I ASKED AMEX to lower my limit

[Anonymous]

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@Anonymous wrote:
These were all auto-CLI that happened every 6 months on the dot. I’ve actually never asked for a CLI from Amex

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I am not sure what your end goal is.  It is not like they are going to raise your limit more than they think you income and Fico scores warrant.  Is your income overstated?  Anyway 7k limit isn't too bad. I have around 200k of income and I only have 7k accross 2 Amex credit cards after 7 months.  
 

[Anonymous]

My income on the original application was slightly overstated but I fixed that after year 1. My income was around 14K and I put 20K on the application. After 1 year (after I had already received my autoCLIs to 9K) they prompted me to update my income and I lowered it to 14K.

[Gregory1776]

My income varies too.... I usually put 40K, which is pretty close after rent from my brother, and bonuses from work. 

I think about it like it gives the bank enough info to know where to set your limit at. Plus I think a bit about it is legal. 

Just don’t quadruple your stated income hoping to get a 30K SL.....you’ll end up getting accounts closed if the creditor digs deeper. Who knows, even sued?

[Anonymous]

With 14k of income I could not see you ever needing more than 7k of limit anyway.  With taxes (You have to pay at least SSN and Medicaire) You can't be clearing much more than 1k a month.  Even if you put all your spending on your card it wouldn't be more than 1k.  That is only 14 percent utilization. You should be fine.  No harm done. 

[Gregory1776]

Nobody should be spending their credit limits, no matter your income. 

Its a utilization thing.

And yea, if my income was 14K, I’d be stoked for a 7K CC. 

[Anonymous]

Yup. I’m a student trying to establish good credit so I only have 14K income from internships and such and definitely stoked with a 7K CL

[longtimelurker]

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@Gregory1776 wrote:

Nobody should be spending their credit limits, no matter your income. 

Its a utilization thing.

And yea, if my income was 14K, I’d be stoked for a 7K CC. 

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If you are concerned about your score that month, yes, best not to spend near you credit limit AND let it report.

But otherwise, you can pay down before it cuts, or just let it report and take the hit for the month (or less).  If you can PIF before due date, and if it makes sense for some reason (rewards, convenience, perks etc) maxing out a card from time to time is OK.