Amex 3x CLI

[mrsno]

I've read here and there on these forums about Amex giving a 3x CLI on the 61-day mark.

1. Is this still a thing?
2. Is it auto or do you have to request it? If so, should I call after the second statement cycles? Is there a window on this that closes soon after the 61-day mark?
3. I opened at $10K, so I assume if I were to be considered for the full $30K increase this would require a FR?
4. The pull is a soft one, right?

Does anyone know what types of things might work against me on my CR? Since opening this account I have a new mortgage, a new auto loan and two other new cards reporting as well as all of the inquiries that led to this. There are about 8 inquiries for the auto loan itself as the dealer shopped around my app to multiple lenders.

[OmarGB9]

1. Yes
2. Has to be requested, best way is probably online. You can do it right away as soon as your card arrives though, if you're feeling lucky.
3. Not an FR, but a 4096 T form, yes most likely.
4. Yes

Auto loans and mortgage loans shouldn't count against you. As long as your income is good and your CR is clean you shouldn't have any issues. That's not to say your CLI is guarantee of course, but you'd have a better shot.

[WLRK11]

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@OmarGB9 wrote:
1. Yes
2. Has to be requested, best way is probably online. You can do it right away as soon as your card arrives though, if you're feeling lucky.
3. Not an FR, but a 4096 T form, yes most likely.
4. Yes

Auto loans and mortgage loans shouldn't count against you. As long as your income is good and your CR is clean you shouldn't have any issues. That's not to say your CLI is guarantee of course, but you'd have a better shot.

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+1 It can't hurt to try. Be prepared to get a denial letter in the mail everytime they shoot you down, though. 

[kdm31091]

61 days is no longer relevant. You can ask at any time and if/when you qualify, you will get it. As a reminder you dont have to ask for 3x if you think you wont be approved. You can ask for a smaller increase if you like

[Anonymous]

An example of when you may not want to ask for the full 3x is your current situation. At least the way it used to work is that if you asked for $25k or less, no 4506-T was required, whereas if you asked for more, AMEX always asked for proof of income. I don't know if they've eased those rules recently or not. However, when I applied in June, I think i jumped from ~$10k to $25k with no review required.

[takeshi74]

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@mrsno wrote:

I've read here and there on these forums about Amex giving a 3x CLI on the 61-day mark. 

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Have you read the 3x CLI Guide?  If you can't find a link to it, it should be the first hit if you Google "3x CLI".

3x is not the CLI that one will receive.  Limits and increases are always based on what one's credit and income qualify for.  3x was an upper limit and erquests over that limit would be automatically denied.  IIRC AmEx will now counteroffer if one qualifies for less than the amount requested if >3x is requested.

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@mrsno wrote:

Does anyone know what types of things might work against me on my CR? Since opening this account I have a new mortgage, a new auto loan and two other new cards reporting as well as all of the inquiries that led to this. There are about 8 inquiries for the auto loan itself as the dealer shopped around my app to multiple lenders.

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All depends on your credit profile and whether or not it supports all that recent activity as well as a CLI as far as AmEx is concerned. Keep in mind that we are not AmEx underwriters.

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@Anonymous wrote:

At least the way it used to work is that if you asked for $25k or less, no 4506-T was required, whereas if you asked for more, AMEX always asked for proof of income.

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The guide covers this as well as many of the OP's questions.  $25K/$34.5K are not hard lines.  They are are guidelines and YMMV.

[NRB525]

OP, you can request the CLI, but are you certain this is the only AMEX revolver that you want to have? If so, then go for the max, $30k. If they ask for more information, it is not a Financial Review, it is asking for more information to verify your income through the IRS form 4506-T.

[Bmac66]

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@Anonymous wrote:

An example of when you may not want to ask for the full 3x is your current situation. At least the way it used to work is that if you asked for $25k or less, no 4506-T was required, whereas if you asked for more, AMEX always asked for proof of income. I don't know if they've eased those rules recently or not. However, when I applied in June, I think i jumped from ~$10k to $25k with no review required.

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Petrovirus - When did you request the CLI to $25k? At day 61? I just received my AmEx ED on 7/28 at $10k as well.  I was also thinking of requesting a bump to $25k at day 61. Income at $125k.  

[mrsno]

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@takeshi74 wrote:

Have you read the 3x CLI Guide?  If you can't find a link to it, it should be the first hit if you Google "3x CLI".

Thanks, I think I found it:

http://ficoforums.myfico.com/t5/Credit-Card-Applications/The-Definitive-Amex-3X-CLI-Guide/td-p/18110...

[mrsno]

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@NRB525 wrote:

OP, you can request the CLI, but are you certain this is the only AMEX revolver that you want to have? If so, then go for the max, $30k.

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So if I have one revolver with a large CL, that will limit my ability to get another revolver? There really aren't any other Amex products that are on my wish list.