topic How to get Amex business platinum in Business Credit

How to get Amex business platinum

Anonymous — Thu, 28 Jan 2021 09:19:12 GMT

Hi y'all so i just created a real estate and busimess consulting llc entity and i wanted to get an Amex business platinum because i plan on spending a good amount of money in the business. I have a 705 experian score with a charge off 6 years ago. Since then i have had no miss payments and i have 10 credit cards but i have no relationship with Amex.. does it make it sense to get personal Amex cards first? Or business and which ones?!

thanks

Re: How to get Amex business platinum

silver_idle — Thu, 28 Jan 2021 10:48:48 GMT

@Anonymous wrote:
Hi y'all so i just created a real estate and busimess consulting llc entity and i wanted to get an Amex business platinum because i plan on spending a good amount of money in the business. I have a 705 experian score with a charge off 6 years ago. Since then i have had no miss payments and i have 10 credit cards but i have no relationship with Amex.. does it make it sense to get personal Amex cards first? Or business and which ones?!

thanks

I would suggest posting in the business section but you should qualify. You can use their prequalification page (https://www.americanexpress.com/us/credit-cards/check-for-offers/?inav=menu_cards_prequal_offer) which would show if you have a pretty good chance of approval, but there are many factors that would go into your approval.

Re: How to get Amex business platinum

K-in-Boston — Thu, 28 Jan 2021 12:19:22 GMT

If the business card is the one you want, there shouldn't be a need to go for a personal card first. Amex small business cards are all approved based upon the applicant's personal credit. 705 Experian should be fine. While we don't know much else about your profile, it does bear stating that your internal limit with Amex on a charge card may be lower than you might prefer with the chargeoff still appearing on your reports - not a guarantee, but something to be mindful of.

Re: How to get Amex business platinum

GApeachy — Thu, 28 Jan 2021 12:34:53 GMT

@Anonymous ~~What line of work are you in?~~ Amex has a variety of cards and choosing the one that fits your spend needs is the one I'd go for, not the one that might be the 'easiest' to get. I tried a couple of times (didn't care about the hp's) before I finally succeeded in getting my biz foot in the door. I'd suggest biz card first since it doesn't report to personal and it seems like that's your main objective.

Do you have any other biz cards or tl's for your new business? If not, maybe try starting off with a couple of easy-to-get biz cards like Lowe's Pro or StaplesMore to beef up your biz profile first. Once I had a couple of tl's under the biz then Amex welcomed me in. Not sure if that was the real reason behind the approval but I think it was just because of the timing.

I'd actually try right off the rip to get an Amex biz card first but that's just me, I'm not at all concerned with hp's and you never know until you try. That way you'll know where you stand (sort of) esp if you are denied and the denial reason mentions c/o. At least you'll know to move on until the c/o is off your report or not....perhaps, again it's just a thought on knowing where you'd stand. Good Luck on your new venture.

ETA: I studied this a lot:

https://ficoforums.myfico.com/t5/Business-Credit/Business-Credit-101/td-p/108894

It helped me attain biz credit

Re: How to get Amex business platinum

Red1Blue — Thu, 28 Jan 2021 23:55:37 GMT

You can always apply for their Gold Biz Card which has less threshold for the application and once you get the Gold card you can ask them to upgrade to Platinum. Once you have one card with Amex you can do wonders. Good Luck.

Re: How to get Amex business platinum

wasCB14 — Fri, 29 Jan 2021 00:37:08 GMT

@Red1Blue wrote:
You can always apply for their Gold Biz Card which has less threshold for the application and once you get the Gold card you can ask them to upgrade to Platinum. Once you have one card with Amex you can do wonders. Good Luck.

There is a general consensus that the opposite is true...that charge cards have similar criteria. Platinum really only differs from Gold and Green in the rewards/perks/AF tradeoffs.

Re: How to get Amex business platinum

Anonymous — Wed, 03 Feb 2021 05:18:42 GMT

I actually am apart of amex merchant services account for my business as well.

So I'm guessing I can apply for a Amex BBP and Amex Platinum in the same day? and potentially get approved for both?

Re: How to get Amex business platinum

K-in-Boston — Thu, 04 Feb 2021 01:34:18 GMT

@Anonymous wrote:
I actually am apart of amex merchant services account for my business as well.

So I'm guessing I can apply for a Amex BBP and Amex Platinum in the same day? and potentially get approved for both?

One charge and one revolver the same day should not be an issue. Not sure what your business volume is or how you plan to use the cards, but do note that the spending requirements for Welcome Offers on Business Platinum are often much higher than one may be accustomed to with personal cards (mine was $20k spend in 3 months for 85k MRs).

Agree that the underwriting appears to be similar for all members of the charge card families.