MORE team at Amex increased my credit line from $3000 to $6000 on my cash rebate card, no inquiry. I called the MORE team because I am a student and don't have the income to qualify for any kind of increase. He said "based on my excellent payment history on my charge card, he would approve it". This is by far my highest credit line now, (besides my charge card I've charged $9k on that before, but had to pay that in full the next month). But I average about $2k a month on it. I've wondered how credit card companies determine your credit lines--does this mean I "got my foot in the door", and now future approvals will probably match this $6k limit?! I'm excited.. hehe. I've heard people complain about Amex and how they are hard on approvals, but to me they have been the ONLY company to give me a chance. Please answer my questions about credit card companies matching your highest limit. Also, since Amex doesn't report limits, does that mean creditors wouldn't even know I have a $6k limit on this card? Thanks in advance..
Congrats on the limit increase!!! With regard to other creditors matching current limits, I don't think they really match your highest limit, but they do try to stay in the "ball park." For ex: My highest limit card is MBNA Quantum (CL is 21K) and my second highest limit card is Chase Platinum (CL is 12K). When I applied for the Diner's Club card they gave me a limit of 14K. You can see that this limit is not higher than MBNA, but is higher than Chase so it looks like they are trying to stay in the ball park of roughly 10-20K. I also recently got the Discover Gold card with a limit of 10K. This has been a big change for me as well because I was used to getting $2,000 limits for some time until I got Quantum and Chase Platinum. I'm not sure, but I think that AMEX is currently reporting the limits on most credit card accounts.
I have found that Amex is moe than willing to be more flexible than usual for college students. I think that they feel that if they make an impression early, that they will be good cardmembers, with a degree (and most likely, less chance of default) for 40 years or more...
Actually, it was a gradual jump from 2K to 5K and then to 8K and beyond. Mentioning the total household income doesn't hurt either.
I mentioned TOTAL H/H INCOME...the cards are still in the drawer...(AMEX & MBNA don't care)... 6+ years of no limit increase (MBNA) nothing specific, except MUST be $XX,000 (tired of $XX,600). 2+ years of no limit increase (AMEX) only asked for a piddely $4,500.
Yeah, I can't exactly say the total household income, because I'm only 21 so they wouldn't believe me. How do you suggest I get bigger credit lines? I'm just hoping this is what I needed, and others will follow because they can see it.
If they ask the "TOTAL HOUSEHOLD INCOME"...use it!!! My 18 year old is an AU on my AMEX BLUE, if he applies for anything else, I expect him to use the TOTAL H/H INCOME $XXX,XXX, NOT the $20,000+ he makes, unless the question on the application is "INDIVIDUAL INCOME"!!!
That is unless one graduates with abot $30,000 in student loan debt and earns only $7.00/hour with no benefits working in one's chosen career field. You guessed it. That's me talking about my life way back in 1996. So don't tell me about less chance of defaultâ??a degree is not some type of "status symbol" or proof that one can manage their money better. I'd gladly return my B.S. dergee (y'know what the B.S. really stands for???) for a full refund.
