How soon can you ask for a credit limit increase?

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NeeGo
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How soon can you ask for a credit limit increase?

Postby NeeGo » Mon Aug 13, 2012 7:32 pm

Hello,

So I somewhat recently got the BCE card with a credit line of $2,000 and my 3x CLI date is approaching. Yes, I would like to take advantage of this rare opportunity and get a credit limit increase to $6,000... except the problem is that I only make around $6,000 or so (part time job). Is it too risky to try and get the full 3x CLI?

I know we're dealing with small numbers here compared to everyone else's situation but I'm still new to credit cards lol. So I read on here that the Amex automated machine ask for income and then CLI and so my questions are:

(1) What kind of income is it asking?
(2) When they ask for the CLI, are they asking what I want my final credit line is? Or are they asking how much do I want to increase my credit line to (so for me, I want a $6,000 credit line and so do I say I want an extra $4,000?)

Secondly, I have a younger sibling who is at the age of 15 right now (and being that 15 is the minimum age to be an additional user), is it too soon to add my sibling as an additional user given that I only had my Amex card for about a month and a half?

I'm pretty much asking Amex to do all of these stuff within a short period of time and so I don't want to look suspicious to them.

P.S. I just got my second statement this morning and paid off the rest of the balance a couple of hours ago (around $100 or so- trying to follow the 1-9% utilization ;) ). Don't know if this information would help but why not?


NeeGo
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Postby NeeGo » Thu Aug 16, 2012 5:29 pm

Bump (if it's allowed).

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PlatinumAMEX94
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Postby PlatinumAMEX94 » Thu Aug 16, 2012 7:26 pm

How old/young are you? How old/young is your credit? Why on earth would you give a credit card to a 15 year old sibling?

Based on the things you state, I think you will be denied an increase. It is not a right, but a privilege to have credit. You annual income is too low, your account age is too new, length of payments too new. Annual salary 6000/24=250(2)+ $500 a month is your monthly gross income. $500x3=$1500. Your credit line is $2000, which you have never come close to using. Request will be most likely denied.

Good luck. If I am incorrect, more power to you. I still would never give a credit card, an American Express to a child. There are prepaid cards for that.
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Postby NeeGo » Thu Aug 16, 2012 11:36 pm

PlatinumAMEX94, thanks for the extremely insightful post! I'm only 21 and my credit is over one year with my Discover More card (over three years with student loans if that matters?). Amex did report my FICO score in the 740s range so I must have been doing something right this whole time.

About the CLI, yeah you're probably right. I probably wouldn't even give myself a 3x CLI but no worries. Credit line is not really a concern for me at this point. I guess I'll be one of the rare ones to skip the 61-day 3x-CLI.

And I'm only wanting to add my younger sibling as an additional user because she's at the minimum age Amex allows as an additional user. I definitely wasn't going to give her the actual card itself until later on when she's older/more responsible. Still think it's a bad idea?

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Postby RidgeRacerJM » Sun Aug 19, 2012 3:28 am

Don't do it. You run the risk of being financially reviewed, and I doubt you'd want to deal with that.
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Postby Crashem » Sun Aug 19, 2012 2:04 pm

Ask for your full 3x. They counter. Don't worry about f/r if you are bing truthful about income. 61 day if first Amex otherwise every 6 month
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Postby PlatinumAMEX94 » Thu Sep 20, 2012 11:03 am

NeeGo wrote:PlatinumAMEX94, thanks for the extremely insightful post! I'm only 21 and my credit is over one year with my Discover More card (over three years with student loans if that matters?). Amex did report my FICO score in the 740s range so I must have been doing something right this whole time.

About the CLI, yeah you're probably right. I probably wouldn't even give myself a 3x CLI but no worries. Credit line is not really a concern for me at this point. I guess I'll be one of the rare ones to skip the 61-day 3x-CLI.

And I'm only wanting to add my younger sibling as an additional user because she's at the minimum age Amex allows as an additional user. I definitely wasn't going to give her the actual card itself until later on when she's older/more responsible. Still think it's a bad idea?


Unless you are raising your sibling as a parent I would still say don't do it. IF you do, you should put a $100 spending limit on it.
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Postby NeeGo » Sat Sep 22, 2012 1:11 am

PlatinumAMEX94 wrote:Unless you are raising your sibling as a parent I would still say don't do it. IF you do, you should put a $100 spending limit on it.


I couldn't add her online (probably because my account was too new) so I decided to call and everything went smoothly (as a matter of fact, her card just came in today).

PlatinumAMEX94, I'm definitely am not raising my sibling as a parent haha. I basically added her just so she has a lock-in membership date as early as possible. The minimum amount that I can set for the maximum spending limit on the additional card is $200 so that'll be her maximum credit line. I'll most likely put set an alert to my phone if the card ever gets charged more than $100. Thanks for you advice!



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