Advise on CLI

[Anonymous]

Could not add my post to the "Definitive Amex 3X . . . " thread because it is being marked as spam for some reason so . . . .  .

Decided to sign up despite reading through dozens of pages to clear up some uncertainty.  Having said that, is there a relatively new "strategy" to requesting a CLI that differs from first few pages?  For example, numerous posts stated to request the highest alotted limit and if a counter offer pops up, to reduce the limit by $1K until it's approved - is that correct?  Wouldn't that result in multiple mailed letters, 4506Ts and/or a FR?

I was also inquiring about my chances of a 3X CLI.  Here's my stats:

- BCE card opened in Aug 2015

- never once requested a CLI

- Current CL: $16,900

- Household income $82K (my income of $35K + Spouse)

- All monthly expenses are charged to this card

- Have charged anywhere from $300 to > $1K per month

- Always Paid In Full

- Credit Score: 763, 786

- Current Utilization score of <1%

Am I cleared for asking for a $50,700 CL?  I understand there's a loose limit at $25K per card and $34.5K per total accounts that may trigger 4506Ts or FRs so if $50.7K is too high where should I place my CLI at?

Lastly, because my wife is an Authorized User on this account if I'm able to procure a high CLI, would that affect her chances of a CLI on her own personal BCE card (separate card in which I am not an authorized user)?  In essence, does the $34.5K cap extend to authorized users and their AE cards?  I was planning on adding myself on her card as well since AE reports that credit to the bureaus.

Thanks in advance!

[Anonymous]

Yes, you'll receive an IV letter in the mail for each time you back out of the CLI request to lower your amount (by say $1k).  I've received a stack of 21 of these letters rubber-banded in my mailbox once.

As for increasing your limit, it comes down to whether or not you want to provide IV to Amex.  If you don't care, go with whatever limit you want that's 3X your current limit or less. 

I'd suggest taking what you can get without IV, though.  You'll definitely be able to increase your limit to $30k, no question about that and possibly $35k.  I honestly think that would be more than enough for you since you've been doing just fine with a $16.9k limit for nearly 3 years.  You also said your spend is usually only in the hundreds, sometimes $1000 or so.  There's really no need for a limit so great that you'd have to provide IV to obtain it.

After you get your $30k or $35k limit, Amex will likely allow you to increase that by $5k every 6 months.  That's how my account grew.  I went from $10k --> $30k --> $35k --> $40k --> $45k.  Each time I tried more than $5k for an increase, but the last 3 times it only allowed me $5k, which honestly is more than acceptable growth for SPs.

[UncleB]

Hi @Anonymous, I've restored all of your posts (including your thread in the mortgage forum).  I don't think you'll have any more problems but if you do let me or any moderator know and we can take care of it. 

--UB

[Anonymous]

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@Anonymous wrote:

Yes, you'll receive an IV letter in the mail for each time you back out of the CLI request to lower your amount (by say $1k).  I've received a stack of 21 of these letters rubber-banded in my mailbox once.

As for increasing your limit, it comes down to whether or not you want to provide IV to Amex.  If you don't care, go with whatever limit you want that's 3X your current limit or less. 

I'd suggest taking what you can get without IV, though.  You'll definitely be able to increase your limit to $30k, no question about that and possibly $35k.  I honestly think that would be more than enough for you since you've been doing just fine with a $16.9k limit for nearly 3 years.  You also said your spend is usually only in the hundreds, sometimes $1000 or so.  There's really no need for a limit so great that you'd have to provide IV to obtain it.

After you get your $30k or $35k limit, Amex will likely allow you to increase that by $5k every 6 months.  That's how my account grew.  I went from $10k --> $30k --> $35k --> $40k --> $45k.  Each time I tried more than $5k for an increase, but the last 3 times it only allowed me $5k, which honestly is more than acceptable growth for SPs.

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Thank you for your reply and you are correct in that I really don't need the CLI in my case.  I'm just trying to get the highest CL possible because one of my furniture store credit cards is ending their program with Capitol One and my account will be closed in August.  It has a $15,000 CL currently and since I will be in a market for a home next year, I'm looking to offset this hit on my credit report.

Are you recommending I shoot for 34-35K to avoid being potentially flagged for FR?  Any recommendation as to the latter portion of my original post regarding my wife's account?

Thank you!

[Anonymous]

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@UncleB wrote:

Hi @Anonymous, I've restored all of your posts (including your thread in the mortgage forum).  I don't think you'll have any more problems but if you do let me or any moderator know and we can take care of it. 

--UB

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I appreciate your help UncleB!  

[Anonymous]

I'm not really too sure about your wife's account, although I don't believe that the AU account would have any bearing on her personal account and CLI chances.

As for your CLI, I'd recommend trying $35k, then 34.5k and if neither work for for $30k and you'll get that for sure.

[Anonymous]

I requested my CLI tonight and initially shot for $40K - I was hit with an income verification prompt.  I tried $35K and got hit with it again.  Tried $34K and received a "

Request a Line of Credit Increase     Our systems are updating.
Your request for a line of credit increase cannot be processed at this time.
We apologize for the inconvenience, please try again in 24 hours.

I was getting nervous but tried $34K and was approved!  Seems like the 34.5K - 35K is the cutoff.

[Anonymous]

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@Anonymous

I was getting nervous but tried $34K and was approved!  Seems like the 34.5K - 35K is the cutoff.

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Nice work and congrats on the CLI.  I agree that $34.5k is usually the cutoff for a first CLI on an Amex account assuming one doesn't want to deal with IV.

[Anonymous]

Thanks!  As per your recommendation in your previous post about being eligible for a $5K increase 6 months from now, that will for sure require a 4506T since that'll put me at $39K?

[Anonymous]

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@AnonymousThanks!  As per your recommendation in your previous post about being eligible for a $5K increase 6 months from now, that will for sure require a 4506T since that'll put me at $39K?

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No.  Amex will allow increases of $5k/6mo without the need for IV.  Generally if you want to go > $5k/6mo you will need to provide IV.  I went from $30k-$35k-$40k-$45k every 6 months and did not have to provide IV for any of those increases, but when trying a value $1k higher than each of those amounts I listed above I was prompted for IV and just hit back on the browser to enter the smaller amount.