topic Re: Amex Platinum Card - Denied in Credit Card Applications

Amex Platinum Card - Denied

Anonymous — Thu, 23 Jul 2020 02:03:50 GMT

Hi everyone! I've been a long time lurker here(I owe you folks a lot of thanks for a great start). Amex denied my application for the Platinum Card(I don't blame them lol).

I'm just trying to guage their reasoning but I'm also curious if it's worth reconning the application. I realize I've amassed quite the collection of accounts here as I type this...

Anyway, the last time I applied for the Platinum Card was 8/29/2019. I tried calling American Express customer support and they transferred me to a much less 'friendly' department after I asked about changing the outcome of my application. I wonder if it was a credit analyst or something.

I'll admit I was very cocky and said that I had very few expenses but also that I found this be something of a puzzle(game). I probably came off as not taking the financial gravity of a charge card seriously enough(changed alot though).

For the last 11 months the Platinum Card has not shown on the Amex prequal page and any attempt to click the Platinum Card page while logged in to the Amex account website resulted in error webpage(customer service chat links to it didn't work either).

I was approved for the Green Card same day as the Gold Card but closed it since it's categories overlapped(Groceries, Transit, Restaurants). Now the Platinum Card is showing again on the prequal page. I really want this card and was denied. I just don't want to end up on Amex's 'Don't lend to this credit seeker list'.

My question is: Is Amex normally inquiry sensitive? I know they don't like it when you carry a balance. I haven't seen them get too bothered by me opening a vast amount of new accounts(fingers crossed?)... There are currently 11 accounts total reporting/6 accounts closed, 10+ in the past year. Should I, try, to wait out covid-19 before apping again?

We evaluated your application using a credit scoring system that considers various pieces of information, including your credit report. The following key factors contributed to our evaluation:

The number of creditors who have reviewed your credit report.

You have too many inquiries on your credit bureau report in the last 30 days.

Open Accounts are as follows:

Amex Gold Card(NPSL, 5k PoT, $1,018(PIF))

Amex BCP($5,000 SL, $0, 6mon)

GS/Apple Card($6,000 SL, $0, 11mon)

Discover IT Cash Back($3,000$ SL, 0$, 22mon)

Discover IT Cash Back($2,000 SL, $0, 6mon) - was BT card

Barclays Apple Financing Card($4,100 SL, $0, 11mon)

Jordans TD Bank Store Card($8,000 SL, $1,513, 0mon) - Has not reported yet

DCU Platinum Visa CC($3,000 SL, $0, 0mon) - Has not reported yet

Auto Loan from MetroCU autoloan($7,152 @ 4.99% for 48mon, 0m) - Has not reported yet

Closed Accounts as follows:

Citi DC($0) - Sent around(5 or so, around 1/week) mail offers until I accepted(one actually came *after* I was approved) - %0 with 0% BT/Checks

Petal Card($0) - Didn't serve a purpose

Amazon Store Card($0) - Opened for $60 SUB, closed 30 days later.

Capitol One Platinum Card($0) - Closed, never had a use for it.

Finally, scores are as follow:

FICO 8 Bank Card: EQ 699/TU 730/EX 721

FICO 9: EQ 722/TU 737/EX 736

Inquiries(last year): EQ 4/TU 3/ EX 15

Income is 40k/yr salaried

Total Reported CLs is $21,100.

I look forward to hearing everyones oppinions and views on this. Any datapoints would be of great help! If there's any additional info needed just ask(I probably missed a few things typing this wall of text).

Re: Amex Platinum Card - Denied

Anonymous — Thu, 23 Jul 2020 02:21:02 GMT

@Anonymous wrote:
While on call: I was very cocky... also that I found this be something of a puzzle(game).

I was approved for the Green Card same day as the Gold Card but closed it

Is Amex normally inquiry sensitive?

Open Accounts are as follows:
Amex Gold Card(NPSL, 5k PoT, $1,018(PIF))
Amex BCP($5,000 SL, $0, 6mon)
GS/Apple Card($6,000 SL, $0, 11mon)
Discover IT Cash Back($3,000$ SL, 0$, 22mon)
Discover IT Cash Back($2,000 SL, $0, 6mon) - was BT card
Barclays Apple Financing Card($4,100 SL, $0, 11mon)
Jordans TD Bank Store Card($8,000 SL, $1,513, 0mon) - Has not reported yet
DCU Platinum Visa CC($3,000 SL, $0, 0mon) - Has not reported yet
Auto Loan from MetroCU autoloan($7,152 @ 4.99% for 48mon, 0m) - Has not reported yet

Closed Accounts as follows:
Citi DC($0) - Sent around(5 or so, around 1/week) mail offers until I accepted(one actually came *after* I was approved) - %0 with 0% BT/Checks
Petal Card($0) - Didn't serve a purpose
Amazon Store Card($0) - Opened for $60 SUB, closed 30 days later.
Capitol One Platinum Card($0) - Closed, never had a use for it.

Finally, scores are as follow:
FICO 8 Bank Card: EQ 699/TU 730/EX 721
FICO 9: EQ 722/TU 737/EX 736
Inquiries(last year): EQ 4/TU 3/ EX 15

Income is 40k/yr salaried
Total Reported CLs is $21,100.

How long did you have the green before closing it?

If the plat (or any specific card) doesn't show up when logged in, don't apply for it.

The Amazon was a churn and burn, and they saw it. There was someone else posting about too many accounts closed, as a denial reason, even though they only closed one card after having it for a considerable length of time.

Probable reasons IMO:

Lack of installment information

Too many recent accounts/inquiries

Low-end FICO score, and they use F8 not bankcard or F9

Too many recently closed accounts

Too many inqs in past 30 days

Try the biz platinum if you can meet the spend, the UW may differ.

Re: Amex Platinum Card - Denied

Anonymous — Thu, 23 Jul 2020 02:33:57 GMT

Hi Dumbee,

I closed the Green Card the day I was approved for both the Green and Gold(since Platinum Card didn't even show up on the page). I guess my confusion is coming from the fact that even the CSR's didn't seem to understand why it errored-out; The page just said it didn't exist(404 error, but cookies/cache cleared showed differently). I just don't want to completely lose this oppurtunity either. I spend heavily on Amex with almost no spend on much else I find the charge cards actually make me think *more* carefully about my spending than a CC.

I was approved both the Green and Gold card on the same day; Literally seconds or minutes apart. I closed the Green Card roughly 5 minutes after via Chat with a CSR and explained my reasoning(didn't know either had a SUB until I hit the min spend a couple months later). Does this make a difference if I never claimed a bonus?

Re: Amex Platinum Card - Denied

M_Smart007 — Thu, 23 Jul 2020 02:48:52 GMT

@Anonymous

They cited "The number of creditors who have reviewed your credit report.

You have too many inquiries on your credit bureau report in the last 30 days."

you have "EX 15" .. right now, that is probably excessive in their eyes.

Sorry for your denial. I would garden and let those fall off.

(At least get to the point where they are un-scoreable)

Re: Amex Platinum Card - Denied

coldfusion — Thu, 23 Jul 2020 02:51:48 GMT

Mostly recent cards, previously closed an AMEX card and other history of closing cards, scores suggest a dirty credit profile, income level suggests low spend (just the AF is more than 1% of your yearly gross income). Maybe not 1 huge dealbreaker but death by 1000 cuts. Not a huge surprise you got a denial.

As a side note I suspect that for a while you'll find approvals for other Synchrony cards to be a challenge.

Re: Amex Platinum Card - Denied

Anonymous — Thu, 23 Jul 2020 03:01:25 GMT

I kind of figured that with Synchrony. I actually don't have a credit history of any kind prior to 23(25 now). I started this late but I've never missed a single payment. I live with my family and will be renting soon as I move out. I pulled Innovis, Sagestream, Chex, FICO(MyFICO Premier, Experian, Equifax and annualcreditreport.com). I had no credit history prior. I assume this means it can't be a 'dirty' score?

Re: Amex Platinum Card - Denied

Anonymous — Thu, 23 Jul 2020 03:04:17 GMT

It's 26 or so in the past 'two years' lol Also is that 25 or 24 months? @M_Smart007

Re: Amex Platinum Card - Denied

coldfusion — Thu, 23 Jul 2020 03:10:22 GMT

Given the info from your profile your score would be typical of someone who had an older derog. It wouldn't have been a dealbreaker by any means.

Re: Amex Platinum Card - Denied

Anonymous — Thu, 23 Jul 2020 03:41:57 GMT

I wonder about this though... I burned PayPal when I was in highschool and it went to collections(many bad decisions and many 'friends'). My mother paid the collections at the time(I still feel kinda dumb). I've found it extremely difficult get any kind of credit since day one but this could just be the climate too.

I wonder if it was unoffically shared. I work in the IT field and I know intra-agency Patient PII is common when it comes to state agencies. I wonder if financial data is similar but I digress.

Edit: I should clarify that this happened because the bank issued charback(local CU, didn't report to or pull Chex at the time luckily). I know many banks keep records far longer than just the CRA's. I'm not sure if that would have to do it with it.

Re: Amex Platinum Card - Denied

PointsBonus — Thu, 23 Jul 2020 06:26:23 GMT

depending on how long you had ur Gold card (over a year ) just ask for the upgrade if you just want the "Platinum" card. But, if ur wanting the SUB, I freeze all ur 3 bureaus for 6 months and use the Gold card PIF each month as my main source card for the next six months. Than apply .

Re: Amex Platinum Card - Denied

Anonymous — Thu, 23 Jul 2020 13:40:54 GMT

@PointsBonus wrote:
depending on how long you had ur Gold card (over a year ) just ask for the upgrade if you just want the "Platinum" card. But, if ur wanting the SUB, I freeze all ur 3 bureaus for 6 months and use the Gold card PIF each month as my main source card for the next six months. Than apply .

I've consolidated my spending on it from the date I opened it since it honestly fits my spending patterns almost perfectly. I don't care much about the SUB but would like to have both the Gold and Platinum Card since I could definitely use them enough to justify the AFs. I looked back at when I was approved for the BCP card and my scores were alot worse then.

I remember the rep I spoke to a while back telling me the FICO score had little impact(or atleast was only one factor in the decision) and they used some sort of internal scoring system. I wonder if they use FICO for initial approval and then combine it with interal data/trends overtime for existing accounts(hence no HP for other cards). They wouldn't divulge/disclose much else to me.

I was mystified when I was approved the Gold Card with a 5k PoT limit right of the bat(Green had the same but wither lower interest rate).

I didn't see the Platinum card at the beginning and honestly began to wonder if they wanted to see good behavior with another charge card before approving me for anything else. I have a savings account with Amex too which seems to help a little.

I was told you had to have atleast one year of tenure to upgrade to the Platinum Card though(rep said this).

I don't know what the requirements for the Biz Platinum are but I did want to start my own buisiness at some point.

I figured I'd share as much information as possible since this forum has been an indispensable resource for me. Maybe this will help someone else down the line too(my way of giving back).

Re: Amex Platinum Card - Denied

M_Smart007 — Thu, 23 Jul 2020 15:34:51 GMT

I might have missed it, how old is your Gold card?

Re: Amex Platinum Card - Denied

Brian_Earl_Spilner — Thu, 23 Jul 2020 15:46:27 GMT

I've said it before, but everyone disagrees, their top cards have different underwriting. There's something they're looking for when it comes to the $500 AF cards. When I spoke to UW after being denied, he basically said they would let me slide at around the 2 year mark of current membership, which to me, means I don't meet the criteria, but my history with them is enough. I'll find out in October.

Re: Amex Platinum Card - Denied

Anonymous — Thu, 23 Jul 2020 15:48:20 GMT

@M_Smart007 wrote:
I might have missed it, how old is your Gold card?

It's a little over 6 months old(7th statement/billing cycle). The Green Card was opened at the same time(closed right after Gold Card was approved). It was opened 12/2019. I know my scores were much lower then too given my debt load but things have actually improved drastically and my scores have increase by around 30 to 40 points on average.

It's odd since they didn't say that the denial is due to closing cards. It did say something about a SUB not being available for another when I went to apply though for that reason(I don't really mind though). I'm honestly confused... It make more sense if my behaviors became worse(e.g. accumulating more debt); However, they've improved.

I've tried to be extra cautious since I know Amex has the Rewards Abuse Team looking for people who try to game the system. I just figured the card I wanted would geniunely fit my spending since I do want to start traveling when this pandemic is over or under control.

Re: Amex Platinum Card - Denied

lhcole77 — Thu, 23 Jul 2020 15:48:59 GMT

@Anonymous My Amex Plat is one of my favorite cards. I've had it many years and it has been very beneficial for me considering I travel at least 12 times a year (pre Covid).

Given that this card is a premium travel card, I would encourage you to rethink the need for it during a pandemic. Not a lot of traveling is going on right now.

If I were you, I would allow my reports to age, INQs to fall off, and reapply when you can fully use and appreciate the benefits of the card that come with the $550 AF.

Re: Amex Platinum Card - Denied

Anonymous — Thu, 23 Jul 2020 16:00:20 GMT

@Brian_Earl_Spilner wrote:
I've said it before, but everyone disagrees, their top cards have different underwriting. There's something they're looking for when it comes to the $500 AF cards. When I spoke to UW after being denied, he basically said they would let me slide at around the 2 year mark of current membership, which to me, means I don't meet the criteria, but my history with them is enough. I'll find out in October.

I've read this on this forum somewhere before. I wondered about this since whomever I spoke to seemed to say something similiar in that paying off the BCP card at the time(0 percent 12mon APR, $250 SUB, close to 4k balance all paid now), alone, wasn't enough to garner an approval. I wonder if it's because total payment/credit history is still under two years/24 months.

It does sound like they really want to know you can handle your finances. I honestly think you're 100 percent correct on this. If you look closely at the Platinum Cards terms you'll also see that it has a $8,000 cash advance limit(I don't use these but it's signifcant in terms of risk to the lender). Then there's also the fact it offers various forms of insurance and it would begin to make alot more sense if they were more stringent.

Re: Amex Platinum Card - Denied

blindambition — Thu, 23 Jul 2020 16:04:31 GMT

Sorry about the denial OP. You have 2 very BIG red flags with Amex, both related. Quick closure of Green, and pattern of churning. I'd lay off Amex for awhile. I'd also stop opening and closing accounts. You'll soon find yourself on the outside looking in with many lenders. Churning is a HUGE NO NO!!

Re: Amex Platinum Card - Denied

Anonymous — Thu, 23 Jul 2020 16:06:24 GMT

@lhcole77 wrote:
@Anonymous My Amex Plat is one of my favorite cards. I've had it many years and it has been very beneficial for me considering I travel at least 12 times a year (pre Covid).

Given that this card is a premium travel card, I would encourage you to rethink the need for it during a pandemic. Not a lot of traveling is going on right now.

If I were you, I would allow my reports to age, INQs to fall off, and reapply when you can fully use and appreciate the benefits of the card that come with the $550 AF.

I don't entirely disagree however given they're offering the credit for your cellphone bill, it would be nice. I'm sure I could get part of the fee waived if they really wanted to approve me but it's also possible that they're losing revenue due to people not booking flights, etc. which would I assume would make them less likely to offer anything like that.

All this said, it's true that I wouldn't get a as much use out of it in the near term but given that it requires you to prepay for flights anyway(for the rewards) and hotels I would assume that it may be better to pay the fee now then book something farther into the future(prepaid).

I'm also just using this card as a sort of benchmark and it's a goal card. I'm not sure I'll be approved anytime soon lol

Re: Amex Platinum Card - Denied

M_Smart007 — Thu, 23 Jul 2020 16:06:43 GMT

@Anonymous wrote:
@M_Smart007 wrote:
I might have missed it, how old is your Gold card?
It's a little over 6 months old(7th statement/billing cycle). The Green Card was opened at the same time(closed right after Gold Card was approved). It was opened 12/2019. I know my scores were much lower then too given my debt load but things have actually improved drastically and my scores have increase by around 30 to 40 points on average.

It's odd since they didn't say that the denial is due to closing cards. It did say something about a SUB not being available for another when I went to apply though for that reason(I don't really mind though). I'm honestly confused... It make more sense if my behaviors became worse(e.g. accumulating more debt); However, they've improved.

I've tried to be extra cautious since I know Amex has the Rewards Abuse Team looking for people who try to game the system. I just figured the card I wanted would geniunely fit my spending since I do want to start traveling when this pandemic is over or under control.

Most likely the lender will not cite the "exact" reason, as it is like handing out the secret recipe.

"lhcole77'" has given very good advice!

Hold off until you can see the rainbow at the end of the storm.

Re: Amex Platinum Card - Denied

Anonymous — Thu, 23 Jul 2020 16:07:59 GMT

@blindambition wrote:
Sorry about the denial OP. You have 2 very BIG red flags with Amex, both related. Quick closure of Green, and pattern of churning. I'd lay off Amex for awhile. I'd also stop opening and closing accounts. You'll soon find yourself on the outside looking in with many lenders. Churning is a HUGE NO NO!!

I'm starting to think the same. I honestly started closing cards because I realized I should find ones that are useful and serve a purpose. I shouldn't open them just to open them. The change in behavior is a little late on my part though.