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Amex CLI over $25,000

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pat0812
Regular Contributor

Re: Amex CLI over $25,000


@austinguy907 wrote:

Why are you postig this again?  

 

 

I spend less on mine than you do each month and was approved to 50K and just for giggles going to hit them up again in Feb to see what they do as a data point.


Is weird,

i had a notification that somebody posted how much I spend and my income and i replied

I think it was a old reply lol

FICO 8's EX 770 EQ 751 TU 771 (1/16/17)
Amex Gold Premier rewards ( Charge Card)
Amex Blue cash - $47,800 Wells Fargo - $15,000 Citibank Simplicity - $13,800 Barclays Apple - $13,000 Walmart Mastercard - $8000 Chase Slate - $7,200 Discover It - $5,500 Capital One - $5,250
Message 61 of 102
Anonymous
Not applicable

Re: Amex CLI over $25,000

Update? What's the progress so far?

I hope you didn't cancel the request. IF your income is correct AMEX will most likely counter or approve.

 

To answer your question, they were denying the 45k CLI. The 50K they felt was excessive and to continue they want 4506. This doesn't mean the preset amount for 4506 is 50K. It simply means at this time for YOU and YOUR account only AMEX feels 50k is excessive without additional documentation.

 

As far as the 4506 request, there's a lot of confusion. There's no preset amount that keeps the income verification request (IVR) prompts away.

There's four main type of ways to receive a 4506T IVR.

 

1) Simply requesting a CLI might prompt IVR, doesn't matter how much for some accounts. Could be 5k or 50k, some accounts just get flagged. The 25K - 35K CLI are myths that are refutable by the many accounts that were flagged under 10k. 

 

2) Spending, yeah it looks great you're spending and paying it back. Big spenders are ideal for IVR because those are the ones that put the bank at risk. What I mean by "Big Spender", you're holding/spending 40% or more on any given AMEX card. Some of you use your cards for business purchases, I'm going to let you in on a secret NO BANK likes that. Some banks even prohibit it in their Terms. Using cards that's not business cards to fund your business is identical to investing with credit. Credit card issuers even made the government make brokers stop accepting credit as a means to fund brokerage accounts because that's investing with credit. The business cards is still investing with credit but those are allowed because that's what those are made for. 

 

3) Unusual spending habits. You can't go from normally spending 3k a month to now 14k. Sensitive Banks like AMEX view this financial change and perceive you're relying on credit more then income. You don't want any lender thinking this! Your monthly debt should never exceed a certain percentage of your MONTHLY income. Any amount above this ghost percentage increases the risk of default. 

 

4) This fourth reason is the reason that makes account holders angry with AMEX. Flagged for no reason! Yup, all those that received CLI and was never flagged doesn't mean your in the clear. AMEX has a well known - established history for flagging accounts for what seems to be no reason at all.

 

I'm going to say one more I found out the hard way. No matter what your credit utilization (CU) is AMEX is the only bank I know that will frown from balances across multiple cards. I had a CU below 5 percent with balances spread across all cards and lets just say AMEX wasn't my friend that month until a rep told me when my report was pulled the reason why.

 

Hey I get it, we're all trying to beef up our credit profiles (CP) with high limit cards. If you don't mind sending in Tax Transcripts AMEX is actually a good choice. For others that nudged their income up a little or simply not interested in sending personal Tax Info AMEX is probably not the card you want to have as the dominate HIgh Limit card in your CP. IF/When AMEX IVR your account and you choose not to send in the Taxes.AMEX or You will close that account and that's going to be a major blow to your CP.

Message 62 of 102
pat0812
Regular Contributor

Re: Amex CLI over $25,000

Still not update yet

 

But suprisingly my FICO score was updated 2 weeks earlier than expected, normally is on the 14th, but updated today and has info of the 29th of December

When they get my IRS transcripts wlll they review the request based on that new FICO score or based on the FICO score i had when i made the request ?

 

Have they made already a decision upfront and just waiting to confirm with the transcripts or do they only review everything once the transcripts arrive ?

 

My score went up from 720 to 761

 

 

FICO 8's EX 770 EQ 751 TU 771 (1/16/17)
Amex Gold Premier rewards ( Charge Card)
Amex Blue cash - $47,800 Wells Fargo - $15,000 Citibank Simplicity - $13,800 Barclays Apple - $13,000 Walmart Mastercard - $8000 Chase Slate - $7,200 Discover It - $5,500 Capital One - $5,250
Message 63 of 102
pat0812
Regular Contributor

Re: Amex CLI over $25,000

Finally approved CLI

Asked for $50,000 and got $47,800

 

 

This is great news

 

FICO 8's EX 770 EQ 751 TU 771 (1/16/17)
Amex Gold Premier rewards ( Charge Card)
Amex Blue cash - $47,800 Wells Fargo - $15,000 Citibank Simplicity - $13,800 Barclays Apple - $13,000 Walmart Mastercard - $8000 Chase Slate - $7,200 Discover It - $5,500 Capital One - $5,250
Message 64 of 102
redpat
Senior Contributor

Re: Amex CLI over $25,000

Congrats!

 

That will take your monthly spend util. from 4% to 2%, lol!

Personal Cards: Amex Delta Res | CSR | Citi AA Exec | Citi Strata Premier Business Cards: Ink+ | Amex BBP
Message 65 of 102
pat0812
Regular Contributor

Re: Amex CLI over $25,000

Actually i'm at 8.99% now and after the change it will be less

FICO 8's EX 770 EQ 751 TU 771 (1/16/17)
Amex Gold Premier rewards ( Charge Card)
Amex Blue cash - $47,800 Wells Fargo - $15,000 Citibank Simplicity - $13,800 Barclays Apple - $13,000 Walmart Mastercard - $8000 Chase Slate - $7,200 Discover It - $5,500 Capital One - $5,250
Message 66 of 102
austinguy907
Valued Contributor

Re: Amex CLI over $25,000

Congrats PAT!  

 

Aren't you glad you got some support here and sat on your hands instead of cancelling it?  

 

47K is pretty dam close to a full ask.  Score doesn't make the decision with AMEX as you now know Smiley Happy   Just have faith and things will work out with time.  2 holiday weekends most likely led to the longer than usual processing of the request.  

Message 67 of 102
Gmood1
Super Contributor

Re: Amex CLI over $25,000

Congrats Pat!! Good for you!
Message 68 of 102
Anonymous
Not applicable

Re: Amex CLI over $25,000

Congrats, smooth sailing from here. AMEX doesn't normally do FR twice so nothing but clear skies for you from here with AMEX.

Remember FicoForums are nice but sometimes too much information is bad.

Message 69 of 102
austinguy907
Valued Contributor

Re: Amex CLI over $25,000


@Anonymous wrote:

Congrats, smooth sailing from here. AMEX doesn't normally do FR twice so nothing but clear skies for you from here with AMEX.

Remember FicoForums are nice but sometimes too much information is bad.


This wasn't an FR.  This was a CLI verification.  

 

The main difference between an FR is that you can't use the cards until it's completed and if you don't submit the 4506 then they simply shut you down completely.  

 

When a 4506 is requested for a CLI it's simply income verification and you can still use the card if you do/don't submit the form.

Message 70 of 102
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