AMEX Platinum Card Denial - Need Advice

[Anonymous]

Hi everyone,

I recently got denied for the American Express Platinum. My scores are EX 702, TU 747, and EQ 770. AMEX pulled an older Experian score of 686. I am a new customer for AMEX as I only had my Blue Cash Preferred since beginning May 2019. 

My denial letter said that my score was too low and my history with AMEX is too short. So, I sent goodwill letters to Care Credit for that 1 late payment. I called them and the representative said that he sent a request to clear that 1 late payment (due to identity theft at the time). Currently, my status says "disputed by consumer, meets FCRA requirements." He agreed that I was not disputing at all and sent the request to clear it. He told me to follow up with all 3 credit bureaus in 10 days. This should shoot my Experian score to the 750 since I pay in full every month. I had 3 hard inquiries on Experian (1 was from AMEX).

As for too short history, does anyone have any idea how long should I wait to apply again? How many months will it take to be an established customer with American Express? 

[Anonymous]

Hi everyone,

I am switching to American Express as my primary credit card(s). My goal is really to maximize investments with the Schwab card and have access to lounges for traveling. Is this a feasible strategy? I only have the Blue Cash Preferred Card.

1) Apply to AMEX Platinum (normal version) Card, Gold Card, and Blue Business Plus. I should aim for the 100,000 point offer for the Platinum. However, I already have the Blue Cash Preferred, so I can settle for the 75,000 points. The Schwab version of the Platinum card only offers 60,000 points. I can be patient for the 50,000 bonus for the Gold Card and 10,000 points for the BBP.

2) I'll cancel the BCP after 12 months with it.

3) After 2 years, I can apply for the AMEX Platinum Schwab card and transfer all my points to my brokerage account. That should be a total of $1,687.50 worth of investment cash which will grow over time. $2,000 if I miraculously get the 100,000 point offer.

Does anyone have any suggestions on how to get that 100,000 bonus point offer? I am kind of new with American Express.

[Anonymous]

I would say it's probably more the low EX score that's got them denying you at this point.  Plenty of people over the years have snagged a CC/Charge in the same hour of applying.  I would wait until the score issue is resolved with Sync and updated to show the higher score on the Amex website before trying again.  It's a SP either way but, submitting several apps that are denied can potentially throw a wrench into your existing card either stimulating a FR or closing the accounts.

Here's the easy way to find out what Fico they're using to review your apps.

https://online.americanexpress.com/myca/creditscore/us/viewScore?request_type=authreg_acctCreditScor...

It's also hidden under account settings but, it's easier to just bookmark it for ease of use.

[Anonymous]

mods moved this while I was writing a response and lost it all. 

Anwyay... you're spending $800/yr in fees for the platinum/gold experience so, you can deduct that from your investment cash total.

incognito mode or referral are the only options on the 100K bonus

If you CHURN cards too quickly you'll end up getting denied bonuses if you do too much too soon w/ Amex. They don't mind handing out $ but, they want to make money as well.

[Anonymous]

Thank you for the reply. Synchrony Bank agreed and sent a request to clear the late payment to Experian, TransUnion, and Equifax. That should get cleared in the next 30 days.

I just got off the phone with American Express. The representative said that it was more of my short history with American Express that really did it. She said that 3-6 months is generally enough to establish a history with AMEX.

As for annual fees, I do not have to worry as much since I travel around 4-5 times per year to make it worth it.

As for churning, that's the issue. I do not plan on switching the Platinum cards until 24 months after approval.

[Anonymous]

Meh... churning is more aimed at the dropping of BCP and picking up P&G... the Schwab version is a totally different product... there even used to be a Mercedes Benz Platinum for a number of years and you could collect the bonus on all 3 of them.

At least now if you're churning things there's a pop-up that lets you know if you're in jeopardy of not getting the bonus.  I think the max right now is 2 bonuses in a 12 month period as I've been getting the pop-up w/ 2 new and 1 upgrade when looking into a 3rd new in the same 12 month period.  They used to be a lot looser with things but have clamped down in the last 6-12 months.

As to the short history thing.... It's fluff and nothing more.  Just clear the payment issue from Sync and it's a green light like I said earlier.  3-6 months wouldn't hurt but, if you have a plan laid out it's a delay.

[Anonymous]

Really? Schwab is a different bonus? I didn't know that. Thank you for the heads up.

Yeah. That's interesting about the 2 bonuses. I didn't know that. I will definitely change my timeline for this. I have a military duty for a few months in the fall so I can get the annual fee waived. That's why I am trying to time this out. 

Thanks for the advice by the way! It made me think about the details.

[Anonymous]

Experience counts when it comes to some of the nuances w/ Amex like the multiple bonuses.  Getting the fee waived is a perk for all that you do for the service of the country.  

Just draw things out in the order of importance when it comes to the cards you want and know that there are some not so apparent things associated with them sometimes.  It's a good thing you brought up the issue you had here.  We tend to know just a tad more around here than the general public would even think about when it comes to CC's.  Blogs do a good job at getting some of the info out there but, they come here to scrape the info