AMEX Platinum Declined! Recon help

[Anonymous]

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@Anonymous wrote:
Why didn’t you use their prequalify tool to see if you were qualified for the platinum card? That’s what I would do before you try again and waste another HP.

Their prequalify tool is pretty accurate that’s how I got in they only showed me a green card and I bit the bullet just to get in with them even though it wasnt the card I wanted.

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All the charge cards have the same credit worthiness requirements. If you could get the Green card you could have gotten the Gold Card and the Platinum card just as easily.  When I got my first Amex cards all I was showing was the Green on pre-qualify but I got the Platinum and BCE both with no issues.  

[Anonymous]

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@Anonymous wrote:
In need of some advice...
Trying to get in with AMEX so I finally applied for the platinum since people said it was easier to get approved and had more lenient underwriters that their CCs.

Application was instant declined. According to the letter my FICO was 712 and listed the following reasons:
-The length of time your accounts have been established.
-The ratio of revolving account balances to their credit limits is too high.
-The ratio of loan balances to the loan amounts is too high.
-There are too many credit inquiries on your report in the last 12 months.

I have 5 open accounts 4 revolving and 1 installment. Only 1 revolving account has a balance and that because The statement closed on a weekend and the payment didn’t process to the following busniess day and got pushed to the bureaus with a balanced. But i always pay in full before statement cuts.

At the time of the App i only had 3 inquiries in the last 12 months and my AAOA is 2yrs 8mos.
Only baddie on my file is a 30 days late from 2017

So with all that said none of their reason for denial make no sense to me as my friend got approved with more HPs, lower score, and carries a balance on 3 cards.

I called the RECON line and was told that they would escalate it to higher ups to take a look. Now based on experience what do you guys think?

Do I have a shot? And if not what can i do to better my chances next time.

P.S. When i got denied for the platinum i went and applied for the Hilton Honnors since i read around that you can apply to both 1 charge card and 1 CC in the same day to combine HPs that was an instant cancelled.. reason stated recently declined blah blah.

Any pointers or help is much appreciated!

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I would say your credit score is high enough and I would ignore the number of credit inquiries on your report as Amex doesn't care about that.  But it said your installment loan balance is too high.  Did you just get an installment loan?  What is your debt to income?   

I had a lower score than you and tons of baddies on my report when I was approved for the platinum.  Though I had zero debt.  I think it is probably your debt to income and the newness of your installment loan combined with a maxed out card. 

[Anonymous]

sorry to hear.... I got the Gold card, I couln't justify spending 500 on annual fees.  they gave me a very low starting limit.  3k for a no preset spending limit....pfff   lol

[Anonymous]

I think you need to build up your relationship with Amex slowly. Get in on a lower end card like BCE or a hotel card. After a while then you can go big. 

Like amex always says, they really focus on membership. It's like having a pet for 1 day vs 15 years. On the first day the pet is gonna be resistant, but after 15 years he or she may go above and beyond for you. 

same with Amex.