Amex CLI when at 28k?

[simplynoir]

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@Anonymous wrote:

I was at 25K and I requested a CLI this month for 30K which went through but I think @HeavenOhio's suggestion makes more sense here. I think they might be looking at %utilization of your total credit but I'd keep it below 50% of your income in order not to trigger a Financial Review.

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From recent datapoints that seems to be somewhat of a myth since I've seen some people report getting pretty close to their income in credit extended with AMEX but it at least serves as a baseline to work with.

Also, please do not confuse a financial review with income verification. One shuts down your accounts pending submission of 4506-T documentation for possibly having your cards re-instated (financial review) and the other is simply asking to voluntarily confirm your income before granting your CLI request (income verification).

[UncleB]

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@simplynoir wrote:

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@Anonymous wrote:

I was at 25K and I requested a CLI this month for 30K which went through but I think @HeavenOhio's suggestion makes more sense here. I think they might be looking at %utilization of your total credit but I'd keep it below 50% of your income in order not to trigger a Financial Review.

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From recent datapoints that seems to be somewhat of a myth since I've seen some people report getting pretty close to their income in credit extended with AMEX but it at least serves as a baseline to work with.

Also, please do not confuse a financial review with income verification. One shuts down your accounts pending submission of 4506-T documentation for possibly having your cards re-instated (financial review) and the other is simply asking to voluntarily confirm your income before granting your CLI request (income verification).

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+1

I think I should take the cards out of my siggy and replace them with the definition of "Financial Review". 

[txgal73]

So, I looked up financial review and that's scary LOL.  Now I'm afraid to ask for a CLI.

[UncleB]

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@txgal73 wrote:

So, I looked up financial review and that's scary LOL.  Now I'm afraid to ask for a CLI.

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Why are you afraid?  CLIs have absoutely nothing to do with a FR.  Zilch, nada.

[txgal73]

Right before I read this one, I read that it wouldn't on another thread. I initially thought one triggered the other. 

Thanks!

[txgal73]

Ok, another question...

So, my BC has $28,500k and my ED is $1k, since I moved the CL to BC and I don't do CLIs on ED.  Do you think I could request 10k on the ED card? More?

[UncleB]

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@txgal73 wrote:

Ok, another question...

So, my BC has $28,500k and my ED is $1k, since I moved the CL to BC and I don't do CLIs on ED.  Do you think I could request 10k on the ED card? More?

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Nope, you can't request more than 3x a card's current limit (or rather, you can request it but you won't get it). 

[Anonymous]

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@simplynoir wrote:
Also, please do not confuse a financial review with income verification. One shuts down your accounts pending submission of 4506-T documentation for possibly having your cards re-instated (financial review) and the other is simply asking to voluntarily confirm your income before granting your CLI request (income verification).

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Forgive me but CLI has resulted in the IRS 4506T form from an experience of a person I know and randomly searching on google. It might not result in account being blocked/locked but a financial review has/had been asked on certain occasions.

From my own personal experience when my limit was low and I had requested a CLI since I had the finances to back it up. The CSR said that she will need to do a FR since she cannot do a HP and explained the 4506T form process.

Do bear in mind this is old info/experience from 2011-2012, so not sure how much is still pertinent.

[Anonymous]

Either you misunderstood the CSR or she misused the term FR, what you experienced is IV request (income verification/4506T) not FR. You can ignore or declined to comply with an IV, not so with an FR without serious consequences with your Amex relationship.

[UncleB]

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@Anonymous wrote:
Either you misunderstood the CSR or she misused the term FR, what you experienced is IV request (income verification/4506T) not FR. You can ignore or declined to comply with an IV, not so with an FR without serious consequences with your Amex relationship.

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+1... spot-on.

@Anonymous, I covered the difference between a FR and proof-of-income request here: https://ficoforums.myfico.com/t5/Credit-Card-Applications/Too-many-AMEX-Applications/m-p/5311934#M205555

This is well-covered in the Amex 3x Mega Thread as well.

To clarify, the 4506-T is one tool that is often used in a FR, but requesting a 4506-T for income verification isn't in itself a financial review.