Amex Platinum Card - Denied

[Anonymous]

Hi everyone! I've been a long time lurker here(I owe you folks a lot of thanks for a great start). Amex denied my application for the Platinum Card(I don't blame them lol).

I'm just trying to guage their reasoning but I'm also curious if it's worth reconning the application. I realize I've amassed quite the collection of accounts here as I type this...

Anyway, the last time I applied for the Platinum Card was 8/29/2019. I tried calling American Express customer support and they transferred me to a much less 'friendly' department after I asked about changing the outcome of my application. I wonder if it was a credit analyst or something.

I'll admit I was very cocky and said that I had very few expenses but also that I found this be something of a puzzle(game). I probably came off as not taking the financial gravity of a charge card seriously enough(changed alot though).

 For the last 11 months the Platinum Card has not shown on the Amex prequal page and any attempt to click the Platinum Card page while logged in to the Amex account website resulted in error webpage(customer service chat links to it didn't work either).

I was approved for the Green Card same day as the Gold Card but closed it since it's categories overlapped(Groceries, Transit, Restaurants). Now the Platinum Card is showing again on the prequal page. I really want this card and was denied. I just don't want to end up on Amex's 'Don't lend to this credit seeker list'.

My question is: Is Amex normally inquiry sensitive? I know they don't like it when you carry a balance. I haven't seen them get too bothered by me opening a vast amount of new accounts(fingers crossed?)... There are currently 11 accounts total reporting/6 accounts closed, 10+ in the past year. Should I, try, to wait out covid-19 before apping again? 

We evaluated your application using a credit scoring system that considers various pieces of information, including your credit report. The following key factors contributed to our evaluation:

 

The number of creditors who have reviewed your credit report.

You have too many inquiries on your credit bureau report in the last 30 days.

 

Open Accounts are as follows:

Amex Gold Card(NPSL, 5k PoT, $1,018(PIF))

Amex BCP($5,000 SL, $0, 6mon)

GS/Apple Card($6,000 SL, $0, 11mon)

Discover IT Cash Back($3,000$ SL, 0$, 22mon)

Discover IT Cash Back($2,000 SL, $0, 6mon)  - was BT card

Barclays Apple Financing Card($4,100 SL, $0, 11mon)

Jordans TD Bank Store Card($8,000 SL, $1,513, 0mon) - Has not reported yet

DCU Platinum Visa  CC($3,000 SL, $0, 0mon) - Has not reported yet

Auto Loan from MetroCU autoloan($7,152 @ 4.99% for 48mon, 0m) - Has not reported yet

Closed Accounts as follows:

Citi DC($0) - Sent around(5 or so, around 1/week) mail offers until I accepted(one actually came *after* I was approved) - %0 with 0% BT/Checks

Petal Card($0) - Didn't serve a purpose

Amazon Store Card($0) - Opened for $60 SUB, closed 30 days later.

Capitol One Platinum Card($0) - Closed, never had a use for it.

Finally, scores are as follow:

FICO 8 Bank Card: EQ 699/TU 730/EX 721

FICO 9: EQ 722/TU 737/EX 736

Inquiries(last year): EQ 4/TU 3/ EX 15

Income is 40k/yr salaried

Total Reported CLs is $21,100.

I look forward to hearing everyones oppinions and views on this. Any datapoints would be of great help! If there's any additional info needed just ask(I probably missed a few things typing this wall of text).

[Anonymous]

---

@Anonymous wrote:

While on call: I was very cocky... also that I found this be something of a puzzle(game).

I was approved for the Green Card same day as the Gold Card but closed it

Is Amex normally inquiry sensitive?

Open Accounts are as follows:

Amex Gold Card(NPSL, 5k PoT, $1,018(PIF))

Amex BCP($5,000 SL, $0, 6mon)

GS/Apple Card($6,000 SL, $0, 11mon)

Discover IT Cash Back($3,000$ SL, 0$, 22mon)

Discover IT Cash Back($2,000 SL, $0, 6mon)  - was BT card

Barclays Apple Financing Card($4,100 SL, $0, 11mon)

Jordans TD Bank Store Card($8,000 SL, $1,513, 0mon) - Has not reported yet

DCU Platinum Visa  CC($3,000 SL, $0, 0mon) - Has not reported yet

Auto Loan from MetroCU autoloan($7,152 @ 4.99% for 48mon, 0m) - Has not reported yet

Closed Accounts as follows:

Citi DC($0) - Sent around(5 or so, around 1/week) mail offers until I accepted(one actually came *after* I was approved) - %0 with 0% BT/Checks

Petal Card($0) - Didn't serve a purpose

Amazon Store Card($0) - Opened for $60 SUB, closed 30 days later.

Capitol One Platinum Card($0) - Closed, never had a use for it.

Finally, scores are as follow:

FICO 8 Bank Card: EQ 699/TU 730/EX 721

FICO 9: EQ 722/TU 737/EX 736

Inquiries(last year): EQ 4/TU 3/ EX 15

Income is 40k/yr salaried

Total Reported CLs is $21,100.

---

How long did you have the green before closing it?

 If the plat (or any specific card) doesn't show up when logged in, don't apply for it.

The Amazon was a churn and burn, and they saw it. There was someone else posting about too many accounts closed, as a denial reason, even though they only closed one card after having it for a considerable length of time.

Probable reasons IMO:

Lack of installment information 

Too many recent accounts/inquiries

Low-end FICO score, and they use F8 not bankcard or F9

Too many recently closed accounts

Too many inqs in past 30 days

Try the biz platinum if you can meet the spend, the UW may differ.

[Anonymous]

Hi Dumbee,

I closed the Green Card the day I was approved for both the Green and Gold(since Platinum Card didn't even show up on the page). I guess my confusion is coming from the fact that even the CSR's didn't seem to understand why it errored-out; The page just said it didn't exist(404 error, but cookies/cache cleared showed differently). I just don't want to completely lose this oppurtunity either. I spend heavily on Amex with almost no spend on much else I find the charge cards actually make me think *more* carefully about my spending than a CC.

I was approved both the Green and Gold card on the same day; Literally seconds or minutes apart. I closed the Green Card roughly 5 minutes after via Chat with a CSR and explained my reasoning(didn't know either had a SUB until I hit the min spend a couple months later). Does this make a difference if I never claimed a bonus?

[M_Smart007]

@Anonymous 

They cited "The number of creditors who have reviewed your credit report.

You have too many inquiries on your credit bureau report in the last 30 days."

you have "EX 15" .. right now, that is probably excessive in their eyes.

Sorry for your denial. I would garden and let those fall off.

(At least get to the point where they are un-scoreable)

[coldfusion]

Mostly recent cards, previously closed an AMEX card and other history of closing cards, scores suggest a dirty credit profile, income level suggests low spend  (just the AF is more than 1% of your yearly gross income).  Maybe not 1 huge dealbreaker but death by 1000 cuts.  Not a huge surprise you got a denial.

As a side note I suspect that for a while you'll find approvals for other Synchrony cards to be a challenge.

[Anonymous]

I kind of figured that with Synchrony. I actually don't have a credit history of any kind prior to 23(25 now). I started this late but I've never missed a single payment. I live with my family and will be renting soon as I move out. I pulled Innovis, Sagestream, Chex, FICO(MyFICO Premier, Experian, Equifax and annualcreditreport.com). I had no credit history prior. I assume this means it can't be a 'dirty' score?

[Anonymous]

It's 26 or so in the past 'two years' lol  Also is that 25 or 24 months? @M_Smart007 

[coldfusion]

Given the info from your profile your score would be typical of someone who had an older derog. It wouldn't have been a dealbreaker by any means.

[Anonymous]

I wonder about this though... I burned PayPal when I was in highschool and it went to collections(many bad decisions and many 'friends'). My mother paid the collections at the time(I still feel kinda dumb). I've found it extremely difficult get any kind of credit since day one but this could just be the climate too.

I wonder if it was unoffically shared. I work in the IT field and I know intra-agency Patient PII is common when it comes to state agencies. I wonder if financial data is similar but I digress.

Edit: I should clarify that this happened because the bank issued charback(local CU, didn't report to or pull Chex at the time luckily). I know many banks keep records far longer than just the CRA's. I'm not sure if that would have to do it with it.

[PointsBonus]

depending on how long you had ur Gold card (over a year ) just ask for the upgrade if you just want the "Platinum" card. But, if ur wanting the SUB, I freeze all ur 3 bureaus for 6 months and use the Gold card PIF each month as my main source card for the next six months. Than apply .