Concerned about Amex SL

[frank784]

Looking to get another CC to keep expenses separate for a side business but don't want to do a business credit card so looking at Amex.

I currently have just over $70K in available CLs through Cap 1, Chase, Penfed, and Disco. I'm at 1-2% utilization. I was looking into Amex as I read their CLs can grow rather quickly for some. My current scores are 728-737 (Experian Bankscore 8 is 737). I went on Amex prequal and I'm preapproved for the BCE, the Amex Everyday, and the BCP. All cards put my APR at 18.49 so I think the prequal is solid.

My concern is the SL. I helped my Dad last night with a couple credit cards and he had the same prequal as me and got approved for $2K SL. His score is roughly 675 though and his individual income was $35K (retired) but household was $115K (Wife still working). My income is $140k individual and the same as household. 

I have tried to sort through all the credit pull databases, info on here, and as much data points as I could find but I can't seem to find a lot of consistency. 

Would you recommend I apply and hopefully get 10k? (4 of my 7 cards have 12K limits or higher). I know about the 3x at 61 days but a card with a $2k SL isn't very appealing to me. 

I have other cards I could run money through of course, but I thought this might be a way to get in with Amex. My goal by the end of 2018 is to have 100K in available limits as well  

Thanks for all your advice in advance. 

[manyquestions]

2K is not an unusual limit for a first AMEX card.  As you are aware, if you use it and ask for CLI you might be able to get the limit up to 20k by the end of 12 months.  Or they might give you 20k as a starting limit.  Hard to predict but you have a healthy income and a decent score.  My guess is you get more than 2k.

[Gmood1]

I don't have a crystal ball, but I don't feel you'll have any issue with getting the Amex. Why not a business Amex?
I feel they're as easy or easier to get than the personal Amex CC. The SL wouldn't matter as it doesn't report to personal CB anyway.
They can be very generous! With a little patience the limits grow quickly!
They allow the cards to be used well passed the limit.
I was goofing around today and input $40k as a spending request on a $23k CC. It was approved to my surprise!
So, I wouldn't sweat the starting limit too much with Amex.

[frank784]

I haven't set up my LLC and haven't really dove into business credit yet so I thought that a personal card would be better. The business I am doing on the side will involve a good amount of shipping so maybe a business card would be better. I was thinking I would do an Amex personal and if things took off the way I wanted them too I would go for a Chase Ink Business (Love Chase so far). I'm currently 6/24 but will drop to 3/24 Jan 1, 2019. I am in no rush as I have plenty available on my current cards, but thought an Amex might help my 100K goal as well as help me separate my personal expenses vs my business expenses even though it would be a personal Amex. Not really sure what to do at this point

[Viva-LV]

Go for it!  Even if your get a lower sl, don't be discouraged.  My first card BCP had a 2500 limit, but later apped for the Delta Plat and got 10k.  Picked up the HHR Surpass at 10k also.  Cli's within 18 months time on all cards.  Reallocated cl's to predominately one card to 29k.  Your scores and income are similiar to mine when I started with Am Ex.  Nothing to lose here!

[Gmood1]

You can select sole proprietor and input the name of your business or use your name as the business name. You don't need a LLC or EIN number. Use your SS as the EIN number.
That will keep things open for the Chase card. Since it won't count against 5/24. You can have your cake and eat it too!😀

[frank784]

If I pull the trigger on a personal amex I would think that I could get any of them even if I'm not prequalified (maybe I'm wrong). Any suggestions on what Amex to get? I prefer zero or lower AF. If there is an AF I would want the SUB to be decent. I started looking at the Delta gold and Delta platinum but I have a ton of UR miles so not sure I need another travel card. Amex ED or BCE would probably give me the same SL. The ED has some 0% for a bit so maybe that's a better option

[frank784]

Sorry but I'm not understanding (I will start reading about business credit in a few minutes), but if I formed a sole proprietorship and applied like you mentioned I would be able to apply for the Chase Ink business now even though I'm 6/24? This could be a game changer if I'm understanding this correctly.

[Gmood1]

Yes, the business Amex doesn't report to the personal CRs. Open your Amex application, where it asked what type of business, you select sole proprietor.

[shoegal]

Why not a business Amex card? They don’t ask for a ton of info. The approval is based on your personal credit. You have a good score and income so the blue business plus could be a good option or the simply cash plus. Both good cards!