topic Re: Amex Platinum Pre-Qual Question in Credit Card Applications

Amex Platinum Pre-Qual Question

DSBABC — Sun, 21 Aug 2022 03:05:29 GMT

I was pre-qualified for the American Express Platinum card.

Initially (a few nights ago), I was hesitant, and unsure of how solid the Amex Pre-Qual might be, in reality.

Tonight, I checked again -- and again received the Amex Platinum Pre-Qual.

That made me consider the possibility that it might be real, and not just empty marketing/promotion.

How solid is the Amex Platinum Pre-Qual?

Is the Pre-Qual strong enough to be worth the risk of applying?

Which CR do they pull?

What scores are usually required?

Do they verify income? If so, how?

Is there anything that might stand in the way, or that might cause a hiccup in the application? (I've never applied to Amex before, and so I'm not familiar with their application).

I'm interested in the Amex Platinum card -- but my concern is whether I should wait for my scores to improve (700+) first, or whether it might be worth the risk of applying.

Scores: 660 to 680

Utilization: 0% to 1%

Payment History (Current Accounts): 100%

Derogatory: 1 (Aug. 2016)

AAoA: Less than 1 Year

Thin file (8-10 accounts), but have kept utilization to no more than 2%, and have multiple installment accounts paid-off/paid-in-full.

I have attached a screenshot (below) of the Amex Platinum Pre-Qual to confirm -- is that the right (e.g. valid/real) Amex Platinum Pre-Qual I should be seeing?

Re: Amex Platinum Pre-Qual Question

OmarGB9 — Sun, 21 Aug 2022 03:39:10 GMT

Amex prequals are pretty solid. Scores might be a bit on the low side, and AAoA a bit low, so it could go either way, IMO.

Usually you see people with scores 690+ getting approved, but not always. You might be borderline, so it's likely they'd double pull you (EX and TU). I haven't heard of them asking for IV except when undergoing a financial review or when requesting a CLI for high limits ($35k+, sometimes).

Re: Amex Platinum Pre-Qual Question

Who_wuda_thought — Sun, 21 Aug 2022 04:42:27 GMT

@DSBABC

You say your AAoA is less than a year, with 8-10 accounts (not thin file if so, btw. *Unless few are open/active).

I think your score might not be the probable detractor.

How many inquiries do you have on each bureau for last 6 mo/12 mo/24 mo?

How many new credit card accounts in last 6 mo/12 mo/24 mo?

How many new other loan/installment accounts opened in last 6 mo/12 mo/24 mo? (even if now closed)

Have all new accounts reported?

What cards do you currently have (secured? unsecured?), with what limits & how old?

Re: Amex Platinum Pre-Qual Question

DSBABC — Sun, 21 Aug 2022 05:34:45 GMT

@Who_wuda_thought wrote:
@DSBABC
You say your AAoA is less than a year, with 8-10 accounts (not thin file if so, btw. *Unless few are open/active).
I think your score might not be the probable detractor.
How many inquiries do you have on each bureau for last 6 mo/12 mo/24 mo?
How many new credit card accounts in last 6 mo/12 mo/24 mo?
How many new other loan/installment accounts opened in last 6 mo/12 mo/24 mo? (even if now closed)
Have all new accounts reported?

What cards do you currently have (secured? unsecured?), with what limits & how old?

Inquiries -- all in 2022:

TU (6), EQ (6), EX (8)

Cards -- 3 Cards Reporting -- all in 2022:

Navy Federal (Secured) -- $0 balance
Petal (Unsecured) -- $0 balance
Sable (Secured) -- $0 balance

Installment -- all in 2022:

Auto Loan (March 2022) -- effectively, my only ongoing debt -- balance: ~$25k
3 additional installment accounts (paid-in-full) -- balance: $0
1 secured line of credit -- balance $0 to $10

I need to look and see if I'm missing anything, but that seems accurate.

Everything is quite recent (2022), and so I've been doing my best to keep everything down, to at least show positive details with the accounts I have, etc.

Re: Amex Platinum Pre-Qual Question

Who_wuda_thought — Sun, 21 Aug 2022 06:44:13 GMT

@DSBABC

OK, thanks for the bit better picture.

If your 3 cards are all reporting zero balances, that is a place where you can improve your score a bit on some score models. Having "1" card report a balance (not "carrying" balance, just allowing some of current balance to report on statement) instead of all accounts reporting a zero balance will bump your score up some. You get a "zero penalty" if all revolving credit accounts report with zero balances.

And looking at the prospect of the Amex Platinum, even if you "might be" looking at a Pre-qualification, I don't feel too confident that you would end up with an approval for that card. With your low scores, your all only quite new credit accounts, high number of hard inquiries, what sounds like very low utilization (you haven't shown experience utilizing a sizable $$ amount of credit and paying off monthly), as well as the derogatory mentioned in your previous thread, it could likely end up as a denial and adding yet 2 more hard inquiries (EX & TU likely).

Perhaps just let things age a few short months, then the first prime level unsecured card you apply for might be more attainable, with a decent and usable starting credit limit.

Re: Amex Platinum Pre-Qual Question

DSBABC — Sun, 21 Aug 2022 20:03:40 GMT

@Who_wuda_thought wrote:
@DSBABC
OK, thanks for the bit better picture.

If your 3 cards are all reporting zero balances, that is a place where you can improve your score a bit on some score models. Having "1" card report a balance (not "carrying" balance, just allowing some of current balance to report on statement) instead of all accounts reporting a zero balance will bump your score up some. You get a "zero penalty" if all revolving credit accounts report with zero balances.

And looking at the prospect of the Amex Platinum, even if you "might be" looking at a Pre-qualification, I don't feel too confident that you would end up with an approval for that card. With your low scores, your all only quite new credit accounts, high number of hard inquiries, what sounds like very low utilization (you haven't shown experience utilizing a sizable $$ amount of credit and paying off monthly), as well as the derogatory mentioned in your previous thread, it could likely end up as a denial and adding yet 2 more hard inquiries (EX & TU likely).

Perhaps just let things age a few short months, then the first prime level unsecured card you apply for might be more attainable, with a decent and usable starting credit limit.

I usually keep utilization around 1%. The $0 balance I noted was due to one of them just reporting, but I expect to have at least *some* amount reporting this month, when the other accounts report (it was a moment of $0, without overlap, so I'll need to watch the more carefully).

I agree that it seems a bit of a reach for an approval; which is what caught me by surprise to see the Pre-Qual; and I think I'll likely wait until over 700 before trying for Amex, as I wouldn't want to burn inquiries (and thus, only make things worse).

Re: Amex Platinum Pre-Qual Question

plantstoomany — Mon, 26 Sep 2022 07:09:17 GMT

They are offering a new soft pull approval feature like Apple Card. I had to go incognito in my browser to have it show up. But was approved for Platinum earlier this month on soft pull prior to accepting offer and therefore hard pull. They call it apply with confidence.

Re: Amex Platinum Pre-Qual Question

FireMedic1 — Mon, 26 Sep 2022 10:40:40 GMT

To be honest since I've been there. I'd work on passing the 700 mark. You'd be surprised how many more doors open after that. Yeah its a cool card at $625 a year. Your really paying for the perks they offer and can make up what you paid the AF for yes. Build on your scores. 710-720 it gets even better. And you dont even have a BK. It will be easier for you to pass 700 than it was for me. Just takes time. Cant live in the 600's forever and get the good ones. Move that needle!

Re: Amex Platinum Pre-Qual Question

bigseegar — Mon, 26 Sep 2022 14:27:57 GMT

@FireMedic1 wrote:
To be honest since I've been there. I'd work on passing the 700 mark. You'd be surprised how many more doors open after that. Yeah its a cool card at $625 a year. Your really paying for the perks they offer and can make up what you paid the AF for yes. Build on your scores. 710-720 it gets even better. And you dont even have a BK. It will be easier for you to pass 700 than it was for me. Just takes time. Cant live in the 600's forever and get the good ones. Move that needle!

$695 a year and billed that very first statement

Re: Amex Platinum Pre-Qual Question

C6 — Mon, 26 Sep 2022 18:16:48 GMT

Many are approved with 650 scores. The underwriting is likely the same for their green, gold, and platinum card. I'm sure the preapproval is accurate. I'd expect Amex to keep one on a tight leash. Your limit will likely be less than the $700 annual card fee.

Re: Amex Platinum Pre-Qual Question

OmarGB9 — Mon, 26 Sep 2022 18:34:39 GMT

@C6 wrote:
Many are approved with 650 scores. The underwriting is likely the same for their green, gold, and platinum card. I'm sure the preapproval is accurate. I'd expect Amex to keep one on a tight leash. Your limit will likely be less than the $700 annual card fee.

What limit? Charge cards are NPSL. If you mean the Pay Over Time limit, I believe because of the CARD Act, there's a certain percentage above the AF the limit must be, so there's no way it could be less than the $695 AF.

Re: Amex Platinum Pre-Qual Question

C6 — Mon, 26 Sep 2022 19:31:13 GMT

@OmarGB9 wrote:
@C6 wrote:
Many are approved with 650 scores. The underwriting is likely the same for their green, gold, and platinum card. I'm sure the preapproval is accurate. I'd expect Amex to keep one on a tight leash. Your limit will likely be less than the $700 annual card fee.
What limit? Charge cards are NPSL. If you mean the Pay Over Time limit, I believe because of the CARD Act, there's a certain percentage above the AF the limit must be, so there's no way it could be less than the $695 AF.

LOL@NPSL

I can guarantee that you have a limit. Try to charge 10k and you will find out how quickly there is a limit on your shiny prepaid platinum card.

Re: Amex Platinum Pre-Qual Question

OmarGB9 — Mon, 26 Sep 2022 19:50:36 GMT

@C6 wrote:
@OmarGB9 wrote:
@C6 wrote:
Many are approved with 650 scores. The underwriting is likely the same for their green, gold, and platinum card. I'm sure the preapproval is accurate. I'd expect Amex to keep one on a tight leash. Your limit will likely be less than the $700 annual card fee.
What limit? Charge cards are NPSL. If you mean the Pay Over Time limit, I believe because of the CARD Act, there's a certain percentage above the AF the limit must be, so there's no way it could be less than the $695 AF.
LOL@NPSL
I can guarantee that you have a limit. Try to charge 10k and you will find out how quickly there is a limit on your shiny prepaid platinum card.

Of course. They make it very clear that NPSL does not mean unlimited spending. It's more of a fluid CL I guess you could say.