Do you think I will be accepted for Platinum (details inside)

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Luscher
 
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Joined: Sun Mar 24, 2013 9:44 pm
Location: PA

Do you think I will be accepted for Platinum (details inside)

Postby Luscher » Sun Mar 24, 2013 9:48 pm

I have read hundreds of different people asking this question but im not sure ive found anybody with my current situation.

Credit score: 725
Credit history: 2 yrs
Payments: always paid early and in full
Types of credit currently held: 1 credit card with a 0 balance, and an auto loan.

I have a part time job and make around 15,000 a year because I am a full time student.

What are my odds of being accepted. I really do not want to apply and get denied because I am obsessed with keeping a clean credit history.

Thanks


cjordan
Green Member
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Posts: 11
Joined: Thu Dec 06, 2012 12:09 pm
Location: Iowa

Postby cjordan » Tue Mar 26, 2013 9:40 pm

I'm pretty sure Platinum has a higher salary requirement than what you stated. I don't know the exact number for sure, perhaps a senior member could provide a better estimate.

While your credit score is pretty good I'm sure AMEX would like to see a bit longer history and perhaps more than one revolving account as well.

I would try for a lower AMEX and work towards upgrading to Platinum, at least get your foot in the door so to speak.

-Good luck!
My Cards:
Chase Marriott Premier Rewards Visa Signature 6.5k (03/13)
American Express Platinum NPSL (10/13)

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PlatinumAMEX94
Centurion Member
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Posts: 321
Joined: Mon Jan 02, 2012 1:21 am
Location: Denver

Postby PlatinumAMEX94 » Tue Apr 02, 2013 1:58 pm

Luscher wrote:I have read hundreds of different people asking this question but im not sure ive found anybody with my current situation.

Credit score: 725
Credit history: 2 yrs
Payments: always paid early and in full
Types of credit currently held: 1 credit card with a 0 balance, and an auto loan.

I have a part time job and make around 15,000 a year because I am a full time student.

What are my odds of being accepted. I really do not want to apply and get denied because I am obsessed with keeping a clean credit history.

Thanks


Your credit profile, age, and income will prevent you from getting an American Express Platinum card. You have to demonstrate lots of disposable income, as that is who their members are. $15k can't really pay for much in the lines of luxury items, hotel rooms and first class tickets. There is no "official" income requirement, there is a "demonstrated ability to pay in full of large amounts of cash each month" in every algorithm and formula at American Express.

When I was a gold card member once my monthly spending in luxury categories exceeded 10k a month I started receiving Platinum offers.
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
Discover 10k Member since 91, Wells Fargo Personal & Business Visa Signature
USAA World MasterCard 12k, Chase Slate Exclusives Visa 5k

Lifelock member, USAA credit monitoring, Security Freezes E/E/TU, 800+

Sevenfeet
Centurion Member
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Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Tue Apr 02, 2013 3:27 pm

I would agree with PlatinumAmex94's assessment. Trying to apply for a Platinum card as a young student is crazy for a lot of reasons. First of all, even if they gave it to you (and they won't), the high cost ($450 a year) likely won't be cost justified to someone making $15K a year. Unless you are making lots of luxury purchases or travel a lot, especially internationally, the card makes no sense.

Start with a Green card and work your way up. (which is what I did when I was a student)
Cards:
American Express Platinum (NPSL)
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)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

Moneytalks
Centurion Member
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Posts: 439
Joined: Sat Feb 04, 2012 8:22 pm
Location: United States

Postby Moneytalks » Wed Apr 03, 2013 2:46 pm

I agree with the others, but look at this way, a green amex is still impressive for most college students who know little to nothing about credit. (Partly because they don't care, or don't know how the system works) You're ahead of the game :)
Wallet: Amex BCE & Chase Freedom. (Credit Card dieting since 2014)



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