Amex Plat Approval Odds?

[Anonymous]

Hi myFICO, this is my first post in here ever. Glad to have joined after months of zealous (and jealous) spectating.

I wanted to ask your opinion on my odds for the Amex Platinum. I've been eyeing the Plat recently, because I am moving from the Bay Area to Philly soon, and my gf is going to fly out once a month to see me. Since I'll be paying for half of it (it makes more logistical sense for her to visit me, not the other way around), I figured I'd cash in on 5x MR on her bookings (which I will make in her behalf). Besides, SFO has a Centurion lounge, and PHL is getting one soon. I'm willing to pay the extra $175 if it makes her flying coach less painful.

Here's where I'm at:
FICO 8 Experian 697 (via Amex)
Income $62k
Util 19% (was 29% @ above Exp score)
Oldest Account 26 mths
AAoA 9 mths (yeah...)
No lates, no derogs, no liens
3 CC's, no other loans ever
Existing Amex cardholder, 2 mths old BCE

So I'm thinking of asking for the standard 3x CLI since my BCE is 61 days old as of tomorrow, even though it started at the $500 credit steps SL. And then applying for the Plat within a month or so. Would this work? What are my chances, do you think? Thank you in advance!

[fltireguy]

You shouldn't have an issue with an approval

[K-in-Boston]

I think you have an extremely good chance.  Be sure to find the best signup bonus you can for the Platinum, may need to use incognito/private browsing to do so.  Also, kudos on really thinking this through - you and your gf seem perfect candidates for the Plat and will certainly reap the benefits of membership.

[Anonymous]

Why thank you - I did consider my options and the Plat seemed like a good fit as far as benefits and bonus point potential (at least for the next couple of years). I'm glad the thin file isn't too big of a problem, because these forums have made me rather nervous about wasting HP.

I wanted to ask again, however, about my baby SL with the BCE. I had high Util (~35%) at the time of application, which I think might have adversely affected my SL, but even then it seemed too low, and I was wondering if that means Amex almost denied me, or they were just starting me out (which is what the CSR said). Going from their no-fee CC straighr to their highest AF CC seemed too far a jump - is that not a problem? Would a 3x CLI and the Plat app both be approved, even in such a short timeframe?

Thanks guys for your help.

[K-in-Boston]

From recent experience, it's doubtful you would even get a HP for the Platinum (but it can happen).  Amex has usually not been doing HPs on existing cardholders at all, and previously only if you were approved.  (I got my SPG in April and my last HP from Amex was in 2002 or 2003.)  Also, it's an open secret that all of the personal charge cards in the green/gold/platinum family have the same underwriting standards, and those tend to be lower than the revolving cards.  If you can qualify for green you can qualify for platinum.

The $500 SL was certainly a marginal appoval, but there's no harm done in asking for a $1500 CL.  If denied just set it on your calendar to ask again 91 days later.  If approved, set it on your calendar to ask for $4500 181 days later.  To be clear, I am not too familiar with the credit steps from Amex (that's a fairly new development for them) so someone please chime in if the usual 3x guidelines don't apply here.  Regardless, I don't think asking will have any bearing on your charge card application.

[AverageJoesCredit]

I think in Amex credit steps ymmv comes in to play as there has been evidence of person in credit steps receiving 3x ( thanks Medicgrrl for sisters data points on this )