topic Re: CLD after Amex Cash Magnet approval in Credit Cards

CLD after Amex Cash Magnet approval

toadsworth — Thu, 14 Jun 2018 16:21:33 GMT

My 14 month old Amex Everyday is now showing a $5100 limit instead of its previous $10,000 after apping and being approved for the Amex Cash Magnet. I guess I’ve hit my current max exposure with Amex? I also thought it was odd I was approved for $9900 and not $10k. Joke’s on them, I’m probably going to roll it and my BCE’s $1000 limit onto the new Card and close the other two. Less cards to have to remember to put spend on and a $15,000 limit on my reports? Works for me. My scores are more than solid, I have lots of new accounts and AAoA of 13 months.

Re: CLD after Amex Cash Magnet approval

Anonymous — Thu, 14 Jun 2018 16:47:03 GMT

I think you hit the nail on the head on reaching your max exposure. That would be my only guess because I have only seen CLD after a recent approval when you have reached the ceiling in regards to how much credit they are willing to extend to you.

I am sure they will end up sending you some sort of email, secure message or snail mail letter telling you why anyways.

Congrats on your approval!

Re: CLD after Amex Cash Magnet approval

AverageJoesCredit — Thu, 14 Jun 2018 18:15:21 GMT

Yeah but now be careful closing other Amex cards may put you on their radar

Re: CLD after Amex Cash Magnet approval

Anonymous — Fri, 15 Jun 2018 01:35:44 GMT

@toadsworth wrote:
My 14 month old Amex Everyday is now showing a $5100 limit instead of its previous $10,000 after apping and being approved for the Amex Cash Magnet. I guess I’ve hit my current max exposure with Amex? I also thought it was odd I was approved for $9900 and not $10k. Joke’s on them, I’m probably going to roll it and my BCE’s $1000 limit onto the new Card and close the other two. Less cards to have to remember to put spend on and a $15,000 limit on my reports? Works for me. My scores are more than solid, I have lots of new accounts and AAoA of 13 months.

I was under the impression that Amex would not let you roll a $1000 limit card onto another. Is that not true?

Re: CLD after Amex Cash Magnet approval

Anonymous — Fri, 15 Jun 2018 03:32:58 GMT

So I'm assuming they rolled $4900 over from the ED to the Magnet, and your total CL with Amex is $15K?

Makes me wonder what they'll do when I app for the ED card in a few days. I'm sitting at $25K with them between BCW and Gold Delta.

Re: CLD after Amex Cash Magnet approval

Anonymous — Fri, 15 Jun 2018 05:37:29 GMT

Congrats

Re: CLD after Amex Cash Magnet approval

Loquat — Fri, 15 Jun 2018 06:39:26 GMT

@Anonymous wrote:
@toadsworth wrote:
My 14 month old Amex Everyday is now showing a $5100 limit instead of its previous $10,000 after apping and being approved for the Amex Cash Magnet. I guess I’ve hit my current max exposure with Amex? I also thought it was odd I was approved for $9900 and not $10k. Joke’s on them, I’m probably going to roll it and my BCE’s $1000 limit onto the new Card and close the other two. Less cards to have to remember to put spend on and a $15,000 limit on my reports? Works for me. My scores are more than solid, I have lots of new accounts and AAoA of 13 months.
I was under the impression that Amex would not let you roll a $1000 limit card onto another. Is that not true?

This has been my experience. They've always allowed for me to roll everything up to $1000. I've occasionally read where some were allowed to reduce to $500 but I haven't been so lucky as to get them to do that for me.

Re: CLD after Amex Cash Magnet approval

toadsworth — Fri, 15 Jun 2018 07:05:15 GMT

Total exposure $16,000. $9900 Cash Magnet, $5,100 ED, $1000 BCE. Previously was $11,000 exposure with $1000 BCE and $10,000 ED.

Re: CLD after Amex Cash Magnet approval

K-in-Boston — Fri, 15 Jun 2018 17:21:32 GMT

@Loquat wrote:
@Anonymous wrote:
@toadsworth wrote:
My 14 month old Amex Everyday is now showing a $5100 limit instead of its previous $10,000 after apping and being approved for the Amex Cash Magnet. I guess I’ve hit my current max exposure with Amex? I also thought it was odd I was approved for $9900 and not $10k. Joke’s on them, I’m probably going to roll it and my BCE’s $1000 limit onto the new Card and close the other two. Less cards to have to remember to put spend on and a $15,000 limit on my reports? Works for me. My scores are more than solid, I have lots of new accounts and AAoA of 13 months.
I was under the impression that Amex would not let you roll a $1000 limit card onto another. Is that not true?
This has been my experience. They've always allowed for me to roll everything up to $1000. I've occasionally read where some were allowed to reduce to $500 but I haven't been so lucky as to get them to do that for me.

Certainly a YMMV situation. For both DW and myself we can move all but $500 around on our cards (see my Blue from American Express as an example) using the online tool.

Re: CLD after Amex Cash Magnet approval

red259 — Fri, 15 Jun 2018 17:45:29 GMT

@toadsworth wrote:
My 14 month old Amex Everyday is now showing a $5100 limit instead of its previous $10,000 after apping and being approved for the Amex Cash Magnet. I guess I’ve hit my current max exposure with Amex? I also thought it was odd I was approved for $9900 and not $10k. Joke’s on them, I’m probably going to roll it and my BCE’s $1000 limit onto the new Card and close the other two. Less cards to have to remember to put spend on and a $15,000 limit on my reports? Works for me. My scores are more than solid, I have lots of new accounts and AAoA of 13 months.

Doesn't seem like a CLD. Seems like Amex moved credit from one of your cards in order to allow you to open up a new credit card. This is not uncommon with amex when you are near your overall credit limit. Usually they send a letter in follow up explaining what they did. I wish they would let you select which card to move credit from though.

Re: CLD after Amex Cash Magnet approval

Anonymous — Fri, 15 Jun 2018 18:36:35 GMT

What seems odd to me is that they increased total exposure to $16k from $11k. Why not just give him the new card at a $5k limit?

Re: CLD after Amex Cash Magnet approval

Gmood1 — Fri, 15 Jun 2018 21:22:25 GMT

Amex will shuffle limits sometimes. Doesn't mean you're at max exposure with them. Just at the present time it's the most they'll allow. Six months from now you could get another $20k in CLs from them. The same thing happened to me last year.