topic Re: Amex Platinum - We did it... in Credit Card Approvals

Amex Platinum - We did it...

Anonymous — Sat, 19 Dec 2020 22:06:43 GMT

Thank you. I'm excited this group has been a great inspiration and helped fuel me to submit my application.

Today, I was successfully approved for my first Amex Card, a Platinum American Express to be exact.

Question: How does having a Amex Card with an unlimited limit effect ones total credit utilization?

Re: Amex Platinum - We did it...

AllZero — Sat, 19 Dec 2020 22:07:26 GMT

Congratulations on your approval!

Re: Amex Platinum - We did it...

Anonymous — Sat, 19 Dec 2020 22:21:49 GMT

Two things for your question OP:

Amex charge cards do not figure into utilization, so you can actually run huge spending without affecting your percentages. They do figure into DTI calculations though so that will matter if looking for loans.

The card doesn't have unlimited spending power. Amex approves spending on a charge by charge basis. There's no set limit but there's an internal limit that'll evolve over time with history being established - spend patterns, payment patterns and amounts, credit profile, etc all go into it. Prove you can pay for it and they'll let you spend it. Some people are throttled to hundreds per month. Others spend hundreds of thousands. It'll depend on your profile and patterns with them over time.

One rep told me a rule of thumb was that your effective limit would be ballparked as roughly 2.5x your average monthly payment on a six-month rolling average. I haven't pushed those limits to see if that's my ceiling but I do know that doing napkin math to figure that dollar value out, I've never had any issues spending below or up to the region of that figure.

Re: Amex Platinum - We did it...

gdale6 — Sat, 19 Dec 2020 22:23:12 GMT

Grats on your platinum approval

Re: Amex Platinum - We did it...

mrcraft — Sat, 19 Dec 2020 22:25:58 GMT

Congratulations on your approval!!

Re: Amex Platinum - We did it...

Anonymous — Sat, 19 Dec 2020 22:30:29 GMT

Congratulations

Re: Amex Platinum - We did it...

Anonymous — Sat, 19 Dec 2020 22:51:28 GMT

Oh and OP, one other thing too - congrats on a terrific card for your entry into the Amex family

Re: Amex Platinum - We did it...

TheFIGuy — Sun, 20 Dec 2020 00:50:01 GMT

Question: How does having a Amex Card with an ~~unlimited limit~~ effect ones total credit utilization?

@Anonymous let's change that "unlimited limit" to NPSL (No Preset Spending Limit) - I attached an article explaining what this exactly means.

CONGRATS! Welcome to the AMEX family!

Re: Amex Platinum - We did it...

blindambition — Sun, 20 Dec 2020 00:53:18 GMT

@Anonymous wrote:
Two things for your question OP:

Amex charge cards do not figure into utilization, so you can actually run huge spending without affecting your percentages. They do figure into DTI calculations though so that will matter if looking for loans.

The card doesn't have unlimited spending power. Amex approves spending on a charge by charge basis. There's no set limit but there's an internal limit that'll evolve over time with history being established - spend patterns, payment patterns and amounts, credit profile, etc all go into it. Prove you can pay for it and they'll let you spend it. Some people are throttled to hundreds per month. Others spend hundreds of thousands. It'll depend on your profile and patterns with them over time.

One rep told me a rule of thumb was that your effective limit would be ballparked as roughly 2.5x your average monthly payment on a six-month rolling average. I haven't pushed those limits to see if that's my ceiling but I do know that doing napkin math to figure that dollar value out, I've never had any issues spending below or up to the region of that figure.

Whatchu talkin bout Willis? It's not unlimited? J/K!!

Congrats OP!!! Welcome to the Amex family!!

Re: Amex Platinum - We did it...

Anonymous — Sun, 20 Dec 2020 00:54:46 GMT

@blindambition wrote:
@Anonymous wrote:
Two things for your question OP:

Amex charge cards do not figure into utilization, so you can actually run huge spending without affecting your percentages. They do figure into DTI calculations though so that will matter if looking for loans.

The card doesn't have unlimited spending power. Amex approves spending on a charge by charge basis. There's no set limit but there's an internal limit that'll evolve over time with history being established - spend patterns, payment patterns and amounts, credit profile, etc all go into it. Prove you can pay for it and they'll let you spend it. Some people are throttled to hundreds per month. Others spend hundreds of thousands. It'll depend on your profile and patterns with them over time.

One rep told me a rule of thumb was that your effective limit would be ballparked as roughly 2.5x your average monthly payment on a six-month rolling average. I haven't pushed those limits to see if that's my ceiling but I do know that doing napkin math to figure that dollar value out, I've never had any issues spending below or up to the region of that figure.
Whatchu talkin bout Willis? It's not unlimited? J/K!!
Congrats OP!!! Welcome to the Amex family!!

Lol well yours might not be. I'm confident mine is!

Re: Amex Platinum - We did it...

Anonymous — Sun, 20 Dec 2020 02:15:29 GMT

Congratulations! Very happy you're in the family! Soon I will join !

Re: Amex Platinum - We did it...

dudefromtx — Sun, 20 Dec 2020 02:48:25 GMT

Congrats on your approval!

Re: Amex Platinum - We did it...

MyFault — Sun, 20 Dec 2020 03:25:29 GMT

Congrats on your Platinum approval!

Re: Amex Platinum - We did it...

JoeLuvsHisCredit — Sun, 20 Dec 2020 03:44:36 GMT

Congratulations

Re: Amex Platinum - We did it...

cashorcharge — Sun, 20 Dec 2020 03:54:32 GMT

That's great! Congratulations on your approval!!

As a future note, if you eventually get approved for a credit line associated with your card allowing you to carry over charges and pay a minimum amuount/payment each month while accruing interest...AMEX will report your balance each month, but it will not post your credit limit. The Max Limit on your card is $35,000 I believe...upon approval of course. If you get the CL and carry a balance...as others stated, that will not affect your Util.

Re: Amex Platinum - We did it...

Meanmchine — Sun, 20 Dec 2020 05:32:23 GMT

Congrats on your new Plat card !

Re: Amex Platinum - We did it...

M_Smart007 — Sun, 20 Dec 2020 12:37:52 GMT

Congratulations!

Re: Amex Platinum - We did it...

Anonymous — Sun, 20 Dec 2020 22:55:23 GMT

Congratulations!

Re: Amex Platinum - We did it...

CreditAggie — Mon, 21 Dec 2020 02:15:11 GMT

Congratulations on your Amex Platinum approval!

Re: Amex Platinum - We did it...

grower1 — Thu, 24 Dec 2020 22:20:55 GMT

Congrats