Amex Platinum (personal) chances, after approval for Amex Platinum (business).

[Anonymous]

I was recently approved for an Amex Platinum (business) card, and have already received it.  I'm wondering what the chances are for approval on the Platinum (personal) card.  My scores are right at 700 for EX and TU, and 740 on EQ.  I have a very old (and actually, illigitimate) tax lien that shows on only one CB, and a small (also, years old, but not quite aged) collection from a company that basically refuses to work with me to remove it.  Other than that I have about $30k in revolving lines (at about 2% util), and about $40k in auto loans (paid down about 50% total at the moment) personally, and about $50k in visible tradelines on my business (showing on my Experian business report).  The only really impactful, recent negative is that I have  a lot (really, a LOT) of inquiries over the past 6 and 12 months.  I'm currently in the process of growing my business (hence the excessive inquiries).

I was instantly approved for the Amex Platinum (business), and through their online tool (they allow you to check to see the amount of a purchase approval, prior to making it), have verified that I'd be able to make purchases in the neighborhood of $50k without decline.  I'm nervous to apply for the personal version, because I don't want to add another inquiry (insult to injury lol), but I'd like to have both in my wallet, to garner the travel points and avoid putting 'personal' payments on my business charge card.  Most of the time when I get a decline, it states the reason as excessive inquiries.  The tax-lien is a real pain in the butt (especially because it's erroneous, calculated from an 'assumed' amount, on a company I haven't owned in nearly 10 years).  Some applications seem to care about it (listing it as the reason for decline) while others don't seem to care about it.

Any thoughts on denial/approval chances given the above info for the personal Platinum card?  My monthly spend (across personal and business) is around $40k a month (some months doube-to-triple that, and some, only half that)...  My primary reason for wanting these cards (the charge cards) is the ability to consolidate my monthly spending into one (or fewer) places, while at the same time reaping the benefits/offers/points for money I'm spending anyway.  

Also, does anyone know if I transfer the existing balance from my other cards to the Amex Platinum (business), will that amount count toward the required minimum spent dollar amount for my sign-on bonuses?  Currently I'm putting my expenses on several points-earning cards, due to the fact that none of the limits are high enough to handle the cashflow amount by themselves, but I pay them off at the end of the month, as a general rule.  I have about $15k in cumulative balances on the existing 'other' cards (which is ironically exactly what I need for the 150,000 points bonus minimum spend within 3 months).  It would be nice to just knock that out by balance transferring them all onto the Amex, but I can't seem to find a "balance transfer" option within my Dashboard with Amex account...

[Anonymous]

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@Anonymous wrote:

I was recently approved for an Amex Platinum (business) card, and have already received it.  I'm wondering what the chances are for approval on the Platinum (personal) card.  My scores are right at 700 for EX and TU, and 740 on EQ.  I have a very old (and actually, illigitimate) tax lien that shows on only one CB, and a small (also, years old, but not quite aged) collection from a company that basically refuses to work with me to remove it.  Other than that I have about $30k in revolving lines (at about 2% util), and about $40k in auto loans (paid down about 50% total at the moment) personally, and about $50k in visible tradelines on my business (showing on my Experian business report).  The only really impactful, recent negative is that I have  a lot (really, a LOT) of inquiries over the past 6 and 12 months.  I'm currently in the process of growing my business (hence the excessive inquiries).

I was instantly approved for the Amex Platinum (business), and through their online tool (they allow you to check to see the amount of a purchase approval, prior to making it), have verified that I'd be able to make purchases in the neighborhood of $50k without decline.  I'm nervous to apply for the personal version, because I don't want to add another inquiry (insult to injury lol), but I'd like to have both in my wallet, to garner the travel points and avoid putting 'personal' payments on my business charge card.  Most of the time when I get a decline, it states the reason as excessive inquiries.  The tax-lien is a real pain in the butt (especially because it's erroneous, calculated from an 'assumed' amount, on a company I haven't owned in nearly 10 years).  Some applications seem to care about it (listing it as the reason for decline) while others don't seem to care about it.

Any thoughts on denial/approval chances given the above info for the personal Platinum card?  My monthly spend (across personal and business) is around $40k a month (some months doube-to-triple that, and some, only half that)...  My primary reason for wanting these cards (the charge cards) is the ability to consolidate my monthly spending into one (or fewer) places, while at the same time reaping the benefits/offers/points for money I'm spending anyway.  

Also, does anyone know if I transfer the existing balance from my other cards to the Amex Platinum (business), will that amount count toward the required minimum spent dollar amount for my sign-on bonuses?  Currently I'm putting my expenses on several points-earning cards, due to the fact that none of the limits are high enough to handle the cashflow amount by themselves, but I pay them off at the end of the month, as a general rule.  I have about $15k in cumulative balances on the existing 'other' cards (which is ironically exactly what I need for the 150,000 points bonus minimum spend within 3 months).  It would be nice to just knock that out by balance transferring them all onto the Amex, but I can't seem to find a "balance transfer" option within my Dashboard with Amex account...

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Amex Platinum is a charge card it makes no sense that you would have the ability to balance transfer to it.  If you are having a hard time meeting one spending requirement over the next three months why would you want another card with a spending requirement.  Amex pulls Experian so if your tax lien but it's not on Experian  it would be irrelevant.  I don't think Amex is inquiry sensitive.  And you cant use balance transfers to meet spending requirements even on credit cards.

[Anonymous]

I believe transfers do not count.  

[Anonymous]

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@Anonymous wrote:

I believe transfers do not count.  

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This is correct.

I'd also be surprised if a charge card allowed a BT. It can't revolve a balance month to month and has to be PIF just after the statement cuts. There isn't any point in building in balance transfer capability.

[Anonymous]

I just confirmed it with them.  "Balance Transfers are not a product feature contained in our charge card offerings".  I was just thinking it would be an efficient (and quick) way to meet the spending requirement for $15k in points, for money that I'm about to pay with my checking account ANYWAY.  As I said, it obviously required those two unknowns to be feasible (BT on charge card, and whether or not BT counted toward spending for bonus points).  Thanks for the thoughts/responses on that!

Anyone have thoughts on the approval-related question?  Do they check the exact same things for the Platinum (personal) as they did for the Platinum (business)?  Stands to reason if they're checking the same things, that I'd get the same results from an APP, just don't need (yet another) HP, without a tangible result lol...  The only reason I want the personal version, is to ensure that I can easily segregate my business and personal spending, while getting the benefits of points on both (without comingling my spending).

[Anonymous]

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@Anonymous wrote:

I just confirmed it with them.  "Balance Transfers are not a product feature contained in our charge card offerings".  I was just thinking it would be an efficient (and quick) way to meet the spending requirement for $15k in points, for money that I'm about to pay with my checking account ANYWAY.  As I said, it obviously required those two unknowns to be feasible (BT on charge card, and whether or not BT counted toward spending for bonus points).  Thanks for the thoughts/responses on that!

Anyone have thoughts on the approval-related question?  Do they check the exact same things for the Platinum (personal) as they did for the Platinum (business)?  Stands to reason if they're checking the same things, that I'd get the same results from an APP, just don't need (yet another) HP, without a tangible result lol...  The only reason I want the personal version, is to ensure that I can easily segregate my business and personal spending, while getting the benefits of points on both (without comingling my spending).

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Hey, I meant to answer this!

Underwriting for Personal and Business is likely not all that different. I have both, and had a lower score when I got personal. I don't have any derogatory marks on my file, but I'd honestly be shocked if you got declined. AMEX would love to get the AF from you. The only wild card is the very short amount of time between your approval and application. I assume that this is your first AMEX, but let me know if you've got other recent applications with them.

For a point of reference: I've done 2 charge cards in a day, but was declined for a 3rd. I was at least somewhat established with AMEX at that point (220k spend ytd before the BPRG apps.)

After a certain point, the INQS don't change your score. Lenders may view them seperately, especially conservative lenders. I doubt if you have as many as you say you do that one more will make much of a difference in the short term.