Amex plat: Apply now or wait?

Anonymous · ‎04-12-2019

I'm looking to get an Amex Plat card in the near future. I would be able to use a lot of the credits so the net annual fee would drop to less than $100. At that price its well worth it for the hotel/rental car statuses as well as airport lounge accesss. It would be nice to get it before an upcoming trip in mid July but the main trip is coming up in 7 months mid-November 2019. Here is my current situation and where I predict it will be in October 2019.

Currently:

675 score

3 cards

$6500 used on $9500 credit limit(68% utilization)

No morgages/auto loans/other loans

Newest account: 3 years

Oldest account: 11 years

Average age: 6.5 years

No Collections/bankruptcy/writeoffs

1 "30-60 day late" from July 2018, current ever since(9 months ago)

Individual income $45k

Never have had an AMEX card

By October, I project these changes:

$2500 or less out of $9500 or more(below 30% credit utilization)

Average age of credit increased to about 7 years

The "30-60 days late" over a year old or maybe removed

Questions:

1. Should I attempt to apply for AMEX plat now or would it be a slim chance?

2. Would there be any disadvantage to applying now and getting turned down and reapplying in Oct compared to doing my first application in October? Basically, can I reapply in 6 months(mid october) with no negative impact stemming from being possibly turned down now(in april) or will a turn down in april hurt me in my October application?

3. Would increasing my stated income to 100K be measurably impactful? My income is $45k but my partner's is $55k. By October, we will be living together and I could include her's but I would rather not subject her to a Financial review(if one comes up) unless including her income would be measurably helpful.

Anonymous · ‎04-12-2019

I think it's important to consider that Amex Platinum is a top tier perks card like Chase Sapphire Reserve. They want great credit and a solid file. With your scores, utilization high, and baddies not that old, it would be a good idea to wait and save the credit inquiry until your profile is in better shape.

Check AMEX prequals page - you can always do whatever you want at your own risk but I wouldn't apply until they're showing me a prequalification on the Platinum card. If Gold is already shown, then that might be a good sign that you're on the right path.

Anonymous · ‎04-12-2019

The AMEX Platinum card is so shiny, and beautiful. It also comes with a 500$ Annual fee, and in my words its a TIER 4+ card. Meaning its on the higher ends of luxury.

1. I would hold off UNTIL OCTOBER. AMEX loves to see lower Utilization. Higher means you have to watch out for a potential dependence on credit. HOWEVER. Amex Platinum is a charge card. Meaning it will have no set limit.

2. If you apply you would want to only try once. Each time they can pull a hard inquiry which will end up on you're credit report.

3. You are allowed under their rules to add the others income if you want to. However. They can request proof of income, and that takes a bunch of time. They would require proof that you have that. People who work online, and have money tucked away in banks will have to get documentation from a bank. This situation is extremely rare.

Best of luck on the vacation! AMEX Plat. is a nice card that offers amazing benefits.

CreditInspired · ‎04-14-2019

@Anonymous wrote:
I'm looking to get an Amex Plat card in the near future. I would be able to use a lot of the credits so the net annual fee would drop to less than $100. At that price its well worth it for the hotel/rental car statuses as well as airport lounge accesss. It would be nice to get it before an upcoming trip in mid July but the main trip is coming up in 7 months mid-November 2019. Here is my current situation and where I predict it will be in October 2019.

Currently:
675 score
3 cards
$6500 used on $9500 credit limit(68% utilization)
No morgages/auto loans/other loans
Newest account: 3 years
Oldest account: 11 years
Average age: 6.5 years
No Collections/bankruptcy/writeoffs
1 "30-60 day late" from July 2018, current ever since(9 months ago)
Individual income $45k
Never have had an AMEX card

By October, I project these changes:
$2500 or less out of $9500 or more(below 30% credit utilization)
Average age of credit increased to about 7 years
The "30-60 days late" over a year old or maybe removed

Questions:
1. Should I attempt to apply for AMEX plat now or would it be a slim chance?
2. Would there be any disadvantage to applying now and getting turned down and reapplying in Oct compared to doing my first application in October? Basically, can I reapply in 6 months(mid october) with no negative impact stemming from being possibly turned down now(in april) or will a turn down in april hurt me in my October application?
3. Would increasing my stated income to 100K be measurably impactful? My income is $45k but my partner's is $55k. By October, we will be living together and I could include her's but I would rather not subject her to a Financial review(if one comes up) unless including her income would be measurably helpful.

IMHO, I think you should wait until your UT is less than 28.9% (preferably less than 8.9%) and your scores are north of 700. Even with this being said, it may still be tough with that late. Try doing GW letters to get that late removed.

As others have said, this is a top-tier card and may be difficult to get, I believe, even if the income was doubled.

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K

Anonymous · ‎04-15-2019

Sounds like I will wait. In the meantime, besides trying to get a GW on the late payment, what other things can I do other than paying down balances? I’m guessing a CLI on existing cards would be good and lower my overall utilization.

What about getting an extra card? That would result in going from 0 hard pulls to 1-2 as well as decrease in my overall age of credit. My existing 3 cards are 12 years, 8 years and 2.5 years. But it would add another tradeline and increase my overall credit limit, thereby decreasing my utilization. By the time I would apply for the Amex it would be six months after opening this new card.

Anonymous · ‎04-15-2019

@Anonymous wrote:
Sounds like I will wait. In the meantime, besides trying to get a GW on the late payment, what other things can I do other than paying down balances? I’m guessing a CLI on existing cards would be good and lower my overall utilization.

What about getting an extra card? That would result in going from 0 hard pulls to 1-2 as well as decrease in my overall age of credit. My existing 3 cards are 12 years, 8 years and 2.5 years. But it would add another tradeline and increase my overall credit limit, thereby decreasing my utilization. By the time I would apply for the Amex it would be six months after opening this new card.

I think if you want to get your file as attractive as possible for a Platinum approval, you want to avoid any CLI that requires a hard pull. I wouldn't open new accounts unless you're willing to wait 2-3 months before pulling the trigger on the Amex Platinum application.

Anonymous · ‎04-23-2019

I’m planning on the Amex platinum app in early October 2019. I wouldn’t be doing any sort of applications within three months of that. I rechecked my Experian and I am a little over 680 at the moment. I put in the information for a combination of my income and my fiancé’s and I was preapproved for a variety of American Express cards, including the gold card but not platinum.

Would there be any advantage or disadvantage to getting a regular Amex credit card in May? The advantages I can think of would be I would’ve been a AMEX customer for 4 to 5 months before the platinum application. It would also lower my overall credit utilization. The disadvantage is I would have a hard pull and new account with my average age of account dropping. Although I think that would be the only hard pull on any of my credit reports.

Anonymous · ‎04-23-2019

@Anonymous wrote:
I’m planning on the Amex platinum app in early October 2019. I wouldn’t be doing any sort of applications within three months of that. I rechecked my Experian and I am a little over 680 at the moment. I put in the information for a combination of my income and my fiancé’s and I was preapproved for a variety of American Express cards, including the gold card but not platinum.

Would there be any advantage or disadvantage to getting a regular Amex credit card in May? The advantages I can think of would be I would’ve been a AMEX customer for 4 to 5 months before the platinum application. It would also lower my overall credit utilization. The disadvantage is I would have a hard pull and new account with my average age of account dropping. Although I think that would be the only hard pull on any of my credit reports.

I would try to first get your utilization down before applying for anything new. Which prequalification did you receive? I think the Gold or Everyday would be a good start, this way you can work your way towards the MR point sign up bonus and then in a few months with good history, you can make the move for the Platinum. Others can correct me if I'm wrong but I believe Amex will only soft pull for the new card which is a situation anyway!

Cred4All · ‎04-23-2019

I'm actually going to veer a bit off from the others on this one OP, and say that it's possible you'd be approved. Getting your score up even another 15 points could help drastically as well. Thinking back, when I applied for the Amex Platinum I had around a 691 score, but utilization was near the low end and salary on the high end. I also had already had an Amex relationship on top of that.

I know it's put out there as a luxury card, mostly due to the travel perks and benefits, however there have been plenty of DP's that show it's not nearly as difficult to acquire than the CSR. I also will say that being a charge card, not a 'credit' card, it's easier to be approved for as well. As this one is close to call, I think it's a YMMV situation. If you feel you absoutely need it right now, it is worth a shot, but no matter what card it is, of course all of us are better waiting until our scores a little higher, our UTIL is a bit lower, and the adrenaline is flowing just right that day!

Anonymous · ‎04-23-2019

@Cred4All wrote:
I'm actually going to veer a bit off from the others on this one OP, and say that it's possible you'd be approved. Getting your score up even another 15 points could help drastically as well. Thinking back, when I applied for the Amex Platinum I had around a 691 score, but utilization was near the low end and salary on the high end. I also had already had an Amex relationship on top of that.

I know it's put out there as a luxury card, mostly due to the travel perks and benefits, however there have been plenty of DP's that show it's not nearly as difficult to acquire than the CSR. I also will say that being a charge card, not a 'credit' card, it's easier to be approved for as well. As this one is close to call, I think it's a YMMV situation. If you feel you absoutely need it right now, it is worth a shot, but no matter what card it is, of course all of us are better waiting until our scores a little higher, our UTIL is a bit lower, and the adrenaline is flowing just right that day!

I see you have Amex Platinum & CSR in your signature - care to give some thoughts on which is more valueable between the two? In my case, I'm a traveling professional so lots of on the road use.