How do you get past $2k CL?

[frogfan12]

I say wait 3 months for AMEX to request a CLI, don't apply for any new cards, and then the rest of your CLs will follow.

[bichonmom]

Thanks, everyone. I don't plan on apping for anything else for a while. I just really wanted the Amex ASAP, primarily for the backdating. I just hope I can break that darned CL barrier soon!

[Anonymous]

FWIW,

I believe the Costco TE Amex has a unique scoring factor that takes into account how much you spend at Costco. As this is not your ordinary Amex you may want to ramp up your spending at costco if possible. I'm not sure if this is true due to the fact that this information was researched through the internet and I have no personal experience regarding this card. It seems as thought many testimonies result in a fairly low initial CL and never goes as high as other Amex's (unless you have a small business that runs alot through the warehouse). 

Also the fact that there aren't many reviews on the card in the forums here I would recommend checking out other sites that could give some insight. I think CK has some pretty good reviews on their site about the card. 

[Open123]

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@CreditScholar wrote:

1. Stop applying for new cards! Work on building relationships with your current lenders. This means charging regularly on a card, and then PIF every time. Do this for a year or so and you'll be in a good position to ask for a CLI.

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Couldn't agree more.

In my view, the best way to build or rebuild is to start with 3 lenders initially and build your relationship with each of them.  This may take a year or two, but it is well worth it down the road.

For me, I think the ideal way is to start with 2 banks (Citi, Chase, or BofA) with whom you have a good relationship with and an AmEx.  Just use them consistently, and pay it off consistently.  It takes time to build trust in any relationship, especially a financial one.

In a year or two, I think you'll see your CLs blow past 5k, and onwards to 10k+.  

Good luck!

[bichonmom]

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@Anonymous wrote:

FWIW,

I believe the Costco TE Amex has a unique scoring factor that takes into account how much you spend at Costco. As this is not your ordinary Amex you may want to ramp up your spending at costco if possible. I'm not sure if this is true due to the fact that this information was researched through the internet and I have no personal experience regarding this card. It seems as thought many testimonies result in a fairly low initial CL and never goes as high as other Amex's (unless you have a small business that runs alot through the warehouse). 

Also the fact that there aren't many reviews on the card in the forums here I would recommend checking out other sites that could give some insight. I think CK has some pretty good reviews on their site about the card. 

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So, are you saying that you don't get the typical 3X cli after 61 days with the Costco card? All of the CK reviews were very positive.

[Anonymous]

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@bichonmom wrote:

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So, are you saying that you don't get the typical 3X cli after 61 days with the Costco card? All of the CK reviews were very positive.

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I was just sending out as a small caveat. I have no experience with this card but I've read hundreds if not thousands of reviews/posts regarding the card for the past several months (the Costco TE is actually what introduced me to MyFico) I'm cannot remember exactly where I read it from but I did see it a few times throughout my searches. It could be misinformation. I'm very happy a valued contributor has one on this forum as you can give us some hard details . I can' t wait to get your update in April! This card is #1 on my wish list even with the emergence of the BCP. 

[mAndrew1980]

Bichon, you have some really nice cards and just gained access to a prestigence community (AMEX). You are in incredibly good shape going forward in terms of credit. As long as you stop app'ing for cards and concentrate on solid payment history's -- the CL's will take care of themselves. It takes time for us to establish ourselves and build these relationships. You are on your way and certainly ahead of me in this respect. You have your foot in the door with the right lending instutitions. All you have to do is prove it to them.

I've managed to hold off on app'ing for 3 months and I admit, it's been a struggle. I want an every day card now so I don't have to use my crappy debit card. But I can't always get what I want, so I resist the temptation and stay focused on gardening/cleaning my reports for another 3 months. I'll app when the time is right.

Congrats on the AMEX!

[bichonmom]

Thanks, Andrew. Yeah, resisting apping is reallly hard now that I'm actually being approved for CCs after so many years! But I haven't apped since November, and that was just for the Amex on Monday, which I wanted for the backdating and rewards. I don't plan on apping for a while. At some point in the future, I'd like to add a MC or 2. But not for a while. I'm just hoping that someone will break that darned $2k barrier soon!