topic Re: Cash magnet CLI request questions in Credit Cards

Cash magnet CLI request questions

SA0012 — Fri, 23 Sep 2022 19:33:20 GMT

Hello All,

Just wondering if it is a good idea to request CLI beyond 50K for my Amex Cash Magnet card. Amex already asked for my tax statements last year and I submitted it to them. Will this trigger another request or they simply going to deny the request if I'm at their max internal limit?

I'm tempted to try an increase to 100K, I have income to support the limit. I don't want to give them full access to all my portfolio and all my accounts.

Appreciate any suggestions on this?

My total exposure with AmEx so far

50K on Cash Magnet

26.8K on Blue Cash Everyday

Platinum Card - NPSL.

Re: Cash magnet CLI request questions

M_Smart007 — Fri, 23 Sep 2022 20:12:56 GMT

Your income may support, but does your spend on the card warrant $100K?

Re: Cash magnet CLI request questions

SA0012 — Fri, 23 Sep 2022 20:14:20 GMT

Well, it will help with my overall util %

Re: Cash magnet CLI request questions

SA0012 — Fri, 23 Sep 2022 20:15:20 GMT

I spent close to 45K and then paid off everything before my 0% promotion is complete.

Re: Cash magnet CLI request questions

OmarGB9 — Sat, 24 Sep 2022 20:17:38 GMT

@SA0012 wrote:
Well, it will help with my overall util %

Yea for lenders, that's not a good justification at all. They don't want to be used for "padding".

As far as going up to $100k, it's highly likely they'd ask for access to bank accounts/financial documents, and if you don't want to provide that, then they probably won't consider your request.

Re: Cash magnet CLI request questions

ocheosa — Sat, 24 Sep 2022 22:43:06 GMT

@SA0012 wrote:
I spent close to 45K and then paid off everything before my 0% promotion is complete.

@SA0012 Since you've already provided proof of income...

With that spend I would request +25k on the magnet. Wait 6 months request +25k on the BCE and then reallocate 25 over to the magnet. Given the current climate, smaller increments would seem best and hopefully get the limits wanted without addt'l financials/reviews. Just another opinion.