Amex CLI / FR Question

[ramblin_wreck08]

In order to keep my scores up I've been trying to keep my utilization below 10%. Due to a $20k credit limit on my BCP (our primary card), I've been able to do so without issue up to this point. However, I am looking to simplify things by running just about all expenses through the BCP this year, which is putting us ~$2k/mo on average, with a number of months over that 10% threshold. We are also looking to grow our family, so expenses will be on the rise. As I see it there are a couple options if I want to put this much spend on one card and keep utilizaiton below 10% without making multiple payments a month:

1. Request CLI with the risk of FR

- 5 year history with Amex, always paying on time and in full

- 2 years at $20k CL

- Mini FR 1-1.5 years ago after requesting CLI (they requested the info, I filled out the form...never heard anything back but didn't get the increase)

2. Get a charge card so the amount I run through the card does not count against utilizaiton

- Would go with PRG, but BCP fits our spend much better

How should I proceed? My FICO score is ~800, with $98k income in 2016 and $74k in 2015. I list $85k income on Amex' site to be on the conservative side.

[Gmood1]

Go in and do a CLI request. You've been with them long enough, not something I'd worry about. Shoot for the stars! I'm betting you'll get a instant increase somewhere in the mid $30k range. If you get the income verification notice, just back out of app and drop your requested amount by $1000 increments until it goes to an instant approval. It's that simple, you don't have to send in anything. You'll get a IV notice in the mail. That's just something automatically generated by their system. You can disregard and throw it in the trash.

On second thought, start at $40k as your request and work your way down as needed.

Never know, they may give you the $40k! Lol

[AverageJoesCredit]

Great advice by Gmood

Youve already established you can handle big limits. Your score is superb as is your limit. You seem to be a case where you truely do deserve more credit as youve built up your relationship and employ goid credit habits. Go for it and good luck

[ramblin_wreck08]

Thank you both. I submitted a request to increase my limit to $30k and was asked to fill out form 4506-T for income verification. As I don't have any issue with this, I went ahead and filled it out. The only concern I see is that I'm not sure they will be able to get 2016's return for another couple months (an issue as our income increased substantiall from '15). If they deny the increase, I guess I can try again in a couple months.

[simplynoir]

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@Gmood1 wrote:

Go in and do a CLI request. You've been with them long enough, not something I'd worry about. Shoot for the stars! I'm betting you'll get a instant increase somewhere in the mid $30k range. If you get the income verification notice, just back out of app and drop your requested amount by $1000 increments until it goes to an instant approval. It's that simple, you don't have to send in anything. You'll get a IV notice in the mail. That's just something automatically generated by their system. You can disregard and throw it in the trash.

On second thought, start at $40k as your request and work your way down as needed.

Never know, they may give you the $40k! Lol

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This is why I would shoot for the moon. Based on the provided info I'm betting you'll get an increase for sure it's just a matter of what limit they'll give you. While I'll doubt you'll get the full 3x CLI if you ask they should counter assuming the IV notification does't pop (also don't know your willingness to provide such info again if it does; some do and some don't). Which if it does as Gmood1 mentioned just back out of the app and start dropping your request by 1k increments til they give you an instant approval. In any case whatever you decide to do good luck on it!

Edit: just saw reply seems I was a little late here lol.

[Gmood1]

OP good luck, I don't see why you wouldn't get it from what you've told us. Its easier to just back out of app and lower amount sometimes. I've gotten the IV many, many times. And for much less than my current BCP limit now.
I've learned even though they may asked for IV now. Six months later they may grant the increase without one. They'll just inch the limit up slowly every six months, if you hit the right amount on the request.

[ramblin_wreck08]

Thanks for all the best wishes!

Good to know about their CLI process. Maybe I'll start asking for smaller increases 1-2x/yr so it grow with our spend. They seem to be a little uneasy about me asking for large jumps ever couple years. Haha

[Gmood1]

I asked for one every six months. LoL
Don't let your fear of being denied hold you back.

[AverageJoesCredit]

Lol, im gonna ask for what im comfortable so itll be real interesting if i get my Amex to 9k in August. 27k would never happen for me due to income but i wanna play with fire and see if 18 would be doable. If i ever get 18 with Amex im gonna let all the Avj's of the world anything is possible if you take care of your credit

[Gmood1]

You never on know AJC, never say never my friend. Your fear will hold you back more than anything else.