Hi to all!
I've seen the various references to the AMEX 3X CLI process and thought - oh, what the heck! I'm a 1st time AMEX card holder, issued in early June 2016 with a $6k limit. I decided to wait 6 months, rather than the initial 61 days. In addition, I just received my yearly salary increase, which I figured couldn't hurt. FICO Experian is currently 784. I typically don't carry a balance, and if I do, it's PIF within 45 days.
I entered my data, clicked "submit" and - voila! I was approved for $18k!!! I can't begin to tell you how amazing it feels to have at least one card that has a 10k+ limit.
That being said, how will this impact my other cards? I have Cap1, Chase and Citi. Cap1 QS and Chase Freedom are both $6500 each and Citi DP is $4800. Can I expect my increases on those cards to be somewhat higher, so as to compete with AMEX? or will they stick to using their own approval guidelines, based on the individual cardholder? Lately, I've noticed that Cap1 seems very reluctant to give an increase, so I've minimized my card use with them and balance card usage between AMEX, Chase and Citi.
If anyone can provide some feedback, that would be great. And again, thanks for putting the 3X CLI process guide in the forums. It really helped!
I started off with a Amex at 8k and with the 3x i ended up at 24k. Before i had the 24k limit my only card was a 15k Venture. I feel that once i had those two cards at good limits i was able to open some doors.
For example i got a Jetblue Barclay with a SL of 14k and i know for a fact that people say they are a very conservative lender so i feel without those other limits i would not have got such a good starting line.
I also noticed that once i had these three cards i was able to get my venture increased to 20k and my Amex i requested 34 they countered at 28.
Another data point discover for the longest time was throwing me only 500 increases. Once i started using them as my daily driver and they saw other bigger limits i went from 3500 SL to Currently 26k. ( NOT IN ONE CLI )
So bigger limits on cards can definitely effect other cards but like they say YMMV.
Good luck and i hope this gave you some sort of a idea of how having a big limit impacted my profile.
Congrats on your first time 3X!!
Impact is all relative when it comes to other lenders. Some care and will push toward the higher limit they see on your reports. Some get jealous and might want to breakup because you're not exclusive with them anymore. Just make sure the new limit is REPORTING before hitting the button so it actually shows up when they pull your info up and take a look to review it. In most cases a SP CLI is computer driven w/o anyone actually looking at anything.
Chase will go to 25-30% DTI for exposure usually
Cap1 depends on the week
Citi tends to be a scrooge but they might move up since they give crappy opening limits
Depending on your views of providing your tax transcripts to AMEX you might want to limit your next increase to 30-35K uness you're open to providing the form for the full 3X on 18K which would put you at 54K which is reasonable. I went through the process to jump from 30K to 50K and it was painless online docusign and it was completed and approved within 3-4 business days.
Definitely works. I got the AMEX BCP with a SL of 2.5K, my first AMEX and at 6 months got the 3X to 7.5K. I'm currently waiting out my second 6 month period and I'll try again. I'm hoping they'll go for it when they see I have a CSP at 20K.
joesbrat what's not mentoned here and maybe what you did't know when
you APPd for your first AMEX card and got approved for the 6K....You probably
could have APPd another AMEX card like HILTON or DELTA and been
most likey instantly approved for anoth 6K on the same Hard Pull within the same week or 2.
Once you're in with AMEX, alot of credit opportunities open for you hands down.
Thanks for the heads-up about the AMEX advantages. Do you have a recommendation of which AMEX travel card to consider - Delta vs. Starwood? Also, I'd be curious to know what other credit opportunities will be made available.