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Is Amex 3x cli request still a thing?


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I'm coming up on 91 day since last amex cli decline.  Going to hit the button Tuesday on Amex ED. I received a cld with them on this card over a year ago from 21k to 14.9k when my overall utilization was about 70%. Currently overall I'm 35%. I'm at 46% utilization on this card, but have had zero balances on BCP and HHONORS for several months. 

 

Any cli amt advice? Which one to push the button? Would like to get ED back up to 21k. 

 

Currently 709 experian fico 8 amex pulled jan 24th.

Edited by DebtFreeIn04
Accuracy
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4 hours ago, IndyPoolPlayer said:

Lately hitting the button seems to trigger a 4506-T. At least with me it does. My CL was cut in half a couple years ago due to "lack of usage".

 

My last impression was any request that takes your total Amex lines to 50k+ will yield a 4506-T request. 

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5 hours ago, DebtFreeIn04 said:

Any cli amt advice? Which one to push the button? Would like to get ED back up to 21k.

 

If by "which one" you're asking "which card", your strongest bet is the card that sees the most use.  If you ask on the ED, you might as well as for a return to at least $21k.  If they're amenable to increasing at this time, they'll be happy to put you back where you were.

 

Generally speaking, it sounds like you've got your house back in reasonable order.  I'd anticipate CLI success (YMMV).

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2 hours ago, hdporter said:

My last impression was any request that takes your total Amex lines to 50k+ will yield a 4506-T request. 

I believe that has changed. My last CLI request was just 10K from 25K to 35K just to test this out. I was sent a 4506-T, which I did fill out and send it. Was ghosted by Amex.

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2 hours ago, IndyPoolPlayer said:

I believe that has changed. My last CLI request was just 10K from 25K to 35K just to test this out. I was sent a 4506-T, which I did fill out and send it. Was ghosted by Amex.

 

I may not be keeping up with news; that's the first I've heard of a 4506-T request under the $50k threshold. 

 

(Just for the sake of clarity, you requested 35k on a card, with no other Amex lines in place, right?)

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2 hours ago, hdporter said:

 

I may not be keeping up with news; that's the first I've heard of a 4506-T request under the $50k threshold. 

 

(Just for the sake of clarity, you requested 35k on a card, with no other Amex lines in place, right?)

Correct. I have just one Amex currently at $25K.

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On 1/31/2021 at 1:19 PM, DebtFreeIn04 said:

I'm coming up on 91 day since last amex cli decline.  Going to hit the button Tuesday on Amex ED. I received a cld with them on this card over a year ago from 21k to 14.9k when my overall utilization was about 70%. Currently overall I'm 35%. I'm at 46% utilization on this card, but have had zero balances on BCP and HHONORS for several months. 

 

Any cli amt advice? Which one to push the button? Would like to get ED back up to 21k. 

 

Currently 709 experian fico 8 amex pulled jan 24th.

So...outcome? 

 

We know Indy's outcome, but those coming along later might be interested in how you fared...

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On 2/1/2021 at 5:36 AM, IndyPoolPlayer said:


Aaaaannnnnd .... I received the email this morning asking for another 4506-T.

Are they still freezing accounts while the 4506 process works through? 

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14 hours ago, centex said:

Are they still freezing accounts while the 4506 process works through? 

 

6 hours ago, IndyPoolPlayer said:

No. At least for me its not. I still have full use of my Amex.

 

Discussion of accounts frozen in conjunction with a 4506 request were strictly where a Financial Review was initiated by Amex.   Because a FR essentially questions whether the existing credit line is excessive, the credit line is frozen pending resolution after tax transcript review.

 

Because a 4506 request in conjunction with a credit line increase request only reviews the extent to which Amex should increase the current CL, but doesn't question the existing CL itself, there's no need to freeze the line.

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On 2/5/2021 at 7:43 PM, hdporter said:

 

 

Discussion of accounts frozen in conjunction with a 4506 request were strictly where a Financial Review was initiated by Amex.   Because a FR essentially questions whether the existing credit line is excessive, the credit line is frozen pending resolution after tax transcript review.

 

Because a 4506 request in conjunction with a credit line increase request only reviews the extent to which Amex should increase the current CL, but doesn't question the existing CL itself, there's no need to freeze the line.

Gotcha...it had been a while since we had much 4506 discussion and I did not realize there was a distinction being drawn by when the freeze took place 

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On 2/5/2021 at 8:43 AM, centex said:

So...outcome? 

 

We know Indy's outcome, but those coming along later might be interested in how 

And just as a datapoint reason for cli denial : pmts too low. I have 3 amex revolvers , I've been only paying minimum on this one its at 46% utilization , zero balances on other 2.  I'll pay it off if a few months then try

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20 hours ago, DebtFreeIn04 said:

And just as a datapoint reason for cli denial : pmts too low. I have 3 amex revolvers , I've been only paying minimum on this one its at 46% utilization , zero balances on other 2.  I'll pay it off if a few months then try

 

3 hours ago, IndyPoolPlayer said:

Ho Lee Chit!!! No wonder Amex denied you.

+100!

 

Anytime you make a minimum payment against a credit card balance, you're sending out a loud signal that you don't have the resources from which to repay the debt at a faster, more prudent pace (paying off a debt only through minimum payment amounts typically means that it'll take anywhere from 8 to 20+ years to pay in full).

 

(As an aside, this is the weakest aspect of the "snowball" debt repayment strategy:  the unfortunate message sent to creditors receiving minimum payments against debt.)

 

I typically wouldn't advise seeking a CLI against any card on which you've been revolving a balance unless you've been making payments equal to a minimum of 3% of the outstanding balance each month.  Keep that up for 6+ months, and most any creditor will be satisfied that you have sufficient resources to satisfy higher payment requirements should you tap a larger credit limit.

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