Nervous about a credit limit increase...

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oolongtea
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Nervous about a credit limit increase...

Postby oolongtea » Mon Aug 11, 2014 6:26 pm

I have an Amex gold with rewards, and the new Amex credit card. I opened the credit recently, and have had a Charge card for years now, started with the zync. I don't have the best credit, and I'm trying to increase my limits what I can do help the utilization rate. Do you think it's worth requesting credit limit increase on my Amex? I know it takes a hard inquiry (corrected me if i'm wrong), but it might be worth it my limit increases. As you can see i'm trying to see if it's worth it.

I'm a total noob... thanks!


popamode72
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Postby popamode72 » Mon Aug 11, 2014 10:17 pm

CLIs with Amex are SPs and which Amex card did you recently get? Could you also post more information like your utilization and FICOs?

I'd wait 61 days from the day you got the card and then go for the 3x CLI and probably get your utilization down if it's high. Even if you don't exactly qualify for that, they still might give you a counteroffer like they did with me.
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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Aug 12, 2014 12:01 am

If a person already has high utilization (though we don't yet know the OP's exactly) isn't that generally a big danger sign to issuers when it comes to CLIs - even Amex with a longtime member? I understand that with a soft pull, the OP's FICO won't suffer if it fails - and a CLI is worth trying - I just don't know about the odds of success. Anyway, more information may clarify things a bit.

Amex doesn't always grant a 3x CLI or even any CLI - and this sounds like a possible situation like that.

Someone may have a better suggestion of what to do in the time before the 61 day attempt.
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onion
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Postby onion » Tue Aug 12, 2014 12:05 am

Another thing to keep in mind is that AmEx will use the last SP they have on you for a CLI, so be sure to give it a while after paying the cards down before requesting a CLI.
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popamode72
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Postby popamode72 » Tue Aug 12, 2014 6:31 am

CarefulBuilder14 wrote:If a person already has high utilization (though we don't yet know the OP's exactly) isn't that generally a big danger sign to issuers when it comes to CLIs - even Amex with a longtime member? I understand that with a soft pull, the OP's FICO won't suffer if it fails - and a CLI is worth trying - I just don't know about the odds of success. Anyway, more information may clarify things a bit.

Amex doesn't always grant a 3x CLI or even any CLI - and this sounds like a possible situation like that.

Someone may have a better suggestion of what to do in the time before the 61 day attempt.


That's them main thing I wanted to know. I've always kept my overall utilization and the utilization in each card I use as low as possible. My overall one has been between 7-10% consistently. It would definitely be a lot more helpful if the OP was more specific about the situation and I definitely see where you're coming from as well.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

takeshi
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Postby takeshi » Fri Aug 15, 2014 7:22 am

oolongtea wrote:Do you think it's worth requesting credit limit increase on my Amex?

Difficult to say without the details of your credit. It's a soft pull so IMO it's worth it even if not approved. If your credit needs work then improve it and request the CLI. We can only provide general answers like that without details.



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