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AmEx Cash Magnet denial 3X CLI 61 days after opening

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Frequent Contributor

AmEx Cash Magnet denial 3X CLI 61 days after opening

Hi all,

 

I was approved for AmEx Cash Magnet in August with a SL of $6K, 5 years post BK7.

 

on 61st day, I went online to request 3X CLI from 6K to 18K. pop up says 5-7 days review.

Got letter last night with Reason(s) for Our Decision:

 

-Your Fico Score with the following reasons:

-Serious delinquency and public record or collections filed. (BK in 2015, nothing else, all perfect payments post BK)

-No recent revolving balances (always PIF)

-Length of time accounts have been established. (I have 20+ years otherwise, 5 years of new credit post BK)

-Insufficient number of satisfactory accounts. (None post-BK).

 

If that's these reasons, why approved me for this card in the first place? LOL! Anyway, what are my chances of recon? what to ask for it?

 

Thanks!

 

BK7 Filed 3/15, Discharged 6/15

Starting FICO 7/5/15: EQ: 490, TU: 497, EX: 477
Current FICO 3/28/19: EQ: 731, TU: 707, EX: 735

Current Cards my own:
Discover: Opened 11/15, SL: $1,500, Current CL: $6,000
Sears Citi MC: Opened 12/17 SL & Current CL: $5,000

AU on my wife’s cards:
AmEx ED: Current CL: $1,500 (Opened 1/16)
AmEx CMC: Current CL: $22,000 (Opened 11/18)
Chase Freedom Unlimited: Current CL: $11,900 (Opened 4/18)

CitiMortgage, Opened 12/17

My own AmEx Magnet Card, opened 8/20 SL $6,000
9 REPLIES 9
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Moderator

Re: AmEx Cash Magnet denial 3X CLI 61 days after opening

Unfortunately, there's no reconsideration with declined CLI requests.  AmEx may have approved you for what they felt was an adequate SL at that point, but they're not obliged to extend any additional exposure based on the conditions they've cited, let alone at 61 days.

So, compared to a variety of BK profiles that do not usually qualify for an adequate SL like yours from the get-go, that's still pretty good IMO.  Give it some time and try again but temper your expectations given that BK is still on CRs.

Message 2 of 10
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Frequent Contributor

Re: AmEx Cash Magnet denial 3X CLI 61 days after opening


@FinStar wrote:

Unfortunately, there's no reconsideration with declined CLI requests.  AmEx may have approved you for what they felt was an adequate SL at that point, but they're not obliged to extend any additional exposure based on the conditions they've cited, let alone at 61 days.

So, compared to a variety of BK profiles that do not usually qualify for an adequate SL like yours from the get-go, that's still pretty good IMO.  Give it some time and try again but temper your expectations given that BK is still on CRs.


Thank you @FinStar...something new to learn about AmEx. My Discover gave me automatic CLI even shortly I applied for.

 

Should I try again in 180 days (or whatever date is best to try again).?

 

Thanks!

BK7 Filed 3/15, Discharged 6/15

Starting FICO 7/5/15: EQ: 490, TU: 497, EX: 477
Current FICO 3/28/19: EQ: 731, TU: 707, EX: 735

Current Cards my own:
Discover: Opened 11/15, SL: $1,500, Current CL: $6,000
Sears Citi MC: Opened 12/17 SL & Current CL: $5,000

AU on my wife’s cards:
AmEx ED: Current CL: $1,500 (Opened 1/16)
AmEx CMC: Current CL: $22,000 (Opened 11/18)
Chase Freedom Unlimited: Current CL: $11,900 (Opened 4/18)

CitiMortgage, Opened 12/17

My own AmEx Magnet Card, opened 8/20 SL $6,000
Message 3 of 10
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Established Contributor

Re: AmEx Cash Magnet denial 3X CLI 61 days after opening

You can try again every 91 days after a denial, but I don't think you're likely to actually get approved until your BK falls off entirely. Don't hold out hope for it by any means.
as of 11/20/20
Current Cards:
Message 4 of 10
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Regular Contributor

Re: AmEx Cash Magnet denial 3X CLI 61 days after opening

IMO, Amex still views your BK as a negative, give it about another year to clear. 

You only have 3 primary tradelines with a high of 6k; Amex probably felt they need to see more history on their card to jump at request.

Amex loves spend on cards, big payments after statement date, and more spend.

Message 5 of 10
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Community Leader
Mega Contributor

Re: AmEx Cash Magnet denial 3X CLI 61 days after opening

regardless of reasons or time , a bk on file is enough for a lender to deny credit. I think any of us who have gone through one or has one should  be grateful that a lender gives us any credit . In Ops case, Amex gave a good sl but may feel its sufficent until bk falls off. By that you will be well established and sky is the limit.

Message 6 of 10
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Frequent Contributor

Re: AmEx Cash Magnet denial 3X CLI 61 days after opening


@Heatt99 wrote:

IMO, Amex still views your BK as a negative, give it about another year to clear. 

You only have 3 primary tradelines with a high of 6k; Amex probably felt they need to see more history on their card to jump at request.

Amex loves spend on cards, big payments after statement date, and more spend.


Does AmEx give automatic CLI if I don't request one?

 

I spend alot with big payments after statement dates.

BK7 Filed 3/15, Discharged 6/15

Starting FICO 7/5/15: EQ: 490, TU: 497, EX: 477
Current FICO 3/28/19: EQ: 731, TU: 707, EX: 735

Current Cards my own:
Discover: Opened 11/15, SL: $1,500, Current CL: $6,000
Sears Citi MC: Opened 12/17 SL & Current CL: $5,000

AU on my wife’s cards:
AmEx ED: Current CL: $1,500 (Opened 1/16)
AmEx CMC: Current CL: $22,000 (Opened 11/18)
Chase Freedom Unlimited: Current CL: $11,900 (Opened 4/18)

CitiMortgage, Opened 12/17

My own AmEx Magnet Card, opened 8/20 SL $6,000
Message 7 of 10
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Moderator

Re: AmEx Cash Magnet denial 3X CLI 61 days after opening


@CAMailman wrote:

@Heatt99 wrote:

IMO, Amex still views your BK as a negative, give it about another year to clear. 

You only have 3 primary tradelines with a high of 6k; Amex probably felt they need to see more history on their card to jump at request.

Amex loves spend on cards, big payments after statement date, and more spend.


Does AmEx give automatic CLI if I don't request one?

 

I spend alot with big payments after statement dates.


Yes, but it's profile-dependent.  No rhyme or reason on their frequency.

Message 8 of 10
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Frequent Contributor

Re: AmEx Cash Magnet denial 3X CLI 61 days after opening


@FinStar wrote:

@CAMailman wrote:

@Heatt99 wrote:

IMO, Amex still views your BK as a negative, give it about another year to clear. 

You only have 3 primary tradelines with a high of 6k; Amex probably felt they need to see more history on their card to jump at request.

Amex loves spend on cards, big payments after statement date, and more spend.


Does AmEx give automatic CLI if I don't request one?

 

I spend alot with big payments after statement dates.


Yes, but it's profile-dependent.  No rhyme or reason on their frequency.


Got it. Let's see what happens in the near future Smiley Happy

BK7 Filed 3/15, Discharged 6/15

Starting FICO 7/5/15: EQ: 490, TU: 497, EX: 477
Current FICO 3/28/19: EQ: 731, TU: 707, EX: 735

Current Cards my own:
Discover: Opened 11/15, SL: $1,500, Current CL: $6,000
Sears Citi MC: Opened 12/17 SL & Current CL: $5,000

AU on my wife’s cards:
AmEx ED: Current CL: $1,500 (Opened 1/16)
AmEx CMC: Current CL: $22,000 (Opened 11/18)
Chase Freedom Unlimited: Current CL: $11,900 (Opened 4/18)

CitiMortgage, Opened 12/17

My own AmEx Magnet Card, opened 8/20 SL $6,000
Message 9 of 10
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Moderator

Re: AmEx Cash Magnet denial 3X CLI 61 days after opening


@CAMailman wrote:

@FinStar wrote:

@CAMailman wrote:

@Heatt99 wrote:

IMO, Amex still views your BK as a negative, give it about another year to clear. 

You only have 3 primary tradelines with a high of 6k; Amex probably felt they need to see more history on their card to jump at request.

Amex loves spend on cards, big payments after statement date, and more spend.


Does AmEx give automatic CLI if I don't request one?

 

I spend alot with big payments after statement dates.


Yes, but it's profile-dependent.  No rhyme or reason on their frequency.


Got it. Let's see what happens in the near future Smiley Happy


Sending good vibes your way @CAMailman.  You'll definitely be a great DP for others with similar circumstances.  Keep us posted throughout your AmEx journey ✌️

Message 10 of 10
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