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AMEX Card with High Starting Limit (SL)

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AMEX Card with High Starting Limit (SL)

I would love to hear feedback / recommendations on the following...

 

Background / Data Points:

  • I applied and was approved for my first 2 AMEX charge cards in October (Green and Platinum charge cards)
  • Since October, my EX FICO went up by almost 100 points, presently my EX FICO 8 is around 770
  • 4 inquiries, including 1 AMEX in the last 12 months
  • AAofA is around 6 years. However, most "serious" accounts were opened in the last 12 months
  • Close to 0% utilization
  • I am looking to finally pull the trigger on my first revolver AMEX
    • Basic plan is to hopefully get a decent SL out of the gate with SP and then do 3X in 61 days with another SP, right before doing my BIG 2019 app spree
  • In terms of other SLs, I have a couple of cards with $10K + limits but nothing yet in $15K-20K territory
  • Income / DTI is sufficient to support another card

AMEX Cards I am considering:

  • I checked pre-approvals and I am pre-approved for ALL AMEX revolvers (I get message "____, you are pre-approved!")
  • I don't really have a big need for Delta or Hotel-branded AMEX cards at the moment
  • So putting those cards aside, I am down to choosing one of these cards:
    1. BCE
    2. BCP
    3. ED
    4. EDP
    5. Cash Magnet
  • I have no issue with a reasonable AF
  • One difference, aside from cashback vs. points and AF I see is the term of 0% interest--  12 months for Preferred cards (BCP, EDP) and 15 months for others (BCE, ED) (seems counterintuitive by the way!)
  • My main objective--  get the highest possible SL. Right at the moment, I am a bit less concerned about cash back vs. points as I can probably use both in the grand scheme of things and currently I am optimizing every step for TCL growth (Of course, I completely understand the sentiment "get the card best for your case/ usage scenario..." but I can see benefits to all cards and can adapt my usage accordingly)

Question:

  • Based on the above, which AMEX revolver (BCE, BCP, ED, EDP, Cash Magnet, something else?) should I apply for?

I will definitely share the results after I apply...

 

Thanks in advance!!

33 REPLIES 33
Community Leader
Senior Contributor

Re: AMEX Card with High Starting Limit (SL)

I think your starting limit will be about the same on any of those cards. For the record, I had two 10k cards in hand, and AMEX started my BCE at 15k.

 

The big thing to consider is whether you want to get into MR points or cashback. You won't be able to PC (product-change) an MR card into a cashback card, or vice versa.

 

Also, when did your score rise, and what was the reason? Because you already have AMEX cards, they might approve you based on an old pull.

Message 2 of 34
Moderator

Re: AMEX Card with High Starting Limit (SL)

Is this part of your total "domination" strategy for TCL?

No specific card from your list is really going to be assigned the highest per se as far as SL.

AmEx algorithms will determine the best SL for your overall profile, income sources/DTI, and so forth.

As an aside, my 5th AmEx revolver was approved for $25K (Schwab Investor) and @Mahraja has been approved for other AmEx revolvers with high SLs. Countless other individuals have been approved for decent SLs that support those profiles.

I'm fairly certain you've perused the approvals section to determine that AmEx revolver SLs are not tied to a particular product since folks can be approved anywhere from $500 onward from any of those you've listed.
Message 3 of 34
Mega Contributor

Re: AMEX Card with High Starting Limit (SL)

Just out of interest: what is the motivation for trying to optimize TCL?   IMO, optimizing rewards is more important, which goes to the question of whether to go cashback or MR....

Message 4 of 34
Community Leader
Mega Contributor

Re: AMEX Card with High Starting Limit (SL)


@longtimelurker wrote:

Just out of interest: what is the motivation for trying to optimize TCL?   IMO, optimizing rewards is more important, which goes to the question of whether to go cashback or MR....


Utilization padding. OP has been on this quest for a while now. Don't you read every thread???  

 

 

Message 5 of 34
Frequent Contributor

Re: AMEX Card with High Starting Limit (SL)


@longtimelurker wrote:

Just out of interest: what is the motivation for trying to optimize TCL?   IMO, optimizing rewards is more important, which goes to the question of whether to go cashback or MR....


Great question!

 

I guess I view it as a semi-useless hobby...Smiley HappySmiley Very Happy 

 

So I am definitely aware that high TCL has limited utility in the real world...

 

As for MR vs. cash back, I already have a couple of good MR and cash back cards (perhaps not as good as 6% on groceries offered by BCP but decent-- PenFed, US Bank, etc.) so I am open to either... as long as I can maximize SL, of course... Smiley Very Happy

 

And, of course, I will share my experience and my credit journey for what they are worth with everyone here...

 

Thanks!!

Message 6 of 34
Mega Contributor

Re: AMEX Card with High Starting Limit (SL)


@Remedios wrote:

@longtimelurker wrote:

Just out of interest: what is the motivation for trying to optimize TCL?   IMO, optimizing rewards is more important, which goes to the question of whether to go cashback or MR....


Utilization padding. OP has been on this quest for a while now. Don't you read every thread???  

 

 


I READ every thread,  but I am multi-tasking with my narco-terrorism business so I tend not to take it in.....   (Probably should stop one or the other come to think of it.)

 

Utilization padding.   Oh yes, along with the related AZEO, a "solution" in search of a problem.  (Just pay early when strictly needed)

Message 7 of 34
Community Leader
Senior Contributor

Re: AMEX Card with High Starting Limit (SL)

Utilization "padding" makes sense if you're looking at each card individually. You certainly want enough of a limit to support your spending on the card. It's makes a lot less sense to look at Card B as a way to offset utilization on Card A.

Message 8 of 34
Moderator

Re: AMEX Card with High Starting Limit (SL)


@Remedios wrote:

@longtimelurker wrote:

Just out of interest: what is the motivation for trying to optimize TCL?   IMO, optimizing rewards is more important, which goes to the question of whether to go cashback or MR....


Utilization padding. OP has been on this quest for a while now. Don't you read every thread???  

 

 


Ah yes  the ultimate TCL quest Smiley Very Happy   Is this why every thread usually has a question about POI, I wonder? 

 

one-million-dollars-5b0c0d.jpg

Message 9 of 34
Frequent Contributor

Re: AMEX Card with High Starting Limit (SL)


@Remedios wrote:

@longtimelurker wrote:

Just out of interest: what is the motivation for trying to optimize TCL?   IMO, optimizing rewards is more important, which goes to the question of whether to go cashback or MR....


Utilization padding. OP has been on this quest for a while now. Don't you read every thread???  

 

 


Actually, not exactly. Utilization padding is more of a big curiosity for me, what I would call a byproduct of my TCL "hobby."  By the way, I first got the idea of this hobby from reading the legendary stories of TCL barons on this board... Smiley HappySmiley Very Happy

 

So utilization padding is not my goal but more of a curiosity. I like to PIF everything and this is actually one issue I have with this hobby-- even with my modest TCL, I already have to manage a decently complex Excel...

 

As for curiosity around utilization padding, perhaps it also stemms from being over-worried.... In these uncertain times, what if, what if...

 

Thanks!!

Message 10 of 34
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