New to credit want to get a American Express and need advice

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jasonfchen
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Re: New to credit want to get a American Express and need advice

Postby jasonfchen » Fri Oct 23, 2015 9:00 am

Recent grad school graduate, very thin profile. First CC was Discover IT with 1.5K CL in Sep 2015. I applied for Amex BCE one month later, and was approved instantly for 3.5K. My credit score is 680.

So you never know. Should give it a try.


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Vattené
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Re: New to credit want to get a American Express and need advice

Postby Vattené » Fri Oct 23, 2015 11:43 am

jasonfchen wrote:Recent grad school graduate, very thin profile. First CC was Discover IT with 1.5K CL in Sep 2015. I applied for Amex BCE one month later, and was approved instantly for 3.5K. My credit score is 680.

So you never know. Should give it a try.


Welcome to the forum, jasonfchen, and congrats on your approvals for two great cards! I don't know how much time you've spent looking at forums, but have you heard about the 3X CLI from Amex?

It isn't a hard rule, but credit aficionados have observed a pattern of Amex being generous with credit limit increases (CLIs) for new accounts. The guideline is a 3X CLI 60 days after account opening - so you may be able to increase your limit to $10,500 after a couple of months if your income, credit, and account history warrant it. There is no guarantee. You could get more, less, or none at all; people have even been successful in getting them before 60 days. It's worth a shot, though!

I'd also recommend asking for a CLI from Discover in a few months. There is no rule of thumb with Discover but they have been generous in CLIs in my personal experience, and I probably got my first around 90-120 days after account opening. As long as you make sure there is no hard credit pull when you request you've got nothing to lose.
-Vattené
FICO-8:
EX - 805 (2/17) | TU - 787 (2/17)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

jasonfchen
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Posts: 10
Joined: Fri Oct 23, 2015 8:53 am

Re: New to credit want to get a American Express and need advice

Postby jasonfchen » Sat Oct 24, 2015 9:52 am

Vattené wrote:
jasonfchen wrote:Recent grad school graduate, very thin profile. First CC was Discover IT with 1.5K CL in Sep 2015. I applied for Amex BCE one month later, and was approved instantly for 3.5K. My credit score is 680.

So you never know. Should give it a try.


Welcome to the forum, jasonfchen, and congrats on your approvals for two great cards! I don't know how much time you've spent looking at forums, but have you heard about the 3X CLI from Amex?

It isn't a hard rule, but credit aficionados have observed a pattern of Amex being generous with credit limit increases (CLIs) for new accounts. The guideline is a 3X CLI 60 days after account opening - so you may be able to increase your limit to $10,500 after a couple of months if your income, credit, and account history warrant it. There is no guarantee. You could get more, less, or none at all; people have even been successful in getting them before 60 days. It's worth a shot, though!

I'd also recommend asking for a CLI from Discover in a few months. There is no rule of thumb with Discover but they have been generous in CLIs in my personal experience, and I probably got my first around 90-120 days after account opening. As long as you make sure there is no hard credit pull when you request you've got nothing to lose.


Thank you for the advice Vattené! That's one thing great about forum, that you get enormous amount of useful information even if you are not looking for them at the very beginning. I learnt about the CLI 60 day rule in the forum as you have mentioned. I will DEFINITELY give it a try on both cards. I would wait another month and as long as it's SP, I am all for it!

Thanks again! Cheers!

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Vattené
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Re: New to credit want to get a American Express and need advice

Postby Vattené » Sat Oct 24, 2015 5:02 pm

Oh good :cheers: I hear with Discover they try to do it with a SP first, then if they can't get it approved with that they will try with a HP but only after asking you. With anyone I always call in and explicitly ask if there won't be a HP just to be sure.

Best of luck! Since you're just getting established, getting CLIs shouldn't be an issue as you build a clean history.
-Vattené
FICO-8:
EX - 805 (2/17) | TU - 787 (2/17)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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