6% at grocery stores

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attrapereves
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Re: 6% at grocery stores

Postby attrapereves » Sun Aug 23, 2015 10:00 am

CarefulBuilder14 wrote:How does your Amex spending compare to your income/assets? What about your income/assets vs. other CLs?

Maybe Amex thinks you didn't spend enough on BCE to merit a decent SL on on your new card. Or they might think you have enough credit/new credit (across all issuers) for your income.


My annual income is $45,000. Discover just gave me a CLI of $1000 to make a total CL of $6500. Interestingly enough, Citi gave me one as well for the same CL on my Double Cash. I also have a Chase Freedom card with a $7500 CL.

So basically, all of my cards are between $5500-7500 except for AMEX. I think I've carried a balance one time on a card with 0% interest. Otherwise I PIF.

When I applied for the BCE card years ago, I only had one other credit card and my FICO score was about the same. AMEX gave me a similar low CL compared to the other cards.

You may be on to something about the spending... I don't think I've ever put more than $1000 at one time on my BCE card. It's just not a high spending card. I usually reserve that for the Citi DC or Chase Freedom (because of the higher CL). However, with the better rewards on the BCP card, I am likely to use it more.

To be honest, I almost cancelled my BCE a while ago because of the CL issues with AMEX. In my experience, Cap One has given better CLIs than AMEX. Which is bizarre because AMEX is known for being fairly liberal about the 3x CLI.


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CarefulBuilder14
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Re: 6% at grocery stores

Postby CarefulBuilder14 » Sun Aug 23, 2015 4:34 pm

But what is your total CL across all open cards from all issuers? Is Cap One still open, or are there other cards you've not mentioned? Amex might think your (income/total available credit) ratio is low, and they shouldn't take much extra risk for a light spender.

I can't tell you how to prioritize CLs vs. rewards with your mix of cards, since BCP is pretty lousy for off-category stuff, and if you could earn 6% on a lot of real spending, you wouldn't be considering prepaid gift cards. Unless you do take the prepaid card route, I don't see why you'd use BCP more than you've been using BCE, so I don't really see why the CL is relevant for an AF card you won't use much.

I got a nice CLI with EDP, but it's a much better card for off-category stuff, so naturally draws a lot of transactions.

I don't know what you should do. It sounds like you have a BCE and a BCP, but not much use for either of them. I like having my bigger CLs on cards I use a lot.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

takeshi
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Re: 6% at grocery stores

Postby takeshi » Tue Aug 25, 2015 9:08 am

attrapereves wrote:What are some ways you guys/gals take advantage of the 6% cash back at grocery stores with the BCP card?

I only shop at grocery stores. A small amount of gift card purchases probably isn't a big deal but if you go beyond a certain point you may raise red flags with AmEx.

attrapereves wrote:I'm not sure what AMEX's deal is. Everyone else seems to have great luck with them except for me. My scores are in the mid to upper 700s. I always PIF and don't have any dings on my credit. All of my other cards were approved with CLs in the $5000-7000 range.

It's not AmEx. It's your credit profile. Your limit, APR, CLI's etc are all based on your credit and income. It's not simply a matter of score. Your entire credit profile matters. Recent activity matters as well. Creditors do not simply match limits. It's about how your credit and income align against a given creditor's underwriting criteria and even for a given profile different creditors will be willing to extend different amounts of credit.

attrapereves wrote:They kept citing average age of accounts, and too many hard pulls (I only had 2 or 3).

Hard pulls are a small factor. If they are getting cited then you have other issues to address.

attrapereves wrote:It's pretty pathetic when Capital One gives me better CLIs than AMEX.

No, it just means that Capital One has more lax underwriting criteria. It's why CO has been so popular over at myFICO recently.

Despite the popularity of the meme you're not going to spend your way into CLI's. Usage can play a part but it will not overrule one's credit and income.

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CarefulBuilder14
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Re: 6% at grocery stores

Postby CarefulBuilder14 » Tue Aug 25, 2015 2:55 pm

takeshi wrote:Despite the popularity of the meme you're not going to spend your way into CLI's. Usage can play a part but it will not overrule one's credit and income.

I certainly agree that the credit report and income take precedence over customer loyalty.

Regular card use alone won't lead to a CLI, but a lack of steady use can be enough to prevent one in some cases.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red



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