topic Re: AMEX Platinum Application Suggestions in Credit Card Applications

AMEX Platinum Application Suggestions

Anonymous — Sat, 03 Feb 2018 16:53:34 GMT

Alright, I want a premium credit/charge card. One with Lounge Access, TSA PreCheck / Global Entry credits, Airline incidentals, etc... you know, the works. Here is a little about me:

TU: 643 EQ: 659 EX: 656
FICO 8: 638 (when pulled from Amex app 11/2017) - No baddies on my report (I may have a late car payment 4+ years ago but) everything shows clean.

I have my eye on the AMEX Platinum. I really want this card. The AF does not bother me at all. I am debating on trying to possibly upgrade my Gold Skymiles Card to the Reserve as well (if I can) but I am looking for opinions on my chances of getting approved.

I have seen LOADS of folks with credit like mine (or a itty, bitty bit lower) getting approved in seconds. Is there anything you can recommend? What are my chances? All feedback is welcome.

Re: AMEX Platinum Application Suggestions

Anonymous — Sat, 03 Feb 2018 17:18:04 GMT

If you are an existing Amex member, are you preapproved for any Amex card for the moment? You can check in your online account, under offers->featured:

This appears to be more or less a preapproval in their internal system (than the mass mailing credit card offers). If you are preapproved for anything, then you might also see "You are pre-approved" for other Amex cards when you open an application page, provided that you login:

You may end up with nothing showing up as preapproved, but checking this never hurts.

Would you like to disclose a little more about your credit file? What accounts you have open and how long are they, utilization, what's your current relation with Amex and do you carry balances on your cards, etc? Also if you have other Amex cards open, you could give it a try and some datapoints show that if an existing Amex cardmember gets a denial there is no hard pull, but this may not always be the case. Either way, if you get denied, wait for the letter stating the reasons and work on it, although I would at least wait for a few months before applying again.

Re: AMEX Platinum Application Suggestions

Anonymous — Sat, 03 Feb 2018 17:25:35 GMT

Here is some information for me:

Capital One QS - $1,250 (opened 12/2016 originally as a CapOne Plat MC - started at $300 went to $400 then to $750 then to $1,250 - No late pays, 0% utilization always)

Capital One QS1 - $2,000 (open around 7/2017 at $1,000 then at 6 months it went to $2,000 - No late pays and 0% utilization)

Delta Amex - $1,000 (opened mid 11/2017 at $1,000 - No late pays and 0% utilization)

Credit One - $450 (opened 5/2017 at $300 then the next month went to $450 - no late pays and 0% utilization)

* All cards paid in full each month and never late - Both CapOne cards have had CLI’s and one has been upgraded.
TU: 643 EQ: 659 EX: 656
FICO 8: 638 (when pulled from Amex app 11/2017) - No baddies on my report that I can see. The only other thing on my report is my car and it’s current.

What do you think?

Re: AMEX Platinum Application Suggestions

Anonymous — Sat, 03 Feb 2018 17:26:48 GMT

Also I checked there and it has the Platinum Delta card, Hilton Honors (no AF) and the Blue Cash (no AF). I don’t think I want any of those cards, YET. Maybe the BCE later on down the line.

Re: AMEX Platinum Application Suggestions

Anonymous — Sat, 03 Feb 2018 17:33:04 GMT

Scratch that, nothing is showing up under there 😢

Re: AMEX Platinum Application Suggestions

Anonymous — Sat, 03 Feb 2018 18:00:52 GMT

I see. I was trying to find out what makes your FICO 640-650s if a single 4yr+ ago late is the only negative thing on your report.

It appears that your score also gets penalized because you have no balance showing on any of your revolving account, since you mentioned all your cards are zero utilization. Since you always pay them in full, it's obvious that the cards get usage, but in most cases when we consider utilization, that's what shows up on credit reports, which usually comes from the statement balance of the cards. In other words, if you pay off all the cards to 0 before statements cut, your score actually gets lowered.

For "TU: 643 EQ: 659 EX: 656", I am going to assume that they are FICO scores as your Amex application gave the 638 FICO 8 score, although without mentioning which bureau - I guess that's Experian, along with a late pay in history, all 0 util penalty and 3 or so inquiries in last 12 months that might make sense.

If I were you, I would first let one of the credit cards report a small balance (1% - 10% of that card's credit limit) into credit report, and then see what FICO score it goes. Meanwhile, I'd consider what major spending I would encounter in the next few weeks, since with them I could meet the $5k spending requirement for signup bonus more easily, thus I would only apply for it when I know that I need to spend $5000 in 3 months. With a small balance on 1 credit card reporting and the actual need of spending money you can give it a try, so best of luck applying. If they don't approve you this time, we can still move on and it's still possible to get approved in the future.

Re: AMEX Platinum Application Suggestions

Anonymous — Sat, 03 Feb 2018 18:13:15 GMT

Okay, I will do that. I just paid off the AMEX, so I will use my other cards to have something report as 1% or something. I will try that for a little while and see what happens. I thought paying in full always helped, but I will try to leave something on the cards. That really helps.

I check my credit all of the time and it just stopped moving for a long time. I am assuming that probably why.

Re: AMEX Platinum Application Suggestions

HeavenOhio — Sat, 03 Feb 2018 18:20:24 GMT

Always pay the statement balance in full by the due date. Not doing that is what causes you to have to pay interest.

Avoid having statement balances of zero on all cards at once. A non-zero balance on one card is optimum. You can do this without paying interest.

Re: AMEX Platinum Application Suggestions

Anonymous — Sat, 03 Feb 2018 18:23:42 GMT

GREAT!!! I am going to do that. I guess I was doing the opposite. I paid the balance of the cards before it’s on the statements. I tried to not let a balance report. I guess I have to try that. I have 2 other cards that I can let report soon in the next few days.

Re: AMEX Platinum Application Suggestions

SouthJamaica — Sat, 03 Feb 2018 18:24:39 GMT

wrote:

Alright, I want a premium credit/charge card. One with Lounge Access, TSA PreCheck / Global Entry credits, Airline incidentals, etc... you know, the works. Here is a little about me:

TU: 643 EQ: 659 EX: 656
FICO 8: 638 (when pulled from Amex app 11/2017) - No baddies on my report (I may have a late car payment 4+ years ago but) everything shows clean.

I have my eye on the AMEX Platinum. I really want this card. The AF does not bother me at all. I am debating on trying to possibly upgrade my Gold Skymiles Card to the Reserve as well (if I can) but I am looking for opinions on my chances of getting approved.

I have seen LOADS of folks with credit like mine (or a itty, bitty bit lower) getting approved in seconds. Is there anything you can recommend? What are my chances? All feedback is welcome.

If you really want the card, you should go ahead and apply for it. It's a great travel card.

It's not that hard to get; I got mine when my scores were in your neighborhood.

Since you're an Amex 'member', I believe it will only be a soft pull if you are denied. (It would be a hard pull if you're accepted, but who cares?)

Re: AMEX Platinum Application Suggestions

Anonymous — Sat, 03 Feb 2018 18:26:04 GMT

I am starting to get the itch! I just might pull the trigger.

Re: AMEX Platinum Application Suggestions

Anonymous — Sat, 03 Feb 2018 18:45:33 GMT

wrote:
Okay, I will do that. I just paid off the AMEX, so I will use my other cards to have something report as 1% or something. I will try that for a little while and see what happens. I thought paying in full always helped, but I will try to leave something on the cards. That really helps.

I check my credit all of the time and it just stopped moving for a long time. I am assuming that probably why.

"Pay in full" doesn't necessarily mean to pay the balance to zero before statement cuts. When statement X comes and you pay at least the amount of balance shows on statement X by the due date prior to statement X+1 cuts, it's still considered as paying in full. This helps in the way of avoiding interest on purchases. However, utilization that shows on credit report is what helps or hurts your score.

Utilization and pay-in-full are two separate things, and they don't conflict each other. It's possible to have any % of utilization each month and always pay in full (still, keep utilization low but above zero).

Re: AMEX Platinum Application Suggestions

ChessChik47 — Sat, 03 Feb 2018 23:51:44 GMT

wrote:
GREAT!!! I am going to do that. I guess I was doing the opposite. I paid the balance of the cards before it’s on the statements. I tried to not let a balance report. I guess I have to try that. I have 2 other cards that I can let report soon in the next few days.

I don't want you to misread what the other posters have mentioned...the AZEO method (All Zero Except One) is when all of your cards EXCEPT one reports a small balance (up to less than 10% of the credit limit) eachmonth at statement cut date, then you pay in full the statement balance by the due date. Don't let more than one card report a balance, you may get dinged for that, but as always YMMV.

If you do it right, you'll definitely see a bump in your scores.

Good luck!

Re: AMEX Platinum Application Suggestions

Anonymous — Sat, 03 Feb 2018 23:54:24 GMT

Thank you for the confirmation. I am absolutely going to do that. I have a card statement cutting on Wednesday so I can put about $150 on the card this weekend to have 2% show up.

Thanks! I’d by a drink in your honor ☺️