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I applied for Amex Cash Magnet... they approved it for 10,000 but I already have Amex Blue cash preferred with 30K limit
and when I login to my Amex account my Amex Blue cash preferred limit is slashed by 10K to 20K, and the customer service rep says they moved my credit to new card
Both Amex and BofA will do this when you're at the current max exposure. You can call or go into your online account and move some of the credit limit back.
Or wait 181 days and request a CLI.
@Gmood1 wrote:Both Amex and BofA will do this when you're at the current max exposure. You can call or go into your online account and move some of the credit limit back.
Or wait 181 days and request a CLI.
+1
Wells Fargo will do this as well, specifically if you haven't used your existing card in six months and it has a zero balance.
https://www.wellsfargo.com/credit-cards/platinum-visa/terms/
Credit limit reallocation
If you have a credit card with Wells Fargo, have no current balance on that card and have not used your card for any purpose in the past six months and you are applying for an additional card, you agree to allow Wells Fargo to allocate your credit limits between your existing and new credit card accounts, to allow for use of both cards. Please note that you can change or reallocate your limits on your own by calling Customer Service at any time, with certain restrictions.
The same thing happened to me back in late October when I was approved for my SPG business card. I was all ecstatic about the $18k approval...until I saw they busted my BCE by 1/2. I called and had it moved back + netted a $3k approval on SPG. I guess in my case they took my 5 years and good payment history with AMEX and made the exception to approve me manually w/o a reallocation. But this also means the next CLI I ask for will have to be on my BCE b/c if I ask for one on any other revolver they'll likely rob BCE again--in that case I'd rather have a denial.