AMEX Credit Limit Increase and Financial Review

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
9 posts
benhollberg
Centurion Member
Centurion Member
 
Posts: 353
Joined: Mon Apr 29, 2013 6:51 pm
Location: Salt Lake City

AMEX Credit Limit Increase and Financial Review

Postby benhollberg » Thu Jan 23, 2014 9:03 pm

I believe I have heard, maybe on here or other places, that American Express likes to put a financial review on your account if you request a credit limit of $25k or more, just curious if anyone has any more information on this or if it is just plain rumor. My Costco AMEX has a $22.4k limit and I would like to increase it but don't want a financial review. I haven't requested an increase on this card for more than a year just because I think I read about this somewhere.

A little more information on this card but not sure if it matters to AMEX. It doesn't get much use, just bills every month exactly the same about $400 a month and always paid in full.
American Express Platinum Card
American Express TrueEarnings Card from Costco
Marriott Rewards Premier Visa Signature Card
Chase Sapphire Preferred World MasterCard
Discover It


MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Thu Jan 23, 2014 9:44 pm

What I've read is it's 35k. And it's not Financial Review, so you are free to ignore the request for documents (though if you do you won't get the CLI) - with FR you can generally either comply, or have your account(s) closed.


And for what it's worth I've read accounts of some people (I'm guessing with low incomes) trying to go from 1k to 3k in their 61 day CLI attempt and being asked for documentation.


So don't sweat it too much.

takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Fri Jan 24, 2014 9:19 am

benhollberg wrote:I believe I have heard, maybe on here or other places, that American Express likes to put a financial review on your account if you request a credit limit of $25k or more, just curious if anyone has any more information on this or if it is just plain rumor.

It's a broad, sweeping generalization and is subject to the usual issues with such generalizations. I requested and received $25K on my BCP without FR. I recently requested $20K on my TE and they wanted a 4506-T.

A 4506-T and a FR are not the same thing though the FR will probably involve a 4506-T. FR's involve freezing accounts during the review. If they want a 4506-T in response to a CLI you can decline and just not get the CLI and continue on your way though you'll probably run into the 4506-T again in the future with CLI's. You cannot decline a 4506-T with a FR (not without having your accounts closed anyway).

benhollberg wrote:My Costco AMEX has a $22.4k limit and I would like to increase it but don't want a financial review.

I wouldn't worry about it. It's risky behavior that leads to a FR. CLI's that place your limits above a certain threshold can lead to a 4506-T just for income verification.

woogs
Platinum Member
Platinum Member
 
Posts: 60
Joined: Wed Aug 29, 2012 11:19 am
Location: Pittsburgh, PA

Postby woogs » Fri Jan 24, 2014 8:01 pm

$35k is a hard limit by Amex that if crossed requires Amex to do something differently - what that is, I do not know. It has to do with the underwriters who are providing the credit to Amex.

That's the main reason why on a charge card you can only carry a balance of $35k and anything above it needs paid off in full.

Amex has made it very clear to me that I can charge $100k on my NPSL cards but I cannot carry any balance across $35k.

My credit card limit between Hilton Surpass and SPG also add up perfectly to be just under $35k.

It is not per account either but I believe a combination of product type. From what I have been told / see I can carry a balance of $34,999 on my Platinum charge card, another $34,999 on my Gold business charge card, and finally another $34,999 total combined across all of my credit cards with Amex.
American Express: MB Platinum Card, Business Platinum, Business Gold, SPG, Hilton Surpass
Chase: Ink Plus, Ink Bold, Sapphire Preferred, United Mileage Plus, Marriott Premier
Citi: Executive AA World Elite MasterCard, AA Visa Signature, AA Business MasterCard
Barclays: US Airways World Elite, Arrival Card

CC Deville
Centurion Member
Centurion Member
 
Posts: 1075
Joined: Thu Aug 04, 2011 7:07 pm
Location: Phoenix

Postby CC Deville » Fri Jan 24, 2014 8:30 pm

As Takeshi said, it isn't an FR but they will want financial information for limits in excess of $25K.

craigm1
Centurion Member
Centurion Member
 
Posts: 285
Joined: Wed Dec 01, 2010 8:44 pm
Location: toms river nj

what the real deal is

Postby craigm1 » Fri Jan 24, 2014 8:58 pm

for me at 35k they wanted me to sign an irs form I forget which one so that they could put my past 2 tax returns at 34k they said no problem so my limit on my blue cash is 34k not sure if it has to do with income mine is 150k

craigm
Current Cards: American Express:Grandfathered Blue Cash CL 34k member since 89
Chase Freedom CL 7.5k member since 04
Chase Marriot Rewards Premier CL 20k member since 13
Chase Sapphire Preferred CL 25K member since 13
Bank Americard Cash Rewards Signature Visa CL 14k member since 11
Discover Cashback Bonus $10.5k member since 11
US Bank Cash + Signature Visa 19k member since 12
Citibank Thank You Preffered World Mastercard $16.5k member since 14

benhollberg
Centurion Member
Centurion Member
 
Posts: 353
Joined: Mon Apr 29, 2013 6:51 pm
Location: Salt Lake City

Postby benhollberg » Sun Jan 26, 2014 1:38 pm

Does AMEX ever give CLIs without a request? Like if it goes two years without a request will they raise your limit automatically? Anyone heard of this? I probably won't go for the request since I don't want to trigger anything, I charge at least $20k per month between my other AMEX cards (Platinum and Business Gold) if that means something, also always paid in full.
American Express Platinum Card
American Express TrueEarnings Card from Costco
Marriott Rewards Premier Visa Signature Card
Chase Sapphire Preferred World MasterCard
Discover It

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Sun Jan 26, 2014 3:39 pm

I can only recall ever reading of a couple of accounts of people getting auto CLIs so it seems it isn't very common but it's always YMMV.


If it's too much of a hassle you might as well just not bother with it.

benhollberg
Centurion Member
Centurion Member
 
Posts: 353
Joined: Mon Apr 29, 2013 6:51 pm
Location: Salt Lake City

Postby benhollberg » Wed Jan 29, 2014 10:41 am

MemberSince99 wrote:If it's too much of a hassle you might as well just not bother with it.


Good call. Just going to leave it alone for now.
American Express Platinum Card
American Express TrueEarnings Card from Costco
Marriott Rewards Premier Visa Signature Card
Chase Sapphire Preferred World MasterCard
Discover It



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests