slightly higher income from you, got a comparable offer and hes going to do the 3X CLI after his next statement..

Discovers known to do some silly things like a highish CL on a thin file... esp if they think they can be "the preferred" card in the new files wallet.. Wouldnt put in to Amex to be trying a similar tactic if the member shows restraint and good credit use practices... give em enough rope to hang themselves...

*his, him, he, not she, but no worries lol

I do not have any type of retirement account yet. I'm only 18, but I know I should start one (and I want to sometime soon) because the sooner you start the better.

@Anonymous only income I get is from working 20 hours a week @8.40 an hour while I am in college, and full time in the summer, which is where I came up with that $12,000 best estimate.

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

Anonymous — Tue, 02 Sep 2014 00:59:16 GMT

My daughter (a student) applied for the BCE with a stated income around that, and got a $1K limit. Then since she had been a AU on my card, she got her MSD updated and we later noticed her CL was $8K (Amex never told her they were increasing it). She later applied for a CLI and got turned down with no counter offer (enough credit for income or something) So based on this massive sample, $8K is OK, but they probably won't increase it.

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

joltdude — Tue, 02 Sep 2014 01:21:53 GMT

Sorry for the gender/sex confusion... I was trying to guess based on the username... as i said, id go for it, but perhaps let my account age a bit first... since its your only Amex... you could wait a month, 3 months, more ... Your still technically "eligible" as long as you dont use it on another amex card... Perhaps wait for the half year point if you dont want to take a risk.. But even if they decline it, you can try again in 3 months... and its usually a SP....(someone can explain it better than I can ... )

http://ficoforums.myfico.com/t5/Credit-Cards/The-Definitive-Amex-3X-CLI-Guide-Discussion-Thread/td-p/1808981

Also someone correct me if im wrong, even if you got a CLD, the only effect would really be to your utilization, and if you are already under 8-10% util on your other card... it really wouldnt have much of a bite other than pride?

That said.. im reading LongTimeLurkers reply.... and tempted to agree with them and go. Your likely hit the ceiling for your credit lines with Amex, with your current income, and just leave things be.. 8K is 8K....

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

14Fiesta — Tue, 02 Sep 2014 03:15:48 GMT

@joltdude wrote:
Sorry for the gender/sex confusion... I was trying to guess based on the username... as i said, id go for it, but perhaps let my account age a bit first... since its your only Amex... you could wait a month, 3 months, more ... Your still technically "eligible" as long as you dont use it on another amex card... Perhaps wait for the half year point if you dont want to take a risk.. But even if they decline it, you can try again in 3 months... and its usually a SP....(someone can explain it better than I can ... )

http://ficoforums.myfico.com/t5/Credit-Cards/The-Definitive-Amex-3X-CLI-Guide-Discussion-Thread/td-p/1808981

Also someone correct me if im wrong, even if you got a CLD, the only effect would really be to your utilization, and if you are already under 8-10% util on your other card... it really wouldnt have much of a bite other than pride?

That said.. im reading LongTimeLurkers reply.... and tempted to agree with them and go. Your likely hit the ceiling for your credit lines with Amex, with your current income, and just leave things be.. 8K is 8K....

So, you and LTL are saying go for it, nothing will probably happen, maybe a small increase, but I am not at high risk for a CLD because this kind of credit to income ratio is acceptable with AMEX (as long as i'm responsible with it and keeping the balance low as always)?

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

mongstradamus — Tue, 02 Sep 2014 03:18:51 GMT

@14Fiesta wrote:
@joltdude wrote:
Whats the worst that can happen... a CLD down to 40% of her income, or a denial..... Im actually guessing there might a a counteroffer, a very small counteroffer, unless they consider that limit her max for them.... then they will just leave it alone... I dont see an FR in her future esp if she reported that low of an income.. Did you report any retirement income when you were filling out the app.. Reason I said this was a family member.. with only slightly higher income from you, got a comparable offer and hes going to do the 3X CLI after his next statement..

Discovers known to do some silly things like a highish CL on a thin file... esp if they think they can be "the preferred" card in the new files wallet.. Wouldnt put in to Amex to be trying a similar tactic if the member shows restraint and good credit use practices... give em enough rope to hang themselves...

*his, him, he, not she, but no worries lol

I do not have any type of retirement account yet. I'm only 18, but I know I should start one (and I want to sometime soon) because the sooner you start the better.
@Anonymous only income I get is from working 20 hours a week @8.40 an hour while I am in college, and full time in the summer, which is where I came up with that $12,000 best estimate.

Put as much as you can of that into Roth IRA IMO. It's never too early to start

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

Anonymous — Tue, 02 Sep 2014 03:19:06 GMT

I'm not saying "go for it", and not saying don't. But yes, I doubt if you will get a CLD, my point was that $8K on $12K while unusual isn't necessarily a huge mistake that they will detect when you request a CLI. So my guess is, like my daughter, you will be told "No" but that is all

Re: AMEX 61 DAY 3X CLI - Should I Go For It?

14Fiesta — Tue, 02 Sep 2014 04:31:34 GMT

@Anonymous wrote:
I'm not saying "go for it", and not saying don't. But yes, I doubt if you will get a CLD, my point was that $8K on $12K while unusual isn't necessarily a huge mistake that they will detect when you request a CLI. So my guess is, like my daughter, you will be told "No" but that is all

Ahh, thanks for clearing that up. I guess we will see...