American Express Credit Card – How To Get An American Express Card
What’s up family? This is your boy Ivan Hall, the credit King. I wanted to tell you about one of the best credit cards I have. It’s the American Express card. And just like the advertisement says, don’t leave home without it. Most lenders usually don’t want to be the first ones to extend you a large credit limit as it’s an increased risk for them. Whereas if they see you already have higher limits, they’re more likely to give you an equally large limit as they can see you haven’t abused it.
American Express is one issuer that’s not afraid of giving larger limits, possibly because they charge merchants more to process their cards and do make higher profit margins and can tolerate greater risks. Whatever the case, they usually offer high credit limits.
Increasing your credit limit can also help you to have a lower overall credit utilization, assuming you spend the same amount as the amount of total credit you have available is increased. This is an important scoring factor for the FICO score. Although this positive can easily be matched by simply paying your credit cards before the statement posts to reduce the amount of debt you have that is reported to the credit bureaus.
This card is meant for people who can use credit responsibly. The interest rates on most American Express cards are quite high. If you often find yourself with maxed-out credit cards that aren’t paid off within the grace period then this guide is not for you.
The best thing about American Express is that it’s easy to get your credit limit approved by up to 200% of its current limit. For example, if your limit is $1,000, you can get it increased to $3,000.
Rules for American Express credit limit increases, you must wait for a minimum of 60 days after a card is opened before requesting a credit limit increase from American Express unless you have another American Express issued the credit card that has been open for at least six months.
You must wait a period of six months in between credit limit increases from American Express this applies across all of your American Express cards. If you’re denied, you must wait 90 days before applying for an increase again. If you successfully receive a credit limit increase you can apply for another one after six months. In general, this is much more difficult to receive than the first increase unless your income has gone up significantly.
Tips for receiving a credit limit increase. Decrease the amount of debt you have with other credit card issuers. Make sure your credit cards are off before the statement posts this way the reported balance will be zero.
A common denial reason is how to request the credit limit increase. Call the number on the back of your card and follow the prompts. Requesting a credit limit increase is usually button three or four after calling the initial number or online.
Log in to your American Express account.
Click profile and damp Preferences.
Click More Options.
Under Account Management click manage credit limit.
Click Start then follow the prompts.
When requesting the increase, make sure you request a limit that is three times your opening limit if you want to increase your limit by the maximum allowed, for example, if American Express gave you a limit of $3,000 Request a limit of $9,000.
What to do if you’re denied, it’s not the end of the world. After all, it was only a soft inquiry and you had nothing to lose. American Express is required to send you a letter of adverse action notice when this happens. This will list the reasons as to why you were denied the credit limit increase along with any credit score, they used in the decision. Try to improve on the reasons they gave you for denial if possible, and then wait 90 days before trying again.
Now Go Get That Money.