topic Re: AMEX Cash Magnet in Credit Card Approvals

AMEX Cash Magnet

Sadie5150 — Sun, 14 Feb 2021 14:29:27 GMT

I applied for the Cash Magnet yesterday and got an instant approval for $1000. I was hoping for at least $5000 as I've worked incredibly hard on my credit profile over the past 2 years. I currently have 7 different cards. All have zero balance accept one that shows a $547 balance on a $1000 limit card. That card is also PIF now but hasn't updated at CRAs yet.
What do you think my chances are of getting a CLI if I call their re-con number. Would they re-consider using the same credit info they obtained yesterday? Or do another HP.

Current MyFICO scores

EX. 697

EQ. 691

TU. 696

Re: AMEX Cash Magnet

gdale6 — Sun, 14 Feb 2021 14:42:54 GMT

Grats on the cash magnet card

Re: AMEX Cash Magnet

Rebuild2019 — Sun, 14 Feb 2021 15:06:53 GMT

Congratulations 🎊🎈🎉 on your approval and good luck on the recon.

Re: AMEX Cash Magnet

thornback — Sun, 14 Feb 2021 15:16:39 GMT

Congrats on your approval!

Recon success will depend on what else is on your reports. Do you still have some negative notations/derogatory accounts that are keeping your scores a bit suppressed?

Of your 7 other accounts- are any of them new (within the last 12 months)?

They will likely sp your reports for recon.

Re: AMEX Cash Magnet

M_Smart007 — Sun, 14 Feb 2021 15:21:26 GMT

Congratulations!

Re: AMEX Cash Magnet

BAD_UP — Sun, 14 Feb 2021 15:34:38 GMT

Congrats on your Amex Cash Magnet🎉👍

Re: AMEX Cash Magnet

blindambition — Sun, 14 Feb 2021 15:49:56 GMT

Congrats on the CM approval!! You can ask for the increase online!! Good luck!!

Re: AMEX Cash Magnet

Sadie5150 — Sun, 14 Feb 2021 16:17:30 GMT

@thornback I have one bad mark left on my report. It's a Cap 1 card that was opened in 2014, defaulted on it 3 months later (DOFD 9/2014) after death of sister, (irresponsible of me I know) let that card go to charge off status, then paid for less in 2016. My biggest mistake and not being credit educated was calling them in 2018 and asking what the right off amount was because I knew that I technicially owed it to them, even though they wrote it off. I paid $78 to PIF. Doing that competely crushed my scores. The account hadn't reported since 3/2016 and now it's shows updated to Paid Charge Off as of 10/2018. . I've tried to email the CEO with no success. I may try again now that all of my cards are reporting zero with the exception of Discover.

Yes, all of my accounts are opened since 10/2018. I am an auth user on a Discover card with $17,500 credit limit and carries an $8,000 balance at this time. The only reason I don't delete myself as auth user is because it shows as opened in 1987.

Re: AMEX Cash Magnet

Ficoproblems247 — Sun, 14 Feb 2021 16:35:50 GMT

Congrats on your new CM card! AMEX will likely be very conservative for quite some time while you have any COs on your report. When they approve with a $1K SL that card will likely stay at level until you establish a long history of responsible use with them, or the CO falls off of your report. Try for the recon, but don't have high hopes for AMEX to open their pockets until you have a clean report.

Re: AMEX Cash Magnet

thornback — Sun, 14 Feb 2021 16:37:56 GMT

@Sadie5150 wrote:
@thornback I have one bad mark left on my report. It's a Cap 1 card that was opened in 2014, defaulted on it 3 months later (DOFD 9/2014) after death of sister, (irresponsible of me I know) let that card go to charge off status, then paid for less in 2016. My biggest mistake and not being credit educated was calling them in 2018 and asking what the right off amount was because I knew that I technicially owed it to them, even though they wrote it off. I paid $78 to PIF. Doing that competely crushed my scores. The account hadn't reported since 3/2016 and now it's shows updated to Paid Charge Off as of 10/2018. . I've tried to email the CEO with no success. I may try again now that all of my cards are reporting zero with the exception of Discover.

Yes, all of my accounts are opened since 10/2018. I am an auth user on a Discover card with $17,500 credit limit and carries an $8,000 balance at this time. The only reason I don't delete myself as auth user is because it shows as opened in 1987.

I suspect the charge off is the reason for the lower starting limit. They tend to hold back on CLIs for at least 6 months, sometimes longer, for such profiles (eventhough the CO is paid). You can certainly try a recon, but temper your expectations. You may have to deal with the 1K for a while.

Amex doesn't appear to put much stock into AU cards so I don't think that balance had much of an effect on your approval, though the utilization is affecting your scores.

Also- the chargeoff reporting as 10/2018 is not inaccurate as that is when you paid it. It was updated to reflect the most recent data which is a chargeoff, paid in 2018 (once a chargeoff, always a chargeoff - payment doesn't change that status). And paying it wasn't a mistake, btw. It's very possible you saved yourself from additional score damage (collections/judgement/updates) by paying.

What you could do is not dispute it, but ask the lender for a goodwill removal instead - seeing as it's so close to the 7 year drop off date anyway, they may grant it. If not, then at least it's close to dropping off...

Try recon - it can't hurt. Good luck!

Re: AMEX Cash Magnet

Sadie5150 — Sun, 14 Feb 2021 16:42:59 GMT

@thornback Thank You.... I was thinking I could also ask Transunion for an EE since it's getting close to the "within 6 month" time frame of DOFD.

Re: AMEX Cash Magnet

thornback — Sun, 14 Feb 2021 16:49:14 GMT

@Sadie5150 wrote:
@thornback Thank You.... I was thinking I could also ask Transunion for an EE since it's getting close to the "within 6 month" time frame of DOFD.

Absolutely yes - do that. I only mentioned requesting the Goodwill because, if successful, that would give you a deletion on all 3 reports at the same time.

Re: AMEX Cash Magnet

Sadie5150 — Sun, 14 Feb 2021 16:55:49 GMT

@thornback Oh I plan on sending a Goodwill to CEO today. Praying they will look at this account and see the details. Ironically, they approved me for their Quicksiler 1 card back in 10/2018 with a $3500 credit limit. Never late on it and the balance is zero. Wish me luck!

Re: AMEX Cash Magnet

JoeLuvsHisCredit — Sun, 14 Feb 2021 17:42:07 GMT

Congratulations

Re: AMEX Cash Magnet

AllZero — Sun, 14 Feb 2021 18:44:13 GMT

Congratulations on your approval!

Re: AMEX Cash Magnet

cashorcharge — Sun, 14 Feb 2021 18:44:46 GMT

That's terrific! Congratulations on your approval!! 🎉🥂

Re: AMEX Cash Magnet

CreditAggie — Sun, 14 Feb 2021 19:35:23 GMT

Congratulations on your Amex approval!

Re: AMEX Cash Magnet

MyFault — Sun, 14 Feb 2021 21:33:51 GMT

Congrats on your approval.
3x your current limit is the max you'll be approved for regarding a CLI. And depending upon your profile you can typically get an approval 61 days after account opening.
Some, like myself, were able to request a CLI before our card even showed up in the mail. But that was before the pandemic. It's a soft pull so you can try it, but the "definitive Amex 3X CLI guide" applies.

Re: AMEX Cash Magnet

Demented1 — Sun, 14 Feb 2021 21:49:32 GMT

Congrats on the AmEx CM and a little recon doesn’t hurt!

Re: AMEX Cash Magnet

Sadie5150 — Mon, 15 Feb 2021 06:06:14 GMT

@MyFault should I request the cli online if that's an option? Or call them personally in the morning? Thanks for the info!