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Cash magnet CLI request questions

SA0012
New Contributor

Cash magnet CLI request questions

Hello All, 

 

Just wondering if it is a good idea to request CLI beyond 50K for my Amex Cash Magnet card. Amex already asked for my tax statements last year and I submitted it to them. Will this trigger another request or they simply going to deny the request if I'm at their max internal limit?

 

I'm tempted to try an increase to 100K, I have income to support the limit. I don't want to give them full access to all my portfolio and all my accounts.

 

Appreciate any suggestions on this?

 

My total exposure with AmEx so far 

 

50K on Cash Magnet

26.8K on Blue Cash Everyday 

Platinum Card - NPSL.

 

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Message 1 of 6
5 REPLIES 5
M_Smart007
Legendary Contributor

Re: Cash magnet CLI request questions

Your income may support, but does your spend on the card warrant $100K?

Message 2 of 6
SA0012
New Contributor

Re: Cash magnet CLI request questions

Well, it will help with my overall util %
Message 3 of 6
SA0012
New Contributor

Re: Cash magnet CLI request questions

I spent close to 45K and then paid off everything before my 0% promotion is complete.
Message 4 of 6
OmarGB9
Community Leader
Super Contributor

Re: Cash magnet CLI request questions


@SA0012 wrote:
Well, it will help with my overall util %

Yea for lenders, that's not a good justification at all. They don't want to be used for "padding".

 

As far as going up to $100k, it's highly likely they'd ask for access to bank accounts/financial documents, and if you don't want to provide that, then they probably won't consider your request. 

 


Last App: 07/21/2022
Dover Cashback Mastercard

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 5 of 6
ocheosa
Valued Contributor

Re: Cash magnet CLI request questions


@SA0012 wrote:
I spent close to 45K and then paid off everything before my 0% promotion is complete.

@SA0012 Since you've already provided proof of income...

With that spend I would request +25k on the magnet. Wait 6 months request +25k on the BCE and then reallocate 25 over to the magnet. Given the current climate, smaller increments would seem best and hopefully get the limits wanted without addt'l financials/reviews. Just another opinion.

[8/22] Scores 8/9: 700-800s. Util: 1%. Inq/12: EQ 2, EX 9, TU 3. AAoA=5y, AoOA=35y, AoYA=1m.
TCL $538.8K: Personal $447.8K, Business $91K.

Message 6 of 6
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