AMEX CLI question

[pat0812]

So this is my situation

I want to increase my Amex CL from 13,200 to 24,500

I have been with Amex for 4 years, started with the gold card and then received the blue cash at 4,400 and did the 3x CLI after 60 days and since then I never requested a CLI

I had a hight UTI unti last month (35%), and now I paid off many cards and my UTI is at 7%

I haven't asked for a CLI yet because AMEX gives CLI based on their last SP and the last SP they have from me is when my UTI was 35%, so I hope they will SP me soon.

Is it true that when my next FICO score will be on my account, they should have a new SP on file ?

Would you guys recommend me to wait for a new SP to show up or could I be approved for a CLI with the higher UTI they have from the last SP ?

What happens if I apply for a new AMEX card ? will they also use a SP to determine if I'm eligible and if I'm approved then they will do a HP ?

[Anonymous]

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@pat0812 wrote:

So this is my situation

I want to increase my Amex CL from 13,200 to 24,500

I have been with Amex for 4 years, started with the gold card and then received the blue cash at 4,400 and did the 3x CLI after 60 days and since then I never requested a CLI

I had a hight UTI unti last month (35%), and now I paid off many cards and my UTI is at 7%

I haven't asked for a CLI yet because AMEX gives CLI based on their last SP and the last SP they have from me is when my UTI was 35%, so I hope they will SP me soon.

Is it true that when my next FICO score will be on my account, they should have a new SP on file ?

Would you guys recommend me to wait for a new SP to show up or could I be approved for a CLI with the higher UTI they have from the last SP ?

What happens if I apply for a new AMEX card ? will they also use a SP to determine if I'm eligible and if I'm approved then they will do a HP ?

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For your score to be higher, yes. However, they have your recent paid history so they are looking at your balance at the same time as making the decision. You can wait, you don't know if they pull Monthly or every 2 months....You would have to check your credit report. 

Let me know if they request a "Income Verification" If you deny them they will put it in your credit report and that will be bad for you, based on their agreement I just read on my PRG

[pat0812]

What will they put in my credit report?
And some people told me that since amex offers free fico score they SP every month? Is that true?

[Anonymous]

ya it is on a SP. ya i guess. gg. I always thought consumers and creditors receive different information. Unknown to me because I do not work there. 

Read your cardmember agreement part 2 of 2 page 4 under credit reports for my statement I made above.

Here I will write it :/

You agree that we will obtain credit reports about you, investigate your ability to pay, and obtain information about you from other sources including information to verify and re-verify your employment and income. And you agree that we will use such information for any purposes, subject to application law. 

You agree that we will give information about the account to credit reporting agencies. We will tell a credit reporting agency if you fail to comply with any term of this agreement. This may have a negative impact on your credit report.

So basically, if you did not lie to them you should be good I heard most get income verification at 25k but in other post they said some at 15k

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[pat0812]

I never lied I put my income at 130k
But if you send them irs verification form before august they will get 2014 income only and not 2015 yet
What happens when they see that in 2014 I made less then what I mentioned? Because in 2015 I did make those amounts but they cant verify this yet

[Anonymous]

Just write a note i guess along with it saying that other income is from current job or from your partner.

[Anonymous]

Some incorrect advice here.

If you submit a CLI request and they ask for a 4506-T and you choose not to provide it, they won't put it on your credit report.  Not sure where that comes from. One of two things will happen if you don't want to provide the 4505-T, 1) the CLI application will be denied and you'll need to provide it later if you ever apply for another one or another card, 2) You can drop your CLI request to a lower number and they may approve it without needing the 4506-T.

If you apply for another Amex card, they will look at the last SP and then pull a HP if they like what they see.  While in the past, new application denials would result only in a SP, there have been several people reporting that they were HPed even for a denial.

As for your income verification, if there is significance difference between what your tax returns show and what you stated as your income, they could very well deny the CLI application, lower existing limits, place hard limits on any charge card or in worst case scenario, close your account (not likely).

Wait for the next. SP and then apply for the CLI.

[NRB525]

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@pat0812 wrote:

What happens if I apply for a new AMEX card ? will they also use a SP to determine if I'm eligible and if I'm approved then they will do a HP ?

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If you are considering going for one or more other AMEX cards, why do you want the $24,500 on this one specific card?

At the point where my Delta Gold card was eligible to go from $9k to $27k, I thought about it.... then went to "only" $12k...

and ended up with 3 other Revolvers (one prior to that CLI, two more revolvers after). $47k of revolving credit on the 4 Revolvers, and then the PRG.

Having a card that says "Credit Limit $24,500" is an impressive accomplishment, so if you want that, go for it. Just think through your potential future AMEX profile, and ask whether that aligns with your future self. Because the thing about going to $24,500 on one card is, theoretically you could reallocate that limit to another AMEX card, but only after at least 13 statements of proper seasoning of that limit.

[pat0812]

If I go to $24,500 wont I be able to apply for another card as well?

[Closingracer99]

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@pat0812 wrote:
If I go to $24,500 wont I be able to apply for another card as well?

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Yes but that is assuming they will approve you. Maybe they feel the most you can have is $25,000? I would just wait and see if you want another AMEX and you can always just ask for it later.