cancel
Showing results for 
Search instead for 
Did you mean: 

Applying for AMEX Platinum 5 years after Bankruptcy

Highlighted
New Contributor

Applying for AMEX Platinum 5 years after Bankruptcy

I called AMEX and was told all cards have the same eligibility requirements.  I had the AMEX Green Card with no missed payments and a $0.00 balance before I closed it prior to BK DC in 2014.  The pre-qualifying link is seemingly no longer available, and I'm too afraid to apply after Discover denied me three months ago.  My utility is high at 50% on two of my cards with no missed payments on any accounts.  My scores are between 690 and 706, so I'm feeling like I should wait until I get to 720 with 25% utility, but I wish I knew before hand if I'd qualify.  I travel for work, so I really want the AMEX Platinum.  Does anyone want to take me under their wings of advice?


BK7 DC: 6/2014 (Chase, WF, and BofA were IIB) No late payments or baddies since BK7. Rotating AZEO with ≤1% util on one card.
GOAL: Gardening until January 2022 when I'll apply for a legacy bank card with Citi, WF, BofA, or Chase.
Amex Platinum & Gold || Discover $24.5K (0%) || Barclays JetBlue Plus $15K (≤1%) || Capital One Venture $12K (0%) || Apple GS $10K (0%) ||
TCL: $61.5K [Primary--not an AU--on all lines]
7 HPs as of October 26, 2020:
EQ: 11/29/19
TU: 10/15/19, 8/27/20
EX: 8/26/19, 8/26/19, 9/13/19, 3/18/20


8 REPLIES 8
Highlighted
Moderator

Re: Applying for AMEX Platinum 5 years after Bankruptcy


@NotDavidLindhagen wrote:

I called AMEX and was told all cards have the same eligibility requirements.  I had the AMEX Green Card with no missed payments and a $0.00 balance before I closed it prior to BK DC in 2014.  The pre-qualifying link is seemingly no longer available, and I'm too afraid to apply after Discover denied me three months ago.  My utility is high at 50% on two of my cards with no missed payments on any accounts.  My scores are between 690 and 706, so I'm feeling like I should wait until I get to 720 with 25% utility, but I wish I knew before hand if I'd qualify.  I travel for work, so I really want the AMEX Platinum.  Does anyone want to take me under their wings of advice?


Considering you already have BK on file, you'd want your CR to look really "pretty" before any application

For Amex, 50% utilization is huge, so I would not even try until you can get it below 29% but again, you already have BK, so I'd drop utilization to less than 9% before giving it a try 

 

Another thing, even if you were approved for Platinum at this time, I doubt they would allow much in terms of spending power for a while, so I would really suggest looking at different lenders for the time being. 

Message 2 of 9
Highlighted
Moderator

Re: Applying for AMEX Platinum 5 years after Bankruptcy

I would agree with above poster.

 

You are raising big red flags 5 years out of a BK and your utilization is over 50% as you stated.  As you get further out on your BK you become more or a risk not less to a lender as one can file again as it ages.  Also some times as we all know in general history repeats itself and that how lenders are probably viewing you with your utilization and credit seeking currently.  Pay down your current cards to ideally under 30% or preferred 10% and then go for discover and Amex at that time.  Just my humble advise..

Message 3 of 9
Highlighted
New Contributor

Re: Applying for AMEX Platinum 5 years after Bankruptcy

Thank you for your insight!!


@Remedios wrote:

@NotDavidLindhagen wrote:

I called AMEX and was told all cards have the same eligibility requirements.  I had the AMEX Green Card with no missed payments and a $0.00 balance before I closed it prior to BK DC in 2014.  The pre-qualifying link is seemingly no longer available, and I'm too afraid to apply after Discover denied me three months ago.  My utility is high at 50% on two of my cards with no missed payments on any accounts.  My scores are between 690 and 706, so I'm feeling like I should wait until I get to 720 with 25% utility, but I wish I knew before hand if I'd qualify.  I travel for work, so I really want the AMEX Platinum.  Does anyone want to take me under their wings of advice?


Considering you already have BK on file, you'd want your CR to look really "pretty" before any application

For Amex, 50% utilization is huge, so I would not even try until you can get it below 29% but again, you already have BK, so I'd drop utilization to less than 9% before giving it a try 

 

Another thing, even if you were approved for Platinum at this time, I doubt they would allow much in terms of spending power for a while, so I would really suggest looking at different lenders for the time being. 



 It may not be in keeping with the goals of others here (I'm still not sure what gardening is), but I grew up always wanting the AMEX Platinum (it may seem shallow to some, but the travel benefits fit nicely with my job).  I just wish I knew which stones to step on, and which to step over to safely reach my goal.  Sounds like I just pay down the two balances and keep them below 9% while waiting until I get to 720 before I apply for the AMEX Gold and wait another 13 months before applying for the Platinum.


BK7 DC: 6/2014 (Chase, WF, and BofA were IIB) No late payments or baddies since BK7. Rotating AZEO with ≤1% util on one card.
GOAL: Gardening until January 2022 when I'll apply for a legacy bank card with Citi, WF, BofA, or Chase.
Amex Platinum & Gold || Discover $24.5K (0%) || Barclays JetBlue Plus $15K (≤1%) || Capital One Venture $12K (0%) || Apple GS $10K (0%) ||
TCL: $61.5K [Primary--not an AU--on all lines]
7 HPs as of October 26, 2020:
EQ: 11/29/19
TU: 10/15/19, 8/27/20
EX: 8/26/19, 8/26/19, 9/13/19, 3/18/20


Message 4 of 9
Highlighted
New Contributor

Re: Applying for AMEX Platinum 5 years after Bankruptcy

Thank you very much for your kind advice.  I got approved for the AmEx Gold and Discover (I was also eligible for the AmEx Delta Sky Miles, but I didn't apply as my goal is the AmEx Platinum for weekly business travel).  Transferred partial balances to Discover, which dropped my utilization on three cards to 7%, 9%, and 28% respectively).  Now that I get the value of "pretty" I will bring the utilization down to below 4% on all cards.  Please consider sending more tips and advice on what additional steps I should take to increase my approval odds for the AmEx Platinum.  Some say it takes 13 months whereas AmEx told me over the phone that they'll likely send me an offer to apply for teh Platinum after only six months.  Again, thanks very much for taking time out to give a newbie some sound advice!!


BK7 DC: 6/2014 (Chase, WF, and BofA were IIB) No late payments or baddies since BK7. Rotating AZEO with ≤1% util on one card.
GOAL: Gardening until January 2022 when I'll apply for a legacy bank card with Citi, WF, BofA, or Chase.
Amex Platinum & Gold || Discover $24.5K (0%) || Barclays JetBlue Plus $15K (≤1%) || Capital One Venture $12K (0%) || Apple GS $10K (0%) ||
TCL: $61.5K [Primary--not an AU--on all lines]
7 HPs as of October 26, 2020:
EQ: 11/29/19
TU: 10/15/19, 8/27/20
EX: 8/26/19, 8/26/19, 9/13/19, 3/18/20


Message 5 of 9
Highlighted
Super Contributor

Re: Applying for AMEX Platinum 5 years after Bankruptcy

Since you got the Gold, you could have gotten the Platinum. AMEX UW for the charge cards is said to be the same regardless of whether it’s Green, Gold or Platinum. Use the Gold for three months and see if you have a prequal offer.

Break it in slowly so you don’t spook AMEX though.



Message 6 of 9
Highlighted
New Contributor

Re: Applying for AMEX Platinum 5 years after Bankruptcy

What’s the range to “break it in slowly” — up to or below $1,000? The Pay Over Time Limit is $25K, but I was planning to pay the full balance before the closing date unless otherwise advised.

BK7 DC: 6/2014 (Chase, WF, and BofA were IIB) No late payments or baddies since BK7. Rotating AZEO with ≤1% util on one card.
GOAL: Gardening until January 2022 when I'll apply for a legacy bank card with Citi, WF, BofA, or Chase.
Amex Platinum & Gold || Discover $24.5K (0%) || Barclays JetBlue Plus $15K (≤1%) || Capital One Venture $12K (0%) || Apple GS $10K (0%) ||
TCL: $61.5K [Primary--not an AU--on all lines]
7 HPs as of October 26, 2020:
EQ: 11/29/19
TU: 10/15/19, 8/27/20
EX: 8/26/19, 8/26/19, 9/13/19, 3/18/20


Message 7 of 9
Highlighted
Super Contributor

Re: Applying for AMEX Platinum 5 years after Bankruptcy

I don’t have exact figures or anything and I don’t have experience with charge cards myself but from what I’ve seen around here, Amex is looking for a baseline reading the first few months of what spending would make sense with your stated income. So like if you said you make $100K, they’re going to freak if you spend $4K in a week.

I would tread very carefully since you have the BK. They watch us BKers like a hawk.



Message 8 of 9
Highlighted
Moderator

Re: Applying for AMEX Platinum 5 years after Bankruptcy

Congrats on the 2 approvals @NotDavidLindhagen.

Locking this thread as you have been approved for the other 2 products. Feel free to start a new approval thread in the Approvals forum if you would like to do so.
Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.