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Hello Everyone,
I filed BK13 in August 2013 and just got my early exclusions in May. Credit scores were as low as 580 but, thanks to the advice of this awesome community, my credit is on the mend and not looking too shabby. Currently I'm sitting on FICO8 scores between 818 and 830 across the three CRAs. I took the plunge and applied for the BCE immediately after my BK was erased from my CRs and was approved for $13400. I really would like to use this as my primary card and I have some big purchases coming up that I can pay for with cash but wouldn't mind putting on a card to earn some points or cash back. I am thinking of applying for the AMEX 3X increase at the 61-day mark but worry that it may not be approved since the limit is already high. Has anyone had any success with starting limits like mine that were approved after the 61-day mark? I don't want to be greedy but I'd really like to just have one card that I can use as my go-to card and this could work for me. Thoughts?
I say shoot for the moon they could possibly counter or ask for certain documents, but what if they say yes?! Good Luck with what you decide and keep us posted!
like @Girlzilla88 wrote if you don't ask...Good luck and your journey is an awesome comeback!!
I could not have done it without this community. I owe so much to everyone here.
@Libertad2020, if you request $40,200 (3X your limit), you'll probably be asked for income verification (IV). If you request 35k or below, you probably won't be asked. Note that "probably" is the operative word.
If you're asked for income verification and don't wish to provide it, hit your browser's back button and try a lower number. People have reported backing out ten to twenty times on the same CLI request. When that happens, they receive a bunch of letters in the mail that can be ignored or used as wallpaper.
If you happen to make a request that's too high but not high enough to require IV, AMEX will counter with a lower amount. If I were in your shoes, I think I'd request either 30 or 35k.
Alot depends on what your file looks like. If your other limits are in the $5k - $10k range, then you probably wont be approved for $40k. Utilization also figures in.
Good luck
If you want to try for it, they can always counter. If it were me, I would ask for a smaller amount--maybe bring it up to 20-25k?
Congrats on a nice SL!
@HeavenOhio wrote:@Libertad2020, if you request $40,200 (3X your limit), you'll probably be asked for income verification (IV). If you request 35k or below, you probably won't be asked. Note that "probably" is the operative word.
If you're asked for income verification and don't wish to provide it, hit your browser's back button and try a lower number. People have reported backing out ten to twenty times on the same CLI request. When that happens, they receive a bunch of letters in the mail that can be ignored or used as wallpaper.
If you happen to make a request that's too high but not high enough to require IV, AMEX will counter with a lower amount. If I were in your shoes, I think I'd request either 30 or 35k.
Question for you @HeavenOhio : What your mentioning here is for someone asking for their first CLI...what about if you had the card for a while? I am coming up on 1.5 years having the the BCE (recently upgraded to the BCP) I never asked for a CLI and it went up to $13.5K thanks to AMEX's auto increases. The one time I asked for a CLI is May 7th this year just getting the balance down to ZERO from a 0% APR offer and when I tried for my first CLI request on the card (I believe I was asking for $25K, I don't recall) I got declined, and the AA letter said ""Your recent payments are too low in relation to the balances on your account." Which after a few calls to CSR, it still doesn't make sense to me, but the CSR assured me to try again come 91 days since that day (which is August 6th). With that scenario, what would be the right amount to request? I mean since I have gotten AUTO CLIs I don't think I can ask for 3X. And since I was denied, kinda makes me nervous to ask for anything that significant. What do you suggest? (Sorry OP for slightly going off-topic )
@Wavester64 wrote:
@HeavenOhio wrote:@Libertad2020, if you request $40,200 (3X your limit), you'll probably be asked for income verification (IV). If you request 35k or below, you probably won't be asked. Note that "probably" is the operative word.
If you're asked for income verification and don't wish to provide it, hit your browser's back button and try a lower number. People have reported backing out ten to twenty times on the same CLI request. When that happens, they receive a bunch of letters in the mail that can be ignored or used as wallpaper.
If you happen to make a request that's too high but not high enough to require IV, AMEX will counter with a lower amount. If I were in your shoes, I think I'd request either 30 or 35k.
Question for you @HeavenOhio : What your mentioning here is for someone asking for their first CLI...what about if you had the card for a while? I am coming up on 1.5 years having the the BCE (recently upgraded to the BCP) I never asked for a CLI and it went up to $13.5K thanks to AMEX's auto increases. The one time I asked for a CLI is May 7th this year just getting the balance down to ZERO from a 0% APR offer and when I tried for my first CLI request on the card (I believe I was asking for $25K, I don't recall) I got declined, and the AA letter said ""Your recent payments are too low in relation to the balances on your account." Which after a few calls to CSR, it still doesn't make sense to me, but the CSR assured me to try again come 91 days since that day (which is August 6th). With that scenario, what would be the right amount to request? I mean since I have gotten AUTO CLIs I don't think I can ask for 3X. And since I was denied, kinda makes me nervous to ask for anything that significant. What do you suggest? (Sorry OP for slightly going off-topic )
I've seen this before. Most of these reason codes are pulled out of a hat. So don't take them too literally.
When time comes, request what you want. If you get the income verification pop up. Lower your asking amount and try again.
Keep lowering it until the system auto approves or gives you an offer.
Don't sweat the verification notices in the mail... don't freak out. lol
Just toss them in the trash. They are sent out automatically. I've thrown 5 and 6 away at a time. The system generates them every time you request an amount Amex hasn't preapproved you for.
@HeavenOhio wrote:@Libertad2020, if you request $40,200 (3X your limit), you'll probably be asked for income verification (IV). If you request 35k or below, you probably won't be asked. Note that "probably" is the operative word.
If you're asked for income verification and don't wish to provide it, hit your browser's back button and try a lower number. People have reported backing out ten to twenty times on the same CLI request. When that happens, they receive a bunch of letters in the mail that can be ignored or used as wallpaper.
If you happen to make a request that's too high but not high enough to require IV, AMEX will counter with a lower amount. If I were in your shoes, I think I'd request either 30 or 35k.
I agree with this advice. Interesting data point, I've not been asked to provide any proof of income or anything in my time with AMEX. I opened my card in 2013 and it had a $2000 starting limit, so it's really just random.