Amex Cash Magnet denied my CLI request to increase from $28K to $40K.
They said:
We reviewed several pieces of information when making this decision, including your history with us.
We made this decision for the following reason(s):
- Your income is insufficient for any additional credit lines or increases due to the amount of existing lines open with American Express.
For context:
- I stated my income as $70K.
- I have only ever had 1 line with Amex; the Amex Cash Magnet CC.
- Since I got this CC in 2018, I have increased the CL as follows: $2K (2018) > $6K (2019) > $18K (2019) > CLI rejected 2x (2021) > $28K (Aug 2023) > CLI rejected (March 2024, today).
- Most of these times I had stated my income as $60K. I cannot remember if for my last CLI in 2023 I had stated the income as $60K, $65K or $70K.
My questions to the forum community:
- Does this mean I can no longer count on any CLIs from Amex unless my income changes? Or should I just wait 6 months and try again?
- If my income does have to increase, I can state my income up to $76K with my annual bonuses. Would this change my chances, and what CLI would be reasonable to request in this case?
- Also, since they mention my "history" with them, should I try to use my Amex more until my next CLI request? To be fair, I used it a lot in August and September when I was moving and buying a lot of new items for a new apartment, but since then I have almost not my Amex at all.
- Any other advice you may have for my situation from your own experience with Amex?
Thank you in advance for your inputs!
[Mar. 2024]
Starting Score: 753
@credit_economist wrote:Amex Cash Magnet denied my CLI request to increase from $28K to $40K.
- Your income is insufficient for any additional credit lines or increases due to the amount of existing lines open with American Express.
- Given they didn't counter or offer a bank statements request, here's the reason they didn't give you: You asked for too much at one time.
For context:
- I stated my income as $70K. Is there a P2 that also has an income you're living with? If so, any reason you're not including their income as well?
My questions to the forum community:
- Does this mean I can no longer count on any CLIs from Amex unless my income changes? Or should I just wait 6 months and try again? No, I would try again when the button allows you to, don't ask for more than $5k.
- If my income does have to increase, I can state my income up to $76K with my annual bonuses. Would this change my chances, and what CLI would be reasonable to request in this case? I would say roughly amex is okay with ~50% limit/income up to a certain point, then at higher incomes you would need to justify limits with spend, either on amex cards or showing on your report.
- Also, since they mention my "history" with them, should I try to use my Amex more until my next CLI request? To be fair, I used it a lot in August and September when I was moving and buying a lot of new items for a new apartment, but since then I have almost not my Amex at all. You can get to a certain point with limited spend, it's clear you don't need more than $28k, but that's not your true max likely, you just need to ask for less next time.
- Any other advice you may have for my situation from your own experience with Amex? Unless your circumstances are going to drastically change in a relatively short amount of time and you're going to have the spend to truly justify a leigitmate need for a $40k limit, only ask for $5k the next time it allows you to ask and you're likely to have better results.
I tried to go from $10k - $25k denied, not enough income.
Like a month or two later, I tried for $3k on my other business card, and was instantly approved. So clearly it wasn't income, it was just that I was asking for too much.
you could try applying for another personal card and see if they will give you additional limit which you could then move most of it over to your card, as opposed to pulling from you current limit, but that would be a gamble and not a guarantee of additional limit.
