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AMEX 3x CLI with Experian score increase; also, product change?

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AMEX 3x CLI with Experian score increase; also, product change?

Hello everyone! 

 

I've been diligently caring for my credit reports for awhile now; most recently, I've been focused on gardening. Overall, it's been project of patience and planning. But, in response, my scores have steadily increased. Indeed, I'm approaching my goal scores -- and may even reach them ahead of schedule. I'm pleased. (BTW, I owe a lot to the collective wisdom here in helping me with this project -- thank you to MyFico, everyone who has posted and, in particular, everyone who replied to my posts). 

As I approach my goal, I'm about to enter the next phase of my plan; I'm also reaching certain milestones that I set up for myself. One of them is improving my position with American Express.

 

I presently have an Amex Cash Magnet. It's a fine card, but I would use it more if it had a higher credit limit. So, a higher credit limit is my initial goal with American Express at this time, so I can use the card more effectively in my everyday routine -- maybe make it my primary card for spending. 

 

I've had the Amex since September and at 61 days after the account was opened, I applied for a 3x CLI. I was denied. The letter I received primarily noted that my credit needed a bit more improvement, but also that I needed more experience with American Express. On these boards, I also read that such a CLI denial on a first attempt was common for folks who start out with cards with lower credit limits, such as I have ($1000.00). 

I'm now approaching the 90 day mark for trying again for an Amex CLI. In the time since I was denied, my scores with Experian -- the CRA that Amex primarily uses for credit decisions -- have significantly improved. The score has risen from 665 when I was denied, to 758 today -- and my report is clear of any derogatory marks.

I regularly check my FICO Score 8 through the Amex account portal; they do a soft pull to update it and, I'm told, it is the same score they use when making credit decisions. When it's time to try again for the CLI at 90 days, my score with Amex should match the 758 FICO 8 it's showing with Experian directly now. I'm just waiting for it to sync up. 

My question is:

Based on this information and my credit factors (see signature), how well positioned am I for this CLI? Is there anything I should keep in mind when applying for it? Am I right in thinking that it's 90 days after a denial? 

In addition, after applying for the CLI -- whether denied or approved -- I am considering making a product change to Blue Cash Everyday from the Cash Magnet. From everything I've read, I should be able to transition over because both the BCE and CM are cards with no annual fee. That seemed to be the biggest factor to consider when making a PC shift with Amex, that cards you're exchanging are lateral to each other in the fee category.

So, regarding that: Is this information true? Is there anything to be aware of with a PC, so close to a CLI request? And is there any anniversary date with Amex that I'm supposed to reach before applying for a PC? From what I read, there is not. 

Thank you in advance for any advice. This is the final step in this phase of my credit plan, so insights will be helpful as I finish this portion up and enter the next. I'll garden a bit more after this and then enter the next round -- which will be looking through my card portfolio and deciding whether to add new cards to my lineup that better serve my spending habits and financial goals. Not quite an "app spree," though -- more like an app campaign. I'm being very methodical and targeted in possible credit card options, to find the right fit. 

Starting Score (Nov 2017): FICO 8 : TU - 510; EQ - 635; EX - 575
Recent Score Benchmark (Oct 2018): FICO 8 : TU - 710; EQ - 700; EX - 660
Current Scores (Mar 2019): FICO 8 : TU - 776; EQ - 770; EX - 758
Intermediate Rebuilding Phase Goal Score (Sep 2019) : FICO 8 - 760 across the board

Final Rebuilding Phase Goal Score (Sep 2020) :FICO 8 - 800 across the board

Take the myFICO Fitness Challenge

Other Stats: AAoA 8 Yrs | Inquiries (24 Mos): TU = 6 ; EQ = 6 EX = 9 | UTL = 2% (AZEO)
My Lineup: NFCU Go Rewards $2000 | Discover IT Cashback $1900 | Amex BCE $1000 | Ollo Platinum $1500 | Target Redcard (Store Charge) $2000 | Wayfair $1300 | Overstock $250
Message 1 of 12
11 REPLIES 11
Frequent Contributor

Re: AMEX 3x CLI with Experian score increase; also, product change?

I was denied my first CLI on the Cash Magnet due to insufficient use of the card. From your post it sounds like you may not be using it very much. I had a 6k SL so don't know how much of an issue that will be in regards to your case, but something to be aware of.

 

Out of curiosity, why not app for the BCE rather than PC so you can get the signup bonus? Then once both cards hit one year, transfer your CM balance over to the BCE and close it out if you want. Hopefully others will chime in on this as well as it is something I have often wondered in scenarios like yours.

Message 2 of 12
Valued Member

Re: AMEX 3x CLI with Experian score increase; also, product change?

You are correct, wait 90 days after a denial to reapply for the CLI and 6 months after an approved CLI request. In my experience, I waited to request a cli for my experian score to update also, yet they still used a score from the month prior. I requested a CLI the day after i saw my score update with them. Hopefully that helps!

Starting Score: 600
Current Score: 700
Goal Score: 750


Take the myFICO Fitness Challenge
Message 3 of 12
Frequent Contributor

Re: AMEX 3x CLI with Experian score increase; also, product change?

Op - out of curiosity what was your fico score when you were approved for the American Express?

Keep working on your report and really utilize your whole entire line... just make sure by the time the statement cuts its below 10%.
November 2019
Experian Fico 08 660
Equifax Fico 08 682
Transunion Fico 08 670

Capital One QS $600
Credit One $300 (soon to close)
Capital One QS1 $750
Discover $11,500
PNC Cash rewards Visa $12,500
Chase SW Rapid Rewards Visa $6900
All accounts opened between Oct 2018 - Nov 2019

Income varies : $60,000 - 80,000
Message 4 of 12
Valued Member

Re: AMEX 3x CLI with Experian score increase; also, product change?


@CS1974 wrote:
Op - out of curiosity what was your fico score when you were approved for the American Express?

Keep working on your report and really utilize your whole entire line... just make sure by the time the statement cuts its below 10%.

669.

Starting Score (Nov 2017): FICO 8 : TU - 510; EQ - 635; EX - 575
Recent Score Benchmark (Oct 2018): FICO 8 : TU - 710; EQ - 700; EX - 660
Current Scores (Mar 2019): FICO 8 : TU - 776; EQ - 770; EX - 758
Intermediate Rebuilding Phase Goal Score (Sep 2019) : FICO 8 - 760 across the board

Final Rebuilding Phase Goal Score (Sep 2020) :FICO 8 - 800 across the board

Take the myFICO Fitness Challenge

Other Stats: AAoA 8 Yrs | Inquiries (24 Mos): TU = 6 ; EQ = 6 EX = 9 | UTL = 2% (AZEO)
My Lineup: NFCU Go Rewards $2000 | Discover IT Cashback $1900 | Amex BCE $1000 | Ollo Platinum $1500 | Target Redcard (Store Charge) $2000 | Wayfair $1300 | Overstock $250
Message 5 of 12
Valued Member

Re: AMEX 3x CLI with Experian score increase; also, product change?


@TheBrad wrote:

I was denied my first CLI on the Cash Magnet due to insufficient use of the card. From your post it sounds like you may not be using it very much. I had a 6k SL so don't know how much of an issue that will be in regards to your case, but something to be aware of.

 

Out of curiosity, why not app for the BCE rather than PC so you can get the signup bonus? Then once both cards hit one year, transfer your CM balance over to the BCE and close it out if you want. Hopefully others will chime in on this as well as it is something I have often wondered in scenarios like yours.


 

So, I was (likely) actually denied my 3x CLI last night, even with the increased credit score. I'm waiting to see what the 7-10 day letter says. 

 

If it says that I haven't had enough use, then I know what I have to do -- use the card more. It's just very hard, because the cashback plan on the Amex CM doen't fit my spending very well and the credit limit is low, and I don't like to push the UTL on any one card. So I don't spend much on it currently.

 

But I very much want to use an Amex card for my essential shopping, because the points/rewards are quite good for that. In fact, my hope is to transfer one category of spending -- my supermarket shopping -- to that entirely. I like to have just a few cards, that cover one or two (maybe three) categories very well -- and then just be loyal and pay them off. 

 

It also may be that I have too much credit on other cards -- in which case, I wonder if I should close out my store charges, so cards like Amex could consider a credit limit increase with them. 

 

Now, I am considering what you said: Apping for another card the BCE and then waiting a year. Maybe the Cash Magnet wasn't the right card to start out with, but keeping it makes sense, transferring the limit over to the BCE in a year. I was hoping to avoid an HP with Amex, though. 

I suppose a lot will depend on what the letter says. If it's that I don't spend enough with them, then I'll just PC to BCE with the lower limit I have and see how things go in a few months on another CLI. Then app for another CM or another one of their cards, independently. 

 

Another option is PCing my NFCU from the Go Rewards to the NFCU Amex More Rewards -- but then I won't have a card that gets great points for dining (which the Go Rewards is great for).

So, I'm thinking about all this now -- what do I want to do? Options, options. 

 

The reason for my preference in PC's is that I want to try to get my cards situated that gives maximum points for my spending, without having to app for a bunch of new cards and add to my INQ's -- I really only want to app for cards that will enhance what I'm already doing, stay with the banks/companies that I'm with and to PC within their cards instead. 

Starting Score (Nov 2017): FICO 8 : TU - 510; EQ - 635; EX - 575
Recent Score Benchmark (Oct 2018): FICO 8 : TU - 710; EQ - 700; EX - 660
Current Scores (Mar 2019): FICO 8 : TU - 776; EQ - 770; EX - 758
Intermediate Rebuilding Phase Goal Score (Sep 2019) : FICO 8 - 760 across the board

Final Rebuilding Phase Goal Score (Sep 2020) :FICO 8 - 800 across the board

Take the myFICO Fitness Challenge

Other Stats: AAoA 8 Yrs | Inquiries (24 Mos): TU = 6 ; EQ = 6 EX = 9 | UTL = 2% (AZEO)
My Lineup: NFCU Go Rewards $2000 | Discover IT Cashback $1900 | Amex BCE $1000 | Ollo Platinum $1500 | Target Redcard (Store Charge) $2000 | Wayfair $1300 | Overstock $250
Message 6 of 12
Frequent Contributor

Re: AMEX 3x CLI with Experian score increase; also, product change?


@thebunnyhop wrote:

@TheBrad wrote:

I was denied my first CLI on the Cash Magnet due to insufficient use of the card. From your post it sounds like you may not be using it very much. I had a 6k SL so don't know how much of an issue that will be in regards to your case, but something to be aware of.

 

Out of curiosity, why not app for the BCE rather than PC so you can get the signup bonus? Then once both cards hit one year, transfer your CM balance over to the BCE and close it out if you want. Hopefully others will chime in on this as well as it is something I have often wondered in scenarios like yours.


 

So, I was (likely) actually denied my 3x CLI last night, even with the increased credit score. I'm waiting to see what the 7-10 day letter says. 

 

If it says that I haven't had enough use, then I know what I have to do -- use the card more. It's just very hard, because the cashback plan on the Amex CM doen't fit my spending very well and the credit limit is low, and I don't like to push the UTL on any one card. So I don't spend much on it currently.

 

But I very much want to use an Amex card for my essential shopping, because the points/rewards are quite good for that. In fact, my hope is to transfer one category of spending -- my supermarket shopping -- to that entirely. I like to have just a few cards, that cover one or two (maybe three) categories very well -- and then just be loyal and pay them off. 

 

It also may be that I have too much credit on other cards -- in which case, I wonder if I should close out my store charges, so cards like Amex could consider a credit limit increase with them. 

 

Now, I am considering what you said: Apping for another card the BCE and then waiting a year. Maybe the Cash Magnet wasn't the right card to start out with, but keeping it makes sense, transferring the limit over to the BCE in a year. I was hoping to avoid an HP with Amex, though. 

I suppose a lot will depend on what the letter says. If it's that I don't spend enough with them, then I'll just PC to BCE with the lower limit I have and see how things go in a few months on another CLI. Then app for another CM or another one of their cards, independently. 

 

Another option is PCing my NFCU from the Go Rewards to the NFCU Amex More Rewards -- but then I won't have a card that gets great points for dining (which the Go Rewards is great for).

So, I'm thinking about all this now -- what do I want to do? Options, options. 

 

The reason for my preference in PC's is that I want to try to get my cards situated that gives maximum points for my spending, without having to app for a bunch of new cards and add to my INQ's -- I really only want to app for cards that will enhance what I'm already doing, stay with the banks/companies that I'm with and to PC within their cards instead. 


Regarding the bold, most folks can add an additional card with AMEX as a soft pull, but YMMV.  Good luck whatever you decide.

Message 7 of 12
Valued Member

Re: AMEX 3x CLI with Experian score increase; also, product change?

How? Link?
Starting Score (Nov 2017): FICO 8 : TU - 510; EQ - 635; EX - 575
Recent Score Benchmark (Oct 2018): FICO 8 : TU - 710; EQ - 700; EX - 660
Current Scores (Mar 2019): FICO 8 : TU - 776; EQ - 770; EX - 758
Intermediate Rebuilding Phase Goal Score (Sep 2019) : FICO 8 - 760 across the board

Final Rebuilding Phase Goal Score (Sep 2020) :FICO 8 - 800 across the board

Take the myFICO Fitness Challenge

Other Stats: AAoA 8 Yrs | Inquiries (24 Mos): TU = 6 ; EQ = 6 EX = 9 | UTL = 2% (AZEO)
My Lineup: NFCU Go Rewards $2000 | Discover IT Cashback $1900 | Amex BCE $1000 | Ollo Platinum $1500 | Target Redcard (Store Charge) $2000 | Wayfair $1300 | Overstock $250
Message 8 of 12
Community Leader
Senior Contributor

Re: AMEX 3x CLI with Experian score increase; also, product change?

Typically if you have been a member longer than 60 days, an app for another card is a SP by default (HP is always possible but AmEx has proven to be pretty reliable for doing SP approvals).


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 9 of 12
Valued Member

Re: AMEX 3x CLI with Experian score increase; also, product change?

Huh. Well, that does solve the problem. Smiley Happy Let's find out.
Starting Score (Nov 2017): FICO 8 : TU - 510; EQ - 635; EX - 575
Recent Score Benchmark (Oct 2018): FICO 8 : TU - 710; EQ - 700; EX - 660
Current Scores (Mar 2019): FICO 8 : TU - 776; EQ - 770; EX - 758
Intermediate Rebuilding Phase Goal Score (Sep 2019) : FICO 8 - 760 across the board

Final Rebuilding Phase Goal Score (Sep 2020) :FICO 8 - 800 across the board

Take the myFICO Fitness Challenge

Other Stats: AAoA 8 Yrs | Inquiries (24 Mos): TU = 6 ; EQ = 6 EX = 9 | UTL = 2% (AZEO)
My Lineup: NFCU Go Rewards $2000 | Discover IT Cashback $1900 | Amex BCE $1000 | Ollo Platinum $1500 | Target Redcard (Store Charge) $2000 | Wayfair $1300 | Overstock $250
Message 10 of 12
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