If you have an American Express card with a high credit limit, then you don’t want to ask for an increase in credit limit. If you do, there is a good chance of a Financial Review which will most likely be resulted in a slash of your credit limit(CLI). Those with a low credit limit, you can ask for a credit limit increase as long as the credit line amount that you requested is not greater than three times your current credit line. Lets say your credit limit is $1000, then you would want to ask for somewhere below $3000. If you are denied, then ask for a lower amount since there is no waiting period with American Express.
It has been reported that they only do soft pulls for credit limit increase. Also, if your CLI request is granted, you have to wait 30 days before you can request another CLI. Finally, if you requests for CLI are still being deny, then it’s better to get a new American Express card.
American Express Cards:
Blue Cash® from American Express is designed for those with good or excellent credit who plan to take advantage of the cash back rewards program. This card has no annual fee and an average rate for purchases and balance transfers (for those who qualify), which makes it ideal for those who plan to occasionally carry a balance. The card also has a 0% introductory rate for the first six months of membership that can be applied toward purchases.
The TrueEarnings® Card from Costco and American Express is designed for Costco members who have average credit and plan to take advantage of the cash back reward program. A 1% rebate is earned on general purchases, 2% is earned for travel-related purchases, and 3% is earned for restaurant and on gasoline purchases up to $3,000 (1% thereafter). There is no limit to the amount of cash rebates that can be earned. There is also no annual fee for this card with a paid Costco membership. This card also provides many common benefits and services.
Related posts:
