AMEX BCP credit limit increase

[Tinkiegrrl]

Tomorrow marks 61 days with my Amex BCP. Starting limit on the card is $10.4k. I'm here because I've read about the 3x limit increases Amex does but I'm torn on how much I should ask for. Asking for 3x my limit would put me over $30k on the card, and I read that over $25k may trigger financial reviews? Then again, others have told me $30k should be fine. Should I play it safe and ask for $25k or should I go for the $30k?

[coldfusion]

Don't believe everything you read on the internet, and that includes content in youtube videos ;-)

There is always the possibility that in response to a CLI request AMEX will ask you to approve an IRS 4506-C request which allows them to review your tax return as a way of verifying your income.  A 4506-C response triggered by a CLI request is *not* an AMEX financial review.

There is no hard threshold at which an income verification request is triggered and while data points acquired over the years suggest that if a request is generated $35K is a common trigger the reality is that multiple factors influence the point at which AMEX may want to verify your income before extending more credit.   IMO, go ahead and ask for what you want.   You can always refuse a 4506-C request which generally means the CLI request will be denied, but your refusal does not trigger adverse action beyond the CLI denial.

[Tinkiegrrl]

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@coldfusion wrote:

Don't believe everything you read on the internet, and that includes content in youtube videos ;-)

There is always the possibility that in response to a CLI request AMEX will ask you to approve an IRS 4506-C request which allows them to review your tax return as a way of verifying your income.  A 4506-C response triggered by a CLI request is *not* an AMEX financial review.

There is no hard threshold at which an income verification request is triggered and while data points acquired over the years suggest that if a request is generated $35K is a common trigger the reality is that multiple factors influence the point at which AMEX may want to verify your income before extending more credit.   IMO, go ahead and ask for what you want.   You can always refuse a 4506-C request which generally means the CLI request will be denied, but your refusal does not trigger adverse action beyond the CLI denial.

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The IRS income verification will be an issue. I can't prove a good portion of my income with that. It's child support and not reported as taxable income. Now, I CAN with bank statements and the like. Would Amex be willing to take banks statements along with the 4506-C should it come to that?

[W261w261]

If the possibility of enduring some level of scrutiny is unpleasant for you, perhaps a more conservative approach might be better. In other words, really how important is an extra 10k of credit limit to you beyond bragging rights? You could request a 10k increase and stay within your comfort zone. 

[Remedios]

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@Tinkiegrrl wrote:

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@coldfusion wrote:

Don't believe everything you read on the internet, and that includes content in youtube videos ;-)

There is always the possibility that in response to a CLI request AMEX will ask you to approve an IRS 4506-C request which allows them to review your tax return as a way of verifying your income.  A 4506-C response triggered by a CLI request is *not* an AMEX financial review.

There is no hard threshold at which an income verification request is triggered and while data points acquired over the years suggest that if a request is generated $35K is a common trigger the reality is that multiple factors influence the point at which AMEX may want to verify your income before extending more credit.   IMO, go ahead and ask for what you want.   You can always refuse a 4506-C request which generally means the CLI request will be denied, but your refusal does not trigger adverse action beyond the CLI denial.

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The IRS income verification will be an issue. I can't prove a good portion of my income with that. It's child support and not reported as taxable income. Now, I CAN with bank statements and the like. Would Amex be willing to take banks statements along with the 4506-C should it come to that?

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I didn't get request for income verification until my card was at around $55,000.00

When asked for IV, tax returns were not requested, instead Amex wanted either one time access to FI or 3 consecutive statements (they have to be consecutive). 

I uploaded statements, took about a week, then increase showed up in my account, email came a day later.

Good luck with your request! 

[bigseegar]

Personally I wouldn't worry about it or let it stop me from asking. Even if the do ask it more than likely as stated would be simple ICV via bank account(s). Then it's up to you whether you comply or not. Do, and you may get the CLI. Don't and they'll simply leave your CL where it is and close out the request. Either way I don't see it triggering a FR which is normally when they would want tax transcripts. Good luck!

[Tinkiegrrl]

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@Remedios wrote:

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@Tinkiegrrl wrote:

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@coldfusion wrote:

Don't believe everything you read on the internet, and that includes content in youtube videos ;-)

There is always the possibility that in response to a CLI request AMEX will ask you to approve an IRS 4506-C request which allows them to review your tax return as a way of verifying your income.  A 4506-C response triggered by a CLI request is *not* an AMEX financial review.

There is no hard threshold at which an income verification request is triggered and while data points acquired over the years suggest that if a request is generated $35K is a common trigger the reality is that multiple factors influence the point at which AMEX may want to verify your income before extending more credit.   IMO, go ahead and ask for what you want.   You can always refuse a 4506-C request which generally means the CLI request will be denied, but your refusal does not trigger adverse action beyond the CLI denial.

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The IRS income verification will be an issue. I can't prove a good portion of my income with that. It's child support and not reported as taxable income. Now, I CAN with bank statements and the like. Would Amex be willing to take banks statements along with the 4506-C should it come to that?

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I didn't get request for income verification until my card was at around $55,000.00

When asked for IV, tax returns were not requested, instead Amex wanted either one time access to FI or 3 consecutive statements (they have to be consecutive). 

I uploaded statements, took about a week, then increase showed up in my account, email came a day later.

Good luck with your request! 

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Bank statements won't be a problem at all. Guess I'll go for the 3x limit increase

[Tinkiegrrl]

Well, so much for this idea. I'm at 62 days technically but the site won't let me request a limit increase. Says the account is too new. Couldn't even get to a place to fill in info for income or anything. I guess I need to wait for 91 days?

[RockyTop_TN]

I opened the Amex Delta Reserve in January '22 and waited until the end of June to request a CLI.  I wa at 15k and they increased it to 30k instantly with no mention of income verification.  Not sure if they have a hard and fast rule or not.  Maybe start in small chunks, go from 10 to maybe 15 or 20.

[OmarGB9]

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@Tinkiegrrl wrote:

Well, so much for this idea. I'm at 62 days technically but the site won't let me request a limit increase. Says the account is too new. Couldn't even get to a place to fill in info for income or anything. I guess I need to wait for 91 days?

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Apparently the 61 day rule isn't very accurate anymore...some (including me) had to wait 91+ days. In my case, I waited until about 103/104 days. So, yes, I'd try again at 91 days, and if you still aren't eligible, try again at around 105 days. If after that you're STILL not eligible, I'd probably just go ahead and wait for the 181 days.