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AmEx Cash Magnet Income Verification Threshold

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FalconSteve
Valued Contributor

AmEx Cash Magnet Income Verification Threshold

My AmEx Cash Magnet is past due, but I just used it to be eligible for a CLI. I am going for a mortgage in the next year and want to maximize credit limits, but want to avoid the messy and confusing situation involved with income verification (my household income is complicated and has a lot of sources). Is there a threshold that AmEx uses that most CLIs trigger this?

 

My current CL is 20k, so I plan to ask for 60k shortly 

 

EDIT: By past due, I meant that it has been more than 181 days since I asked for a CLI, the account has always been PIF

1/8/17 Discover $18300 CL- $1k SL- AU, wife
1/26/20 AmEx Cash Magnet $35k CL, wife
2/19/20 BB&T/Truist Rewards $11k SL- impulse application
2/22/20 Citi Double Cash WEMC $2.9k-->$4.4k-->$8.4k-->$13.4k-->$17.4k-->$19.4k-->$22.4k-->27.4k AU, wife
3/8/20 Wells Fargo Propel AmEx/Autograph VISA $2900-->$3200-->$5000-->$8800-->$13k-->$15.5k CL- AU, wife
3/9/20 Truist Rewards $11k SL --> $13.5k- AU, wife- impulse app
3/21/20 REDcard MasterCard (TD Bank) $2500-->$6000-->$6500 CL
11/24/20 AmEx Cash Magnet $10k SL-->36hr-->$20k-->$35k CL
6/10/21 SoFi World Elite MC $7000 SL
1/19/22 AppleCard/GS $6k-->$10k-->$11k-->$12k AU, wife
8/15/22 Chase freedom flex $10.3k SL-->$12.5k-->$15k-->$19k AU, wife
7/5/23 Lowes/Synchrony $4k-->$10k-->same day-->$35k CL
8/2/23 Chase freedom flex $19k --> $22.8k-->24.3k CL
8/2/23 Discover $8k SL
Message 1 of 15
14 REPLIES 14
unsungivy
Valued Contributor

Re: AmEx Cash Magnet Income Verification Threshold

Pretty sure over 25k is where they start looking more closely.

AU - Biz - Sock -
Debit Cards - Chopping Block -
Message 2 of 15
simplynoir
Mega Contributor

Re: AmEx Cash Magnet Income Verification Threshold

It's honestly going to be YMMV where your profile determines if/when they ask depending on how much you want to push. I recall a few people in approvals who by going slow and steady were able to go to $40k+ without triggering the 4506-T form request

 

That being said the past due bill you mentioned combined with the amount you're going to ask for is probably going to trigger something at the very least

Message 3 of 15
Remedios
Credit Mentor

Re: AmEx Cash Magnet Income Verification Threshold

This isn't happening without triggering IV. Your total CLs (without all the AU accounts) are less than half of what you're attempting to ask for. 

Even if it triggers IV, I still dont see them granting the request. For most people, $60K with Amex is a long game, not a quick 3X CLI. 

There is nothing stopping you from trying, so it should be an interesting DP 

 

Message 4 of 15
JNA1
Valued Contributor

Re: AmEx Cash Magnet Income Verification Threshold

I've crept my BCP up from a SL of $10,500, >> $25000 5 mos later, >> $30,000 6 mos later, and >> $35,000 6 mos after that and I have not been asked for anything.  

Our credit card journey started 3/2018


Hover over cards to see limits and usage. Total CL - $608,600. Cash Back and SUBs earned as of 5/31/24- $21,590.43
CU Memberships

Goal Cards:

Message 5 of 15
Remedios
Credit Mentor

Re: AmEx Cash Magnet Income Verification Threshold


@simplynoir wrote:

It's honestly going to be YMMV where your profile determines if/when they ask depending on how much you want to push. I recall a few people in approvals who by going slow and steady were able to go to $40k+ without triggering the 4506-T form request

 

That being said the past due bill you mentioned combined with the amount you're going to ask for is probably going to trigger something at the very least


I think their version of "past due" means they haven't asked on the first day the account became eligible.

I could be wrong, it's happened at least once. 

Message 6 of 15
simplynoir
Mega Contributor

Re: AmEx Cash Magnet Income Verification Threshold


@Remedios wrote:

@simplynoir wrote:

It's honestly going to be YMMV where your profile determines if/when they ask depending on how much you want to push. I recall a few people in approvals who by going slow and steady were able to go to $40k+ without triggering the 4506-T form request

 

That being said the past due bill you mentioned combined with the amount you're going to ask for is probably going to trigger something at the very least


I think their version of "past due" means they haven't asked on the first day the account became eligible.

I could be wrong, it's happened at least once. 


You're probably right here. I interpreted it differently on my end

 

I blame the cow coma I'm in

Message 7 of 15
FalconSteve
Valued Contributor

Re: AmEx Cash Magnet Income Verification Threshold

Sorry, I should have been more clear (I really need to work on that). I meant past due in the sense that it has been more than 181 days (all of my accounts are always PIF by due date).

1/8/17 Discover $18300 CL- $1k SL- AU, wife
1/26/20 AmEx Cash Magnet $35k CL, wife
2/19/20 BB&T/Truist Rewards $11k SL- impulse application
2/22/20 Citi Double Cash WEMC $2.9k-->$4.4k-->$8.4k-->$13.4k-->$17.4k-->$19.4k-->$22.4k-->27.4k AU, wife
3/8/20 Wells Fargo Propel AmEx/Autograph VISA $2900-->$3200-->$5000-->$8800-->$13k-->$15.5k CL- AU, wife
3/9/20 Truist Rewards $11k SL --> $13.5k- AU, wife- impulse app
3/21/20 REDcard MasterCard (TD Bank) $2500-->$6000-->$6500 CL
11/24/20 AmEx Cash Magnet $10k SL-->36hr-->$20k-->$35k CL
6/10/21 SoFi World Elite MC $7000 SL
1/19/22 AppleCard/GS $6k-->$10k-->$11k-->$12k AU, wife
8/15/22 Chase freedom flex $10.3k SL-->$12.5k-->$15k-->$19k AU, wife
7/5/23 Lowes/Synchrony $4k-->$10k-->same day-->$35k CL
8/2/23 Chase freedom flex $19k --> $22.8k-->24.3k CL
8/2/23 Discover $8k SL
Message 8 of 15
GatorGuy
Valued Contributor

Re: AmEx Cash Magnet Income Verification Threshold

DW was approved for HH Surpass $35k SL without any IV. It was her first personal Amex. 

Message 9 of 15
Curious_George2
Valued Contributor

Re: AmEx Cash Magnet Income Verification Threshold

$20k x 3 ain't gonna happen without IV.

 

I got a Delta Gold with an SL of $25k last year. Like you, I was intrigued by the idea of tripling that limit in one fell swoop. I combed through the 3x CLI megathread looking for precedent. What I found was that essentially no one gets big CLIs at that level, and it never happens without IV.

 

My own experience followed that pattern. I can get $5k at a time, every six months, without providing IV. But that's the max.

 

Maybe you'll be lucky and get to $35k this go-round, but I would guess not. $25k or $30k is more likely. No harm in trying though; just be ready to hit your browser's back button at the first sign of trouble. Good luck!

Message 10 of 15
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