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Amex BCP, 2nd CLI request - 2nd UPDATE

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Frequent Contributor

Amex BCP, 2nd CLI request - 2nd UPDATE

On May 31st, I received a CLI of 3x the SL of 2K on my BCP. This coming Saturday, I hit my 6 month plus one day date to apply for my second CLI. I'm wondering about the advisability. Here are my DPs:

EX = 730 (10)
TU = 726 (2)
EQ = 757 (1)

AAoA = 1.3
Util = 20% (Will go up to c.30% in 7-8 days, after Chase reports. One week later, about 45% after Discover)
Aggregate CL = 51.2K
Auto loan = 5.4K

No derogs except...
A few days ago I noticed that I had, through inattention, missed the minimum payment on my BCP by one day. I called an Amex CSR immediately and she said it would not be reported as late because of my perfect payment record, but the $27 late fee would remain. Immediately, I paid off my entire balance ($1,404). Tomorrow, I will report at zero. Both of my Capital One cards reported 5 days ago at zero each.

Without the BCP CLI, my Util will jump, as described above. I've made some recent big purchases, but cards used are still at 0% APR. Of course, I'd like to mitigate the Util bump with the possible 3x CLI available to me (or negotiated CLI).

As I always do, I am throwing this out in front of the Court of CCT Opinion. Are the planets in optimal alignment?
Message 1 of 14
13 REPLIES 13
Valued Contributor

Re: Amex BCP, 2nd CLI request

To me it would seem that you have a higher likelihood of getting the CLI. But you said you got 3X back in May. I ask because sometimes getting 3X twice in a row could may be difficult depending on the person or profile. What I am saying is I wouldn't be surprised if you got an increase, but maybe not at 3X your current amount. But this is without know more specifics about your limit on the account and so on.

On the other hand, with your limit being 6K there would appear to be room to grow. But then again t his could depend on the rest of your profile and if they are willing to go up that high.
                               

Total Credit: $240,100Credit Utilization: 1%AAoA: 5 years, 7 monthsInstallments: Car Lease, Marcus LoanNegatives: 0

LOWES-35k | BOA-32.5k | AMEX-30k | DISC-27.1k | ALLIANT-25k | NFCU-25k | BARC-15k | BBUY-12k | CHASE-10k | WAL-10k | CITI-9.7k | PENFED-9.7k


Message 2 of 14
Super Contributor

Re: Amex BCP, 2nd CLI request

OP you have a lot listed here, but I get the impression there is even more relevant information to be discussed.

It sounds like you have something of an app spree going on, with a lot of new charges added to these new cards as soon as they appear? And those have not had the first statement yet?

What is the sequence, including month/year applied for each card, of what you have in your wallet, credit limits, last statement balances, and for those new cards not yet reported, balances that will be reporting.

What is your method for keeping up with the minimum payment on all these cards? The AMEX 3x CLI is a fun game to play, but the Must Do part of credit is having a consistent method to always pay at least the minimum on time. Everything else is just games we play with credit. Missing a minimum payment should be more alarming to you, a higher priority than looking for when to 3X CLI.

A legitimate way forward right now is to do no CLI, no further apps, and ensure all these balances are properly paid down.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 3 of 14
Community Leader
Super Contributor

Re: Amex BCP, 2nd CLI request

OP, if it was me, I'd wait with CLI request.
Amex is not particularly fond of any payment issues, even if it's late only by a day

If you choose not to wait, ask before other cards report higher utilization.

I doubt Amex would approve CLI right after payment mishap, immediately followed by increase in utilization.
EX 753 EQ 769 TU 755
Message 4 of 14
Valued Contributor

Re: Amex BCP, 2nd CLI request

Even though the late payment will not report to CRAs, I suspect it might play a big role with your CLI request. Also look out for penalty APR of 29.99% for the next 6 months, make sure not to carry balance on this card if in fact penalty APR has been applied.
Message 5 of 14
Frequent Contributor

Re: Amex BCP, 2nd CLI request

RonM21 and BRB525:

I neglected to list my other cards and limits. Here they are:

Cap1 Platinum (secured) 599 11/15
Same, unsecured 11/16 PC'd to QS 1.9K
CFU 6K 12/17 CLI > 12K 10/18
Disc IT 6K 1/18 > 14K 5/31/18
CSP 16.7K 4/18
BCP. 2K. 4/18 > 6K 5/31/18

Mini app spree 4/6/18. Got CSP and BCP. Denied Citi DC. In garden until at least 4/19, probably 4/20. Only CLI requests and no more of those (after this one) until Util is under 8.9%
Message 6 of 14
Super Contributor

Re: Amex BCP, 2nd CLI request

OP, thanks for the additional clarification.

What are the balances on the cards that put you over 8.9% now?
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 7 of 14
Frequent Contributor

Re: Amex BCP, 2nd CLI request

Remedios, by "If you choose not to wait, ask before other cards report higher utilization", do you mean that I should do what I'm planning, which is to request the CLI before the report dates on the two Chase cards and the Discover, which will greatly increase my Util?

I'm hoping that a BCP CLI could eventually suppress some of the damage of the increase in Util engendered by the large balance increases in three cards, all three of which report after my CLI request would be made.
Message 8 of 14
Community Leader
Super Contributor

Re: Amex BCP, 2nd CLI request


@kshurika wrote:
Remedios, by "If you choose not to wait, ask before other cards report higher utilization", do you mean that I should do what I'm planning, which is to request the CLI before the report dates on the two Chase cards and the Discover, which will greatly increase my Util?

I'm hoping that a BCP CLI could eventually suppress some of the damage of the increase in Util engendered by the large balance increases in three cards, all three of which report after my CLI request would be made.

Yes. If you're planning on asking, do it before other cards report

EX 753 EQ 769 TU 755
Message 9 of 14
Frequent Contributor

Re: Amex BCP, 2nd CLI request

Whoops! Forgot the balances:

Both Cap1 cards and BCP - 0
CFU $2,136 - up from 798
CSP $6,147 - up from 735
Disc IT $8,643 - up from $8,475 (but, at least $600 will be paid on this before report.

CFU, CSP and Disc IT are not reported, yet.
Message 10 of 14