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Amex platinum preset spending limit

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micvite
Frequent Contributor

Amex platinum preset spending limit

I want to apply for an amex platinum card by the end of the year, I currently have a gold card that is capped at 2k preset limit (apparently they wanted to do a financial review last year when my scores dropped to 590 that I didn't realize and just submitted paperwork for) but if I apply for a new platinum card, would they impose a hard limit in that potentially or would I get the typical NPSL that varies based on spend? Scores are mid 700s now.

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $10900
Citi DC: $13000
WF Propel: closed 2k
Amex BCED: $3000
Amex Gold: $NPSL
Amex Plat: NPSL
Cap1 QS: $3200
Cap1 VX $50k
VS CC: $2900
Kohls: $3000
Synchrony car care: $3000
citi best buy visa: $8500
24 REPLIES 24
Brian_Earl_Spilner
Credit Mentor

Re: Amex platinum preset spending limit

You'll probably be denied. All lenders have an internal limit for credit limits for an individual. It's why sometimes people have to move limits around to get approved for a new card. Same applies for charge cards. They put a cap on your spending meaning that's all they want to allow on a charge card right now. They're probably not going to approve you for a new card because there's no internal limit to give, you're already at the max with the gold. While it's possible that the limit has been raised even though the restriction is in place, I'm willing to bet that restriction needs to be removed before they'll give you another charge card.

    
Message 2 of 25
micvite
Frequent Contributor

Re: Amex platinum preset spending limit

@Brian_Earl_Spilner I know about the internal limits and stuff, I do have an upgrade offer ironically for the platinum card, the csr confirmed I would still be capped if I did upgrade. Guess I'll just keep pushing upwards of 10k spend on the card each month and hope they take the limit off sooner than later? Any suggestions on getting it removed sooner?

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $10900
Citi DC: $13000
WF Propel: closed 2k
Amex BCED: $3000
Amex Gold: $NPSL
Amex Plat: NPSL
Cap1 QS: $3200
Cap1 VX $50k
VS CC: $2900
Kohls: $3000
Synchrony car care: $3000
citi best buy visa: $8500
Message 3 of 25
coldfusion
Community Leader
Mega Contributor

Re: Amex platinum preset spending limit

They will eventually loosen the purse strings if you both maintain a pattern of heavy use with prompt payment and have adequately in their eyes addressed the issue that triggered the financial review in the first place. 

 

There is nothing that prevents you from calling them and having conversations but when it comes to restoration of limits after a FR (for other readers of this thread, a reminder that an AMEX 4506-T request is NOT the same an AMEX Financial Review) you have to work on their timetable, and they don't follow the same playbook for everyone. 

(2/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 4 of 25
micvite
Frequent Contributor

Re: Amex platinum preset spending limit

@coldfusion it wasn't even a 4506-T, just a request for paystubs and bank statements which I didn't even realize until recently when I was looking for a refund issued back last year. This is the exact message and a link to upload documents online. The wording was account review not FR so sorry for the confusion. 

 

"We're writing in regards to your recent request for us to reevaluate the change we made to the limit on your account referenced above. In order to reevaluate this change, we need you to provide current financial documentation of proof of income, proof of financial assets, or both:" 

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $10900
Citi DC: $13000
WF Propel: closed 2k
Amex BCED: $3000
Amex Gold: $NPSL
Amex Plat: NPSL
Cap1 QS: $3200
Cap1 VX $50k
VS CC: $2900
Kohls: $3000
Synchrony car care: $3000
citi best buy visa: $8500
Message 5 of 25
Brian_Earl_Spilner
Credit Mentor

Re: Amex platinum preset spending limit


@micvite wrote:

@Brian_Earl_Spilner I know about the internal limits and stuff, I do have an upgrade offer ironically for the platinum card, the csr confirmed I would still be capped if I did upgrade. Guess I'll just keep pushing upwards of 10k spend on the card each month and hope they take the limit off sooner than later? Any suggestions on getting it removed sooner?


An upgrade is not the same as offering additional credit or spending power. All it says is you could get a platinum, not that they will give you one. In my case, they won't approve me for a Delta reserve, but they allowed me to upgrade my Delta gold. Closing the Delta gold may have allowed me to open a Delta reserve if it freed up up enough if my internal limit, but there's no way to tell without attempting or speaking to an analyst, which I didn't do.

    
Message 6 of 25
micvite
Frequent Contributor

Re: Amex platinum preset spending limit

@Brian_Earl_Spilner thanks for the info, I guess it's just a waiting game to show them hey I spend loads of money give me more credit at this point?

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $10900
Citi DC: $13000
WF Propel: closed 2k
Amex BCED: $3000
Amex Gold: $NPSL
Amex Plat: NPSL
Cap1 QS: $3200
Cap1 VX $50k
VS CC: $2900
Kohls: $3000
Synchrony car care: $3000
citi best buy visa: $8500
Message 7 of 25
Brian_Earl_Spilner
Credit Mentor

Re: Amex platinum preset spending limit


@micvite wrote:

@Brian_Earl_Spilner thanks for the info, I guess it's just a waiting game to show them hey I spend loads of money give me more credit at this point?


More like, waiting until they're no longer worried about you. Could be a couple months, could be a couple years.

    
Message 8 of 25
micvite
Frequent Contributor

Re: Amex platinum preset spending limit


@Brian_Earl_Spilner wrote:

@micvite wrote:

@Brian_Earl_Spilner thanks for the info, I guess it's just a waiting game to show them hey I spend loads of money give me more credit at this point?


More like, waiting until they're no longer worried about you. Could be a couple months, could be a couple years.


Just to update, I spoke to someone in the credit department I believe they called it at amex, they told me that the gold card preset limit is temporary and I missed the deadline to have it reconsidered (6 months), but it is an automatic process at this point. Other than that they confirmed applying for a new charge card would have a NPSL because of the terms of service of it being a charge card. So once my inquiries clear up a bit and I'll find the platinum useful I'll give it a go and update from there. 

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $10900
Citi DC: $13000
WF Propel: closed 2k
Amex BCED: $3000
Amex Gold: $NPSL
Amex Plat: NPSL
Cap1 QS: $3200
Cap1 VX $50k
VS CC: $2900
Kohls: $3000
Synchrony car care: $3000
citi best buy visa: $8500
Message 9 of 25
micvite
Frequent Contributor

Re: Amex platinum preset spending limit


@micvite wrote:

@Brian_Earl_Spilner wrote:

@micvite wrote:

@Brian_Earl_Spilner thanks for the info, I guess it's just a waiting game to show them hey I spend loads of money give me more credit at this point?


More like, waiting until they're no longer worried about you. Could be a couple months, could be a couple years.


Just to update, I spoke to someone in the credit department I believe they called it at amex, they told me that the gold card preset limit is temporary and I missed the deadline to have it reconsidered (6 months), but it is an automatic process at this point. Other than that they confirmed applying for a new charge card would have a NPSL because of the terms of service of it being a charge card. So once my inquiries clear up a bit and I'll find the platinum useful I'll give it a go and update from there. 


Not to dig up an old thread, but a bit of a data point, upon reconning my platinum denial, and a failed CLI on my amex BCED having an imposed preset limit from amex apparently is grounds for immediate denial for all CLI and new apps. 

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $10900
Citi DC: $13000
WF Propel: closed 2k
Amex BCED: $3000
Amex Gold: $NPSL
Amex Plat: NPSL
Cap1 QS: $3200
Cap1 VX $50k
VS CC: $2900
Kohls: $3000
Synchrony car care: $3000
citi best buy visa: $8500
Message 10 of 25
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