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Not necessarily. Take an example of a person getting approved for 3 cards at the same exact time with credit limits of $3k, $10k and $12.5k when they only had one CC prior with a $3500 limit. Since all the approvals are from the same exact time, the same exact credit profile existed and those limits were given based on the same available data to the creditors that provided those approval limits. All 3 approvals could see that the individual possessed only a single card with a $3500 limit. Two approvals smoked that limit while one was given around that limit.
If a significant CLI is given to the new $3k account (or the old $3500 account for that matter) in a month or two while nothing significant has changed on the persons credit profile, there's a chance that the other higher limits may have impacted that decision to some degree.
@Anonymous wrote:
@takeshi74 wrote:Creditors do not simply match limits. Your entire credit profile and your income will determine what you qualify for.
This is a generalization. Plenty of members on here have reported not receiving the greatest CLIs from a specific creditor, but once they added higher limit cards the original creditor gave a much larger CLI. Whether or not it was a stroke of luck or the old creditor was attempting to remain wallet-relevant can be argued, but this has definitely happened a bunch of times to members on this forum.
There could be some truth to this. When I opened my Barclays card last week, I was hoping for them to match my AmEx limit...instead they gave me double.
Ask for more.
I requested 3X CLi which I got. Then in like 30 days, they auto increased my limit to more than 3X.
Really depends on your credit profile.
@Anonymous wrote:Ask for more.
I requested 3X CLi which I got. Then in like 30 days, they auto increased my limit to more than 3X.
Really depends on your credit profile.
What was your SL, 3X CLI limit and limit after the auto increase?
As i have been reading on this forum and improving my credit since last year, i have also been helping some friends around me with the knowledge and the experience i gained here. Last year around this time i helped a friend apply for amex bce preferred, to take advantage of the NO APR 15 months to transfer some balance. She had good credit history, but was only approved for, i think $2K. Since a year, with the usage and despite carrying a balance, Amex bumped her up to $7K. with the last cli last month. Last night, to help her bring her overall uti down, i told her to ask for cli, which she never did, grabbed the phone from her hands and put in $20K. and boom..! Instant approval Her jaws dropped. And it was a confirmation for me that auto cli's do not reset the 6 months waiting period to ask for cli with amex. If OP has smaller limit, and trying to get more, i would use the card for a few months and wait for an auto cli, and then ask for 3X to get to a higher limit a lot faster. That may work better.
Has anyone actually ever reported receiving > 3X CLI from Amex?
@Anonymous wrote:Has anyone actually ever reported receiving > 3X CLI from Amex?
it is very common, as i wrote earlier, i just got a cli for a friend of mine last and she went from $7400 or so, to $20K instantly. I could have shoot for exactly the 3 times and probably have gotten it but i did not want to push her luck
@dragontears wrote:
But it could have also been an improvement in profile. Getting higher credit limits tend to be the effect of better profiles, even if the "better" is the result of more payment history or the aging of risk factors (at least in my experience). Saying higher limits cause lenders to match those limits is basically saying that the result of a better profile causes higher limits
Correlation does not equal causation
Agreed dragontears.
@KSK,
So are you saying that I should wait for an auto CLI (time frame threshold?) and then ask for a 3x CLI? How long after the auto CLI should I ask? I thought it'd have to be 180 days. I guess I'm asking for time lines...if you could.