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Amex Cash magnet 25k SL - Trying to get a CLI

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Anonymous
Not applicable

Amex Cash magnet 25k SL - Trying to get a CLI

My girlfriends mother has had a Macy's Amex for over 30yrs. She decided to get a AMEX cash magnet. She got a SL of 25k out the door. She had had the card for about 6+ months now. We decided to go ahead and ask for a CLI due to all I've read about the 90 day 3x increase. Of course I didn't expect them to give her a 3x since her starting limit was already pretty generous but still decided to give it a try , because I was told that you can ask for whatever amount you want and worst case scenario if they ask for a proof of income document you can just back out and ask for a lower number. So people said to shoot for the stars and that we did LOL. Decided to throw in 60k for the hell of it knowing 99% chance she wouldn't get it and then we would work from there lowering the amount until an automatic increase. We put the amount in , filled in the income , assets etc and hit the button. It triggered a 7-10 day message , from what I understand that's an obvious denial. I was surprised though because I figured from what I was told on here and read that if the amount is to much you can just keep going lower. 

She's utilized the card a lot in the 6 months she has had it , always paid in full and on time. Has a 835 fico score with a lot of history. 

My questions are as followed - Does the 7-10 day letter usually mean a denial or do they ever counter offer ?

 

Can you go into the app and ask again at a lower amount and see if it will be an auto CLI? 


Is it a possibility that the cash magnet is capped at a certain amount and can't grow any larger ? 

 

if it's not capped , What amount would people suggest you ask for if you already have a higher starting limit like she does. The 3x increase sounds awesome - I hear everyone has good success but basically had a feeling it wouldn't be for people that already have bigger starting limits but figured what does she have to lose by trying - I did still figure they would offer atleast something reasonable to her though. Should we just let it play out and see what happens , Try again but at a lower amount  ,or maybe call in to a rep ? 

If needed she can show proof of income , assets etc that should more then suffice a reasonable increase on there end past 25k. Just looking to hear what others think in a situation like this. 

Thanks 

Message 1 of 12
11 REPLIES 11
Anonymous
Not applicable

Re: Amex Cash magnet 25k SL - Trying to get a CLI

Update lowered the limit multiple times - tryed 45k , 40k , 35k all got the 7-10 day letters. Finally put in $30K and it was an instant approval. Will try again in another 6 months and see how generous they want to be around then Smiley Happy 

Message 2 of 12
ChargedUp
Senior Contributor

Re: Amex Cash magnet 25k SL - Trying to get a CLI


@Anonymous wrote:

Update lowered the limit multiple times - tryed 45k , 40k , 35k all got the 7-10 day letters. Finally put in $30K and it was an instant approval. Will try again in another 6 months and see how generous they want to be around then Smiley Happy 


Strange that Amex didn't come back with the usual "We can give you this..." message with the option to accept or not. I wonder if this is a new thing for Amex CLI requests?

Message 3 of 12
M_Smart007
Legendary Contributor

Re: Amex Cash magnet 25k SL - Trying to get a CLI


@Anonymous wrote:

Update lowered the limit multiple times - tryed 45k , 40k , 35k all got the 7-10 day letters. Finally put in $30K and it was an instant approval. Will try again in another 6 months and see how generous they want to be around then Smiley Happy 


Congratulations!

Message 4 of 12
gdale6
Moderator Emeritus

Re: Amex Cash magnet 25k SL - Trying to get a CLI


@Anonymous wrote:

Update lowered the limit multiple times - tryed 45k , 40k , 35k all got the 7-10 day letters. Finally put in $30K and it was an instant approval. Will try again in another 6 months and see how generous they want to be around then Smiley Happy 


Grats on getting the CLI Smiley Happy  I do believe any request over 35K would require POI.

Message 5 of 12
CreditAggie
Community Leader
Super Contributor

Re: Amex Cash magnet 25k SL - Trying to get a CLI


@Anonymous wrote:

Update lowered the limit multiple times - tryed 45k , 40k , 35k all got the 7-10 day letters. Finally put in $30K and it was an instant approval. Will try again in another 6 months and see how generous they want to be around then Smiley Happy 


Congratulations on the Amex CLI!

Current Cards (in order of approval):

         
Current FICO 8 | 9 (February 2024):  
Credit Age:  
Inquiries (6/12/24):  
Banks & CUs:

Message 6 of 12
JoeLuvsHisCredit
Valued Contributor

Re: Amex Cash magnet 25k SL - Trying to get a CLI

waytogo.jpg

Message 7 of 12
AllZero
Mega Contributor

Re: Amex Cash magnet 25k SL - Trying to get a CLI

Congratulations on GFDM CLI!
Message 8 of 12
mrcraft
Valued Contributor

Re: Amex Cash magnet 25k SL - Trying to get a CLI

Congratulations on your CLI!!



Message 9 of 12
cashorcharge
Community Leader
Senior Contributor

Re: Amex Cash magnet 25k SL - Trying to get a CLI

That's great!  Congratulations on that CLI!

Message 10 of 12
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