So,
I just hit my 90 day mark and tried for the 3x CLI. But I was only partially approved for 2,000. I am a little confused, From what I've read, there are 2 scenarios.
1) a small percentage of people who got the 1k starting limit are not eligible at 90 days. And have to wait to 6, sometimes even 12 months. Just because Amex wants to be extra careful
2) the rest of the people are approved for the full 3x increase or completely denied.
I haven't really seen any in between, when people pay in full every month and have a good history with Amex, almost everyone gets the 3x increase unless they have massive limits already and are at their internal limit with Amex or didn't pay in full or something like that.
i haven't really seen any scenarios in which someone does everything right, handled their account perfectly, but doesn't get the 3x increase from 1k to 3k.
Details are:
711 Experian fico 8
125k salary, with large assets
paid in full every month, (5k month 1, 3k month 2, 2500 month 3) so I'm spending plenty of money and paying it off in full.
I do have a gold card as well but it only has a 3k POT limit, (maybe if I didn't have the gold card they would have been more willing to extend the full 3x?
can anyone offer input on this?
That is not always the case, many people with very good history and perfect history with Amex get 1k limits. And are genuinely confused about it. 1k starting limit is the most common starting limit Amex offers by far.
When I spoke to an amex executive about it, they explained why they give 1k starting limits and the majority of the time it has nothing to do with being borderline approval.
I also am not trying to argue, just trying to have a discussion about why this may have happened to me. It's not that I'm ungrateful for the 2x increase. Just more confused, I cannot fix something if I don't know what is wrong.
I also want to say that I'm not making up this stuff, an immediate family member was a VP at Amex for many years, and his team specialized in new accounts. (What starting limits were given out and why, and much more)
granted they has since moved on to another large cc company, but they still have many contacts.
I do have a late, I think it's the late combined with the relatively young aging metrics and velocity of apps. 2 accounts just past the year mark but In the past 13 months I've gotten 4 new accounts. This can often be a sign of financial distress. Although I always pay in full.
I also don't know when their most recent soft pull was. When I pulled up annual credit report I was given 2 different dates
1 was from "Amex" vesey st New York (their hq) with 5/31 as the date
and the other said Amex 2, with a much more recent soft pull on 8/15.
but it had a different business address listed. 1 of them could have been for something else. Like simply being so they could give me my credit score, but not actually used for lending purposes. So I'm not sure which date they used.