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Amex Approval - Worried about FR

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Anonymous
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Amex Approval - Worried about FR

Hello, I've been reading these forums since I started my credit journey 11 months ago and I've gained a magnitude of insight into credit cards thanks to myfico. I am a 19 year old student with an 11 month credit history and a $20,000 income; I run a business (C corp) but my money does not come from that. I have 5 cards which I will outline below, but today I was approved for the AMEX Delta Gold for my 4th card (2nd revolver) and I was surprised to see that my limit was $10,000. 

 

I'm worried now that this limit really isn't really needed and wondered why they would give me such a high limit with that income. My current EQ FICO is 730 and my utilization is less than 1%. My current cards are:

 

Discover Chrome Student: $2800 (Started at $1000), 11 months old

Chase Freedom Unlimited: $1000, 5 months old

AMEX BCE: 1000, 5 months old

AMEX PRG: NPSL, 5 months old

Citi TY Student: 3000, 1 month old

AMEX Biz Plat: NPSL, 1 month

AMEX Delta Gold: 10,000, approved today

 

I'm not sure why AMEX would give me such a high limit. I know I will never use it because I never like to put more than $600 on credit cards per month. 

 

Any help would be appreciated on if I should move some of that limit to my BCE or ask to reduce it since I'm worried of a FR. I do not plan on applying for anymore credit cards within the next 2 years. Thanks for any help.

 

 

Message 1 of 7
6 REPLIES 6
K-in-Boston
Credit Mentor

Re: Amex Approval - Worried about FR

Welcome to the forums!  That's a great approval, and unless you are spending an outsized amount compared to your reported income or charging things to your own company's merchant account, there should be no concern for a financial review.  If you're uncomfortable with the limit, you should be able to move as much as you'd like over to your BCE, or you can call them to reduce the credit line.

Message 2 of 7
Anonymous
Not applicable

Re: Amex Approval - Worried about FR

Congrats!!

 

Nothing to worry about, you applied and that is what they decided to give you...as long as you used your actuall $20k income and did not exaggerated?  You sure have a big AF altogether for your income.  

Message 3 of 7
Anonymous
Not applicable

Re: Amex Approval - Worried about FR

My income is small relative the amount of money I have saved up and in liquid assets (not cryptocurrencies, which I imagine is the next question someone my age might get).

 

Message 4 of 7
Anonymous
Not applicable

Re: Amex Approval - Worried about FR

You should be good to go then.
Message 5 of 7
simplynoir
Community Leader
Mega Contributor

Re: Amex Approval - Worried about FR

Others already answered your concerns so congrats on your new card and enjoy!

Message 6 of 7
Anonymous
Not applicable

Re: Amex Approval - Worried about FR

Don't worry about it. I'd just be happy if they gave me $10k on Delta. Yes it's half of your income, but I'd not worry about FR. Just use your cards responsibly and you will be fine.
Message 7 of 7
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