Do I stand a chance of getting approved?

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GrazieVersace
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Do I stand a chance of getting approved?

Postby GrazieVersace » Tue Apr 23, 2013 1:20 pm

Hey,

I am interested in applying for Amex Platinum as a second card, but I really want to know my odds before I make the plunge.

Currently I am Amex Green Card Holder since 11'. I want to keep this card and use it for my monthly expenses (bills, groceries, gas, etc). With my new job I will be traveling a lot & will be using platinum for flights 4-7 trips a year to the west coast & Europe. Also making more luxury purchases than i did with the green. Currently thinking of canceling my cap1 & orchard & just using these two cards as my main cards.

Do you guys think i have a chance of being approved?

Info:
720 Fico
0 Late Payments with any card, Always paid in full.
1 Inquires in 2012



Current Cards:
Amex Green
Capital One Platinum 2K CL
Orchard Bank 1k CL

55k annual income (New Job)

Please advise
Help is greatly appreciated!!!


Robrus1
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Postby Robrus1 » Tue Apr 23, 2013 1:37 pm

There's really no point in having two charge cards. Just upgrade your Green to Platinum and use it for both travel and monthly expenses.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

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Z06Biker
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Postby Z06Biker » Tue Apr 23, 2013 2:38 pm

Exactly...

UNLESS ... by applying for a new Platinum card separately, Grazie qualifies for the current 25K MR points sign-up bonus that wouldn't otherwise be available by upgrading.

Also, don't forget that s/he'd effective be getting a second back-dated card, which would help boost that 720 FICO.
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

Sevenfeet
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Postby Sevenfeet » Tue Apr 23, 2013 2:58 pm

First, Amex Platinum cards are expensive...$450 a year...which is a lot when you are making $55K (it's a lot for me at triple the household income). Platinum services for travel is great but I think can be overkill unless you are doing it for the airport lounges (Delta and American). Otherwise consider the much cheaper Amex Premier Reward Gold card. You'd have an easier time qualifying for it anyway.
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)

Robrus1
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Postby Robrus1 » Tue Apr 23, 2013 3:26 pm

However, it is possible that some or all of the 4-7 trips a year to the west coast and Europe could be paid by the OP's employer. Airport lounges, global entry, and airline credits alone would be nice to have and should easily make up for the annual fee.

The other thing, OP, is that if you decide to app for Platinum, I'm pretty sure it'll only be a soft pull. I don't know if they have any kind of income requirements, but you really have nothing to lose by apping. I would apply over the phone and mention your plans to travel in the future. Good luck and let us know what you decide.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

selfmadetool
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Location: New York

Postby selfmadetool » Tue Apr 23, 2013 3:47 pm

Just curious, did you apply for the Green before or after you had your Orchard Bank account? Despite American Express' disdain toward those type of accounts, I'd say your approval chances are pretty much guaranteed since you have a couple of years of positive history with them. I'd go with Z06Biker's advice to get the sign-up points, then I'd dump the Green.
Bank of America: BankAmericard Cash Rewards ($10k); Accelerated Cash Rewards ($12k)
Chase: Freedom ($2.6k); Amazon.com Rewards ($5k)
American Express: Blue Card Everyday ($14k)
Citibank: Forward ($7k); ThankYou ($10.5k)
Discover: More ($14.5k)
Barclaycard US: Barclaycard Ring ($9.4k)
GECRB: Banana Republic ($4.5k); Amazon.com Store Card ($10k)
Comenity: J. Crew ($3.6k)

GrazieVersace
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Postby GrazieVersace » Tue Apr 23, 2013 4:05 pm

thanks for the advice guys. i think ill just upgrade to PRG.

& i actually had the orchard before the green. when i got out of college i used the orchard to build up my credit

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FastSRT8
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Postby FastSRT8 » Tue Apr 23, 2013 4:35 pm

I would do it. The benefits far outweigh the cost from what I read about you.

Cancel the green and stick with one card. That would maximize your yearly fee.
Carpe diem quam minimum credula postero!

V1_Rotate
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Postby V1_Rotate » Thu Apr 25, 2013 9:13 pm

Just wanted to give my stats when I applied and was approved for the Platinum.

- 5 years of credit history (I'm 22)
- Not an AU on another Amex account
- $30K income
- I've had the Hilton Amex for 3 years
- Mortgage in my name
- No negatives on credit report
- 700+ score at the time (but lower 700's)

I applied for the card jokingly actually to get the awesome sign up bonus but it turned out they approved me. I was well aware of the benefits so I knew how to maximize the value prior to being approved. I've already got $300 worth of benefits with the card so the annual fee wasn't horrible given my low income, but I don't know if I'll keep the card a second year unless I get a good retention bonus.

ThereseKhu
 
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Joined: Mon Apr 29, 2013 5:01 pm
Location: CA

Postby ThereseKhu » Mon Apr 29, 2013 5:06 pm

Charge cards are not that hard to get. As long as you have no baddies and somewhat decent score, then you'll be approved. Similar to the poster above me, here were my stats when I got approved

670 FICO,
30K income (for those who wonder why i got the card, employer pays for it)
AAoA 5.7 years
60% UTIL rate (HIGH UTIL rate and I STILL got approved!).
I was 28 Years old at the time
No baddies ever
No mortgage
No HomeL or AutoL.
Never been an AU for an Amex holder nor never had any Amex cards in history.

6 months later I applied for the Amex Hilton (revolving card) and got denied as my UTIL was still high. So as you can see the biggest requirement really is can you, or who is willing to pay the $450 AF for you?



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