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The Definitive Amex 3X CLI Guide

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Anonymous
Not applicable

Re: The Definitive Amex 3X CLI Guide

Hey everyone,

 

My 61 day CLI is coming up this week and I was wondering if anyone has asked for MORE than 3x their initial CL given and what were the results. I was originally approved for $4500 and I'm thinking of asking for $18,000 in hopes of getting a counter offer for $15,000. Is the ceiling 3x the original CL for a particular reason? Is it a terrible idea to ask for more than $13,500, am I reaching? Thanks for any input

Message 1191 of 5,432
Anonymous
Not applicable

Re: The Definitive Amex 3X CLI Guide


@Anonymous wrote:

Hey everyone,

 

My 61 day CLI is coming up this week and I was wondering if anyone has asked for MORE than 3x their initial CL given and what were the results. I was originally approved for $4500 and I'm thinking of asking for $18,000 in hopes of getting a counter offer for $15,000. Is the ceiling 3x the original CL for a particular reason? Is it a terrible idea to ask for more than $13,500, am I reaching? Thanks for any input


Hey dude, don't quote me on this. I'm sure somebody will give you a better response but I think assuming you have good history you'll be fine to get a decent counter. You probably won't get much (if anything) above 3x. If they don't approve you or give you a counter right away, then you'll just need to call. I don't know if there is a formal ceiling but I'm guessing people say 3x based on average limits on AMEX cards. I've heard that any request about $30,000 will probably not be automatic so using any number larger than 3x (e.g. 4x) might make it non-automatic for a lot of people. 

Message 1192 of 5,432
Lemmus
Established Contributor

Re: The Definitive Amex 3X CLI Guide

"Requesting CLI > 3X no longer results in automatic denial. If the account is eligible for CLI, then new limit is counter offered keeping the 200% cap in effect(meaning CLI counter offered will not exceed 3X current limit under any scenario)" See page one of this guide ...hth


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Message 1193 of 5,432
Anonymous
Not applicable

Re: The Definitive Amex 3X CLI Guide


@Lemmus wrote:

"Requesting CLI > 3X no longer results in automatic denial. If the account is eligible for CLI, then new limit is counter offered keeping the 200% cap in effect(meaning CLI counter offered will not exceed 3X current limit under any scenario)" See page one of this guide ...hth


Thank you for pointing that out. I missed it originally and I have read those guidelines a bunch of times. I continued to miss it even after I reread the guidelines after reading your post. I had to control F it to make sure I wasn't going crazy and then I found it. I feel a bit silly right now.

Message 1194 of 5,432
Anonymous
Not applicable

Re: The Definitive Amex 3X CLI Guide

Waiting for what I'm assuming is my CLI denial letter (7-10 days web site account auto reply). I was granted an initial limit of $30,000, and asked for an increase to $42,000 on my 61st day. I should have known better and been content with that very generous initial!

 

Message 1195 of 5,432
Anonymous
Not applicable

Re: The Definitive Amex 3X CLI Guide


@Anonymous wrote:

Waiting for what I'm assuming is my CLI denial letter (7-10 days web site account auto reply). I was granted an initial limit of $30,000, and asked for an increase to $42,000 on my 61st day. I should have known better and been content with that very generous initial!

 


just rub it in why don't you ... lol

Message 1196 of 5,432
CreditCuriosity
Moderator Emeritus

Re: The Definitive Amex 3X CLI Guide


@Anonymous wrote:

Waiting for what I'm assuming is my CLI denial letter (7-10 days web site account auto reply). I was granted an initial limit of $30,000, and asked for an increase to $42,000 on my 61st day. I should have known better and been content with that very generous initial!

 


Bet it is tax form time Smiley Happy

Message 1197 of 5,432
Anonymous
Not applicable

Re: The Definitive Amex 3X CLI Guide


@Anonymous wrote:

Waiting for what I'm assuming is my CLI denial letter (7-10 days web site account auto reply). I was granted an initial limit of $30,000, and asked for an increase to $42,000 on my 61st day. I should have known better and been content with that very generous initial!

 


I received the same message as well but logged onto my account a few hours later and saw that my limit was changed to the CLI request (no email then; came later that night). However, I requested for $25,000 and from my understanding anything above $30,000 will require someone to manually increase it. You should definitely call to see the status and if they need anything else.

Message 1198 of 5,432
Anonymous
Not applicable

Re: The Definitive Amex 3X CLI Guide


@i3urkee wrote:

Hey Everyone. Never posted here before, but have been following this thread since I got my first amex card and I wanted to share this with you all. I have only had my BCE since October 20th, 2014 (53 days ago). I just called to inquire about a $100 credit on my statement. Before hanging up I asked her to check when I could request a CLI. She informed me that you had to be a member for at least 60 days, and then asked for the security codes on my card. After that she asked if I would like to apply for a CLI. I told her that it hasn' t been 60 days though. I couldn't believe what I was hearing when she said its close enough. I have been DYING to get to 61 days which is next Saturday, December 20th, just for this! So I went ahead asked for $15,000. She said laughingly "Wow, thats a big chunk of change!" and less then 10 seconds she said I was approved! I can't believe it.

 

I was actually quite surprised to get the increase, because I just re-financed my car, and after the loan was paid off all 3 of my FICO scored dropped about 18 points.

 

MyFico/Other Handle: i3urkee
Initial CL: 5,000
61 day/181 day CLI: 53 DAYS!
@Anonymous Utilization @ CLI: 12%
@Overall Utilization @ Last EX Soft Pull: 10%
Ratio of Income/(Overall Available Credit) (4 decimal places): 5.3763 (Could someone explain how to get to this number? I did Income divided by available credit. Is that right?)
Number of new credit lines opened since opening Amex account or last Amex CLI: 1
Total $$ value of all transactions since Amex account opening or last Amex CLI: 1200


Hey @i3urkee I was confused about the Ratio of Income/(Overall Available Credit) data point as well. I found the following in the depths of this thead while searching for something else. I hope this helps you and everyone else who might be confused. 

 

 


@MustangSaluki wrote:

@jake619 wrote:

Mustang, there are some seemingly odd income to overall credit calculations.  You posted income/overall credit, which to me reads income divided by overall credit, which for example means if I made $100,000 and had $50,000 in available credit, I would divide $100,000 by $50,000, returning a quotient of 2.0.  Is this the formula you're after or have I misinterpreted this? I'm a bit math-obsessed by nature, sorry if I'm the only one needing this clarification. Thanks.


Yes that is the ratio that I am after, as one of the key variables in determination of the outcome of a CLI request. In theory it is possible to do regression and data analysis to come up models that take all of the other variables into account as well. The only difficulty is to find data points and that is where it becomes a community driven exercise. I have been thinking about hosting a google forms page which will make it easier for everyone to submit their data points.

 

Regarding the ratio specifically, lenders tend to get a little more conservative after the ratio tends to go below 1.00. Meaning once we have more credit available that what we earn, we appear more risky to the lenders.

 


 

Message 1199 of 5,432
Anonymous
Not applicable

Re: The Definitive Amex 3X CLI Guide

I put in for the CLI last week and nothing has budged on my account so I'm assuming the letter should arrive any day now. I think it's going to be a toss-up between asking for a tax form, or raised eyebrows at the 60+ tumble my scores took last week when an old judgement resurfaced on my reports (my sig now reflects the lower scores). What exquisite timing for this to pop up, lol. I'm seriously hoping now that the new cards I've received in this last quarter aren't affected (decreases, out and out closures, increased APR). Very much in the garden while I bite my nails and figure out the best way to settle that judgement. 

Message 1200 of 5,432
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