I want a platinum!

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
DoingHomework
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Postby DoingHomework » Thu Oct 06, 2011 10:58 am

My take: you need to be very patient. AMEX or any other credit grantor is looking for a history of responsible credit usage, not a sudden attempt to change things. For all they know you won the lottery 2 years ago and have decided to spend all the money paying off old bills, get new credit, then charge a lot and default again. Basically, take an honest look at your history as an outsider would, make the worst possible interpretation, then decide if you would trust you based on the objective facts. Based on what you said, I wouldn't give you credit!

I'm not trying to be critical. That's just how they will look at you. You best bet is to be responsible for 2-3 years with the limited credit you have. After that you will have several negatives drop off. Check your own credit every 3 months or so using credit karma or something. After they say your score is consistently above 740 for at least 6 months then call AMEX to apply. My guess is that will take about 3 years minimum.

Remember, every time you apply for credit you will get a minor negative. Be patient and don't shoot yourself in the foot by trying too hard and getting a lot of fruitless inquiries.


zapper_89
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Postby zapper_89 » Fri Oct 07, 2011 1:05 am

I don't disagree with anything DoingHomework said, but I would like to point out that his report has been clean for "3+ years." So largely, most of the advice has been covered. Furthermore, with the Util being reduced and hopefully the other baddie being removed, the score might jump to roughly 680-700.

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Pete838
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Postby Pete838 » Sat Oct 08, 2011 7:12 am

Money card wrote:this isn't true if he's a salesperson and the company he/she works for says they have to use corporate cards. then the president of their company can get him/her a corporate card.
But you are right if this person is not they wouldn't be approved for a corporate card.


Even as a 'user' AMEX has final say on issuance of a corporate card. I have heard of AMEX declining to issue a corporate user card to an employee. Here is an example.
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CC Deville
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Postby CC Deville » Sat Oct 08, 2011 9:26 am

I have been reading a lot lately about people getting into the Optima Oasis program. It is like a secured card in a way for people who burned Amex in the past. So clearly they have let up a little on their standards.

The OP stated that he paid back his old Optima so that is a step in the right direction.

And I agree with others who have stated that you should try for a Zync or Green Amex first and then when your reports are free of derogs you have apply for the Platinum. As you (should) know Amex backdates so opening a Platinum later on will not hurt you.

And once approved, you never know, you may be able to get them to backdate the Zync/Green/Platinum to your original Optima Member Since date.

Money card
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Postby Money card » Sat Oct 08, 2011 11:32 pm

Pete838 wrote:Even as a 'user' AMEX has final say on issuance of a corporate card. I have heard of AMEX declining to issue a corporate user card to an employee. Here is an example.


you can't believe everything you read. corporate card vs personal card. personal card can be turned down by the creditors. so If someone wants to apply for a brooks brothers mastercard, they have very late payments on car loans, they pay their visa and American express cards late or just the minimum most of the, Brooks Brothers has the right not to extend credit to the applicant.

Now with a corporate card as long as the company pays all of the statements on time, no delinquency, late fees or problems, then the owner of a company can get his employee a corporate card because that person isn't responsible for paying the bill the company is.

Now if an individual isn't submitting statements such as dining receipts, hotels and airline fare. if the individual is stealing whether it's very little or a lot, American express can contact the corporation and speak to the owner or president of the company and get the issues resolved. the company can freeze the employee's corporate card or take it away from them. But American express can't deny an applicant a corporate card, unless the authorize user has extremely horrible credit.

roland
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Postby roland » Sun Oct 09, 2011 12:56 am

I won't disagree that applying for a platinum isn't likely to be successful. And there's a lot of good advice in here that'll work and should be heeded.

But...

I had a similar history, less the previous AMEX delinquency. My problems were more recent than the OP's, and I make less than a third of what he does (*le sigh*). On a whim I applied for the AMEX gold Premier Rewards and was approved (didn't expect it to be and thought I read the email wrong at first...).

Granted similar credit problems don't necessarily equal similar outcomes, but it does show that all things are possible. :ppp

I think the bigger obstacle is likely to be the internal blacklist. Fix the credit, rebuild a bit longer, and probably shoot for the Zync. Good luck!

Money card
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Postby Money card » Fri Oct 14, 2011 11:52 pm

Pete838 wrote:Even as a 'user' AMEX has final say on issuance of a corporate card. I have heard of AMEX declining to issue a corporate user card to an employee. Here is an example.


you are correct pete. if a cardmember pays 75.00 a year, the cardmember can. the points on a corporate card they changed the rules since my dad had 1 in the late 80's.

darobin77
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Postby darobin77 » Tue Oct 25, 2011 3:23 pm

Hi all,

i have been MIA for a while but wanted to update people on status.... Well as the title says I want a platinum... Well i now have a platinum, well not yet but it should be here soon.

So i appreciate all the recommendations but i would like to jot a few things down about my experience to let them know whats possible. As always YMMV :)

So i had a 2 AMEX cards that were IIB in the mid 90s a Optima and a Green, i owed money on both of them.

i paid the Green (1k) haven't paid the Optima yet (2400). i cleaned my credit up and my EX score was around 690. on another board i was hearing about the Zync approvals with the hard limit or direct payment so i figured what the hell lets try it.

i applied for the ZYNC, was approved no limits, i also read that if you apply for multiple cards in on the same day AMEX will use the 1st credit pull. so i said what the hell and tried for the Platinum. i was approved.

So it is possible to get back in with AMEX after they were IIB, the blacklist thing may be a myth or they may have loosed their memory so there you have it.

darobin77
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Postby darobin77 » Tue Oct 25, 2011 3:26 pm

zapper_89 wrote:I definitely agree that AMEX is not the institution to rebuild credit with. I also agree you have a marginal chance of being approved, with a negative 10 percent chance of being approved for gold or platinum. However, I would say you have a 20%-50% chance for a bottom tier card. This is assuming you reduce your util to 0-9% and you repay the debt.

First, two questions:
What is your Annual income?
What if your total credit limit?

I have come across several people who have had collections with AMEX that got back into their "good graces." The two things they all had in common: they paid off the debt and they called in. The only chance you have for approval is to call in and explain your good will by paying off the collections. Even if you were black listed at some point, you might be approved.


Just catching up. i wants trying to use AMEX as a rebuilder, i have been rebuilding for quite a while.

darobin77
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Postby darobin77 » Tue Oct 25, 2011 3:29 pm

i was patient, maybe i wasnt clear in my original post, this was not a i want a amex with crappy credit. the rebuiding was going on for years, no lates in the past for years, now inq just repair



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