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2 Years with AMEX

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Brian_Earl_Spilner
Credit Mentor

2 Years with AMEX

Since first visiting this site, AMEX has always been touted as a relationship based lender. Treat them well, and they'll reciprocate. I just hit 2 years with my Delta Gold card, which is significant due to what's been said here.

 

As a rebuilder, the common knowledge being passed around is if AMEX approves you with a $500 or $1000 limit, you just squeaked in and will be effectively leashed. When I first started coming here, that timeline was 1 year and has since stretched to 2 years for them to loosen or remove the leash. Things like 61 day CLIs don't apply to us.

 

I initially was approved, with no pre-approval, for the Delta Gold at $1000 with a 641 EX on 10/17/18. As such, I tempered my expectations, but made my CLI requests like clockwork, 61 days then every 91 days after each denial, never being approved. It became frustrating and I wanted to stop using the card, but was always reminded it would take 1 or 2 years. I continued to spend between $3-5k a month on it while PIF.

 

In January of 2020 I applied without any pre-approvals and was approved for a Gold and a Delta Platinum for $1400. Being that this was more than the $1000 "starting limit" I assumed I would start to see some growth. I spend between $4-5k a month across all of my cards with a high of $7k on a single card one month in addition to normal spend on the other two. Worked out to be around $10k, PIF. Now, these approvals are the only time I saw a relationship type aspect. I jumped the gun before they had updated my score after a very large payoff, so both approvals were with a 625 EX.

 

Up until this point, I still have not seen a CLI. Today, I applied for the Schwab Platinum and Bonvoy as that would basically round out all the cards I would need from them. Income is $70k individual with $116k household. I have about $19k in my Schwab brokerage accounts that I opened a few months ago, $12k in liquid assets across my banks and credit unions, and I didn't include my other investments or retirement accounts. DTI is stupid low because my house is paid off with my $700 car payment basically being my only debt. I was denied for both due to FICO score. Recon was a joke because they basically didn't do one. There was absolutely no interest in hearing what I had to say.

 

I also applied for a 3x CLI increase today, and was denied for that. Since my AF is coming due on my Delta Gold, I called in to see if there was a retention offer that could offset the AF or possibly an AF waiver. There was none. I now have 30 days to decide if I want to close it, or downgrade it to Blue.

 

Based on my experience, the whole 1-2 years of "getting to know you" is a bunch of hogwash. Over the last 2 years, my scores have gone up ~150 points, I've removed almost all of my collections, and my chargeoffs have been paid with some being removed. I've spent a significant portion of me and my wife's pay on them every year, basically almost all of it, in an attempt to grow limits large enough to actually book two roundtrip flights and to get approved for the cards we need. At this point, minus the rebuilder and bucketed cards I'm closing this year, they are pretty much my lowest limit cards. 

 

While I knew they liked cleaner and higher score profiles, my takeaway is they are NOT a relationship based bank if you either, don't have very good credit, or don't have very high income and spend.

 

    
50 REPLIES 50
Anonymous
Not applicable

Re: 2 Years with AMEX

Well, technically, you profile does seem to fit the "bust out" criteria that I recently read a couple days ago. So that could be playing into your experiences with Amex. Although I can't really say as I'm no expert on tis matter, or any for that matter.

Message 2 of 51
Namaste7
Established Contributor

Re: 2 Years with AMEX


@Anonymous wrote:

Well, technically, you profile does seem to fit the "bust out" criteria that I recently read a couple days ago. So that could be playing into your experiences with Amex. Although I can't really say as I'm no expert on tis matter, or any for that matter.


👆

 

AMEX can be a tough cookie to crack if you came in dirty and/or your FICOs are not above 720+. AMEX's algorithms may not like OP's total number of accounts and/or the number of accounts with CLs below $1K.

 

OP, if AMEX is in your wallet, it's the long-term play that you should value. Until you are in their good graces, consider cooling off on new AMEX apps and CLI requests and allow your entire portofolio to age and grow. If the non-AMEX accounts do not grow as your profile ages, it's a good idea to evaluate who to keep vs. close.

~~MMXX~~
2024 Goal$
2023 Goal$
FICOs 760+
Message 3 of 51
wasCB14
Super Contributor

Re: 2 Years with AMEX

Credit standards aren't constant. Your scores have risen over the last two years, but so has the unemployment rate. If you lose your current job you may have a harder time getting a new one compared to two years ago.

 

Around mid-2019 IIRC Discover said in a conference call with investors that they were comfortable extending credit somewhat aggressively because unemployment was so low. I suspect that attitude has changed.

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select
Message 4 of 51
Kforce
Valued Contributor

Re: 2 Years with AMEX


@Brian_Earl_Spilner wrote:

 

My takeaway is they are NOT a relationship based bank if you either, don't have very good credit, or don't have very high income and spend.


In my opinion NO financial institution is "relationship based".

They function on profit and numbers, you are and always will only be a number.

Get cards that benefit you and don't try and build a relationship.

 

 

Message 5 of 51
Curious_George2
Valued Contributor

Re: 2 Years with AMEX

Gut punch. I'm so sorry. We spend time learning the rules, invest time and money in playing by them, and get our hopes up that good results will follow. When they don't, it hurts. We've all felt that pain from time to time. It sucks. I'm sorry you are feeling it now. 

 

I know it's hard, but please try not to take any actions that will have long-term effects while the sting of this is still fresh. You are super smart, and you will figure out the best path forward, but it's important to do that when your thinking isn't heavily influenced by emotion as it might be right now.

 

Your finances and FICO are both in great places. Awesome cards will follow. Hang in there.

Message 6 of 51
wasCB14
Super Contributor

Re: 2 Years with AMEX


@Kforce wrote:

@Brian_Earl_Spilner wrote:

 

My takeaway is they are NOT a relationship based bank if you either, don't have very good credit, or don't have very high income and spend.


In my opinion NO financial institution is "relationship based".

They function on profit and numbers, you are and always will only be a number.

Get cards that benefit you and don't try and build a relationship.


See $40 late payment fees and ~20% APRs...

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select
Message 7 of 51
notmyrealname23
Established Contributor

Re: 2 Years with AMEX

I'm in somewhat of a similar place: coming into AMEX during a rebuild, my AMEX revolvers are not getting 60 day 3x CLIs (and one of them is a $1k CL).

I don't really care that much because it's a marathon, not a sprint and I'm sporting AMEX cards I thought I would never see again + pushing past 60k of available credit 21 or so months out of Chapter 13, with actual long term keeper cards in the mix, not just starter/bridge cards from C1 or store cards from Synchrony. I appreciate the DPs OP is giving me since I was wondering "hey, where are all those 60 day AMEX 3x CLIs I keep hearing about"?

First Tech FCU Choice Rewards World MC 35k | AMEX Hilton Aspire 17.5k | Chase Southwest Priority Visa 15.5k | AMEX Marriott Bonvoy Brilliant 15k | Bilt Rewards MC 14k | Capital One Venture X 13k | Fidelity VISA Signature 11.5k | Citi AA Platinum Select 11.9k | Charles Schwab AMEX Platinum NPSL | Amex Platinum (I know) NPSL | Amex Gold NPSL | Citi Premier 8.9k | Chase Fredom Unlimited 9k | SoFi MC World Elite 8k | Capital One SavorOne 7.5k | PayPal Synchrony MC 6.4k | Citi Custom Cash 6.9k | DiscoverIt Cashback 5k | Amazon/Synchrony 5k | Hotels.com 5k | AMEX Delta Gold 3k | Apple Card 3k | Target 800 | Ch 13 filed 12/13 discharged as paid 1/19
Message 8 of 51
Brian_Earl_Spilner
Credit Mentor

Re: 2 Years with AMEX


@Curious_George2 wrote:

Gut punch. I'm so sorry. We spend time learning the rules, invest time and money in playing by them, and get our hopes up that good results will follow. When they don't, it hurts. We've all felt that pain from time to time. It sucks. I'm sorry you are feeling it now. 

 

I know it's hard, but please try not to take any actions that will have long-term effects while the sting of this is still fresh. You are super smart, and you will figure out the best path forward, but it's important to do that when your thinking isn't heavily influenced by emotion as it might be right now.

 

Your finances and FICO are both in great places. Awesome cards will follow. Hang in there.


Plan hasn't changed. I'm closing all cards that are bucketed or under $1000 limits, except my Home Depot because it helps me track spending with work. The only other cards that I may apply for in the future are Best Buy, which I'm waiting on to ensure no sub-1000 limit, and the Flagship in March. After that, just letting everything age until I qualify for US Bank and Chase. I have no desire to open any other cards.

    
Message 9 of 51
Brian_Earl_Spilner
Credit Mentor

Re: 2 Years with AMEX


@Namaste7 wrote:

@Anonymous wrote:

Well, technically, you profile does seem to fit the "bust out" criteria that I recently read a couple days ago. So that could be playing into your experiences with Amex. Although I can't really say as I'm no expert on tis matter, or any for that matter.


👆

 

AMEX can be a tough cookie to crack if you came in dirty and/or your FICOs are not above 720+. AMEX's algorithms may not like OP's total number of accounts and/or the number of accounts with CLs below $1K.

 

OP, if AMEX is in your wallet, it's the long-term play that you should value. Until you are in their good graces, consider cooling off on new AMEX apps and CLI requests and allow your entire portofolio to age and grow. If the non-AMEX accounts do not grow as your profile ages, it's a good idea to evaluate who to keep vs. close.


Your theory about the algorithms is shaky at best. @Anonymous had a very similar profile to mine back in 2018. My Delta Gold approval pushed him to app for his. Since then, we've gone different directions. I'm a heavy credit seeker, he's not. He was approved for more amex, but they're all "starter" limits and he has yet to get a CLI. His 2 year anniversary is in a couple of months, so we shall see once we get more datapoints.

 

Also, my other cards have almost all grown, which is why my amex cards went from being my highest limits to lowest. Besides my nordstrom, amazon and walmart card, they're the only ones to never give me an increase.

    
Message 10 of 51
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