AMEX 61 day credit limit increase

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432521
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AMEX 61 day credit limit increase

Postby 432521 » Sat Aug 25, 2012 12:49 pm

I have a few questions that hopefully some of you guys/gals on this board can help me

1. Is the 61 day CLI a soft or hard pull

2. So currently my limit is 2,000 on my BCE. At this moment it looks like this card will be a bare minimum used card because it will be my 3rd choice to use after my freedom and IT. If I only charge about 100 a month for those 2 months can I still ask for 3x the CLI or is that pushing it because I barely even use it?

3. If I do ask will they do a financial review on me?
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday


CC Deville
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Postby CC Deville » Sat Aug 25, 2012 12:59 pm

1. Soft pull

2. It does not hurt to request the full 3x. The worst they can do is counter offer something lower.

3. Nobody knows what causes a FR but I would think that going from $2K to $6K would not trigger one. If your income has suddenly gone up $20K a year in 61 days, that could raise an eyebrow. People are way too scared of FR's. Usually people who get FR'ed were asking for it (buying precious metals, spending large dollar amounts at jewelry stores/electronic stores) or are self employed etc. Don't be afraid of your Amex.

Amex is notorious for their initial $2K limits whereas most banks would have given you at least $5K off the bat. The $2K limit is like a training wheel limit to see how you handle the account. They generally have no problem increasing the limit at your request.

432521
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Postby 432521 » Sat Aug 25, 2012 1:02 pm

so me barely even using it wouldn't be an issue? Usually with other banks and such they want you to spend as much money and pay it off and then they do a CLI, but in this case I don't really ever seeing myself spending over a 100 dollars a month on the BCE. I want to have a CLI just in case I ever need to charge a big amount in case of an emergency in the future.
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday

CC Deville
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Postby CC Deville » Sat Aug 25, 2012 2:05 pm

432521 wrote:so me barely even using it wouldn't be an issue? Usually with other banks and such they want you to spend as much money and pay it off and then they do a CLI, but in this case I don't really ever seeing myself spending over a 100 dollars a month on the BCE. I want to have a CLI just in case I ever need to charge a big amount in case of an emergency in the future.


I can't really say for sure, but in all the forums I have been to, nobody really talks about usage being an issue. I just got a $1.2K limit increase on my Discover after maybe spending $300 in the past year and was approved with no issues.

Crashem
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Postby Crashem » Sat Aug 25, 2012 2:12 pm

Usage is important to some lenders. However, in terms of Amex, they seem to not care so much for first 61 day CLI. As you get a bit higher, I have seen evidence that usage is important. However go for the full 6k. Remember after 61 day CLI, you can ask for CLI every 6 months after approval and 3 months after rejection. CLI through online or via automated telephone is always a soft pull.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

huahuafood
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Postby huahuafood » Sat Aug 25, 2012 10:48 pm

Usually with other banks and such they want you to spend as much money and pay it off and then they do a CLI, but in this case I don't really ever seeing myself spending over a 100 dollars a month on the BCE.

hematino
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Postby hematino » Mon Aug 27, 2012 2:42 am

CC Deville wrote:2. It does not hurt to request the full 3x. The worst they can do is counter offer something lower.


Actually they could deny an increase at all. I didn't know about the 3x 61 days increase, and maybe 90-100 days after opening my BCP card with a 2k limit, i called the automated line and only asked for a total 3.5k line, and got declined with no counter offer. Not really sure why they declined me, I had quite a few accounts at the time with limits around 5-6k. The highest balance I ever had reported on my BCP was $700 or so, but I always pay in full. Now my BCP is my third lowest limit card after my Citi Dividend and my oldest credit card which are 1.2k and 1.8k respectively.
Now she's eyeless.
The snakes she held once
Eat up her hands.

Crashem
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Postby Crashem » Mon Aug 27, 2012 3:35 am

True, you can always get denied. Doesn't change the fact you should ask for full 3X unless it takes you over 25k.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

CC Deville
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Postby CC Deville » Mon Aug 27, 2012 3:50 pm

+1 Hematino

+1 Crashem

Yes, the worse they can do is not approve you, but why not try?

hematino
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Postby hematino » Tue Aug 28, 2012 11:34 am

You guys are right, didn't mean to imply that the OP shouldn't try for (and hopefully get) the full 3x. Just saying that even though many people report to get the full 3x after 60 days, it's not a guarantee. Maybe in my own case, had I asked for the full 3x, it would have left more leeway for a counter offer. Or maybe not... will never really know, but at some point when I want to open another Amex revolver (happy with my BCP and Green for now), I'll try for the whole thing.
Now she's eyeless.
The snakes she held once
Eat up her hands.



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