Amex New Card: How To Get 3 Times The Initial Credit Limit In 2 Months

[Nellore Pedda reddy]

Idi nenu oka forum lo chadivanu....and it worked for me

 

AMEX Blue cash Everyday (BCE) card....No annual fee....initial limit $4k.... credit limit after 2 months $12K (3 fold increase)....and after another 6 months $24K (2 fold increase)

 

 

What is the 3X CLI?
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American Express is one of the most sought after credit cards in the market. They are also typically one of more generous companies with respect to credit limits outside of the credit unions. For folks who do not qualify for NFCU and other credit unions known to issue high credit limits despite low FICO scores and or moderate credit history, the best way to get high(er) CLs is to first get accepted into American Express and then apply for an increased credit limit upto 3 times the existing approved limit after a certain minimum number of days have passed (discussed in details below).

 

This really comes in handy when the initial approved limit is on the lower side (example $2,000) due to internal American Express risk score models, mostly for folks starting out in their credit journey or with other risky credit/income factors. After completing the "60" day magic number of the account being open and in good standing, one can request an increased credit limit upto 3X the initial limit starting with the 61st day, meaning someone who got approved for $2,000 could request that the new credit limit be $2,000 x 3 = $6,000, someone who got approved for $3,000 initially could request the new credit limit be $3,000 x 3 = $9,000 and so on.

 

 

Why is the 3X CLI Important?
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Credit Utilization is one of the most important components of the FICO score (30% per official wording from FICO).Given the same amount of spending, with higher available credit, utilization is lower and hence FICO scores are higher. But more importantly this is a gateway to getting approved for other prime cards/rewards cards like Visa Signature, MasterCard World, points, cashback etc offered by various lenders like Chase, Citi, BoA, US Bank etc who typically issue them if they see an existing high limit card. Higher limits from one lender attracts higher limits from others up until the overall available credit reaches a certain threshold.

 

No other lender is known to have a 3X CLI policy and that too as early as the 61st day. One may be able to procure a CLI from other lenders but typically it is a hard inquiry or sometimes flat out denial because the account is considered too new. Amex is the only lender that offers this.

 

More recently though GEMB issued credit cards are also known to get generous increases (sometimes even > 3X initial limits) via a Soft Pull. This policy is relatively new but widely reported to be successful across different boards.

 

 

Is the 3X CLI automatic or guaranteed?
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Most definitely not. The components factored into a CLI approval or denial are not published but widely accepted to be similar to the FICO models. Amex also asks for income and rent during the CLI request process. Other factors remaining same, chances of a CLI approval are higher if the account has always been in good standing e.g lower utilization, low risk spending patterns, on time payments etc. The 3X CLI request has to be manually initiated by the account holder after becoming eligible.

 

Will there be a hard inquiry when requesting 3X CLI?
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Fortunately not. American Express initiates soft pulls on Experian throughout the life of an open account with random frequency. During the first 60 days, it is not uncommon for Amex to have soft pulled at least 3-4 times. The CLI approval or denial will be based on the last soft pull before the CLI request and other factors like income/rent etc. A new hard pull or soft pull is not initiated when requesting the 3X CLI. If in doubt, get a copy of your Experian report and see when Amex issued a soft pull to gauge account statistics at that snapshot and request CLI accordingly. Post 186 explains how to get your experian report and check for soft pulls. If there are concerns that the overall utilization or Amex utilization was high during the last soft pull, it might be worth waiting a few more days and then applying for CLI after Amex has issued a new soft pull.

 

When does an acccount become eligible for CLI?
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Amex does NOT increase an account's credit limit during the first 60 days after it has been OPENED, or for at least 6 months from the last credit limit increase. The key word here is OPENED aka the account creation date. There are a few ways to find out the exact date the account was opened.

 

a) Call the number on the back of the card and simply ask the friendly customer service rep. There is nothing to be worried about here or get nervous. You are not asking for a CLI to the rep, but simply the day the account was opened. This can be done during card activation itself or any point later. Some friendly CSRs will also calculate and mention the first eligible date for CLI (61st day since account opening). If they are not aware of the first eligible date, simply ask for account opening/creation date and calculate it yourself.

 

B) "Date Opened" field on your Equifax or TransUnion credit report. Both EQ and TU report the account opened day and month accurately (Equifax started doing this recently). 3rd party credit pullers may or maynot pull the date opened field accurately, the official credit reports are the only reliable source. It is important to note that the year field in "Date Opened" is affected by your American Express Member Since date, so may not reflect the year the card was originally opened. The only downside is one has to wait for the card to report to EQ and TU first, but Amex is usually very prompt to report.

c) Before the first statement has been cut, the account opened date is reflected under the Recent Charges field next to the "Since". Example in this pic, the account opened date is Jan 08. The "Since" field changes every statement period as it starts tracking the spending for that statement, so it is a good idea to get the account open date information using this method as early as possible. Existing Amex card members with an online profile are at an advantage to use this method because any new approved cards show in the profile before the card has been delivered physically, displaying several key account details like the account open date, first statement closing date, last 5 digits of card etc. First time Amex card members should try to setup the online profile as early as possible after physically receiving the card(s) to take advantage of this method as the first statement can sometimes close very soon after receiving the card(s).

 

Source: http://ficoforums.myfico.com/t5/Credit-Cards/The-Definitive-Amex-3X-CLI-Guide/td-p/1811071

 

[dalapathi]

usage ata etla vundaali? card inni rojulu use cheyyakunda side padesina kuudaa istaaraa? ani kanukkomannadu maa friend

[thanks]

usage ata etla vundaali? card inni rojulu use cheyyakunda side padesina kuudaa istaaraa? ani kanukkomannadu maa friend

 

me friend db lo leda? intaki matter enti artham kaledu

[teddybunny]

Baagane undi idi edo.. useful n gud post

[k2s]

panikirani card lo entha limit untey endi man 

[dkchinnari]

usage ata etla vundaali? card inni rojulu use cheyyakunda side padesina kuudaa istaaraa? ani kanukkomannadu maa friend

ee db lo esav..aa frnd evaru?

[ronitreddy]

panikirani card lo entha limit untey endi man 

lol..agreed

[ronitreddy]

oka sentence lo cheppandi summarise chesi ..

[Nellore Pedda reddy]

usage ata etla vundaali? card inni rojulu use cheyyakunda side padesina kuudaa istaaraa? ani kanukkomannadu maa friend

 

ideal utiliazation 7-8%

 

decent utilization till 20%

 

30% daatithe koncham -ve

[Nellore Pedda reddy]

panikirani card lo entha limit untey endi man 

 

paniki radu ani evadu cheppadu uncle....cash back baga vastundi :d

[Nellore Pedda reddy]

oka sentence lo cheppandi summarise chesi ..

 

card vachaka 2 months tarvatha....3 times your initial credit limit request cheyyochu AMEX ni....aa first 2 months decent ga use chesi full payment cheyali statement balance date lopu

[ronitreddy]

card vachaka 2 months tarvatha....3 times your initial credit limit request cheyyochu AMEX ni....aa first 2 months decent ga use chesi full payment cheyali statement balance date lopu

I see..ante 4k osthe dantlo oka 800 use chesi month ki ala 2 months lo 1600 use chesi repay chesesi..credit limit increase adgali anmata?

[Nellore Pedda reddy]

I see..ante 4k osthe dantlo oka 800 use chesi month ki ala 2 months lo 1600 use chesi repay chesesi..credit limit increase adgali anmata?

 

yep...and every month full payment cheseyyali statement balance ki....ante zero balance report avvali statement balance lo 

[MeetFriendz]

ok

[bio]

gp :4_12_13: