@Andy77 wrote:
So, I got approved for Amex SPG with a 1000.00 limit...was quite shocked at how low.
My Bloomingdales is 3k
Cap One 33k, Penfed 20l, other Penfed 15k...
Creditors do not simply match limits. There isn't a direct and causal relationshionship between your existing limits and the limit on the new card. Your entire credit profile (limits are just one of many factors) and your income are evaluated to determine the limit that you qualify for on the new product. If AmEx issued you a $1K limit then they have some concerns about your credit profile.
Having a card, for example, with a $33K limit doesn't mean that you're going to get high limits from that point on. While I didn't get starting limits like $1K, I did get $5K starting limits even though I had cards with $30K & $25K limits. That's because while I had FICO 8's around 800 I had a lot of new accounts and credit seeking activity at the time the cards were approved. That activity had an impact on the limits that I qualified for. As those accounts aged the limits on the new cards improved and they're now in the same territory as my other cards.
You can't just look at limits. You need to consider the entire picture which is all of your credit profile. Limits factor into Rvolving Utilizatiion which itself factors into Amounts Owed. Amounts Owed is just one of the FICO factors.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
Even FICO scoring itself is just one consideration for a creditor in determining approval, limit, etc. By only considering limits you're ignoring many other things that matter in determining the limit you qualify for with a new card.
Andy77 wrote: I guess what I cant wrap my head around is they are letting my charge 4k on my Platinum card that is a week old, but only extended to me 1k on the SPG card.
Not logical AT ALL
You're conflating logic and assumption. The spend power on your charge card and the limit on your revolver are not directly related either. You stated that your score (was that an EX FICO 8?) was 661. If that's the case then it also reflects issues in your credit profile.
@Andy77 wrote:
Should I charge 1k on the card for two months and PIF or should I call in when my score jumps to 681 and try for an increase before the 3 month mark is up ?
Do not rely on the usage meme. It is not just about uage on the account. It is not just about the one account itself. Your entire credit profile matters. You should indentify what's in your profile that concerns AmEx and address it. Then request the CLI when you're within the appropriate timeframe to request with AmEx.
It is not just about score either though the improvements that merit a score increase may help with AmEx.
@Anonymous wrote:
Seems that plenty of people who get approved for Amex revolvers start with low SL.
It's nnever just about the product. It's also about what one's credit profile and income qualify for.
Additionally, you always need to consider your sources. There are a lot of people on myFICO who are building or rebuilding credit. There are certainly those who can get high limits revolvers with AmEx but they have credit profiles and income that support such limits. I was just recently approved for an SPG witha $25K starting limit.
EX819 1HP|TU797 1HP| EQ(Fico8 BankCard)841
