@thom02099 wrote:
@Anonymous wrote:
I recently closed out a capital one card and applied for an AMEX card. The AMEX card had decent cashback rewards and it's the only one of the major 4 I didn't have, plus the $150 bonus for spending $1,000 in the first 3 months sounded good. However, the starting limit was $1,000. I thought that was a mistake and they dropped a zero or something so I called, but nope that's what it is. That makes this card utterly useless for its intedned purpose.
I've already taken the new account and hard inquiry hits to my credit report for an utterly useless card and I'm concerned with how closing this account will further impact my credit score. Is AMEX good about raising credit limits shortly after opening an account? I chose a card with an annual fee for the perks, so sitting on it and not using it isn't an option. I won't just give them money for nothing.
We'd need more information about you and your credit situation to adequately address all your questions/concerns. Scores/sources, Util, any baddies, income, etc.
That said, AMEX is relatively conservative and given out $10K initial credit limits is not the norm with them. More info on CLI and AMEX can be found at:
http://ficoforums.myfico.com/t5/Credit-Cards/The-Definitive-Amex-3X-CLI-Guide/td-p/1811071
Equifax 742. My score is by no means amazing, but it's not bad. The only baddies on my report are from recently trading in my car and 2 bogus hard inquiries that I'm trying to get removed + the other legit inquiries. Outstanding debt isn't that bad. The biggest debt is student loans and the car. I have a disposable income of around $1,500/mo after all my expenses. The cost of living is really cheap here. Rent is under $600.
I had no idea AMEX was that picky. That link had some interesting info though. Perhaps I'll give it 60 days of paying it off whenever it gets near the limit and try for $3,000 after that. $1,000 was just a stunningly low amount. I'd be fine with the card if it was enough to run up my monthly expenses on and then pay off at the end of the month.
I also wasn't aware AMEX was quite so sought after.
