Amex 3x (or more) cli question

[SDMarik]

Had a buddy ask me a question the other day, and not knowing how to answer it I figured where better to go than here!

About 8 months ago I was talking to a friend who was starting to get into the world of credit, cards, rewards, etc. At the time, he had applied for a BCE for the grocery and gas cash back. He initially got approved for the $1K minimum (which was weird because I would have thought his file would have gotten him way more), and at the 61 day mark got his 3x to $3,000.

He is going to try for another CLI soon. From what I understand about Amex, is they try to stick to the 3x increase at a given time. Does this still apply as stringently when the limits are lower like this? Does anything over 3x automatically trigger a financial review, even if its less than the $35k range? If he were to ask for $15K from his $3k, assuming its approved to some extent, will they automatically counter with 3x or ask him for supporting info? He does have some other cards with limits around $12-$15k, income floats around $100K, not sure what his utlization is, but its under 10%. No derogs of any kind. 

Thank's in advance!

[coldfusion]

If AMEX is willing to increase one's limit but not for the full requested amount they will counteroffer.  The $35K figure is something that was reverse-engineered from a number of data points as AMEX never published such a figure, and it isn't a fixed threshold where someone is guaranteed to be asked to provide POI, nor does it mean that one is guaranteed to avoid a request as long as they never request anything about $34,999. 

I probably wouldn't recommend your friend ask for something like a $250,000 limit but they shouldn't be afraid to make a stretch request.  If they for whatever reason choose to not provide POI if asked the outcome will almost surely be a denial there won't be futher AA taken. 

[OmarGB9]

It wouldn't be a financial review, it'd be income verification IF he is asked for it. Big difference. Income verification is just a few bank statements or one time bank account access, but card still works, and providing this is optional, whereas financial review is restricting of accounts and request for tax returns and is NOT optional. If a FR request for tax info isn't complied with, accounts are shut down. 

That said, I think the max they give is 3x your limit.

[MarkintheHV]

I just went through 3x CLI.  My starting CL was 15k, and I requested 45k.  They immediately counter offered 35k which I accepted, and granted them access to my bank accounts to verify, 5 days later, they upped my CL to 45k

[SouthJamaica]

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@SDMarik wrote:

Had a buddy ask me a question the other day, and not knowing how to answer it I figured where better to go than here!

About 8 months ago I was talking to a friend who was starting to get into the world of credit, cards, rewards, etc. At the time, he had applied for a BCE for the grocery and gas cash back. He initially got approved for the $1K minimum (which was weird because I would have thought his file would have gotten him way more), and at the 61 day mark got his 3x to $3,000.

He is going to try for another CLI soon. From what I understand about Amex, is they try to stick to the 3x increase at a given time. Does this still apply as stringently when the limits are lower like this? Does anything over 3x automatically trigger a financial review, even if its less than the $35k range? If he were to ask for $15K from his $3k, assuming its approved to some extent, will they automatically counter with 3x or ask him for supporting info? He does have some other cards with limits around $12-$15k, income floats around $100K, not sure what his utlization is, but its under 10%. No derogs of any kind. 

Thank's in advance!

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I would just apply for 9k.