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Amex rate decrease w/ CLI? - What are the odds?

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Anonymous
Not applicable

Amex rate decrease w/ CLI? - What are the odds?

So back in Feb/early March I requested a 3x CLI on my BCE. Only got a 2x, $1k to $2k, so nothing earth shattering but it was my first request after having the card for a couple years. Don't remember the exact date, but after reviewing past statements I found the change on my statement that cut on March 8th.

Now on that same statement I found a notification, in the fine print of course, that they were raising my rate 4% from 19+% to 23+%. The listed reason was due to my FICO score and my rate being lower that other members with a similar score. My rate hadn't changed prior to that since getting the card and I'm guessing my scores were around mid 600's during that entire time (was stuck in a rut). Don't believe my scores had even changed much from when I had first gotten the card.

Now it appears to me that the rate increase was tied into the SP that they did for the CLI request. Does that sound reasonable? As pretty much everything else was the same for some time prior to the CLI request and AMEX never felt the need to raise my rate.

Just did another 3x CLI request today. Got 2x again, to $4k. (Waited for a date I would remember so I wouldn't have to go searching statements again) My scores are now around the 750 range due to some fortunate circumstances approx 5 months ago. What are the odds that the much improved scores would translate to a rate decrease, if in fact the prior increase was tied to the last CLI request? Not holding my breath.....

Ultimately it doesn't really matter as the card is PIF anyway....just trying to fit more pieces into the AMEX and FICO puzzles..
Message 1 of 6
5 REPLIES 5
AverageJoesCredit
Legendary Contributor

Re: Amex rate decrease w/ CLI? - What are the odds?

Only way to find out is to request an apr redux. Hop on chat or call, nothing to loseSmiley Wink
Message 2 of 6
Anonymous
Not applicable

Re: Amex rate decrease w/ CLI? - What are the odds?

Will probably do that, but after seeing what my statement says in the beginning of Oct. Curious to see if anyone else has noticed a connection, positive or negative, between the two.
Message 3 of 6
Anonymous
Not applicable

Re: Amex rate decrease w/ CLI? - What are the odds?

Amex SPs your report monthly for account maintenance regardless of whether or not you request a CLI.  If they were going to change your APR due to changes on your CR, that would have seen those changes anyway.  I also don't believe that Amex does an additional SP at the time of a CLI request, simply that they use their most recent one from account maintenance for it.  I've never actually checked my SPs and matched up the dates, but I believe that to be the case.  This is why it's pretty common for someone to wait and do their CLI request following the updating of their Fico score on the web site, because on a strengthening file they then know that Amex has the most recent CR data (and score) available to use for the CLI request.

Message 4 of 6
K-in-Boston
Credit Mentor

Re: Amex rate decrease w/ CLI? - What are the odds?


@Anonymous wrote:

Amex SPs your report monthly for account maintenance regardless of whether or not you request a CLI.  If they were going to change your APR due to changes on your CR, that would have seen those changes anyway.  I also don't believe that Amex does an additional SP at the time of a CLI request, simply that they use their most recent one from account maintenance for it.  I've never actually checked my SPs and matched up the dates, but I believe that to be the case.  This is why it's pretty common for someone to wait and do their CLI request following the updating of their Fico score on the web site, because on a strengthening file they then know that Amex has the most recent CR data (and score) available to use for the CLI request.


+1.  If your profile merits it, hopping on chat as suggested before gets APR reductions done quickly.  For some reason when I apped for the SPG card in 2017, the Amex computer gave me a 17.24% APR and I had it lowered to 15.24% (the lowest available at the time) before I even had the card in my hands.  Never carried a balance on it, but it's always nice to have lower APRs if they ever become needed.

Message 5 of 6
PutThatMoneyOnTheTable
Established Contributor

Re: Amex rate decrease w/ CLI? - What are the odds?

I just tried to lower my APR.......NO GO.

 

I apparently still have 0% until December 2019 and currently have the lowest APR (17.74%) after the promotional period ends. I got my Amex card 8/2019. I also, have an amazing offer of adding up to 4 AU and getting $100 ($25 each) after they spend $250 in three months.

 

So I'll add two AU's (DH and DMIL) and use the card myself and get $50.

Amex BCP $35k
Chase FU $19.6k
BOA Cash Rewards $36k
BJs Perks Plus M/C $22k
Cap1 QS $4,950 (AU)
Best Buy $4k
Wells Fargo Active Cash $11.3
Message 6 of 6
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