CLD after Amex Cash Magnet approval

[toadsworth]

My 14 month old Amex Everyday is now showing a $5100 limit instead of its previous $10,000 after apping and being approved for the Amex Cash Magnet. I guess I’ve hit my current max exposure with Amex? I also thought it was odd I was approved for $9900 and not $10k. Joke’s on them, I’m probably going to roll it and my BCE’s $1000 limit onto the new Card and close the other two. Less cards to have to remember to put spend on and a $15,000 limit on my reports? Works for me. My scores are more than solid, I have lots of new accounts and AAoA of 13 months.

[Anonymous]

I think you hit the nail on the head on reaching your max exposure. That would be my only guess because I have only seen CLD after a recent approval when you have reached the ceiling in regards to how much credit they are willing to extend to you.

I am sure they will end up sending you some sort of email, secure message or snail mail letter telling you why anyways.

Congrats on your approval!

[AverageJoesCredit]

Yeah but now be careful closing other Amex cards may put you on their radar

[Anonymous]

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@toadsworth wrote:
My 14 month old Amex Everyday is now showing a $5100 limit instead of its previous $10,000 after apping and being approved for the Amex Cash Magnet. I guess I’ve hit my current max exposure with Amex? I also thought it was odd I was approved for $9900 and not $10k. Joke’s on them, I’m probably going to roll it and my BCE’s $1000 limit onto the new Card and close the other two. Less cards to have to remember to put spend on and a $15,000 limit on my reports? Works for me. My scores are more than solid, I have lots of new accounts and AAoA of 13 months.

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I was under the impression that Amex would not let you roll a $1000 limit card onto another.  Is that not true?

[Anonymous]

So I'm assuming they rolled $4900 over from the ED to the Magnet, and your total CL with Amex is $15K?

Makes me wonder what they'll do when I app for the ED card in a few days. I'm sitting at $25K with them between BCW and Gold Delta.

[Anonymous]

Congrats

[Loquat]

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@Anonymous wrote:

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@toadsworth wrote:
My 14 month old Amex Everyday is now showing a $5100 limit instead of its previous $10,000 after apping and being approved for the Amex Cash Magnet. I guess I’ve hit my current max exposure with Amex? I also thought it was odd I was approved for $9900 and not $10k. Joke’s on them, I’m probably going to roll it and my BCE’s $1000 limit onto the new Card and close the other two. Less cards to have to remember to put spend on and a $15,000 limit on my reports? Works for me. My scores are more than solid, I have lots of new accounts and AAoA of 13 months.

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I was under the impression that Amex would not let you roll a $1000 limit card onto another.  Is that not true?

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This has been my experience.  They've always allowed for me to roll everything up to $1000.  I've occasionally read where some were allowed to reduce to $500 but I haven't been so lucky as to get them to do that for me. 

[toadsworth]

Total exposure $16,000. $9900 Cash Magnet, $5,100 ED, $1000 BCE. Previously was $11,000 exposure with $1000 BCE and $10,000 ED.

[K-in-Boston]

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@Loquat wrote:

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@Anonymous wrote:

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@toadsworth wrote:
My 14 month old Amex Everyday is now showing a $5100 limit instead of its previous $10,000 after apping and being approved for the Amex Cash Magnet. I guess I’ve hit my current max exposure with Amex? I also thought it was odd I was approved for $9900 and not $10k. Joke’s on them, I’m probably going to roll it and my BCE’s $1000 limit onto the new Card and close the other two. Less cards to have to remember to put spend on and a $15,000 limit on my reports? Works for me. My scores are more than solid, I have lots of new accounts and AAoA of 13 months.

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I was under the impression that Amex would not let you roll a $1000 limit card onto another.  Is that not true?

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This has been my experience.  They've always allowed for me to roll everything up to $1000.  I've occasionally read where some were allowed to reduce to $500 but I haven't been so lucky as to get them to do that for me. 

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Certainly a YMMV situation.  For both DW and myself we can move all but $500 around on our cards (see my Blue from American Express as an example) using the online tool.

[red259]

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@toadsworth wrote:
My 14 month old Amex Everyday is now showing a $5100 limit instead of its previous $10,000 after apping and being approved for the Amex Cash Magnet. I guess I’ve hit my current max exposure with Amex? I also thought it was odd I was approved for $9900 and not $10k. Joke’s on them, I’m probably going to roll it and my BCE’s $1000 limit onto the new Card and close the other two. Less cards to have to remember to put spend on and a $15,000 limit on my reports? Works for me. My scores are more than solid, I have lots of new accounts and AAoA of 13 months.

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Doesn't seem like a CLD. Seems like Amex moved credit from one of your cards in order to allow you to open up a new credit card. This is not uncommon with amex when you are near your overall credit limit. Usually they send a letter in follow up explaining what they did. I wish they would let you select which card to move credit from though.