Getting ready to apply for the AMEX Platinum

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Kaido
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Getting ready to apply for the AMEX Platinum

Postby Kaido » Sat Nov 21, 2015 8:49 pm

Hello,
New to the forum, Moved to the USA from Canada 3 years ago and had to start fresh with my credit score. Made it tough to start out with a $500 Capital One card... But its coming to an end now. Currently have the AMEX Blue cash everyday (17,500), Capital One just upgraded me from the Platinum card to the Venture card. Yes, upgraded. I did not have to re apply, card number stayed the same. (10,000) and finally a month ago I received the Chase Sapphire Preferred card (12,000).
Currently my FICO score is showing 700, and my trans and eqf are showing 700 (according to credit karma).
I have up to 10 credit inquiries depending on what score you look at (as low as 4). Had a car payment with chase for 2 years (paid it off) and now have a truck with GMAC.

Because I just received the Chase card, do you think January is too soon to apply for the AMEX Plat?
For the record, I travel a lot. About 15k last year on flights, and another 8k in hotels.
My concern is that my credit score only shows 2 years history. Should I wait longer? Will it really hurt to apply?
I need to wait anyway because I am trying to hit the 4k bonus points with the CSP and make sure it is PIF.
My income is higher than average, and I think that has been a big help so far. But I have run 30k through the two cards this year so far...
Apply in Jan, or wait?


ingramjuan
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Re: Getting ready to apply for the AMEX Platinum

Postby ingramjuan » Sun Nov 22, 2015 10:20 pm

Kaido wrote:Apply in Jan, or wait?


If your profile was mine, I would wait until 5 of the inquiries fall off. But I play it very very safe and have never been denied for a card and or turned down for a CL increase.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

takeshi
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Re: Getting ready to apply for the AMEX Platinum

Postby takeshi » Mon Nov 23, 2015 8:11 am

Kaido wrote:Currently my FICO score is showing 700, and my trans and eqf are showing 700 (according to credit karma).

Always consider the specific scoring model & CRA as well as the relevance of a given combo to a creditor. Which FICO model? Which CRA? CK's VantageScores are not relevant unless you know you have or intend to apply with a creditor that actually uses them. You cannot use a score generated by one model to determine a score generated by a different model.

Kaido wrote:My concern is that my credit score only shows 2 years history. Should I wait longer? Will it really hurt to apply?

Kaido wrote:Apply in Jan, or wait?

I have no idea what your odds of approval might be. As for hurt, whether approved or not you'll incur a hard pull. If approved, you'll reduce your AAoA. It's really your call to make. How new are all these accounts? Obviously less than 3 years but what's new in the past year?

Kaido
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Re: Getting ready to apply for the AMEX Platinum

Postby Kaido » Mon Nov 23, 2015 10:11 am

Thank you for the response. The Capital One is 2.5 years, the Amex is exactly one year and the Chase is 1 month.
I will do some digging as I am sure its on the forum somewhere, but what model does AMEX use?

ncosky290
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Re: Getting ready to apply for the AMEX Platinum

Postby ncosky290 » Mon Nov 23, 2015 10:28 am

Since you already have an Amex card you can apply. If approved you would receive a HP. If you are declined the card you would only have a SP. Amex softs you reports monthly so they use that as an internal eval once you're in the door. I would say go for it. If they decline you then just wait 90 Days and try again...
-AMERICAN EXPRESS DELTA GOLD SKYMILES - AMERICAN EXPRESS EVERYDAY -AMERICAN EXPRESS PLATINUM - CITI DOUBLE CASH - CITI PLATINUM AADVANTAGE - CITI THANK YOU PREFERRED - BARCLAYCARD ARRIVAL PLUS - DISCOVER IT - CHASE SAPPHIRE PREFERRED-

4ktvs
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Re: Getting ready to apply for the AMEX Platinum

Postby 4ktvs » Mon Nov 23, 2015 1:01 pm

Amex keeps wanting me to sign up for this card with the 100k bonus even though my history is short so I don't think they have a 2 year rule.

It keeps coming up as the pre-screened offer and I don't even want this card nor would I have a use for it. So I think if this card is of use then just apply for it. If your not sure then I would wait and think it over as a $450 AF to blow on a card that only might be useful is unwise, just my 2 cents on that.

kdm31091
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Re: Getting ready to apply for the AMEX Platinum

Postby kdm31091 » Mon Nov 23, 2015 2:05 pm

To me, a $450 AF on a card that earns 1 point per dollar is a very hard sell unless you are absolutely sure the other perks will outweigh the fee for you. Stated differently, I think more people apply for it for the bonus than actually intend to keep it long term. (And if you don't intend to keep it long term, weighing the value of the card becomes less important)

Kaido
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Re: Getting ready to apply for the AMEX Platinum

Postby Kaido » Mon Nov 23, 2015 2:47 pm

Thanks for the Info.
I don't see the $450 being an issue. I fly at least once a month. Most often two trips a month. I would use the Global Entry right away, as I have not signed up for that one yet. One of the biggest values for me will be the lounge access. The airline credit would be used within the first 3 months as well. I think my fist call will be to AMEX to see if I have any existing offers or upgrades on my everyday card, and see what they say. If I could apply for it without a hard hit it would be perfect.

Elijahmex
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Re: Getting ready to apply for the AMEX Platinum

Postby Elijahmex » Mon Nov 23, 2015 4:12 pm

ncosky290 wrote:Since you already have an Amex card you can apply. If approved you would receive a HP. If you are declined the card you would only have a SP. Amex softs you reports monthly so they use that as an internal eval once you're in the door. I would say go for it. If they decline you then just wait 90 Days and try again...


Why 90 days? I applied a couple months, got denied and in the letter it said to please wait 30 days before reapplying.
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Vattené
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Re: Getting ready to apply for the AMEX Platinum

Postby Vattené » Mon Nov 23, 2015 6:01 pm

I don't know what your odds are, but if I were you I'd apply when you want. Provided your history is clean, I'd bet your odds are good. You're already in the door with Amex and charge cards are relatively easy to get approved for, so that helps you, too.

You won't be able to upgrade a BCE as you can't product change from a credit card to a charge card, but if you're getting a Plat you might as well get the bonus IMO.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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