Just emerged from AMEX financial review, have a question

[kumquat]

Good evening, everyone.  I am new to these boards.  After torpedoing my credit about 7 years ago I am trying to rebuild in earnest this year. You might imagine my surprise when I was approved for the AMEX Premier Rewards Gold Card  about a month and a half ago. I enjoyed the card for about a month before going into financial review limbo two weeks ago.  After sending in the tax form,  I escaped with only a hard credit limit of $3,000, more than sufficient and actually fairly generous considering I only make about $25,000 a year--which I was completely honest about on my application! (Why would they imagine anyone would fudge THAT kind of income anyway? LOL)

Anyway, my question is this--If and when this account ever starts showing up on my credit report, will it actually report with the hard limit of $3,000? That would actually be really helpful for my utilization % if it does, since I won't be charging anywhere NEAR that much on it.

Any input is appreciated, and may I say how helpful I have found this boards as I venture back into the world of credit again.

[Creditaddict]

no it won't report the CL.

[Red1Blue]

I am curious when would Amex remove this restrictions on cards? I had FR last September and they put hard limits on my accounts. I am curious when would they remove the limits on accounts.

[AndySoCal]

If I found the same card on the AMEX web site it is a charge card. With a charge card the balance is due in full each month is this true in your case? If so then this account will not affect your credit util.

[Creditaddict]

They will review in a year.
The accounts I manage got hard cl last year on both business gold and sync.
3K zync
$1900 gold
Last month gold was increased to 3k, no change on zync which was kind of odd because I use to be able to put over 15k month on gold but hadn't been using zync except for$200 Verizon bill

[haulingthescoreup]

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@kumquat wrote:

Good evening, everyone.  I am new to these boards.  After torpedoing my credit about 7 years ago I am trying to rebuild in earnest this year. You might imagine my surprise when I was approved for the AMEX Premier Rewards Gold Card  about a month and a half ago. I enjoyed the card for about a month before going into financial review limbo two weeks ago.  After sending in the tax form,  I escaped with only a hard credit limit of $3,000, more than sufficient and actually fairly generous considering I only make about $25,000 a year--which I was completely honest about on my application! (Why would they imagine anyone would fudge THAT kind of income anyway? LOL)

Anyway, my question is this--If and when this account ever starts showing up on my credit report, will it actually report with the hard limit of $3,000? That would actually be really helpful for my utilization % if it does, since I won't be charging anywhere NEAR that much on it.

Any input is appreciated, and may I say how helpful I have found this boards as I venture back into the world of credit again.

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Your EQ FICO score will exclude this account.

The TU98 score that we're still stuck with here will attempt to factor it into util, using the highest-ever reported balance as your CL, rather than $3000, unless you decide to let $3K report one day. But the TU04 score that almost all TU-pullers are now using will exclude this account, same as EQ.

I think EX ignores these too, but it's been so long since I could tear apart and analyze an EX FICO, I can't be absolutely sure. Pretty darn sure, though.

[Anonymous]

Good to know that the scores ignore cards without a hard limit now!

[Red1Blue]

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@Creditaddict wrote:
They will review in a year.
The accounts I manage got hard cl last year on both business gold and sync.
3K zync
$1900 gold
Last month gold was increased to 3k, no change on zync which was kind of odd because I use to be able to put over 15k month on gold but hadn't been using zync except for$200 Verizon bill

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Do you mean to say they increase the credit limit but still hard limit? Is your gold a charge card or credit card? If it is a charge card, did they restore it to no present spending limit? What do you mean by they review the account in a year. Do have to provide the financials again at the review time or it is just their internal account review?

[Creditaddict]

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@Red1Blue wrote:

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@Creditaddict wrote:
They will review in a year.
The accounts I manage got hard cl last year on both business gold and sync.
3K zync
$1900 gold
Last month gold was increased to 3k, no change on zync which was kind of odd because I use to be able to put over 15k month on gold but hadn't been using zync except for$200 Verizon bill

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Do you mean to say they increase the credit limit but still hard limit? Is your gold a charge card or credit card? If it is a charge card, did they restore it to no present spending limit? What do you mean by they review the account in a year. Do have to provide the financials again at the review time or it is just their internal account review?

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Yes last year they hard limited Business Gold Charge to $1900 and Zync to $3k. About 2 months ago I got a letter that the Gold Card Hard limit had increased to 3k, zync stayed same.

I had spoke with underwriting about 4 months ago inquiring about the whole thing and he had told me the next review date, etc.

Primary has never been FR and they have never asked for documentation or anything, first card was Optima in 2000.

I just found it odd that Gold got $1900 when spending use to average 10-15k but Zync that I had just barely started using got $3k use to only have $200 charged for last year 2009, for last current year spending has been about $1k-$1500.

[Red1Blue]

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@Creditaddict wrote:

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@Red1Blue wrote:

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@Creditaddict wrote:
They will review in a year.
The accounts I manage got hard cl last year on both business gold and sync.
3K zync
$1900 gold
Last month gold was increased to 3k, no change on zync which was kind of odd because I use to be able to put over 15k month on gold but hadn't been using zync except for$200 Verizon bill

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Do you mean to say they increase the credit limit but still hard limit? Is your gold a charge card or credit card? If it is a charge card, did they restore it to no present spending limit? What do you mean by they review the account in a year. Do have to provide the financials again at the review time or it is just their internal account review?

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Yes last year they hard limited Business Gold Charge to $1900 and Zync to $3k. About 2 months ago I got a letter that the Gold Card Hard limit had increased to 3k, zync stayed same.

I had spoke with underwriting about 4 months ago inquiring about the whole thing and he had told me the next review date, etc.

Primary has never been FR and they have never asked for documentation or anything, first card was Optima in 2000.

I just found it odd that Gold got $1900 when spending use to average 10-15k but Zync that I had just barely started using got $3k use to only have $200 charged for last year 2009, for last current year spending has been about $1k-$1500.

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So when do you think they will restore your account to no preset spending limit?