Credit line increase request

[Anonymous]

All other factors aside, is it bad timing to ask for a credit line increase with Amex when your card is basically maxed out? Or is it better to do it when the card has a zero or very low balance?

[simplynoir]

There have been some people reporting more than half the limit being used when requesting and getting approved for a CLI from AMEX. Dunno about someone that's close to maxing it out though. How long has it been maxed out for?

[HeavenOhio]

What's the limit on the card? Are you paying your statement balance in full, or are you revolving a balance?

[Anonymous]

Just maxed out this current statement period. Have only had card since mid October and have been paying off balance in full each month so far. Will likely do so again this month, although in 0% for 15 month window so might let some of it carry over.

[Anonymous]

Current limit is $2k. I tried for a CLI after 61 days and was declined because of limited experience with Amex.

[HeavenOhio]

Your pay-in-full history is going to help a lot.

Given that you have the option to pay in full, I'd suggest doing that. But if you'd like to revolve the balance, I think you'll also be fine at either 48.9% or 28.9%. That'll show "substantial" reduction of the current maxed out balance.

Has this maxed out card lowered your score to a point that the score might be cause for concern?

[Anonymous]

No issue on it lowering my score thus far as each month I’ve brought balance to zero.

[HeavenOhio]

Since you have the option, I think I'd definitely want to keep the maxed out card from hitting your report. Not knowing your score, I'd suggest paying the balance down to 28.9% or below before the statement cuts and before requesting your CLI. How you pay beyond that shouldn't matter much.

[Girlzilla88]

I would definitely take their advice and lower it if possible below 20% but I wouldn't put it to 0 for the statement especially if your other cards are at 0?!     But check your FICO on Amex and see what they have and go based off of that I had a 692 reporting after I opened up a few things and refinanced my car so it dropped from middle 7's and since they saw 692 they denied my CLI even though the FICO here had updated back to over 7 so just food for thought 

[Anonymous]

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@Anonymous wrote:
Just maxed out this current statement period. Have only had card since mid October and have been paying off balance in full each month so far. Will likely do so again this month, although in 0% for 15 month window so might let some of it carry over.

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Correct me if I'm wrong but if you have had the card since mid October and tried for a CLI 61 days after approval and denied then you would have to wait another 91 days before requesting again which would make you ineligible till mid March.