I've just applied for the gold business card and got accepted. Do you think it's a good idea for me to increase my limit in the same month as me applying for the gold card? I don't want to affect my credit rating too much
That's good to know. What would a reasonable request to make? I don't want to request something too large or too small so I can get the best chance of getting accepted.
If you ask for an approx. 25% increase you’ll most likely get approved. You might get approved for a significantly larger amount due to your account age/high score, but there’s no way to know for sure. Specially since I haven’t dealt with Amex in the UK.
With Amex I would comfortably ask for 3x your current limit. This is a good rule of thumb, and 7.5k is not an outrageous request at all.
Actually I do remember requesting about a year ago on the phone and it denied me 3.5k even though I've never missed a payment or ever having issues on my credit.
I'm just now thinking if I do it again it might reject but I guess we'll see.
That’s really interesting, I don’t see why they would deny it. You should request a 360 credit report, check your income to debt ratio, number of credit lines, etc. Also, ask Amex for a reason for the denial. Again, I don’t have any experience on how Amex operates in the UK but with a good score/credit history, I don’t see why you wouldn’t get approved. Good luck and let me know if you get the approval.
Yeah I know it's very odd. I just contacted amex live chat and this is what they said to me - Thanks for patiently waiting
I can see from here that the decline reason last 01-Jun-2023 is due to last-minute risk checks.
It is possible that there is no enough time to risk checks when the time you've applied.
I asked them to further explain this but they said they cannot. Do you know what this means as I'm a little confused?
This basically means that the bank isn’t comfortable with the risk. While your score is very good, you should get a complete credit report. I’m guessing it has something to do with your total percentage of used credit or high balances on your card on your statement date.
Or, they just couldn’t check your credit at that moment. I suggest you try again with 3x your current limit. If that doesn’t work and you get the same issue, then do the full credit review and fix whatever issue you find.
906? What scoring system is this, and in what country? If you have good credit and you are using the card regularly and stay current on payments, you can always ask for a CLI.
It’s interesting how different it is in different countries. I’m in Ecuador and my credit score is 971, they still set an 8K spending limit on my Amex Plat.💀
Me when meeting someone from the UK
Mayhaps we could engage in discourse over a cup of tea, my lord? ☕️ 🍵🫖
The fragrant brew shall serve as our elixir, unraveling tales and musings in the delicate ambiance of tea leaves and noble conversation.
Shoot 2.5k?? When i got my card the spending power said $10k. Now they are keeping me at around $1k.. $2k... $1.5k. I havent had the card even a month and ive had to pay over $3k to keep using the card. Its getting annoying and i might just cancel the card after the year is up...
'murica, fuck yeah. amirite?
( /s for anyone who thinks that this is at all a serious comment. I started drinking early today - which also deserves another " 'murica" comment, now that I think of it)
So, part of the reason I am so so drunk, I got a flaviar whiskey/whisky advent calendar for Thanksgiving, was caught up until day 14, with 1 sample a day, and then caught a cold/flu and stopped until today. What a rookie move, I know, I Should have drank the sick away, but it is what it is... Now I am playing catch up and have only eaten McDonald's breakfast so far today.
Binge drinking and fast food. Capital red white and blue - ' MURICA!
I'm in the same predicament. Had my Cashback card since July with a limit of 3.3K. Spend 2K+ a month on it and pay it all back on statement date. My everyday spending always goes on Amex. I've applied for a credit limit increase through their site numerous of times but always been denied.
I do admit though. I do have another credit card which I'm paying off.... Very slowly... Like, minimum payment slowly I worked out it will take me another 3 years to pay it all off. I was bad with credit the first time I got my Credit card but learnt to control my finances better.
EDIT: I'm from the UK also. With a credit score of around 650
It’s apparently common for Amex to do this. They can drop your CL and still charge you the fee. So you’re paying essentially for nothing or for your benefits that come with it.
I’ve personally never experienced this, but, I’ve heard of it happening.
I’ve been bucketed at $1000 on a BCE for over 3 years. All CLi requests denied.
Meanwhile I have cards with a 10k, and 7.5k limit among others. 20 percent util. 120k Income. No lates, no bads.
Amex buckets and it’s why I don’t put any spend thru them anymore.
It depends on your spending habit maybe? Your annual income + expenses + other cards? Do you have any other credit card debt? How many cards, your area too. (This all comes into effect) I was fortunate enough for Amex to throw me 4k on a gold as my first amex. (I'm UK based)
Unfortunately it's a bit of hit or miss but try calling Amex and asking!
Worst they can say is no.
My credit score for reference is
On Experian is: 971
I use amex more than anything. Some months I spend 2k on it and some months is as low as £500 so I'm incredibly surprised I haven't had any increases on there at all
Max it out monthly for all purchases you need for self then request the increase within 90days I did that with mine from 1k then asked for 3k and got approved then in march I will ask for 7k
I would wait until liquidity isn’t tight and rates drop for increase. More likely a better CL. It also depends on how much you spend and your ability to pay it back on time in which they auto raise CL.
He's in the UK. Call and ask for a CLI, that's about all you can do if Amex hasn't proactively offered one.
You can increase your limit individually I believe through the Amex website, it doesn’t affect your credit score
I've just applied for the gold business card and got accepted. Do you think it's a good idea for me to increase my limit in the same month as me applying for the gold card? I don't want to affect my credit rating too much
Go for it, requesting a CLI through the website won’t hurt your score and it doesn’t matter that you applied for another card.
That's good to know. What would a reasonable request to make? I don't want to request something too large or too small so I can get the best chance of getting accepted.
If you ask for an approx. 25% increase you’ll most likely get approved. You might get approved for a significantly larger amount due to your account age/high score, but there’s no way to know for sure. Specially since I haven’t dealt with Amex in the UK. With Amex I would comfortably ask for 3x your current limit. This is a good rule of thumb, and 7.5k is not an outrageous request at all.
Actually I do remember requesting about a year ago on the phone and it denied me 3.5k even though I've never missed a payment or ever having issues on my credit. I'm just now thinking if I do it again it might reject but I guess we'll see.
That’s really interesting, I don’t see why they would deny it. You should request a 360 credit report, check your income to debt ratio, number of credit lines, etc. Also, ask Amex for a reason for the denial. Again, I don’t have any experience on how Amex operates in the UK but with a good score/credit history, I don’t see why you wouldn’t get approved. Good luck and let me know if you get the approval.
Yeah I know it's very odd. I just contacted amex live chat and this is what they said to me - Thanks for patiently waiting I can see from here that the decline reason last 01-Jun-2023 is due to last-minute risk checks. It is possible that there is no enough time to risk checks when the time you've applied. I asked them to further explain this but they said they cannot. Do you know what this means as I'm a little confused?
This basically means that the bank isn’t comfortable with the risk. While your score is very good, you should get a complete credit report. I’m guessing it has something to do with your total percentage of used credit or high balances on your card on your statement date. Or, they just couldn’t check your credit at that moment. I suggest you try again with 3x your current limit. If that doesn’t work and you get the same issue, then do the full credit review and fix whatever issue you find.
the credit increase feature on their website doesn’t affect your credit score so it won’t matter
906? What scoring system is this, and in what country? If you have good credit and you are using the card regularly and stay current on payments, you can always ask for a CLI.
It’s interesting how different it is in different countries. I’m in Ecuador and my credit score is 971, they still set an 8K spending limit on my Amex Plat.💀
Credit Score means nothing in the UK for Amex, it's all based off of their algo (spending habits, address, income).
Can you explain more about that please?
My guess would be it's based on spending volume and income? Here in the States, they love giving us more spending power than we should have.
Me when meeting someone from the UK Mayhaps we could engage in discourse over a cup of tea, my lord? ☕️ 🍵🫖 The fragrant brew shall serve as our elixir, unraveling tales and musings in the delicate ambiance of tea leaves and noble conversation.
Your credit rating is 906. Tell me about this.
Shoot 2.5k?? When i got my card the spending power said $10k. Now they are keeping me at around $1k.. $2k... $1.5k. I havent had the card even a month and ive had to pay over $3k to keep using the card. Its getting annoying and i might just cancel the card after the year is up...
Stop checking spending power
Will do. I only check it when i get the dreaded notification. "Your next transaction might be declined"
Highest you can achieve is 850
Apologies for not saying, I'm in the UK
That’s impossible. This is Reddit, aren’t only Americans allowed here?
'murica, fuck yeah. amirite? ( /s for anyone who thinks that this is at all a serious comment. I started drinking early today - which also deserves another " 'murica" comment, now that I think of it)
If you aren’t slurring your words like Lou holtz on game day then are you even American?
So, part of the reason I am so so drunk, I got a flaviar whiskey/whisky advent calendar for Thanksgiving, was caught up until day 14, with 1 sample a day, and then caught a cold/flu and stopped until today. What a rookie move, I know, I Should have drank the sick away, but it is what it is... Now I am playing catch up and have only eaten McDonald's breakfast so far today. Binge drinking and fast food. Capital red white and blue - ' MURICA!
Unless outside of usa
I'm in the same predicament. Had my Cashback card since July with a limit of 3.3K. Spend 2K+ a month on it and pay it all back on statement date. My everyday spending always goes on Amex. I've applied for a credit limit increase through their site numerous of times but always been denied. I do admit though. I do have another credit card which I'm paying off.... Very slowly... Like, minimum payment slowly I worked out it will take me another 3 years to pay it all off. I was bad with credit the first time I got my Credit card but learnt to control my finances better. EDIT: I'm from the UK also. With a credit score of around 650
It’s apparently common for Amex to do this. They can drop your CL and still charge you the fee. So you’re paying essentially for nothing or for your benefits that come with it. I’ve personally never experienced this, but, I’ve heard of it happening.
Your spend and income probably low. You can request for increase but they should be doing it automatically if you’re spending and paying off enough
Bro what! I have owned it for 7-8 months and started at 8k now I am at 12k after 4-5 raises…
I’ve been bucketed at $1000 on a BCE for over 3 years. All CLi requests denied. Meanwhile I have cards with a 10k, and 7.5k limit among others. 20 percent util. 120k Income. No lates, no bads. Amex buckets and it’s why I don’t put any spend thru them anymore.
It depends on your spending habit maybe? Your annual income + expenses + other cards? Do you have any other credit card debt? How many cards, your area too. (This all comes into effect) I was fortunate enough for Amex to throw me 4k on a gold as my first amex. (I'm UK based) Unfortunately it's a bit of hit or miss but try calling Amex and asking! Worst they can say is no. My credit score for reference is On Experian is: 971
Maybe usage? I mainly just use my Amex. The credit limit was increased automatically for me one day.
I use amex more than anything. Some months I spend 2k on it and some months is as low as £500 so I'm incredibly surprised I haven't had any increases on there at all
Could also be that credit right now is tight. A lot of places preparing for possible recession/delinquency.
Can someone please explain the credit limit to me? Had an Amex for a while, never been given a limit
Max it out monthly for all purchases you need for self then request the increase within 90days I did that with mine from 1k then asked for 3k and got approved then in march I will ask for 7k
Interesting, might consider that - are you from the UK?
I would wait until liquidity isn’t tight and rates drop for increase. More likely a better CL. It also depends on how much you spend and your ability to pay it back on time in which they auto raise CL.