Thread: I want a platinum!

So yes I love the board especially since there is a dedicated AMEX Section, I’ve been lurking for a few days so now its time to jump in.

So for my 1st post lets reach for the stars

Yes I want AMEX Platinum and I’m seeking advice.

I had an AMEX Green and Optima that was IIB in 92 or 93. I have heard stories about people getting back in AMEXs good gracious and I’m seeing if it’s possible for me.

I paid the outstanding AMEX Optima last week and plan to pay the Green in a week or 2. I know some people will say never do this but I did.

Currently on my reports I’ve been clean for 3+ years, I have a GMAC Baddie from 5 years ago that has a CO, I have negotiated to get this resolved with a lawyer so the CO will be erased soon, this TL will show some late pays +5 years ago and should fall off in 7yrs. The other baddie is a Paid CA Tax Lien (trying to get that off as well).

So fast forward to today, my last PSECU score is 652, that’s with a ridiculously high util, 55% - 60% that Util will be under 7% in November’s reporting. So I hope that will give me a nice Fico bump.

So when the GMAC thing is resolved I want to Apply for an AMEX, I make enough $ to qualify for a Platinum but will the limited & prior history with AMEX and the infamous black list will this be a denial?

If I apply for an AMEX Platinum and denied and if there’s a card you will qualify for will you get that or is it a one shot app?

Should I apply for a Zync, as I’m reading that’s an easier approval?

If I do apply and get approved for a Zync how soon can I climb up to gold or platinum?

Lastly I about the infamous black list, before I found boards to help me repair my credit I did apply for a Amex, there was a EX hit, im told if your on the black list that there will be no hit. Don’t know if that’s true or not…

I know im wordy…. Thanks in advance !!!

Thanks for the info, i wont trying to applying tomorrow, i know i have some work to do.

i've been receiving AMEX mail solicitations and i actually do have a AMEX Corp card with 70k limit, so im not totally on the outs

American Express keeps an old ledger of folks that took the money and ran, from what i understand; you are taking the initiative to pay them back, a move which you will never regret. As Pete nicely recommended, you might want to start low and work your way up. If i was in your position, i will wait a year or even two and apply for Zync card, while most people assume this is a low end card, American Express only target folks with good to excellent credit (700+) and if you can get them to approve that, you re golden.
Right now if you were to apply, they will simply deny the application and recommend nothing. Save this hard pull on your credit report and apply for something promising like Household Bank Card. This is only going to help increase your total available credit and build account history, a plus for fico.

Welcome to the forum and please share your wonderful experience with us, we can all use each other’s advice.

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.

in response to zaper

im +150k per year, total credit limit now is 4k, haven't applied for anything in years.

when you say people paid the old balance and called in, did they call the collations dept and ask to reapply ?

i had 2 cards in the past, i paid the optima balance, check cleared last week. should i call them directly and pay the green balance and ask about reconsideration at that time ?

Originally Posted by darobin77

im +150k per year, total credit limit now is 4k, haven't applied for anything in years.

when you say people paid the old balance and called in, did they call the collations dept and ask to reapply ?

i had 2 cards in the past, i paid the optima balance, check cleared last week. should i call them directly and pay the green balance and ask about reconsideration at that time ?

Whoever you owe, I would pay it off. If I understand correctly, when companies "sell" the debt to the collections agencies, they only sell a portion. They receive some level of repayment if it is paid. The collection agency is more commission based.

When you apply for a Zync (only card I would recommend going for). You will call AMEX to apply. Explain that you have a checkered history, but you are trying to make it right. Include as many examples as you can, with special focus on the debt you had to AMEX. Honesty is the best tool to get approved, be forthright about mistakes. Make sure they know it is fine if you are only approved for a small limit, you just want to rebuild a history with them.

At 150K a year, you have a good shot of being approved if you apply correctly. The risk of approving you might outweigh the risks.

for the original poster do you travel on business? I'm sure you are aware of the 450.00 annual fee.

as far as going from zync to platinum, start out with the zync for a year, then move up to gold in 13 months, to upgrade you need to wait 13 months.

Originally Posted by Pete838

You definitely won't get the Platinum on the first time out with your history. You might try for a Zync, but even that is a long shot unless you have a couple of years of satisfactory history. With new credit, yeah, you can get a Zync pretty easy. But with Derogs you need to rebuild, and AMEX isn't a exactly the card for a rebuilder, especially if you have derogs or previous bad debt with them. As a matter of fact they probably wouldn't even give you a corporate card guaranteed by a company or allow you to be a cardholder on someone else's account.

Once you get your foot in the door you can expect regular semi-annual increases.

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.