Denied CLI

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12 posts
attrapereves
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Denied CLI

Postby attrapereves » Tue Jul 08, 2014 10:10 am

This is my second time getting denied a CLI on my blue cash rewards card. The CL is only $3000, while my Citi, Chase, Discover and even Cap 1 cards all have $5000-6000 CLs. The card has been paid in full every month and I've had it for 1.5 years.

The reason stated for denial is always that my debt to income ratio is too high. I'm only asking for a $5500 CL.

Has anyone experienced constant denials for CLI with Amex?


takeshi
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Postby takeshi » Tue Jul 08, 2014 10:16 am

So what is your debt to income ratio? Has it ever improved since your first CLI request?

attrapereves
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Postby attrapereves » Tue Jul 08, 2014 10:29 am

takeshi wrote:So what is your debt to income ratio? Has it ever improved since your first CLI request?


I'm thinking it's because of my student loans and car loans. It's weird because I have been approved for several cards and a few CLI since opening the AMEX. The car loans are about half paid off, but the student loans have not entered repayment. Since I work in public service, they will be forgiven after 10 years. The total debt is $55K and my income is $38K.

I'm going to try for a mortgage in a year or two (after the car loans are paid down more) and I'm sort of nervous that I will be turned away because of my debt.

attrapereves
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Postby attrapereves » Mon Jul 14, 2014 1:15 pm

When AMEX denied my CLI, the letter stated: "The following key factors contributed to our evaluation: The number of creditors who have reviewed your credit report."

It states my FICO was 734 at the time they pulled it. They list some reasons which contribute to my score.

Is this basically saying that they denied me because there are too many HP? I believe I have 5 or 6. I highly doubt that they'd deny a CLI for my credit score.

MemberSince99
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Postby MemberSince99 » Mon Jul 14, 2014 4:20 pm

Yeah they can. That's exactly what they are saying - it's inquiries.


I'm sure they base it off internal score as well and maybe your internal score with them isn't so great as believe me I have that many inquiries on EX and they approved a CLI for me. So it's always YMMV. I know we say this a lot but it's just true. Amex tends to not care about my inquiries where with another person they very well might. Just like Discover gives me a 4.5k starting limit, but gives twice that to someone with a score over 100 points lower than mine. It's just always YMMV with lenders.


So it might not seem to make sense or be right, and I do understand that, but that's exactly how I interpret what they told you too.

ccaddict
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Postby ccaddict » Mon Jul 14, 2014 6:14 pm

I'm 22 and I got a Approved for a BCE and 5k limit. When amex everyday card came out I applied for it and got approved for it with a 10k limit and just called yesterday and requested a 20k limit and got instant approval. Amex is pretty much the only credit company I have dealt with and when I applied for the BCE I had minimal credit history. I never carry a balance and always pay everything off in full like every week on the app. Idk why they wouldn't give someone who has a long history with bills a larger credit limit unless they think your a liability. So just try to prove your credit worthiness and that doesn't mean make the minimum payment if you carry a balance

PhoenixDown
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Postby PhoenixDown » Mon Jul 14, 2014 11:32 pm

It may also have to do with your income. I was carrying a 90% balance on my BCP when they doubled my limit to 25k.

attrapereves
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Postby attrapereves » Wed Jul 16, 2014 10:06 am

PhoenixDown wrote:It may also have to do with your income. I was carrying a 90% balance on my BCP when they doubled my limit to 25k.


That very well could be, but it wasn't listed as a reason. However, it did have debt to income ratio is too high under things that affect my FICO score.

I'm going to try again in a year, or whenever the inquiries fall off.

randeman
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Postby randeman » Thu Jul 17, 2014 9:22 am

You can ask Amex for a credit line increase every three months if denied; six months if you're approved. Just be sure your situation has improved to increase your odds.

YMMV
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

MemberSince99
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Postby MemberSince99 » Thu Jul 17, 2014 10:24 am

And keep in mind that for CLIs they don't go pull a new report - they use what they have from their last soft pull on you. Just an FYI.



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