topic Re: amex. new app or wait for upgrade? in Credit Cards

amex. new app or wait for upgrade?

Anonymous — Thu, 10 Feb 2011 22:41:52 GMT

I applied for amex green card in dec 2010. I regret that I didnt apply for the platinum card since I travel overseas 5-6 times a year and coast to coast many times as well and therefor could have taken advantage of airport lounge and other travel benefits with the card. I was told that I need to wait 13 months before I can upgrade my green to platinum.

I was also told by CSR that I also could apply now for a new Platinum card and that would be a new application w hard inq.

Should I wait applying until I have 6 months of history with amex ?
or apply now ?
any thoughts on my chances of approval ?
how important is amex-history to amex?

here is my scores etc:

TU 783, EX 752, EQ: 761
citi secured 11 months old. 200 limit:
closed cap1 3 years old. 500 limit.
and then my amex green. 2 months old.
95k income. no baddies at all.
aaoa: 2 years and 1 month
EX: only 1 inq within the last year and that was amex in dec 2010
TU+EQ: no inquires within last year.

Re: amex. new app or wait for upgrade?

smc733 — Thu, 10 Feb 2011 22:47:28 GMT

My advice is to wait the 13 months, unless you really really can put it to use in ways you can't on your Green.

Re: amex. new app or wait for upgrade?

Walt_K — Thu, 10 Feb 2011 22:47:51 GMT

@Anonymous wrote:

I applied for amex green card in dec 2010. I regret that I didnt apply for the platinum card since I travel overseas 5-6 times a year and coast to coast many times as well and therefor could have taken advantage of airport lounge and other travel benefits with the card. I was told that I need to wait 13 months before I can upgrade my green to platinum.
I don't know if there's something specific about the Green card, but I got a Preferred Rewards Gold in October of 2010 and I have seen the option to upgrade to Platinum when I log in since the beginning. My card was also backdated to 1998 though, so maybe that makes a difference.

Re: amex. new app or wait for upgrade?

score_building — Thu, 10 Feb 2011 23:27:08 GMT

@Walt_K wrote:
@Anonymous wrote:

I applied for amex green card in dec 2010. I regret that I didnt apply for the platinum card since I travel overseas 5-6 times a year and coast to coast many times as well and therefor could have taken advantage of airport lounge and other travel benefits with the card. I was told that I need to wait 13 months before I can upgrade my green to platinum.
I don't know if there's something specific about the Green card, but I got a Preferred Rewards Gold in October of 2010 and I have seen the option to upgrade to Platinum when I log in since the beginning. My card was also backdated to 1998 though, so maybe that makes a difference.

Also basically agree with smc in PP.

and, history is fledgling, AMex score may not look like FICOs, which are v. strong based on thin file-

but if it would be a great benefit to you, it does seem amex has been allowing multi app aprovals in short time spans or even same day, without batting an eyelash. Just don't know if it would be pushing it based on AAoA, could go either way. A gold rewards and/or plat preapproval may come your way soon too, they're good like that.

Re: amex. new app or wait for upgrade?

Anonymous — Thu, 10 Feb 2011 23:22:05 GMT

I see upgrade now button on gold, gold pr and platinum when I log on amex website.

But it's still going to be a new application. I was told by CSR because of new law they cant upgrade your card within the first 13 months.

And a new application just after 2 months for another charge cards seems a bit risky. any thoughts ?

Re: amex. new app or wait for upgrade?

smc733 — Thu, 10 Feb 2011 23:37:02 GMT

@Anonymous wrote:

I see upgrade now button on gold, gold pr and platinum when I log on amex website.

But it's still going to be a new application. I was told by CSR because of new law they cant upgrade your card within the first 13 months.

And a new application just after 2 months for another charge cards seems a bit risky. any thoughts ?

Again, not worth it.

Re: amex. new app or wait for upgrade?

Walt_K — Fri, 11 Feb 2011 01:16:10 GMT

If you decide you don't want to apply for the card at this time and the only/prime benefit of Platinum you are really interested in is the airport lounge access, you could look into a Piority Pass membership.

Re: amex. new app or wait for upgrade?

Creditaddict — Fri, 11 Feb 2011 04:31:04 GMT

We have been seeing this a ton lately... people getting Zync because they think it's easier to get but really want Gold and go back and apply and get approved.

I have not seen anyone apply for zync or green and then go back right off the bat and apply for gold or platinum and not get approved.

since you say you travel so much I would not wait a year... that's a year worth of traveling that you don't get the nice plat benefits.

Re: amex. new app or wait for upgrade?

Anonymous — Fri, 11 Feb 2011 05:28:23 GMT

Just logged into amex site and saw that I'm pre-approved for platinum and gold. And there is a button that says "Upgrade Now".

So will that automatically be a new application even though it says upgrade. CSR told me I can't upgrade within the first 13 months.I have had the green charge card for 2 months only.

The button should say "Apply for new card" instead. here is a screen grab. Any thoughts on this ?

Re: amex. new app or wait for upgrade?

Red1Blue — Fri, 11 Feb 2011 14:02:08 GMT

From what I have seen earlier, usually when they do upgrade it is a soft inq. At least it was for me. I am not sure if thing have been changed recently.

Re: amex. new app or wait for upgrade?

Smerri — Fri, 11 Feb 2011 16:12:49 GMT

When I applied for AmEx in August, I initially applied for the Green card. Come October, I realized the Premeir Rewards Gold Card was definitely a better fit for me, so I went ahead and applied. I was told the same thing (13 months before an upgrade) but I knew it was going to be my last inquiry for a while so I went ahead and pulled the trigger anyways. In the long run, it was more worth it to get the card and thake the hit than wait the 13 months. If the Platinum is going to be worth it, in my eyes, its worth it to take the hit. Keep in mind I am no credit expert, just an average consumer.

Re: amex. new app or wait for upgrade?

Anonymous — Fri, 11 Feb 2011 16:47:37 GMT

I've never upgraded an Amex product so their policy might be different that of other banks, but with most if you upgrade you don't get any of the bonus offers. Right now they are offering 50,000 bonus points on the Platinum card. They were offering this same benefit when I got mine and I used the points to pay for airline tickets and recouped my annual fee. Those more familiar with Amex can weigh in on whether you would still get the bonus points, but if not that is a pretty big perk to give up since you are going to be out $450 for the annual fee when you upgrade. If you would lose those points by upgrading, I would just apply for a new card. The inquiry hit will hurt a little for awhile but the card will be dated from 2/10 and already have a year of age on it.

I have Priority Pass too and it gets me into more lounges than the Platinum card does. There are some lounges that don't honor the Priority Pass that will accept the Amex if you happen to be flying on that airline.

Re: amex. new app or wait for upgrade?

Anonymous — Fri, 11 Feb 2011 19:03:05 GMT

I was just about to apply but then I saw that "Pre Approved for You" is gone. It just said upgrade your membership.

Not sure what is up with Amex. It's strange. Nothing has changed on my credit report.

Smerri, Did your Gold card PR say pre approved when you applied two months after your green card ?

Re: amex. new app or wait for upgrade?

Smerri — Fri, 11 Feb 2011 20:16:53 GMT

@Anonymous wrote:
I was just about to apply but then I saw that "Pre Approved for You" is gone. It just said upgrade your membership.

Not sure what is up with Amex. It's strange. Nothing has changed on my credit report.

Smerri, Did your Gold card PR say pre approved when you applied two months after your green card ?

I don't remember anything saying pre-approved when I applied for PR Gold.

Also, just looked at the AmEx Cards page and right now it says I'm pre-approved for

Platinum

Gold Delta Sky Miles

Platinum Delta Sky Miles

But those "pre-approved" appear to be there one day and gone the next so I don't know how accurate it is. Also, I have had my Gold Card only since October 2010 (and been am AmEx cistomer since August 2010) so obviously no 13 month wait period yet.