Tips on American Express Credit Card Limits
Author: cabledude
Posted: Mon Sep 06, 2004 7:01 pm
Post subject: Typical AMEX CL's
I got approved for Amex Blue Cash with a 676 Fico this weekend. I've heard they are pretty stingy out the gate with CL's. I need at least 4-5K to use it hard, otherwise I will have to switch cards mid month and make multiple payments.
Author: Board Monitor
Posted: Tue Sep 07, 2004 8:07 am
Post subject:
Can't comment on the average initial credit line, but, with your FICO, I'd be surprised if you get a 4-5K limit. You might surprise me, though. Let us know how things turn out...
_________________
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Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews
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Author: cabledude
Posted: Tue Sep 07, 2004 5:19 pm
Post subject:
Just got $20K out of MBNA, but AMEX may be more conservative and I've been a card member of MBNA for 4 years. On the flip side Fleet only gave me $5K as a new card member. I guess I was wondering if my current limits have an bearing on their decision. I have an $8K, $10K, $10K, and a $20K currently.
Author: Verne
Posted: Tue Sep 07, 2004 5:55 pm
Post subject: Typical American Express Credit Card Credit Limits
When it comes to the initial credit limit, barring any derogs or problems on the credit report, the three most important factors are:
1. stated income (even though it may not be verified)
2. existing credit limits on other cards
3. credit usage - what percent of your overall credit limit are you using?
If everything looks good and you have high limits elsewhere, new lenders tend to give you a high limit to start out. "High credit limits beget high credit limits" (from the Book of Begetting)
With a score of 676, there may be a minor derog on your credit report or your credit usage is high.
Verne
_________________
Any agreement that can be changed at any time, for any reason, is no agreement at all.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: cabledude
Posted: Tue Sep 07, 2004 6:24 pm
Post subject: Typical American Express Credit Card Credit Limits
You get the gold star. I actually have a few old lates that are about 20 months old. This is before I found these boards and stopped and actually became familiar with what a credit report can do for your financial picture. It can ruin you or help you realize your financial goals. So many folks never really get it though???? It is a real shame as it only makes banks ritcher by allowing them to suck folks dry with outrageous fees.
I have no debt as I pay them off monthly, but they do show a balance and at the time of the app show about 25% utilization. I have a high income which may help. With the MBNA at $20K I can do just about anything so even a limit of 3-5K is workable. Over time I'm sure they will cut me a better limit with good history just as MBNA has done.
I use credit for everyting as it keeps me from having to put multiple entries in my checkbook. I have been using a Discover card heavily and am very excited about the cash back feature that I have up to $600. After reading about Blue Cash from AMEX I can almost triple my cash back in the next year. This is why I am looking at AMEX.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Sep 06, 2004 7:01 pm
Post subject: Typical AMEX CL's
I got approved for Amex Blue Cash with a 676 Fico this weekend. I've heard they are pretty stingy out the gate with CL's. I need at least 4-5K to use it hard, otherwise I will have to switch cards mid month and make multiple payments.
Author: Board Monitor
Posted: Tue Sep 07, 2004 8:07 am
Post subject:
Can't comment on the average initial credit line, but, with your FICO, I'd be surprised if you get a 4-5K limit. You might surprise me, though. Let us know how things turn out...
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: cabledude
Posted: Tue Sep 07, 2004 5:19 pm
Post subject:
Just got $20K out of MBNA, but AMEX may be more conservative and I've been a card member of MBNA for 4 years. On the flip side Fleet only gave me $5K as a new card member. I guess I was wondering if my current limits have an bearing on their decision. I have an $8K, $10K, $10K, and a $20K currently.
Author: Verne
Posted: Tue Sep 07, 2004 5:55 pm
Post subject: Typical American Express Credit Card Credit Limits
When it comes to the initial credit limit, barring any derogs or problems on the credit report, the three most important factors are:
1. stated income (even though it may not be verified)
2. existing credit limits on other cards
3. credit usage - what percent of your overall credit limit are you using?
If everything looks good and you have high limits elsewhere, new lenders tend to give you a high limit to start out. "High credit limits beget high credit limits" (from the Book of Begetting)
With a score of 676, there may be a minor derog on your credit report or your credit usage is high.
Verne
_________________
Any agreement that can be changed at any time, for any reason, is no agreement at all.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: cabledude
Posted: Tue Sep 07, 2004 6:24 pm
Post subject: Typical American Express Credit Card Credit Limits
You get the gold star. I actually have a few old lates that are about 20 months old. This is before I found these boards and stopped and actually became familiar with what a credit report can do for your financial picture. It can ruin you or help you realize your financial goals. So many folks never really get it though???? It is a real shame as it only makes banks ritcher by allowing them to suck folks dry with outrageous fees.
I have no debt as I pay them off monthly, but they do show a balance and at the time of the app show about 25% utilization. I have a high income which may help. With the MBNA at $20K I can do just about anything so even a limit of 3-5K is workable. Over time I'm sure they will cut me a better limit with good history just as MBNA has done.
I use credit for everyting as it keeps me from having to put multiple entries in my checkbook. I have been using a Discover card heavily and am very excited about the cash back feature that I have up to $600. After reading about Blue Cash from AMEX I can almost triple my cash back in the next year. This is why I am looking at AMEX.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 10:08 PM
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