AmEx 3x CLI Question

[SA0012]

I was approved on 2/10 for a new Cash Magnet card with $12,900 SL.

Here are my questions

1. Am I eligible to request a 3X CLI on or after April 11th?

2. Can I request 3X for $38,700? 

3. I already have a BCE card with a 30K limit and wondering should I request $38,700 or the same limit as my other AmEx card?

4. Also, are there any precursors to request 3X on or after the 61st day? like PIF or carry a balance for one statement and pay off?

5. I'm planning to charge at the least 10K and pay it off before my 2nd statement generates.

Appreciate any tips on this, 

AGI for 2020: $375K, if this makes any difference. I mentioned $300K for income for prior CLIs.

[SA0012]

Hello MyFico Contributors, can someone answer my above question?

[UncleB]

Hi @SA0012, we often merge questions about the Amex 3x CLI into the "mega thread", but since it's been a few days and your question has gone unanswered I've moved it back to the 'Credit Cards' forum for additional exposure.

--UB

[thornback]

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@SA0012 wrote:

I was approved on 2/10 for a new Cash Magnet card with $12,900 SL.

Here are my questions

1. Am I eligible to request a 3X CLI on or after April 11th?

61 days after 2/10 - so April 12th or later.  if approved, you have to wait 181 days to request again. 

if denied, 91 days to request again. 

2. Can I request 3X for $38,700? 

Yes - just be prepared to submit an IRS form 4506t for income verification.  Amex will counter if they're not comfortable granting the full amount. 

3. I already have a BCE card with a 30K limit and wondering should I request $38,700 or the same limit as my other AmEx card?

Reach for the stars.

4. Also, are there any precursors to request 3X on or after the 61st day? like PIF or carry a balance for one statement and pay off?

Amex prefers transactors so PIF whenever possible.  

5. I'm planning to charge at the least 10K and pay it off before my 2nd statement generates.

Great!

Appreciate any tips on this, 

AGI for 2020: $375K, if this makes any difference. I mentioned $300K for income for prior CLIs.

You should have no problems.

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[SA0012]

Thank you for the update @thornback

[LP007]

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@thornback wrote:

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@SA0012 wrote:

I was approved on 2/10 for a new Cash Magnet card with $12,900 SL.

Here are my questions

1. Am I eligible to request a 3X CLI on or after April 11th?

61 days after 2/10 - so April 12th or later.  if approved, you have to wait 181 days to request again. 

if denied, 91 days to request again. 

2. Can I request 3X for $38,700? 

Yes - just be prepared to submit an IRS form 4506t for income verification.  Amex will counter if they're not comfortable granting the full amount. 

3. I already have a BCE card with a 30K limit and wondering should I request $38,700 or the same limit as my other AmEx card?

Reach for the stars.

4. Also, are there any precursors to request 3X on or after the 61st day? like PIF or carry a balance for one statement and pay off?

Amex prefers transactors so PIF whenever possible.  

5. I'm planning to charge at the least 10K and pay it off before my 2nd statement generates.

Great!

Appreciate any tips on this, 

AGI for 2020: $375K, if this makes any difference. I mentioned $300K for income for prior CLIs.

You should have no problems.

---

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Great 181-day info. I found out that it applies to all Amex family cards as a whole. One CLI in the family at a time.

[SA0012]

04/12 Update - Requested for a 3x CLI and I got a 7-10 days message first, then today morning I got an email for IV and requested IRS transcripts. I submitted the IV form and waiting for the response from AMEX, does anybody know how long it will take for them to approve the CLI after the IV?

[FinStar]

Some requests can typically be resolved within 48-72 hours, but depending on any administrative backlogs it can take up to 10 business days.

[Anonymous]

April 11th is only 59 days. I'd say as of today you'd be ok though. You can request the full 3x but be aware that Amex often asks for a 4506T income verification at $35k. With your stated income I don't see it being an issue being approved for the 3x as long as you comply with the request. If you don't want to do so, and they ask for it, simply hit the back button and step down your request. Keep doing this until your CLI amount does not generate a 4506T request. Amex will mail you a request form for each request in the system, which you can ignore.

As for behavior, spend and pay. It's said that Amex prefers transactor behavior (monthly PIF). Do what works for you - long as your profile is strong you're likely to get increases regardless.

[SA0012]

Here is the link to check the status of your CLI requests

https://online.americanexpress.com/eaol/welcome_loc.do