Amex platinum approval odds with 689 Experian Fico.

[Anonymous]

I have 689 experian credit score with about 4200/12500 utlization 33.6%. 10 credit cards and  450 on time consecutive payments. I have a paid charge off from 2015 with 1st financial bank when i was in college . Do you think I have good odds to get Amex platinum? Or do you have any reccomendations on how I can get it?

thanks 

[coldfusion]

Did you try for a preapproval? 

A 689 FICO 8 score would pass their generic smell test but they wouldn't be thrilled at your utilization percentage or the $1250 average CL across all of your credit cards, the velocity at which you had acquired all 10 of those cards could be an issue as well if for example you acquired all of them within the last say 18 months. 

[Anonymous]

That is my total amount of credit utilization. Now just one card and i only acquired 1 card  in the past 6 months and 3 cards in the past 12 months. As well my total income is 70k.  Should I apply for a lesser Amex card maybe first? Then next month once i pay down another couple thousand apply for platinum?

[coldfusion]

So you have a single card with a CL of $12.5K and 33% utilization,  but 9 other cards each with 0 or low utilization. 

First rule here is to work toward applying for the card that you want, not toward a card that you're thinking you could get just for the sake of getting it.  If you followed the plan you outlined there's the risk of being approved for the 1st card and denied for the Platinum because of the short interval between applications. 

You'd probably improve your chances if you knocked the utilization down to under 10% and confirm the updated balance has reported to Experian before applying. 

Again, have you tried a preapproval?  They aren't 100% but AMEX preapprovals are usually quite solid unless you've burned them in the past or have a BK less than 61 months old reporting. 

[Anonymous]

Oh okay i gotcha, and I mean i that's my total credit card limit from all my cards combined 

and that makes sense. I am just going to be patient and wait for that then!

[Shooting-For-800]

They may take your $550 per year and give you a low limit.

Do you need Plat benefits vs Gold or even Green?

How much do you plan on spending per month on it?

[Anonymous]

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@Shooting-For-800 wrote:

They may take your $550 per year and give you a low limit.

Do you need Plat benefits vs Gold or even Green?

How much do you plan on spending per month on it?

---

a limit on a charge card?  . . .or is this one of those bank-sponsored AX credit cards that you can pay in installments, and which really aren't a Platinum (or gold or green) at all? What's lost here is that the "prestige" (if there's any left) of a charge card as opposed to a credit card reflects a level of confidence the issuer (AX) has that the cardholder will pay in full at the end of every cycle, so I'm confused about the reference to CLs.  Please explain.

I would suggest considering whether $550 is really worth it just to look at it.

[Anonymous]

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@Anonymous wrote:

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@Shooting-For-800 wrote:

They may take your $550 per year and give you a low limit.

Do you need Plat benefits vs Gold or even Green?

How much do you plan on spending per month on it?

---

a limit on a charge card?  . . .or is this one of those bank-sponsored AX credit cards that you can pay in installments, and which really aren't a Platinum (or gold or green) at all? What's lost here is that the "prestige" (if there's any left) of a charge card as opposed to a credit card reflects a level of confidence the issuer (AX) has that the cardholder will pay in full at the end of every cycle, so I'm confused about the reference to CLs.  Please explain.

I would suggest considering whether $550 is really worth it just to look at it.

---

Depending on profile, Amex may approve somebody for a charge card but place a soft limit on it where they throttle spending sooner than others might be capped, requiring payment to continue to charge. Or, they may actually impose a hard limit at some dollar value acceptable to them, essentially turning the card into a revolver with the expectation of PIF.

[Shooting-For-800]

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@Anonymous wrote:

---

@Shooting-For-800 wrote:

They may take your $550 per year and give you a low limit.

Do you need Plat benefits vs Gold or even Green?

How much do you plan on spending per month on it?

---

a limit on a charge card?  . . .or is this one of those bank-sponsored AX credit cards that you can pay in installments, and which really aren't a Platinum (or gold or green) at all? What's lost here is that the "prestige" (if there's any left) of a charge card as opposed to a credit card reflects a level of confidence the issuer (AX) has that the cardholder will pay in full at the end of every cycle, so I'm confused about the reference to CLs.  Please explain.

I would suggest considering whether $550 is really worth it just to look at it.

---

Amex puts limits on charge cards all the time.

People can be declined for a purchase at any time for any reason.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

---

@Shooting-For-800 wrote:

They may take your $550 per year and give you a low limit.

Do you need Plat benefits vs Gold or even Green?

How much do you plan on spending per month on it?

---

a limit on a charge card?  . . .or is this one of those bank-sponsored AX credit cards that you can pay in installments, and which really aren't a Platinum (or gold or green) at all? What's lost here is that the "prestige" (if there's any left) of a charge card as opposed to a credit card reflects a level of confidence the issuer (AX) has that the cardholder will pay in full at the end of every cycle, so I'm confused about the reference to CLs.  Please explain.

I would suggest considering whether $550 is really worth it just to look at it.

---

Depending on profile, Amex may approve somebody for a charge card but place a soft limit on it where they throttle spending sooner than others might be capped, requiring payment to continue to charge. Or, they may actually impose a hard limit at some dollar value acceptable to them, essentially turning the card into a revolver with the expectation of PIF.

---

I suppose a soft limit might make sense, but a charge card is "[one that] doesn't extend credit. You’re expected to pay the balance in full every month" (-NerdWallet). I guess AX, in it's zeal to compete with the credit cards, has decided to allow this behaviour, similar to their Pay over Time feature (even the Centurion Card has that. . .blows me away). They're doing this for the interest income I guess? Then again, issuing  credit to someone with a relatively low score and high utilization is the kind of behaviour that got us the 2008 recession lol.