Best way to increase CL on a new card?

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Luxe
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Best way to increase CL on a new card?

Postby Luxe » Sun Mar 31, 2013 2:39 pm

I was recently approved for a BCE with a $1000 CL which I would like to increase.

According to the forms sent with the card, Amex pulled my score at 730 but I have a short credit history under one year which could explain this low CL. While I would appreciate a 3x CLI after 60 days I am really looking for a $30k+ CL, so is there any way to work with Amex to get a significantly higher limit?

For example asking for a CL that is a % of my income or demonstrating a high spend (although I'd prefer not having $10k+ in form of gift cards :eek :) ?


mdl28
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Postby mdl28 » Mon Apr 01, 2013 10:26 pm

Safe bet is to wait at least 6 months with regular usage and on time payments in full. Show that you can be trusted with a larger CL. More cash you push through, with full payment at end of month will show amex you are a good client.


Why not just get an Amex charge card? You are looking for such a large CL, unless you plan to carry a balance and pay interest. A charge card is your best option. The gold prem'r will give great rewards which can be used for almost anything.
MDL

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Robrus1
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Postby Robrus1 » Mon Apr 01, 2013 11:56 pm

I recommend waiting 6 months. for a $30K CL with Amex, be prepared to show proof of income. It's likely they'll ask before they grant a CL that high, especially with 6 months of history with them. I'd still do the 60 days 3X CLI since it will be a soft pull, and it'll help you be able to run more money through the card, to show you can pay back whatever you spend. Unless you have a pretty high income I'm not sure they'll give it to you, seeing as how they started you with 1K. Good luck!
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Luxe
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Postby Luxe » Mon Apr 08, 2013 1:36 am

Well, I called figuring it couldn't hurt and a representive submitted a CLI request after asking for my income and desired CL (much less than $30k but enough income to back it up).

The representative said they would override the 60 day limit that normally prevents them from submitting a CLI request. It came back negative saying it is their policy not to grant increases before 60 days. This leads me to believe there are two separate processes behind a CLI: submitting the request and actually getting the increase, and although

Amex representatives can override the former it still won't result in a credit limit increase for normal folk at least. I'll try again after the 60 days though since I was at least able to specify a desired limit.

Luxe
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Postby Luxe » Sun May 19, 2013 7:49 pm

To follow-up, I called them and spoke to a representative (not the automated CLI system) for an increase well over 3x. The system granted me a 3x increase but the representative suggested that I ask again in two or three months. Interestingly, when I asked about the six month waiting period I was explicitly told I wouldn't have to wait six months.



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