topic Re: Amex Platinum Help in Credit Cards

Amex Platinum Help

nickcredit — Mon, 21 Nov 2011 19:57:12 GMT

I need to get educated on Amex.

Me....

Scores: EQ 724 and TU 705

*I have late payment history on 3 accounts back in 2007 (this is what is effecting my scores)

I have zero debt.

I have reasonably high income. (Over $200k a yr)

I use an FIA credit card like a charge card for points. Charging between $3k and $7k a month.

I have a side business, a brand new LLC.

I'd like to get the best Amex card possible. Platinum if possible, Gold would be my second choice based on the perks / points.

Are my chances best to apply for Platinum personally or should I try for a business platinum? If I apply through the busienss I wonder if I'll get it because the business has no history, just a tax ID. I WANT the card to help my personal credit score and I am not clear if I go the business Amex route that a charge card will help my personal credit.

What are my chances of being approved for an Amex Platinum? Gold? Any Amex?

THANKS!

Re: Amex Platinum Help

Red1Blue — Mon, 21 Nov 2011 20:00:56 GMT

Gold is easier to get approved and you can ask for Platinum upgrade after 13 months. Probably their Zync card is most easier to get than other cards. Amex has their own scoring system and it is hard to predict. You can apply for platinum and if it is declined you can do a recon for Gold or Zync. Or play the conservative role and apply for the Zync and if it is approved you can ask for product change after 13 months or even apply for another card after few months. Either way, unless you apply it is hard to know if you are approved or not.

Re: Amex Platinum Help

sandsanta — Mon, 21 Nov 2011 20:36:51 GMT

Go to the Amex page and see which cards you'd be pre-approved for. You might not get instant approval for Platinum, but with your income I'm pretty sure you'll be in the clear.

Re: Amex Platinum Help

nickcredit — Mon, 21 Nov 2011 20:53:00 GMT

I have not been pre-approved for any Amex.

Re: Amex Platinum Help

bichonmom — Mon, 21 Nov 2011 20:57:25 GMT

Zync is known as one of the easier Amex cards to get. Amex mostly pulls EX, though there are exceptions.

As long as your util is low, it seems like you would stand a pretty good chance. I'd be sure your EX report is clean since that's the one they're most likely to pull. Even though you can't see your scores, at least be sure there's nothing surprising on it before you app.

Besides Zync, if you're deciding between Gold and Plat, I'd think that the Gold would have lower requirements for approval, so that's your best shot.

Re: Amex Platinum Help

aftermath — Mon, 21 Nov 2011 20:59:16 GMT

Both Personal and Business cards from Amex check your personal credit report. So it's up to you which one you want.

Re: Amex Platinum Help

Walt_K — Mon, 21 Nov 2011 21:01:56 GMT

If you apply for the business cards, they will not help your personal credit. They won't appear on your report.

As for the personal cards, there is a lot of anecdotal evidence that the criteria for approval for green, gold, and platinum are the same. If you want Platinum, I'd just apply for Platinum (although purely as an MR points earning card, the PR Gold card is much better). As for your chances of approval, I'd say pretty good. I was approved for the PR Gold card in October 2010 with an EQ FICO of around ~645 (can't remember exactly). While I did not know it at the time, my EX FICO is about 50 points higher than EQ. I had late payments on my report that were less than two years old at the time. I have similar income.

Re: Amex Platinum Help

Anonymous — Mon, 21 Nov 2011 21:23:31 GMT

@nickcredit wrote:
I have not been pre-approved for any Amex.

You've checked the Amex preselector site? https://www201.americanexpress.com/secure/my-special-offers?btct=AMEX_APPLY_Main_SJ_N1_Bucket_ultimatePerfectCards:Targeted&ct11=AMEX_APPLY_Main_SJ_N1_Bucket_ultimatePerfectCards

click not a card member yet.

That said, if you want Plat, I would say you're within target. I say go for it. also remember apps submitted within 24 hours are still only one hard pull. So, if you app for Plat and get denied, try for the PR Gold. With everything you've said I wouldnt imagine you'd get denied. But stranger things have happened lol.

Re: Amex Platinum Help

nickcredit — Mon, 21 Nov 2011 21:32:13 GMT

Tried the link. Not preapproved.

Being able to apply several times in a 24 hr period is HUGELY VALUABLE information. THANK YOU.

Re: Amex Platinum Help

Walt_K — Mon, 21 Nov 2011 21:59:47 GMT

@nickcredit wrote:
Tried the link. Not preapproved.

Being able to apply several times in a 24 hr period is HUGELY VALUABLE information. THANK YOU.

I'm not sure, but I think if you are denied on your first app, the next app will be canceled and you have to wait some amount of time before you can apply again. If you are approved for the first app, you can app for other cards, and if the apps are done online and in the same day, they will count as one pull.

Re: Amex Platinum Help

Skinnyminnie — Mon, 21 Nov 2011 22:37:21 GMT

If you're denied on an app then try to apply again for another right after that it will get cancelled. Likewise if one applies for a credit card and gets declined then proceeds to apply for a charge card within 30 days of the recent credit card decline Amex will decline this app also. Amex will not (should not) do a hard pull again but the computer will pull up the previous credit report and make the same decision. Or so a rep told me.

Re: Amex Platinum Help

nickcredit — Mon, 21 Nov 2011 22:42:42 GMT

Noted.

Re: Amex Platinum Help

Anonymous — Mon, 21 Nov 2011 22:52:57 GMT

Unless you travel go with Gold PR, Plat is maily for travlers IMO

Re: Amex Platinum Help

Anonymous — Mon, 21 Nov 2011 22:54:03 GMT

PenFed's AMEX is an excellent one, plus you have the protection and benefits of a CU.

Re: Amex Platinum Help

Creditaddict — Tue, 22 Nov 2011 03:04:56 GMT

Does not matter if business is brand new, it's all based of your personal credit... Apply for Platinum if that's what you want.

I'm so SHOCKED.... EVERY time an Amex Charge card gets a new thread, everyone jumps on to say Zync easiest, Gold little easier then Platinum and this theory has been shot in the foot every single time... Why would Amex give you a $25 annual fee card that they can set an internal limit to $500 if they don't trust you and not offer you the $495 annual fee card with the same $500 spending limit???? They have so much control with the charge cards, if you want to pay the annual fee and you qualify for an Amex Charge you are going to get which ever one you apply for.

We have literraly had a poster that applied for Zync, instant approve... "well I really wanted Gold!" so they went back and applied for Gold - Instant approve. "well actually I really wanted platinum, just didn't think I would get it... they go back and apply and instant approval!"

Re: Amex Platinum Help

haulingthescoreup — Tue, 22 Nov 2011 05:22:32 GMT

@Creditaddict wrote:

...We have literraly had a poster that applied for Zync, instant approve... "well I really wanted Gold!" so they went back and applied for Gold - Instant approve. "well actually I really wanted platinum, just didn't think I would get it... they go back and apply and instant approval!"

And you know that American Express just beamed with contentment at getting all those AF's.

Re: Amex Platinum Help

sandsanta — Tue, 22 Nov 2011 05:27:52 GMT

Zinc will give you the 500 limit option on decline. Gold and Platinum will not.

Re: Amex Platinum Help

Walt_K — Tue, 22 Nov 2011 16:47:20 GMT

@Creditaddict wrote:
Does not matter if business is brand new, it's all based of your personal credit... Apply for Platinum if that's what you want.

I'm so SHOCKED.... EVERY time an Amex Charge card gets a new thread, everyone jumps on to say Zync easiest, Gold little easier then Platinum and this theory has been shot in the foot every single time... Why would Amex give you a $25 annual fee card that they can set an internal limit to $500 if they don't trust you and not offer you the $495 annual fee card with the same $500 spending limit???? They have so much control with the charge cards, if you want to pay the annual fee and you qualify for an Amex Charge you are going to get which ever one you apply for.
We have literraly had a poster that applied for Zync, instant approve... "well I really wanted Gold!" so they went back and applied for Gold - Instant approve. "well actually I really wanted platinum, just didn't think I would get it... they go back and apply and instant approval!"

Agree that there is a decent amount of anecdotal evidence that the approval criteria is the same or similar, but the above example doesn't prove anything other than that the poster always would have been approved for the Platinum card.

There are some that get approved for the Zync card on the condition that they have a hard limit of $250 or set up autopay and get a hard limit of $500 (I think those are the terms). I don't believe I've ever read a thread where such a person has then tried to apply for Platinum. If someone got a Zync under those terms and was also approved for a Platinum, I think that would fairly well establish that the criteria are the same.

Re: Amex Platinum Help

nickcredit — Thu, 15 Dec 2011 01:22:39 GMT

I'm thinking about doing the following which is a little different than previously posted.

I'm thinking when I apply to Amex that I will apply for the Delta Reserve CC AND the Platinum Charge at the same time. Is that possible to do? Will it show as one inquiry or two? Does anyone have experience with this?

I want amex for the rewards and essentially stop using my FIA CC and others and making these two Amex cards my "go to" cards.

How hard will this be to pull off? Once more I have zero debt, a score in the mid 700's, two late payment delinquencies both from 4 years ago and income over $200k.

Re: Amex Platinum Help

Creditaddict — Thu, 15 Dec 2011 01:25:59 GMT

@nickcredit wrote:
I'm thinking about doing the following which is a little different than previously posted.

I'm thinking when I apply to Amex that I will apply for the Delta Reserve CC AND the Platinum Charge at the same time. Is that possible to do? Will it show as one inquiry or two? Does anyone have experience with this?

I want amex for the rewards and essentially stop using my FIA CC and others and making these two Amex cards my "go to" cards.

How hard will this be to pull off? Once more I have zero debt, a score in the mid 700's, two late payment delinquencies both from 4 years ago and income over $200k.

Applications with Amex on same day are 1 inq. Apply for Delta First, then Plat.