Amex auto cli at activation?

[Neeks]

I recently applied for my first amex. Since I have a banking relationship with Schwab I applied for the Amex Investor card. I was instantly approved for 10k. I received the card today and signed up online and activated it. On activation I noticed my limit was 30k. I never applied for a cli. Did amex hard pull me for the increase? Should I call in ?

[austinguy907]

AMEX only pulls when you open a new account.  The activation showing 30K vs 10K might have been a temp limit for opening until you received the card.  30K is a good starting limit though for any AMEX on a fresh app.  Now you have to decide if you want to push the limit using the 3X guidelines and/or provide POI / 4506-T to extend it even further.

Simple answer--- don't call.

[Anonymous]

I'm not sure I've ever seen a $30k Amex line right out of the gate.  If you don't mind me asking, what's your credit file look like?  What was your EX score at the time of applying, your declared income, etc?

Also was this your first Amex product, or do you have an already established relationship prior with them?

Congrats on that great line of credit and I agree with the person above that said no need to call.  Just enjoy that limit.

[Neeks]

They pulled experian (in NY). Score shown 744. 10 inquiries. Income shown 75k. No baddies. AAoA is 6 years.

This is my first and only Amex. Only reason I applied was becuase my Broker mentioned the card to me. I do have 100k in investments at Schwab so not sure if that matterd, i doubt it.

I feel a tad bit nervous with that limit though. Seems like a good chance to get a FR based on my income alone. Should I be worried?

[Anonymous]

This is a Schwab amax and not a centurion Bank Amex right..
You have answered your question even know you disagree with it I think you do have an awesome limit because all of the money you have flowing with them

[Neeks]

Here is the link to the card. It is the investor card. (not plat) that I have

http://www.schwab.com/public/schwab/investing/accounts_products/credit_cards

It is serviced and maintained by Amex. only has the Schwab logo since the cash back goes back into Schwab account.

[Anonymous]

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@Neeks wrote:

They pulled experian (in NY). Score shown 744. 10 inquiries. Income shown 75k. No baddies. AAoA is 6 years.

This is my first and only Amex. Only reason I applied was becuase my Broker mentioned the card to me. I do have 100k in investments at Schwab so not sure if that matterd, i doubt it.

I feel a tad bit nervous with that limit though. Seems like a good chance to get a FR based on my income alone. Should I be worried?

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No you have nothing to worry about with respect to your limit and income; I also have a $30k Amex card with income within a few thousand of yours.  The difference is that my card started at $10k and I got to $30k via a 3X CLI at Day 64.  My profile was VERY similar to yours at the time of approval... 736 score on EX (I'm in NY as well), only 2 inquiries, same relative income, AAoA 7 years, baddies (late payments) on 2 accounts.  A $10k limit with my profile or yours seems pretty standard to start with.  I wouldn't be surprised if that $30k was a mistake or glitch, so again I wouldn't poke the sleeping bear and call inquiring about it.  Definitely nothing to worry about though with respect to your limit relative to your income. 

[wasCB14]

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@Neeks wrote:

They pulled experian (in NY). Score shown 744. 10 inquiries. Income shown 75k. No baddies. AAoA is 6 years.

This is my first and only Amex. Only reason I applied was becuase my Broker mentioned the card to me. I do have 100k in investments at Schwab so not sure if that matterd, i doubt it.

I feel a tad bit nervous with that limit though. Seems like a good chance to get a FR based on my income alone. Should I be worried?

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It's a high SL compared to what most others get here, but it's also unusual for a person on here to have an AAoA of 6 years and have no Amex history. Maybe their internal scoring system just really likes your profile?

I'm not sure if the $100k mattered. I use the Schwab Platinum myself.

[Neeks]

I am interested in the Schwab plat. However have not been able justify the annual fee. Can you tell me if you use the feature to redeam earned MR's to Schwab? and if so how long does it take to transfer ?

[wasCB14]

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@Neeks wrote:

I am interested in the Schwab plat. However have not been able justify the annual fee. Can you tell me if you use the feature to redeam earned MR's to Schwab? and if so how long does it take to transfer ?

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When I applied for it, I qualified for an "appreciation bonus" (basically a lower AF). I still have the Schwab brokerage account, but have moved most of the investments I had there elsewhere to chase other brokerage promotions. I'll pay the full $450 this year, but have made more elsewhere.

I use the benefits. The card works for me even at $450.

My MRs are for flights. I've not tried the MRs-to-Schwab-cash feature, but it's nice to have some floor on cpp value.

I use it as more of a perks/special situations card and not a daily driver, so reward value is not my primary consideration with the card.

You can always try a Platinum (the regular one or any cobrand option) out for a year and see if it works for you. I got Schwab for the lower net AF and also because there was no 100k offer at that time on the proprietary Platinum.

If you're not sure if it works for you at $450, I suggest waiting for a 100k offer on the proprietary Platinum or going for the Schwab one if the proprietary Platinum bonus isn't any better at that time. I remain eligible for 100k on the proprietary one, and you might want to do likewise.