Asking American Express for credit limit increase

[Anonymous]

I have had my American Express card for approximately 5 years.

I have the oringal limit that they gave me when I first signed up which is way too low for the amount I spend on the card.

The reason I haven't asked for a credit limit increase is because I was a victim of identity theft and my credit took a huge hit until I got it cleared up. (Score was over 800, dropped down to around 580(due to identity theft), now it is 720)

I have had issues keeping the card in the 10-30% range. I want to ask them for a credit limit increase.

I have paid my card in full on time every month since I got the card.

At last months statement my usage was around 35% 

I went up above that (about 80%) and then made a payment down to zero

Then went up to about 20% and made another payment.

My next statement is in 12 days.

I was wondering is ok to ask for a credit limit increase now or is it better to hold around 10% unitl my next statement, pay it off and then ask?

I really don't want to be denied (I'm sure nobody does)

The only reason I ever have my balance over 30% is because of the low limit (This is my main card)

Any suggestions would be greatly appreciated!

Secondly, What is an appropriate increase amount to request?

Thanks in advance!

[Anonymous]

A 20% utilization on the card will not result in a decline by itself.  If everything else is in order you should be good to go.  Keep in mind that when you ask for the CLI they aren't going to pull another credit report  They are going to base it on the last SP they did on your Experian report.  That could have been a month or so ago. So before applying keep that in mind.

[Anonymous]

Thank you very much. I didn't think about that. I'm thinking waiting for two weeks might be a safer option.

[Anonymous]

---

@Anonymous wrote:

Thank you very much. I didn't think about that. I'm thinking waiting for two weeks might be a safer option.

---

Can't hurt.  Good luck when you try and Welcome to MyFico

[bengalikejenga]

---

@Anonymous wrote:

I have had my American Express card for approximately 5 years.

I have the oringal limit that they gave me when I first signed up which is way too low for the amount I spend on the card.

The reason I haven't asked for a credit limit increase is because I was a victim of identity theft and my credit took a huge hit until I got it cleared up. (Score was over 800, dropped down to around 580(due to identity theft), now it is 720)

I have had issues keeping the card in the 10-30% range. I want to ask them for a credit limit increase.

I have paid my card in full on time every month since I got the card.

At last months statement my usage was around 35% 

I went up above that (about 80%) and then made a payment down to zero

Then went up to about 20% and made another payment.

My next statement is in 12 days.

I was wondering is ok to ask for a credit limit increase now or is it better to hold around 10% unitl my next statement, pay it off and then ask?

I really don't want to be denied (I'm sure nobody does)

The only reason I ever have my balance over 30% is because of the low limit (This is my main card)

Any suggestions would be greatly appreciated!

Secondly, What is an appropriate increase amount to request?

Thanks in advance!

---

You have nothing to lose for asking for a CLI

you have been a long standing customer for about 5 years.

you have not missed a payment or defaulted on any of their cards

and you have shown to them that the limit isnt enough for your needs.

i say apply for a CLI now.

and people usually ask for 3X their CL. but not usually more than $30k. only if your profile can financially support it, incase you get a financial review.

Good luck. 

[Anonymous]

May I ask what you think an appropriate amount to request is?

[bengalikejenga]

---

@Anonymous wrote:

May I ask what you think an appropriate amount to request is?

---

3X your current credit limit.

[Anonymous]

Thanks! 

[NRB525]

---

@Anonymous wrote:

May I ask what you think an appropriate amount to request is?

---

What is the credit limit on this card right now?

[Anonymous]

Well I am assuming that I was declined. I'm getting a letter in the mail in 7-10 days. I guess I will try again in 6 month. 

My currently limit is $2500 which is low for me. Current salary is $80,000 plus bonuses and I also have side income from a small business I own

Oh well what can you do...