Will this stategy work? (Gold + Platinum)

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VisaSpeak
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Will this stategy work? (Gold + Platinum)

Postby VisaSpeak » Wed Mar 20, 2013 11:32 pm

Before I begin, here are my stats:

Income: 60k
Age: 21
Score: 750-760 (used credit karma)
1 credit card, <1 year credit history.


I plan to apply for AMEX Platinum (the Mercedes version). Pay the $475 fee, use the card for a year. Get the 50k reward points. Then when a better deal comes out for AMEX GOLD PR, I will apply for that as well, get the bonus. Then I will cancel my AMEX Plat before the next annual fee is due. By then I will have used the $200 airline fee credit or whatever, and combine the MR points with the AMEX Gold offer. Will this work? How will it affect my credit


Sevenfeet
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Postby Sevenfeet » Thu Mar 21, 2013 9:23 am

First, Credit Karma is hardly the last word in credit scores being that you get a FAKO score rather than FICO (it's not a bad guide though). Second, Amex typically uses Experian so you may want to pull a score from Credit Sesame to get a better idea.

But I think the bigger problem are the other metrics. 60k of income may be enough for Gold but it may fall short for Platinum. And less than a year of credit history makes me think that Amex would turn you down, even with a fist full of $450 bucks to hand them. You're not only brand new to them, but you're brand new to credit, period.

I began with Amex as a Green customer at your age and quickly transitioned to Gold after a year. You may have to wait for a thicker credit file and a little gardening to get a Platinum card now.
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tigerowl06
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Postby tigerowl06 » Thu Mar 21, 2013 10:15 pm

I don't know that others would agree with the $60K not being enough income to qualify for platinum idea. Your credit card usage history is quite short, though. And personally, I would avoid elaborate schemes. You are paying $475 for 50,000 MR points, worth $500 allegedly, and using $200 in airline credits. So maybe you come out ahead $225 on the platinum. Then you pick up another charge card with a $175 annual fee and an unknown promo offer (maybe $200?). After that you cancel the platinum, keep the PRG and pay the $175 annual fee from now until whenever? And in the first year you get maybe $250-$300 net plus rewards?

Go for blue cash or blue sky. You have a good chance. You will get about a $100 signup bonus and you will probably earn $200 at least in rewards. It may fall slightly behind your platinum/gold scheme in the first year, but it will win out after that.
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PlatinumAMEX94
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Postby PlatinumAMEX94 » Fri Mar 22, 2013 11:27 am

VisaSpeak wrote:Before I begin, here are my stats:

Income: 60k
Age: 21
Score: 750-760 (used credit karma)
1 credit card, <1 year credit history.


I plan to apply for AMEX Platinum (the Mercedes version). Pay the $475 fee, use the card for a year. Get the 50k reward points. Then when a better deal comes out for AMEX GOLD PR, I will apply for that as well, get the bonus. Then I will cancel my AMEX Plat before the next annual fee is due. By then I will have used the $200 airline fee credit or whatever, and combine the MR points with the AMEX Gold offer. Will this work? How will it affect my credit


No this will not work. Your age and credit, AAoA is way too low. In addition, unless you have stellar credit (which you don't) your credit profile does not meet the minimum requirements. Once you have a platinum card American Express will stop sending offers for other lower cards. So you will never get a Gold PR offer. It is coded into their system that way. You think you can cheat the system, but AMEX has advanced software that is smarter than you. AMEX does not use JUST a credit score to determine your worthiness. A credit score is like a semester grade, sure you got an A for the term, but you could have a 1.0 cum GPA. Your AAoA keeps you at a lower rating.

During an "off topic conversation" with card services, it now takes well over six figures or significant assets/portfolio to get a platinum card at 21. But hey, good luck to you and let us know what happens.
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Moneytalks
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Postby Moneytalks » Fri Mar 22, 2013 9:08 pm

PlatinumAMEX94 wrote:No this will not work. Your age and credit, AAoA is way too low. In addition, unless you have stellar credit (which you don't) your credit profile does not meet the minimum requirements. Once you have a platinum card American Express will stop sending offers for other lower cards. So you will never get a Gold PR offer. It is coded into their system that way. You think you can cheat the system, but AMEX has advanced software that is smarter than you. AMEX does not use JUST a credit score to determine your worthiness. A credit score is like a semester grade, sure you got an A for the term, but you could have a 1.0 cum GPA. Your AAoA keeps you at a lower rating.

During an "off topic conversation" with card services, it now takes well over six figures or significant assets/portfolio to get a platinum card at 21. But hey, good luck to you and let us know what happens.


Even if he gets the Gold and then upgrades to the Plat.???
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Sevenfeet
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Postby Sevenfeet » Fri Mar 22, 2013 10:01 pm

Moneytalks wrote:Even if he gets the Gold and then upgrades to the Plat.???


If you have Gold at 21, there's no guarantee that they would upgrade you to platinum, based upon the "youth criteria" mentioned earlier.

Well, I'm sure Justin Bieber is sporting a Centurion...
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Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

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PlatinumAMEX94
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Postby PlatinumAMEX94 » Fri Mar 22, 2013 11:08 pm

Sevenfeet wrote:
Well, I'm sure Justin Bieber is sporting a Centurion...


AMEX has a celebrity division for such figures.
American Express Platinum Personal, Member since 94
Chase United Explorer - Visa Signature
Chase Sapphire Preferred
American Express Business Simply Cash

American Express Costco Business, American Express Platinum Business
Bank of America 10k, Capital One Venture World MasterCard 7.5k, Fidelity Visa Signature 10k
Citibank ThankYou Premier World MasterCard - Card Member since 91, 25k
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VisaSpeak
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Postby VisaSpeak » Sat Mar 23, 2013 8:04 am

PlatinumAMEX94 wrote:No this will not work. Your age and credit, AAoA is way too low. In addition, unless you have stellar credit (which you don't) your credit profile does not meet the minimum requirements. Once you have a platinum card American Express will stop sending offers for other lower cards. So you will never get a Gold PR offer. It is coded into their system that way. You think you can cheat the system, but AMEX has advanced software that is smarter than you. AMEX does not use JUST a credit score to determine your worthiness. A credit score is like a semester grade, sure you got an A for the term, but you could have a 1.0 cum GPA. Your AAoA keeps you at a lower rating.

During an "off topic conversation" with card services, it now takes well over six figures or significant assets/portfolio to get a platinum card at 21. But hey, good luck to you and let us know what happens.


well obviously Im not applying for it after reading that lol



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