Credit Card Help - Amex Gold Pre-set Limit

[micvite]

I have a few questions regarding my credit cards, specifically about my Amex gold that now has a preset spending limit from me being stupid around a year ago or so. I've finally started paying it in full and wondering what can be done to get it back to NPSL, the CSR always says it will automatically happen, but I'm wondering when if ever. Also if I apply for a PC to platinum would the SL remain? Apparently I have an offer to upgrade. What if I just applied for the platinum on it's own? Also if anyone has any tips on growing my credit score I'd greatly appreciate it. Currently working on getting my 2 store cards, my QS and my car care some CLI luv. Car care was recently downgraded to 250 from 500. I have about 30 odd inquiries in last 2 years from car buying, about 10 in the last year. Looking to rent an apartment in the next 6 months which will Ding all 3 reports as well as purchase another car. I also have a closed chase cc with a $3800 SL that I'm hoping they will reopen now that it is almost paid off, just waiting for statement to cut. Other than that my only negative remark is 30 days late on an old auto loan back in 02/18. Any tips would be greatly appreciated, working on doing AZEO, I typically put around 10-15k spend on my ccs each month. 

[Anonymous]

The Amex would still have a preset if you upgraded it. I'd suggest going for a new application for a Platinum if you haven't received the bonus for it, best available being 100k pts + 10x grocery/gas + $200 home furnishing credits. The negative outlook is Amex is still probably keeping you in preset limits and/or denials, but if the card benefits you..

I don't think Chase will reinstate that account, esp. if it's been over 30-60 days since it's been closed and they revoked it. From what I've seen with grantor-closed Chase accounts, it's lowly likely that they'd reinstate and typically subject to a HP.

On the bright side you have a Discover and Propel cards, too, which are pretty great and have some growth potential.

[Brian_Earl_Spilner]

The spending limit will carry over on an upgraded card. Unfortunately, depending on what caused it, it could be a very long time before they remove it, talking years here. You could definitely apply for a platinum outright, but the fact that they've taken AA to limit your spending will be a factor in your approval as they are already worried about your ability to repay them.

[micvite]

Thanks for the input, I already "knew" the answer, but wanted to confirm. The reason amex went on a preset limit was due to me not PIF every month, I started just paying the minimum as well as maxing out all of my available credit at the time (20k or so with the chase) as well as my scores dropping to mid 500s (the reason chase closed my account in the first place). That was in order to make some investments which ultimately paid off and I'm reaping 20-30k a month in passive income, but now I want to get my credit in order. 

[micvite]

@Brian_Earl_Spilner @Anonymous sorry I couldn't figure out how to edit my post, but I wanted to mention I have PC offers for both amex gold to platinum as well as BCED to BC proffered. Also did some preapprovals and I'm pre-approved for another discover it and discover miles. Not really sure what the next steps are for me, I'd prefer to grow what I currently have rather than open new, but seems no one wants to give me a CLI (probably soft pulls haven't updated or they're just wary since I've just paid off all my balances). I'm thinking next steps would be pick a card, put all my spend on that and basically spend 3-4x my SL every month and PIF for 3-6 months and AZEO? But please advise!

[micvite]

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@Brian_Earl_Spilner wrote:

The spending limit will carry over on an upgraded card. Unfortunately, depending on what caused it, it could be a very long time before they remove it, talking years here. You could definitely apply for a platinum outright, but the fact that they've taken AA to limit your spending will be a factor in your approval as they are already worried about your ability to repay them.

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So, today I logged into the computer and under my gold it says NO PRESET SPENDING LIMIT, excited I log into my amex app and to my dismay it says I have 2656 avail to spend (including my refund from some purchases that put me over my 2k), i refresh the page and it still says NPSL, I try to check my spending power and no luck there, I check back on the website and it's back to the preset limit... sad face... should I just assume this was a glitch?

[FinStar]

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@micvite wrote:

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@Brian_Earl_Spilner wrote:

The spending limit will carry over on an upgraded card. Unfortunately, depending on what caused it, it could be a very long time before they remove it, talking years here. You could definitely apply for a platinum outright, but the fact that they've taken AA to limit your spending will be a factor in your approval as they are already worried about your ability to repay them.

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So, today I logged into the computer and under my gold it says NO PRESET SPENDING LIMIT, excited I log into my amex app and to my dismay it says I have 2656 avail to spend (including my refund from some purchases that put me over my 2k), i refresh the page and it still says NPSL, I try to check my spending power and no luck there, I check back on the website and it's back to the preset limit... sad face... should I just assume this was a glitch?

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Sounds like it was a glitch, unfortunately.  Try a different browser, if anything. But, you can always confirm with an agent via chat or phone, though.

[EAJuggalo]

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@micvite wrote:

@Brian_Earl_Spilner @Anonymous sorry I couldn't figure out how to edit my post, but I wanted to mention I have PC offers for both amex gold to platinum as well as BCED to BC proffered. Also did some preapprovals and I'm pre-approved for another discover it and discover miles. Not really sure what the next steps are for me, I'd prefer to grow what I currently have rather than open new, but seems no one wants to give me a CLI (probably soft pulls haven't updated or they're just wary since I've just paid off all my balances). I'm thinking next steps would be pick a card, put all my spend on that and basically spend 3-4x my SL every month and PIF for 3-6 months and AZEO? But please advise!

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The next step is to do nothing for a year, pay off every card every month and let everything age.  Then you should be fine.  AMEX isn't going to give you a CLI until they are satisfied that you're good enough to have your hard limit turned into a soft limit.  You admitted that you gambled with money you owed to other people, glad it paid off for you, but those whose money you gambled with probably aren't too happy.

[micvite]

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@EAJuggalo wrote:

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@micvite wrote:

@Brian_Earl_Spilner @Anonymous sorry I couldn't figure out how to edit my post, but I wanted to mention I have PC offers for both amex gold to platinum as well as BCED to BC proffered. Also did some preapprovals and I'm pre-approved for another discover it and discover miles. Not really sure what the next steps are for me, I'd prefer to grow what I currently have rather than open new, but seems no one wants to give me a CLI (probably soft pulls haven't updated or they're just wary since I've just paid off all my balances). I'm thinking next steps would be pick a card, put all my spend on that and basically spend 3-4x my SL every month and PIF for 3-6 months and AZEO? But please advise!

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The next step is to do nothing for a year, pay off every card every month and let everything age.  Then you should be fine.  AMEX isn't going to give you a CLI until they are satisfied that you're good enough to have your hard limit turned into a soft limit.  You admitted that you gambled with money you owed to other people, glad it paid off for you, but those whose money you gambled with probably aren't too happy.

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I've given up on amex at this point, I'm gonna put a few bucks on it here and there to keep the cards open and if nothing changes by the time my renewal is up next July just going to close the card. Even Cap1 gave me a decent CLI (I'm sure you guys know it's like pulling teeth) so if amex doesn't want me as a customer so be it, I'm tired of making 20 payments a month to cover my dining expenses. I've put 5-20k a month on that card for the last year almost with no results and honestly not that I can't prepay I can't even use the card for half my dining purchases anyway (bill is usually 1500-2500) so if I get a bill over 2k I'm SOL. For now I'll throw that spending elsewhere like my discover and my citi and let them grow, I wonder what my next citi CLI will be considering I've put 8k a month on it for the last 6 months since my previous increase to 4k

I'm not sure what you mean by gambled exactly? I never gamble.

[CreditInspired]

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@micvite wrote:

... Also if anyone has any tips on growing my credit score I'd greatly appreciate it. 

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*Garden for 12-24 month will get you "exceptional" results. Do not apply for any new credit anywhere! This will allow all inquiries to either not be impacted or drop off reports. 

*Stay below 8.9% aggregate UT. 

*You've already noted AZEO. However, if this becomes too difficult, make sure less than half of all your CCs are carrying a small balance. 

GL2U