1k limits on both my BCE and ED. I've been rejected twice for CLI's since I opened the card five months ago. I just called to close the ED and was asked the reason, I told her that I've had most of my cards for the same length of time and I've received CLI's on all of them except Amex, that I see no reason in keeping both cards open when they both have such small limits and a higher salary and far improved credit scores isn't enough to get me a CLI with you guys.
She said she would look into trying to get me an increase up to 3k for my ED card, put me on hold....denied. Closed the card and asked if anything can be done with my BCE, I was transferred to a supervisor (I didn't even request this), and they lowered my BCE APR from 20.99 to 19.24. Easyyyyy there.
I'm grateful they accepted me when my credit didn't seem quite good enough to get these two cards 5+ months ago, but I get the feeling they are going to be very difficult to work with going forward. I thanked her for doing what she could and hung up. Into the SD my BCE goes, in November when this card passed the year old mark I'm trying one more time for a CLI, if it gets rejected again I'll just close this card too. I already love everything about Discover and I've only had the card for a few days AND they only gave me a limit of 500. I don't even care, this is going to be card I use the most I can already tell.
@takeshi74 wrote:Generosity is irrelevant and creditors do not simply hand out CLI's in exchange for time. Arbitrarily handing out credit would be a terrible business model. It's all about risk assessment. It's all about your credit and income with any creditor. Creditors also vary in what they're willing to extend to any given profile so you can't assume that AmEx should grant you the same limits as another creditor. if you're unhappy with your limits with AmEx then take the reason(s) for denial and use them as a starting point to work on your credit.
If you read my post you would have seen that I mentioned I have a higher salary now as well as a significantly higher credit score than when I was first approved for the card. I wasn't asking for an "arbitrary" limit increase. I called to close the account and she offered to check to see if I could receive a limit since that's what I was unhappy with. This is like the third time you've responded to a post of mine and ignored most of the information in it.
And yes, 500 is enough if I get the sense a lender is willing to work with me. I applied for the Discover four months ago and was denied. I was told to apply again when my credit improved and I would be approved, and I was. Even with this improvement in credit Amex won't budge, this tells me my future with them will be much more of a struggle than it will be with Discover. As I said, the limit isn't so much the issue as their unwillingess to acknowledge an improved credit situation.
@takeshi74 wrote:I read your post and you're feeling entitled because other creditors granted you CLI's based on your improvments. Creditors are not all the same. Your impovements do not merit a CLI with AmEx even if it they do with other creditors. If it's not merited it is by defintion arbitrary.
I find it hard to believe you read my post when I clearly stated I have a higher salary and improved credit situation, and you responded with "it has everything to do with your salary and credit profile".
I get it, you get a kick out of telling people they're wrong, I see you do it quite often. But how's this, refrain from posting in my threads if your only goal is to attempt to impress me with your knowledge. You aren't.
Frequently when someone takes issue with a lender you immediately get bent out of shape and feel the need to defend the lender. I think you desperately need a break from all things credit, you're starting to believe these lenders are your personal friends.
I guess a better question to ask also is how much have you been putting through the card you closed recently? Also how many new accounts have you opened? PIF each and every month several times a month? What is your DTI ratio? What is your utilization? What is your AAoA? Own a house or installment loans? Do you make more then say 25-30k a year? Sorry if you brought this up earlier or in another thread, my memory is short term
.. My EXP score is lower then yours and I didn't get approved on my initial CLI with my delta at 1k, so opened an Amex ED at 10k and got my 3x on it ( well not full 3x cause I wonly asked for 23k CL and got it), so it was kind of a blessing I was declined it on my Delta only at 1k.. If you could fill us in with some of the above questions I asked, maybe we can give you some advise if you would like any...
BTW discover is known to be alot cheaper than AMEX as I am sure you have read on the forum with the exception of the recent SP CLI's, but my no means is anyone guranteed those and alot of people aren't getting those either...
@CreditCuriousity wrote:I guess a better question to ask also is how much have you been putting through the card you closed recently? Also how many new accounts have you opened? PIF each and every month several times a month? What is your DTI ratio? What is your utilization? What is your AAoA? Own a house or installment loans? Do you make more then say 25-30k a year? Sorry if you brought this up earlier or in another thread, my memory is short term
BTW discover is known to be alot cheaper than AMEX as I am sure you have read on the forum with the exception of the recent SP CLI's, but my no means is anyone guranteed those and alot of people aren't getting those either...
My best guess is the op's scores. It's hard for that cli love in the majors when mid 600's. I didn't apply for majors until my reports were clean. I was drooling for my time, and it came. But it came with hard work:cleaning ALL the baddies off my reports, 500, 300, and one 1250 limit cc's, etc. Then I applied (knowing that if you get a card with baddies still on report, they kind of lump you in bank dirty bucket, hence discover's SL of 500). It took patience and seven years. Coulda left both open, and moved the limit from one card to other when they were 13 months old. Just my take.