Only a $500 starting CL with Amex, really?

[wolverine1975]

I was just approved instantly online last night for the Blue Cash Everyday, and was initially excited to have gotten approved.  I had to call in for my starting limit, and was disappointed to hear that it is only $500? I'm thinking about canceling the account, only because I don't think it's worth the ding to my score(s), (AAOA, inquiry)for $500. I have credit monitoring from myprivacymatters, and I haven't seen the inquiry pop up yet. I'm hoping that it doesn't show up, although I know it will. That way I cancel this account, and try again later for a better starting limit. I don't wanna sound ungrateful, because I know the reputation that Amex holds. I was just expecting them to at least match the limit on one of my other cards. What do you guys think I should do. Thanks for all advice. 

[navigatethis12]

There isn't much you can do other than cancel the card. However, if you cancel and apply later there is no guarantee that it won't be 500 again. With their terrible increase policy, it will be a while before you can get up to anything decent, but you can still try. From what I know, they don't reconsider initial limits.

[wche]

How does your credit report look? What other cards and limits do you have? I think you should stick with AMEX as that card will be $~4500 in 8 months!

[takeshi74]

---

@wolverine1975 wrote:

I'm thinking about canceling the account, only because I don't think it's worth the ding to my score(s), (AAOA, inquiry)for $500. 

---

Closing it isn't going to help.  The damage is already done.  Use it responsibly, clean up your credit, and take advantage of the 3X CLI (read the thread).

---

@wolverine1975 wrote:

That way I cancel this account, and try again later for a better starting limit.

---

As stated above, no guarantee that you will.  If you want a better limit then work on building your relationship with AmEx.

[wolverine1975]

Current Rico scores are, Experian(699) Equifax(706) Transunion(684). I have 16, 14, and 19 inquiries respectively across the 3 bureaus, 12 of which are from a car loan earlier last year. AAOA is down to 1 yr before apping for this card. All 3 credit reports are clean, no derogs, collections or lates. 100% perfect payment history 5 yes and counting. I have a Chase Freedom 5800, Discover It 1500, BOA 123 cash rewards 1500, Citi Diamond Preferred 1000, Merrick Bank 500, and a Capital One platinum 650, my oldest card. Should I cancel this Amex account and keep my 1 yr AAOA intact or keep the account and take the inevitable hit? I need advice thanks.

[injustifiiable]

---

@wolverine1975 wrote:

Current Rico scores are, Experian(699) Equifax(706) Transunion(684). I have 16, 14, and 19 inquiries respectively across the 3 bureaus, 12 of which are from a car loan earlier last year. AAOA is down to 1 yr before apping for this card. All 3 credit reports are clean, no derogs, collections or lates. 100% perfect payment history 5 yes and counting. I have a Chase Freedom 5800, Discover It 1500, BOA 123 cash rewards 1500, Citi Diamond Preferred 1000, Merrick Bank 500, and a Capital One platinum 650, my oldest card. Should I cancel this Amex account and keep my 1 yr AAOA intact or keep the account and take the inevitable hit? I need advice thanks.

---

You've already taken the hit. It'll be $1500 in 3 months and then $4500 six after that. Take care of her and watch her grow!!!

[Luscher]

i dont know what you meen by horrible cli policy? my amex limits have gone higher in 61 days than my discover has in 3 years.

[fishbjc]

KEEP IT.  The damage is done!

[longtimelurker]

---

@injustifiiable wrote:

---

You've already taken the hit. It'll be $1500 in 3 months and then $4500 six after that. Take care of her and watch her grow!!!

---

Or rather, that is the maximum it could be.  There is no guarantee of the 3x CLI.  The OP got a very low initial limit, so it's very possible that 3x won't happen.

[codimom]

You've taken the HP.  You are now an AMEX member.  (and if any of this is a repeat, I apologize as I have not read the entire thread).
Why not keep and use the card and take advantage of the 61 day option for a potential 3x increase and then another after 6 months?  My initial BCE limit wasn't the greatest compared to my other cards, but after 8 months it grew nicely.