I was approved over the weekend for an AMEX Platinum Delta SkyMiles with 70k SUB on $3k spend. At the time of applying my EX score was 693, AAoA 7.2 years, 43% utilization. I was instantly approved with a SL of $15,000 however my APR is @ 25.99%. This was a bit confusing to me as comparing with other posts, $15k is a great starting limit but why is the APR so bad in comparison?
1. Call to see if they would reconsider my APR?
2. Wait, spend/PIF for 61 days and ask for a APR reduction when I ask for a CLI? (btw, would asking for a 3x CLI be too much in 61 days given my SL?)
I don't plan on ever carrying a balance on this card, however it would be nice to get it down anyway.
left out: I have 1 collection from 2014 and 3 30-day lates ranging from 2 years ago to 5 years ago
Your 2nd post would explain the high APR. It doesn't hurt to hop on chat and tell them you are happy to have been approved but unhappy with the APR, and ask if it can be lowered. Takes only a couple of minutes and the worst that can happen is that they tell you to try again in 6 months. FWIW, APRs and starting limits don't always make sense. BoA gives me high APRs but nearly $100k in limits. Citi gave me a 12.24% APR but over a year later my card is barely above $10k.
As for the 3X CLI, you can certainly ask for $45,000 but depending on your history and relationship with Amex, they may ask for a 4506-T form to verify tax transcripts above a certain point. If you are not comfortable supplying that, you can always hit the back button and ask for a lower amount.
Thank you K! That's pretty much all the information I need. Because this is my first AMEX, I will hold tight and build the relationship before asking for a reduction.