I think you're pretty sold, although the car loan situation hasn't changed much, so that's the only thing giving me pause.
Seems odd you would have pre-approval for the plat and not the gold.
Might be worth checking on the phone if maybe your previous HP would/could be re-used in combination with a fresh SP.
Since your initial app was for a gold card, I'm assuming that card better fits your spending?
I'd not jump on the platinum if it's not great/perfect fit.. much higher fee and limited MR points earning.
Also, if you get an encouraging word from CS and/or online pre-qualification (via official amex site) you may want to divert to the RESY website to move forward -- potentially significant better SUB and a couple extra time limited bonuses at RESY. (no need to sign-up for a RESY account and FWIW, RESY is owned by amex)
IIRC, I took lone a HP from experian from Amex.. Seems to be common, however, since they're paused at income verification I'd say the additional TU inquiry isn't anything to worry about in and of itself.
EG: I think EQ for instance tracks employment, where EX may not. Comparing my 3 reports does show more information than any single report by itself.
Hi @Itachi175
I'm not overly experienced with amex, I do have the Platinum and as of yesterday, the gold. I started with a postal mail offer on the Blue Cash Everyday -- IIRC, it had a so-so sign-up bonus.
The few DP I have are my scores :
12/09/20 | 786 EQ8 | 746 TU8 | 772 EX8 |
..around the time I got the BCE, however the score amex snagged was a HP, and possibly from Nov 2020.
My file was quite thin and amex approved me for $10k for the BCE.
The Platinum was approved ~04-02-2021 by a soft enquiry I guess... Around that date my scores were:
03/18/21 | 791 | 762 | 781 |
The Gold which I was approved for on 12-30-2021 showed a reference to Experian dated 11-23-2021 of 764. I have no idea if that is due to a soft inquiry or simply on file from earlier -- I'm assuming it was just on file since my EX8 score did increase on 12-18-2021 to 767 according to myFICO.
Aside from above, the experience with HP and amex varies after the first card with them as other mentioned.
My first card was pre-approved via a postal mailer which resulted in a card issued to me. The Platinum (Schwab variety) did not have a pre-approval process, pure hail-mary IIRC. The Gold showed via pre-approval text and did in fact result in a card issued to me. My breif experience with pre-approved cards with amex concurs with what most others seem to experience -- if amex indicates a pre-approval, it's quite accurate, and if nothing else doesn't often/ever(?) lead to an instant denial.
In your case with 672/703/729 (assuming order EQ8/TU8/EX8) seems doable to me according to all the amex approvals and such I've read about here.
The only thing I can imagine is that they're hesitating on DTI or the ~$50k of credit you have with relation to your income. Having eyeballs on the situation and the 4506-C may be a good thing.. Since you're reports you say are squeaky clean then I'd imagine they'll give you the benefit of the doubt and allow you the opportunity to be responsible with their card too.
If you're young in the credit game, maybe it's also demanding human intervention due to credit seeking, inquiries, etc.. though I think amex is normally kind to new profiles and inquiries, it may be about stuff you've not explained here.. length of credit history and all that stuff and annual income, DTI, etc more so than anyone here knows but you and amex.
EG: your car loan.. umm.. Oct 1 -- Dec 30 and paid ~$770 across 3? months. Is that may be min. payments? ..always min. payments? The Gold and Platinum are optimally, paid in full cards, not cards to draw out payments on. While they offer their pay over time service, for these cards, it better served with their credit card line-up.
It could be they approve with a spending limit or are going to tweak the POT limit and see how you do.
In any event, try not to worry about it. Based on what you've accomplished with your finances and credit, keep doing it and consider these cards as mechanics tools, take care of them and they can serve you a long time and will come to you easier as time goes on.
Nice income is certainly helpful along with nice scores, but it's often just not that simple with money.
I have a quite low income, retired and thin credit file but don't have rent, mortgage, car loans and have a decent net worth.
I've been making progress getting credit cards and usable limits, while offering an annual income to credit grantor's of ~$50k
8 of the 10 cards I have now are all from 2021. One from 2020 and the gold from 2022. All cards applied for have been approved thus far.
I get the picture.. and I'd be a little miffed if I got a denial or request for documents, etc.
Not a big deal to me unless all my tradelines requested additional data.
I'd possibly walk away from all but amex if all pushed for a 4506. I'm not interested in giving up the schwab platinum and I think the gold will be a nice companion card. If their annual peephole into my schwab holdings isn't sufficient, I guess that I'd go ahead and try to appease them.
As for an auto lender, I'd imagine they can dig up tons of data. Also they're covered quite well with a backup plan.. default on the loan, they get your money and the automobile. I imagine comparing an auto loan to a card loan just isn't a good match.