no amex cli's

[accjohn1990]

I've had 2 amex card (everday and blue) since june 17, but havent gotten a single cli from the $1,000 approved for despite many attempts.  I have 41 hard pulls in 2 years, although only a hand full in the last 6 months.  My student loan is at 80k my income is 18k and my lot rent is 505.  Is there any hope for me?  Discover states my fico is a 750 and i have no derogatory marks 

[Anonymous]

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@accjohn1990 wrote:

I've had 2 amex card (everday and blue) since june 17, but havent gotten a single cli from the $1,000 approved for despite many attempts.  I have 41 hard pulls in 2 years, although only a hand full in the last 6 months.  My student loan is at 80k my income is 18k and my lot rent is 505.  Is there any hope for me?  Discover states my fico is a 750 and i have no derogatory marks 

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Hey!

Well, I think that the main issue here is your income. With an income of 18k a year (I imagined you meant 18k/year not month), if we take in consideration your rent ($505 x 12) you only have around 12k left and here we are not taking in consideration bills such as car payments (if you have any), utilities, cellphone bills, grocery shopping and so on. 18k (specially for Amex) is considered low income and that's why they will not raise your CL with your actual income.

Your credit score can be 750 but they are probably holding you with a 1k CL because they are not too sure if you'd be able to pay them back in case they increase your CL and you max the card out.

You mentioned 41 HP. I mean, are you sure that you have 41 HP? If you actually do (first, WOW...Just WOW) I believe that it will be extremelly (I mean REALLY extremelly) hard for them to give you a CL increase because, with 41 HP, it looks like you are desperate for credit (even if its not true) and that is bad. But like, fo-show, 41?! WOW!

I apologize, I am not here to say whats right and whats wrong. Anyways, putting the 41 HP (WOW) and your income aside, it also depends on how you've been using these 2 cards. Have you been paying the only minimum every month or in full? Because if you've been only paying the minimum, that is why they haven't increased your CL yet. What is your utilization ratio? Are you under 20% or at like 70%? That would play a big role too.

To be 100% honest here, if you actually have 41HP I find it reallt hard for any bank to give you a credit card or a CL increase for awhile. Also, with your income being 18k - it doesn't help because banks want to see that you can afford pay them back, this is actually part of the CARD act. Your utilization, like I said, plays a big role. If your utilization is at, let's say 70% and you want a credit line increase, it won't happen. Of course, we don't know your utilization ratio yet, this is just an example. 

I hope I was helpful!

[Jnbmom]

Is that 41 HPS for all 3 bureaus in 2 years? Heck I have over that if I count all 3, so I don't think that was the major factor.

But I agree it may very well be your income. Have you evev burned AMEX in the past? 1K SL are usually borderline approvals.....................

[accjohn1990]

I havent used either amex in a long time and they have been sitting at a 0 balance.  I typically pay all my cards in full a few times a month.  I do have 41 pulls because i was practiaclly addicted to applying for credit.  Luckily, once i got a few cards i was able to spend my time requesting clis instead of doing new apps and my number of hard pulls has decreased slightly.  5 of my hard pulls are scheduled to drop off by new years

[accjohn1990]

I have only burned discover.  Ironically i have a 2.6k discover card and was just approved for another 1k discover.  The 41 hard pulls are for just one bereau over 2 years

[Anonymous]

Profile and insane number of inquiries aside, Amex has specific timelines that you must abide to, you must wait 61 days after account opening to request your 1st CLI, and after a legitimate denial (a denial based on your profile not for breaking timeline) you must wait 91 days until you can request again. Furthermore, the timeline applies to your entire Amex profile not just individual cards, meaning you can only choose 1 card at each request along the timeline.

Based on the fact that the cards were only opened in June and you said you have made multiple requests since, I'm guessing you have broken above rules multiple times.

[CreditInspired]

OP

If you haven’t used your cards in a long time—AmX is thinking—why do you need a CLI when you’re not using the limit you have.

[Jnbmom]

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@accjohn1990 wrote:

I have only burned discover.  Ironically i have a 2.6k discover card and was just approved for another 1k discover.  The 41 hard pulls are for just one bereau over 2 years

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Only on one ? I stand corrected that is way too much

[Anonymous]

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@accjohn1990 wrote:

I havent used either amex in a long time and they have been sitting at a 0 balance.  I typically pay all my cards in full a few times a month.  I do have 41 pulls because i was practiaclly addicted to applying for credit.  Luckily, once i got a few cards i was able to spend my time requesting clis instead of doing new apps and my number of hard pulls has decreased slightly.  5 of my hard pulls are scheduled to drop off by new years

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Hey,

Well, if you aren't using their credit cards there's no reason for them to give you a credit line increase. One of the ways that banks use to make money is merchant fees that are collected every time you use your credit card at a store/restaurant. If you are not using their cards, like I mentioned, there's no reason for them to give you a CLI. Also, if you burned Discover, that is probably on your credit reports and that will probably hurt your ability to get CLIs and open new accounts from my perspective.

[thornback]

I'm guessing it's likely due to your DTI (debt to income ratio). It's high and amex will cap your limit because of it.

I was in the same boat - full time student, P/T job making only $18.4K, $50K student loans, but had a 763 EX FICO. Amex approved me, but only for $500 SL. The first CLI denial reason was my high DTI so I decided not to request again til I went back to work full time - because, what would be the point? As soon as I did, I updated Amex with my income info and a couple days later was approved for a 3x CLI.

BTW - I used the card with the $500CL regularly & PIF - they still were not inclined to grant even the smallest auto CLI until my income increased.

Just hang in there, when your income rises, let them know and they'll make up for it, plus, you'll have a nice payment history with them. Throw a small purchase on the cards every now and then too...