Thread: What are the qualifications for Platinum card?

I am not going to try to attempt to resend as I wouldn't have the slightest idea when it comes to foreclosures. I will say this though, I'd try and talk to AMEX's credit department personally and see what they suggest. I've talked with them a couple of times and they have always been extremely helpful.

What do you mean by "Lost my Platinum Card due to an income property foreclosure"?

You mean your credit took a nosedive and they closed the account? Or You owed a lot of money on your bill you couldn't pay because you spent a bunch on an investment property that didn't work out?

If it is the first one I'd re-apply. the worst they can do is say no, and one inquiry won't hurt you as long as you aren't constantly and repetitively applying for credit.
If it's the second one you'd better pay the bill if you haven't already and wait a couple (or more) years.

In the excellent film "The Fantastic Mr. Fox," Fox and Badger are on a caper during which Badger is called upon to unlock a door with his credit card. Fox notices Badger's card is one with prestige status and asks how a Badger could get such a card. To which Badger replies: "I pay my bills on time."

Originally Posted by rjewyo

Lost my Platinum Card due to an income property foreclosure I had, back in 12/09. Card was always paid in full and had it for 5 years. Had Delta Platinum before that for 4 yrs...always paid in full as well. Previous scores were in the low 800's.

I own my home; have no debt; make $275,000 yr, and have large savings +large. 401K & IRA. I have a Mastercard with 70,000 limit and Visa with 16,000. My Experian score is 722, Equifax 746, Transunion 723. I realize that the "negative accounts", leading to foreclosure are on these credit reports and time for improvement is important.

Don't want to apply for American Express Platinum without a strong chance of getting it back. Need solid advice re: score needed and how long do I wait to re-apply since there is a foreclosure!

Thx

The thing about AMEX is they have a database that remembers everything. Even though you have a strong credit score now, if you are blacklisted then it is hard to get an account with them. A part of it will depend on why they closed your previous accounts, and if that is strong enough a reason to deny you now. Since it has only been a few years that you had the foreclosure, I would be inclined to say it too soon. A simple negative mark, such as 30 days late takes 7 years to clear your record. American Express also looks at your history with them, which can be better or worse than what your credit report states. AmEx is known for having the high credit profile with pristine customers, so they reduce their risk exposure by being very selective.