American Express Credit Limit

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
3 posts
cjm1991
 
Posts: 1
Joined: Fri Oct 17, 2014 12:08 am
Location: AL

American Express Credit Limit

Postby cjm1991 » Fri Oct 17, 2014 12:52 am

Hello Everybody!

I am Chris and am new to the forum - just made me an account. I have a quick question for all the American Express Cardmembers - guess I'm in the right place! (I kid I kid) lol

Anyway, I have now gotten approved for $9,000 - American Express Blue Cash Everyday card (I didnt want the preferred b/c of annual fee despite the increase in rewards) (I don't do that much grocery shopping). With me being 22 years old and having 7 other credit cards totaling $19,000 total and now with my recent approval total to be around 27K to 28K I'd say not a bad start. But. I have heard of the 3X credit increase rule that after the 61st day of card membership you can call and request an increase of credit limit. Cardmembers are NEVER suppose to ask for more then 25K that the max as I understood. So I doubt I will ask for my 3X CLI since that would be 27K total. My credit is a solid 750 or so. I have a $6100 car loan I do owe on which is the only solid amount of debt I owe on (interest rate is 5.30%) not to bad for my first car loan with NO cosigner outta college.

My question is should I do this and follow this rule or what is everyone's advice. I, like everyone else like to maintain my credit and also like to rewarded (and a little greedy) with Credit Limits and such. I like to have the higher limits. Beyond this, does the 61 day clock start THE DAY OF CARD APPROVAL> OR THE DAY OF CARD ACTIVATION > OR THE FIRST DAY YOU ACTUALLY CHARGE ON THE CARD?

So two questions:
1) How much (and when) should I ask for a CLI? I figure maybe ask for 18K double my CL
2)Will this result in a HARD pull or SOFT pull since i was just pulled HARD for an approval
3) When does the 61st clock start ticking. I opened the card on the 12th of this month and
still havent received or activated it yet.
actually...4 ?s...Do I HAVE to do it on the 61st day?

Thanks to all for answering!


takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Fri Oct 17, 2014 9:56 am

cjm1991 wrote:Anyway, I have now gotten approved for $9,000 - American Express Blue Cash Everyday card (I didnt want the preferred b/c of annual fee despite the increase in rewards) (I don't do that much grocery shopping).


You probably should have considered the Sallie Mae. The BCE is rarely the best fit as far as maximizing rewards is concerned.

cjm1991 wrote:Cardmembers are NEVER suppose to ask for more then 25K that the max as I understood.

That's incorrect. Google 3x CLI and read up using the first hit. The source site isn't popular here but this particular guide does contain a lot of useful information and answers your questions. $25K is cited as a threshold where some end up going through income verification. However, not all do at $25K. Income verification isn't a big deal IMO. I just went through this recently though I was not requesting more than $25K on a card. I was going from $31.9K total to $45K total.

Some don't want to go through income verification. Some think it is too intrusive since AmEx uses the 4506-T.

cjm1991 wrote:My question is should I do this and follow this rule or what is everyone's advice.

Given that it's based on a soft pull, that they will counter if you qualify for a lower CLI, and that you can request another CLI in 90 days if denied I'd say go for 3x. However, you need to consider your preferences and priorities as well. If you're also 4506-T averse then you may want to stay under $25K.

Berk
Gold Member
Gold Member
 
Posts: 33
Joined: Sun Sep 28, 2014 5:54 pm
Location: NE Florida

Postby Berk » Fri Oct 17, 2014 5:10 pm

I waited 6 months on my Delta Skymiles card. I don't see the big deal about doing it on the 61st day anyway. It has always been a soft pull for me and I have never had to ask for a recon. I have had the card since 2012 and have asked for three or four CLIs. Never been denied. I asked for 3x on my first request and the rest have been for maybe half again as much. Just did it in March and only asked for 4k.

AMEX has always overnighted my cards to me so if you don't get it tomorrow you might want to call and find out where it is.
Fico Scores 05/25/2015
Equifax 766
TransUnion 788
Experian 797

Over $140,000 in credit across 12 cards.



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