I recieved a plesent suprise this morning. I was checking emails and noticed that AMEX sent a email titled, "Notice of Limit Increase" I was shocked and opened the email. The new limit is $11,600, so there was a $2,600 increase!
I'm unsure of what prompted the automatic CLI. I could only guess that it may have to do with the usage on the acct. I have been taking advantage of the 18 month 0% promotional APR I recieved when I applied for the Blue Cash Everyday. Credit Karma's reporting is not always current, but before the automatic CLI I was at nearly 29% UTL. With the increase, this brings me back down to 22%. I haven't been too comfortable carrying such a large bal. on this acct. During the past 4 months I have put on about $1,000 in college tuiton along with a $900 couch I let my mother put on the card, bringing me to a $2,900 bal. I'm not exactly sure where the $1,000 came from. I actually don't make $19,000 currently. This was what I made during 2014, which is the income I have used when applying for credit cards and CLIs in 2015. I really make somewhere in the neighborhood of $14,000. However, since $19,000 is a higher number and I have proof of income (W2), then I have used this.
Except, I'm not too worried now. I took that roughly $6,000 paycut during the first of the year for a job that is more geared towards career goals. I recently recieved a promotion and will be making $30,000 before bonuses. It's not like me to carry such a large bal. as I always PIF. Yes, I have been taking advantage of the 0% interest and my mother will be paying the $900 charge. Besides that, I honestly would be a little worried about the bal. had I not recieved the promotion. I know I would have been able to pay for it with Fed./state tax refund and whatever I could scroung up, but it still would have been hectic. I had been spending beyond my means. I also blame it on spending habits I had during last year. I also believe that I have been spending more knowing that I was going to recieve the promotion. I don't think there is much to learn from this, personally. I still trust myself with credit and will be more financially comfortable soon. I will start saving towards retirement again and building up an emergancy fund, plus college tuition will be covered by the company with this new position. Though I do know for sure that I will be able to easily pay this off once the payrate goes into effect.
I had planned on asking AMEX for a 3x CLI after having the Blue Cash Everyday for a year. But with this high of a bal., I'm thinking it would be best to wait until I PIF. I was worried this automatic CLI would prevent me from being able to ask for a CLI. However, with a quick Google search I found that this automatic CLI will have no effect and that I can still request a CLI. Not only will I wait until all tradelines are PIF, but I will also wait until the payrate goes into effect with a checkstub. This way, I can put $30,000 in the CLI request with proof of income. I know many won't agreee, but I believe income holds weight in terms of credit limits granted and increases.
Thank you for reading this long message!
Age: 23
Annual Income: $19,000.00
Monthly Rent/Mortgage Payment: $0
TU FAKO (Provided by Credit Karma on 11/8/15): 759
EQ FAKO (Provided by Credit Karma on 11/8/15): 757
TU FICO (Provided by Barclay on 10/14/15): 755
TU FICO (Provided by Discover on 11/4/15): 755
EQ FICO Bankcard Score 02 (Provided by Huntington on 10/13/15): 727
EX FICO Score 8 (Provided by AMEX on 10/24/15): 759
Credit Card Utilization Rate: 10%
Percent of On Time Payments: 100%
On Time Payments: 94
Total Payments: 94
AAoA: 1 YR 2 MOS
Oldest Open Credit Line: 2 YRS 9 MOS
Newest Open Credit Line: 4 MOS
Total Accounts: 7
Total Credit Limit: $27,850
Hard Credit Inquiries: 6
Derogatory Marks: 0
Current Credit Cards
Capital One
Quicksilver One Mastercard (AF waived for lifetime)
APR: 24.90%
Credit Limit: $2,250
Card issued: Jan/2013
Credit Card Utilization Rate: 0%
Chase Freedom Visa
APR: 18.99%
Credit Limit: $3,000
Card Issued: Jan/2014
Credit Card Utilization Rate: 0%
Sallie Mae Barclaycard Mastercard
APR: 22.99%
Credit Limit: $2,000
Card Issued: July/2014
Credit Card Utilization Rate: 3%
American Express Blue Cash Everyday
APR: 0% (Promotion ends 4/11/2016, after that 15.99%)
Credit Limit: $11,600
Card Issued: Nov/2014
Credit Card Utilization Rate: 23%
Huntington Voice World Mastercard
APR: 17.99%
Credit Limit: $1,500
Card Issued: Nov/2014
Credit Card Utilization Rate: 14%
Discover It
APR: 14.99%
Credit Limit: $4,500
Card Issued: May/2015
Credit Card Utilization Rate: 2%
PenFed Promise Visa
APR: 13.99%
Credit Limit: $3,000
Card Issued: June/2015
Credit Card Utilization Rate: 0%
. Have to wait 90 days from now from denial day 