The Definitive Amex 3X CLI Guide

[Anonymous]

Thanks UncleB, you bring up good points that I hadn't considered.  Being single with no dependents I hadn't considered those types of ramifications.

And to clarify I was referencing a CLI request only.  I understand the issues with a FR.

[MyLoFICO]

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@UncleB wrote:

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@Anonymous wrote:

I can understand that, but I have a feeling that it's more the exception than the rule.  If somebody is willing to extend me a line of credit for 25K+ I think it is reasonable for them to want to verify income.  My gut is telling me there are some folks who may be exageratting thier income in hopes of getting higher credit lines.

I just don't see why people call it dreaded, it's not like they are cutting off your line of credit if you don't apply.

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If you get the 4506-T request during a CLI request, you're right, it can be ignored (you just don't get the CLI).

On the other hand, if they decide to do a financial review (FR) it's not optional - they freeze all of your accounts until you provide the requested information, and if you refuse the accounts are summarily closed.  It's the 'FR' that most people speak of dreading, although many conflate the two. 

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Beat me to it. This +1. and the FR is an account killer if you don't comply, IIRC. 

[MyLoFICO]

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@Anonymous wrote:

Thanks UncleB, you bring up good points that I hadn't considered.  Being single with no dependents I hadn't considered those types of ramifications.

And to clarify I was referencing a CLI request only.  I understand the issues with a FR.

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From what I gathered in the OP the FR can be requested on a CLI as well. I agree about the income inflation though. I think that happen a lot. 

[UncleB]

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@MyLoFICO wrote:

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@Anonymous wrote:

Thanks UncleB, you bring up good points that I hadn't considered.  Being single with no dependents I hadn't considered those types of ramifications.

And to clarify I was referencing a CLI request only.  I understand the issues with a FR.

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From what I gathered in the OP the FR can be requested on a CLI as well. I agree about the income inflation though. I think that happen a lot. 

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I can say that at least recently I've not seen a report of a FR caused by a CLI request (at least not without something else going on). I agree that it's certainly possible, though.

As always the standard 'YMMV' applies, and we all know that just because something hasn't happened doesn't mean it won't (just like because something "always" happens doen'st mean it will continue to). 

It's one of those things where I've always felt that unless you are a true outlier you probably don't have much to be concerned about.  Keeping in mind that (generally speaking) we're a community of outliers and only a handful of us have dealt with the FR, I would say the odds are good that there's not much for the 'average' person to be concerned with (or even the 'average' myFICO'er, even).

[Anonymous]

As I've been thinking about this, I've realized in my own situation where i might not want to agree to a 4506-T.  I recently recieved a major promotion and thus increase in salary, however were I to get a 4506-T ran somebody might think I was over reporting my income as my last tax statement would reflect my previous salary not my current salary.

[Anonymous]

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@Anonymous wrote:

As I've been thinking about this, I've realized in my own situation where i might not want to agree to a 4506-T.  I recently recieved a major promotion and thus increase in salary, however were I to get a 4506-T ran somebody might think I was over reporting my income as my last tax statement would reflect my previous salary not my current salary.

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Great point above.  In this situation it would depend if the creditor was willing to hear your explaination prior to submitting the form along with several current pay stubs to show that a raise in fact happened.  Depending on the creditor, they may or may not be willing to consider this.

[Anonymous]

After waiting 91 days (jumped the gun prior to the 61 day mark), I applied for a 3xCLI for my BCE $1K SL and was countered with $2,000 instead. Still a win for me as this is going in the right direction. As always, patience (along with responsibility) will win this race. Cheers everyone!

[Anonymous]

As I started with 1k as well, then 2k>6k, now at 18k. It takes patience, and now that I'm up here, I'm happy!!

[HeavenOhio]

Day 64 (give or take a day). Starting limit: $15,000. Requested $22,000 and AMEX countered with $21,200. I'm glad I'm not OCD about my limits.

I've put just over $5,000 on the card. The first statement cut with about a $900 balance, and the second statement cut with $0. My current balance is just over $500.

Strangely enough, the odd AMEX limit brought my total credit limits to a nice even $60,000. I wonder if AMEX had that number in mind.

FWIW, I'm not at $60,000 anymore. I canceled CareCredit about 10 minutes later.

[Anonymous]

Another denial for me. This was the 91 day attempt after my 61 day attempt. Welp, i will give it another go end of July