AMEX CLI question

[Anonymous]

If I decline a counter offer from Amex can I still request another CLI in a few weeks or do I have to wait another six months?

[enharu]

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@Anonymous wrote:

If I decline a counter offer from Amex can I still request another CLI in a few weeks or do I have to wait another six months?

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If your income isn't going to go up by a lot 6 months from now, or if there isn't going to be any dramatic changes in your CR, chances are the similar situation will happen. You might just be counter-offered with a slightly higher amount.

Why not just accept the counter-offer, and then request for a CLI again in 6 months? There's no rush anyhow.

[Anonymous]

It's true that I'm not expecting a huge raise or anything lol, but my EQ score just jumped 20 points to 790'. My original credit limit of $3000 was countered to $4800 but I really wanted to see at least $6000. 

[enharu]

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@Anonymous wrote:

It's true that I'm not expecting a huge raise or anything lol, but my EQ score just jumped 20 points to 790'. My original credit limit of $3000 was countered to $4800 but I really wanted to see at least $6000. 

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They look at many factors, including your CR, income, and spending. Spending a lot on that card will help increase your chances, though not necessary.

I would recommend you just take whatever they give now, and then try again after you establish more history. During the meantime the best you can do is to try to spend more on the card, since your scores are already considered as high. Your income might have played a part as well. 

On the bright side, they still gave you a CLI instead of a flat out rejection, so you're doing something they like afterall. Just keep the account in good standing and your CL will eventually be a lot higher than just the 6000 that you're hoping for.

[ReaLiLJ]

If you did the 3x Inc wait because it is best to just wait it out for 90 days and re-apply at that 91 day mark. If not and you just asked for a general increase because it was time, then your best bet is to just accept it as enharu said, because they go off your current situationa and risk level, and if it is going to be the same as your situation now, then they will offer you the same if not a little more. Here's my low down on it: why not just accept it now, and in 6 months ask for the limit you want, as I feel if the counter offer is somewhere close to what you wanted, in 6 months you should be able to make them give you the limiit you requested for, if you used the counter offer limit they gave you responsibly and in a way to show you need that higher increase that you requested. i.e. ( You start off with $2500, and you ask for $7,000) they counter you with $5000, and you take it. A responsible and smart way that I made them give me that 7,000 was by using that 5,000. For example the first month I would use the card for everything, family expenses, car note, insurance, bills, etc. -(the trick was, I would let those who I trusted use the card for whatever expenses they had as well, and have them give me the actual cash so I could use the full limit and pay off the card in 2 months)- and try to spend as close to that 5,000 as possible, then I would pay half one month or in full the first month if possible, and then the other half the second month, and then let it piff at 3% the 3rd month 2% the 4th month, 1% the 5th month, and pay if off by the 6th month, and then by that time ask for the 7,000 and if they decline (which they shouldn't) ask for a manual review and drop the explanation that "you've used your card to the maximum limits and you love using the card but the limit is too low, and I can't make use of card as I want to at the limit I'm at now." Ask for the limit you requested 6 months prior, or you can ask for a higher limit as you've shown you can use the full limit they gave you, payed if off in full responsibly, and now have good justification for them to give you that $7k limit or a higher limit of your choosing as now you have room to level with them, especially if your income is high, you should be able to get 1/3 of it as a limit from them, with good credit. As for me, I did this with my freedom card, and for my credit union platinum card (right before I PC'd), and it worked flawlessly, I think it does work so good because credit card companies don't have to give you the limt you want, but they are obligated to give you a limit that fits your situation and if you think you deserve the limit you wanted but your not in their view of that profile of the limit you requested to have, they won't just hand it out to you, you have to show them that you need/ can be responsible with that limit. Basically earn it. (Especially if your credit history is thin/ or have bk's on it.) -LJ

[ReaLiLJ]

@enharu wrote:

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@Anonymous wrote:

It's true that I'm not expecting a huge raise or anything lol, but my EQ score just jumped 20 points to 790'. My original credit limit of $3000 was countered to $4800 but I really wanted to see at least $6000. 

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"They look at many factors, including your CR, income, and spending. Spending a lot on that card will help increase your chances, though not necessary.

I would recommend you just take whatever they give now, and then try again after you establish more history. During the meantime the best you can do is to try to spend more on the card, since your scores are already considered as high. Your income might have played a part as well."

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+1 lol I agree with enharu here definately,

"It's true that I'm not expecting a huge raise or anything lol, but my EQ score just jumped 20 points to 790'. My original credit limit of $3000 was countered to $4800 but I really wanted to see at least $6000."

And since I now know your situation a little more, I stand behind my post 100%. You have a good credit score, so your doing something right, now if your income is where I believe it is at, due to the limit they started you with, I have a feeling they lowballed you here for sure, but only because your probably a new app, or you probably don't have high recorded spending patterns, and they don't have enough factors to give you that high of a limit, which means your most likely just a little above that low risk where they want you in to approve you for what you want, now if I'm right on the moneyball here your spending patterns are just around that 1/3 mark of your limit, and the highest balance you ever had on the card was just a little over $1300-$1400 hence the $1800 increase, but like I said I don't know your full situation. So I can only pass on advice from assumptions. ;P

[Anonymous]

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@ReaLiLJ wrote:

@enharu wrote:

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@Anonymous wrote:

It's true that I'm not expecting a huge raise or anything lol, but my EQ score just jumped 20 points to 790'. My original credit limit of $3000 was countered to $4800 but I really wanted to see at least $6000. 

---

"They look at many factors, including your CR, income, and spending. Spending a lot on that card will help increase your chances, though not necessary.

I would recommend you just take whatever they give now, and then try again after you establish more history. During the meantime the best you can do is to try to spend more on the card, since your scores are already considered as high. Your income might have played a part as well."

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+1 lol I agree with enharu here definately,

"It's true that I'm not expecting a huge raise or anything lol, but my EQ score just jumped 20 points to 790'. My original credit limit of $3000 was countered to $4800 but I really wanted to see at least $6000."

And since I now know your situation a little more, I stand behind my post 100%. You have a good credit score, so your doing something right, now if your income is where I believe it is at, due to the limit they started you with, I have a feeling they lowballed you here for sure, but only because your probably a new app, or you probably don't have high recorded spending patterns, and they don't have enough factors to give you that high of a limit, which means your most likely just a little above that low risk where they want you in to approve you for what you want, now if I'm right on the moneyball here your spending patterns are just around that 1/3 mark of your limit, and the highest balance you ever had on the card was just a little over $1300-$1400 hence the $1800 increase, but like I said I don't know your full situation. So I can only pass on advice from assumptions. ;P

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Yeah, I think you two are right about my spending patterns lol. The most I've had on the card at any given time was a little less than $1500. I never wanted a high util to report on my card so I was sending two or three payments a month. Probably shot myself in the foot But I did call and ask what the reasons were for my denial and they said something to the effect that I had a high debt to income ratio, but my BCE is the only card I have that's reporting a balance of $1k (out of $16k total limits), and I have been sending in full or almost full payments. So I think I will end up taking the counter offer, but it's kind of a bummer after waiting for six months..

[enharu]

Do you have a lot of other loan payments, such as mortgages, student loans, etc?

[Anonymous]

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@enharu wrote:
Do you have a lot of other loan payments, such as mortgages, student loans, etc?

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Just an auto loan which I got in December for $20k. But I had that already when I applied for the BCE.

[enharu]

How much do you owe on it right now? Amex is one of the few lenders that care about how much is owed currently vs. original amount borrowed.