Ive Got Good Credit Why Was I Denied For A Credit Card
Oftentimes you can still be denied for a credit card even though your credit score isnt that bad. This is especially true if your credit score isnt in the mid-700s or better.
Banks approval criteria for each card changes all the time. But common reasons you may be denied a credit card, even if you have a good credit score, include:
- Too much debt
- Too much available credit
- Too short of a credit history
- Recent late payments, charge-offs, or other negative items
If your credit score is in the high 600s, you may still get approved for some of the leading card offers, but this is where you have to be careful. Youre more likely to be approved if you have a year or two of on-time payments and very little credit card debt. If your score is lower than 700 because youve missed payments or have a lot of revolving debt, your approval chances are lower.
Dont apply for new credit if you have recent late payments or big balances on your existing credit cards. Even if you pay your cards in full each month, that big balance from the month you went on vacation could look like debt to a banks computers. The best time to apply for a new credit card is when:
- Your current card balances arent too high
- You have not missed a payment in the last two years
- You have not recently applied for other credit
Fill Out The Application Correctly
The Amex Business Platinum card application is very straightforward. However, youll need to answer more questions than you would on a personal card application. If youre an existing American Express customer, you can login to your account to have the application automatically enter your existing personal information.
You can apply using just your social security number if youre a sole proprietor and dont have an EIN . Plus, Amex doesnt have strict income requirements for small business cards.
Many Million Mile Secrets team members have always used their social security numbers to apply as sole proprietors for small business cards. And if youre applying as a sole proprietor , you can use your name as the legal business name.
Heres a complete guide to filling out an Amex business card application.
How To Use The American Express Platinum Card
Make sure you secure your welcome bonus by spending $6,000 in the first six months from account opening. Those 100,000 Membership Rewards points are worth more than $1000 when used to book travel through American Express Travel.
You should also make sure you swipe your Platinum card every time you spend in rewards categories: 10x points on eligible purchases at restaurants worldwide and when you Shop Small in the U.S., on up to $25,000 in combined purchases, during your first six months of card membership., plus 5x points on prepaid hotels booked through Amex Travel and 5x points on flights booked directly with airlines or via Amex Travel .
And after you book your next travel destination, live it up by taking advantage of the Platinum Cards credits, your access to airport lounges, booking stays at Fine Hotels and Resorts properties, and Hilton Honors and Gold elite statuses.
Once you rack up your rewards points, you can redeem them for travel via the American Express Travel portal or by transferring them to partners . The latter can help you unlock potentially even more value. Some of Amexs notable partners include Delta Air Lines, , and Hilton.
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Amex Platinum Vs Chase Sapphire Reserve: Fees
Both the Amex Platinum and Chase Sapphire Reserve charge the same membership fee of $550 per year. While more expensive than most cards, its about on par with luxury travel cards of this nature. However, there is a big difference in cost for additional users. While Chase only charges $75 for each additional authorized user on your account, you will pay $175 per user with American Express unless you upgrade to the Platinum Gold Card.
The Chase Sapphire Reserve is a full percentage point higher than the Amex Platinum, but Amex skips the balance transfer fee that Chase will charge you, either $5 or 5% of your transaction, whichever is higher.
Other than these areas, fees between the two cards are about the same.
American Express security protocols are extensive and include several measures.
Chase doesnt offer quite as many safety measures, but it still covers all of the most important bases. The security protections include several points.
Continue To Monitor Your Credit After Approval
After you’ve gotten approved for a new credit card, avoid the urge to ignore your credit until the next time you want to apply for a credit card or loan. You can get a free credit report annually from all three credit bureaus through AnnualCreditReport.com. Though April 2021, reports are available once weekly, which can help you keep a close eye on any changes.
Additionally, you can use Experian’s to stay on top of your credit. Experian provides free access to your FICO® Score powered by Experian data and access to your Experian credit report. You’ll also get real-time alerts when new information is added to your report, including inquiries, accounts, personal information and suspicious activity.
Finally, if you notice something is amiss on your Experian credit report, you can file and track disputes directly through the Experian platform.
Fortunately, monitoring your credit doesn’t take as much work as actively working to improve your credit score, so it’s a good idea to keep an eye on where you stand, so you can address potential problems as they arise and help ensure you’re credit-ready the next time you want to apply.
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Who Should Get The American Express Platinum Card For Schwab
The American Express Platinum Card for Schwab is an excellent card choice if youre interested in earning Amex Membership Rewards points. These points can typically be redeemed for travel through Amex Travel, gift cards, statement credits, and online shopping purchases. However, because this card is co-branded with Charles Schwab, you also get the added bonus of redeeming your points for deposits directly into an eligible account.
In addition, the Amex Platinum for Schwab provides loads of value for frequent travelers. You receive a complimentary Priority Pass membership and free access to Amex Centurion Lounges. You also receive up to $200 in annual airline fee credits each year and up to $200 in annual Uber Cash credits.
Why You Might Want A Different Card
If “getting your money’s worth” from a card means that every dollar you spend has to make its way back to your pocket in the form of spending rewards, credits or discounts, you’ll probably find plenty of reasons to pass on The Platinum Card® from American Express. The most obvious potential deal-breakers for some are:
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Going For The Amex Platinum Card
The last step is to try for The Platinum Card® from American Express. The easiest way is online as you enter all your personal information and your salary to receive an instant decision. If American Express has a few questions about your credit history, they might hold your application for additional review and give you a decision within a few business days.
You will also need the full name and social security number of all people you wish to add as an additional cardholder. If you do not want to try for the card online, you can also try by phone.
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Who Is Eligible For The Amex Business Platinum Welcome Offer
The Amex Business Platinum Card currently offers a welcome offer of 100,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Platinum Card within the first three months of card membership.
However, similar to many of the best American Express cards, not all applicants are eligible for the welcome offer even if approved for the card. Specifically, the offer terms of the current Amex Business Platinum welcome offer state:
Welcome offer not available to applicants who have or have had this Card. We may also consider the number of American Express Cards you have opened and closed as well as other factors in making a decision on your welcome offer eligibility.
Specifically, Amex has a one-bonus-per-lifetime policy. Luckily, after you submit your application, Amex will determine your eligibility for the welcome offer. If you arent eligible to earn the welcome bonus, Amex will display a pop-up asking whether youd like to apply without the possibility to earn a welcome offer. If you choose to withdraw your application at this point, Amex wont do a hard pull on your credit report.
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What Credit Score Is Needed For An American Express Credit Card
Of all the credit cards Ive carried in my wallet over the years, my favorites are issued by American Express. I love the rewards I can earn, the offers Amex provides, and the access to great benefits and service.
In fact, I have two of them on me right now. I use an Amex cashback card for business, and an American Express travel rewards credit card for personal use.
Amex is well known for attractive, high-value credit cards. Theyre also recognized for the excellent customer service they give to cardholders.
I know I feel reassured when I use American Express credit cards because if anything happens, experience tells me that the company will be there to help me sort through the problem.
The Platinum Card From American Express Benefits And Features
If you want to improve your overall travel experience and don’t mind paying extra for it you should get The Platinum Card® from American Express. Taking advantage of all of the card’s features can quickly compensate for most of the $695 annual fee. Below, you’ll find an in-depth look at each of these perks to help you better understand them.
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Blue From American Express Vs Capital One Venture Rewards Credit Card
- On Capital One’s Secure Website
Deciding between the Blue from American Express® card and the Capital One Venture Rewards Credit Card largely comes down to whether you can qualify for the Venture card and whether you want to pay an annual fee.
Like other higher tier rewards cards, the marquee Capital One Venture Rewards Credit Card trumps the Blue from American Express® card in multiple ways. For example, it offers an exceptionally generous sign-up bonus and lets you earn unlimited 2 Miles per dollar on every purchase, every day. It also makes redeeming miles for travel easy by letting you charge any qualifying travel purchase you like and then “erase” it from your statement with a credit. Another benefit for travelers: It doesn’t charge a foreign transaction fee.
But, as mentioned, in addition to being harder to qualify for, it charges a hefty $95 annual fee. Also, the Capital One Venture Rewards Credit Card’s point transfer program is not as robust as Membership Rewards. If you hold on to your points until you can upgrade to a better card, you may be able to get more value from the Blue from American Express® card.
Global Dining Access By Resy
Foodies take note: Your The Platinum Card® from American Express gives you access to special dining benefits through Resy, once you add your card to the app. Benefits include exclusive access to tables at high demand restaurants around the world, special experiences and presales to dining events, Priority Notify on Resy and a special a badge in your Resy profile.
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How To Improve Your Credit Score Before Applying
Even if you meet the minimum requirements to get an American Express credit cardor any other card for that matterit’s still usually a good idea to work on your credit score for a better chance of approval, or better terms such as a lower interest rate.
Here are some things you can do to improve your credit:
- Pay your bills on time every month.
- Get caught up on past-due payments and accounts in collections.
- Get added as an authorized user on a family member’s credit card account with a positive history.
- Use Experian Boost to get credit for on-time utility, cellphone and streaming payments.
- Pay down credit card balances and keep them low.
- Avoid closing unused credit card accounts.
- Take on new credit only when necessary.
- Dispute inaccurate information on your credit reports.
Building credit can take some time, but as you start making positive changes, you may start seeing results as quickly as a few months. Experian Boost can help you improve your scores instantly.
Amex Platinum Credit Score + Requirements For Approval
June 21, 2021 by Rosemarie Clancy
The best credit card offers are reserved for people with the best credit scores. These are the customers that the banks and card issuers want to attract, so it makes sense that they offer big sign-up bonuses, lucrative rewards and valuable benefits to entice them.
There are also some credit cards that are more impressive to carry than others. The Platinum Card by American Express is one of those cards.
Not only does it have a big sign-up bonus, great earning potential and top-tier benefits, but many people and merchants know that not everyone has the income and creditworthiness to get approved for this card so its akin to driving a luxury car for some.
You might be considering this card because you are collecting Membership Rewards for a big trip and you are interested in the current 75,000 point sign-up bonus and high points earning potential, but before you fill out that application lets see what and what type of consumer it is ideal for.
In this post you’ll learn:
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About The Data Displayed
Where does the data on American Express® MyCredit Guide come from?The data on your MyCredit Guide is based on your TransUnion® credit report. The VantageScore® credit score presented was calculated based on the information from that credit report.
Where does the information on my TransUnion credit report come from? The information on your credit report comes from multiple sources. Some is furnished to TransUnion by its data furnishers, companies with whom you have a credit relationship. TransUnion also gets information from courts, debt collectors and public records which include tax liens and bankruptcies. Additionally, TransUnion gets information that you provide directly to TransUnion Consumer Relations.
Why did my credit score change?Your credit bureau information is continuously updated. If your VantageScore credit score shows a change it could be due to a variety of reasons. It is possible, for example, that you have acquired new credit, paid down existing debt or been late on a payment.
Why isnt there a credit score displayed for me in MyCredit Guide?If you cannot see your credit score, it may be because there is not enough information in your credit report to calculate a credit score.
Why do I not have 12 months of scores on my credit score chart? This is normal if you have recently enrolled. The credit score trend line will build each month, starting with your first visit to MyCredit Guide.
Amex Platinum Is Good For Travelers And Business Owners
The Platinum Card by American Express is best suited for travelers because many of the benefits and statement credits offered are for travel. This card comes with automatic elite status in two hotel programs: Youll get Gold elite status in both the Marriott Bonvoy and Hilton Honors programs.
Youll also have access to the American Express Global Lounge Collection, which includes over 1,300 lounges at more than 500 airports worldwide in 140 countries.
Plus it lets you earn 5x Membership Rewards points for flights booked directly with the airline or through American Express Travel. Those bonus points can be earned on up to $500,000 in airline bookings. If you fly that much, you can do the math. Youll be sitting on a pile of points.
You can also earn 5x points on Amex Hotel Collection bookings, and you get a $100 on-site credit for prepaid hotel stays of at least two nights in one of those hotels. You can use the credit for dining, spa and other activities at the hotel or resort.
You also get access to Platinum Travel consultants and a personal concierge. That all makes this card ideal for small business owners who travel or for people who travel frequently. If you only take one or two vacations a year, you wont be able to take advantage of all the benefits so this card may not be right for you.
If you own a small business and travel for work, consider applying for the business version of this card. It has the mostly same benefits but comes with some extra perks as well.
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Learn About Credit Score Ranges From Fico And Vantagescore And How They Classify Excellent Good Or Poor Credit Scores
By Allan Halcrow | American Express Freelance Contributor
7 Min Read | January 31, 2020 in
Figuring out what a credit score of 640 means isnt really as tough as cracking the Da Vinci Code. But by the time youve considered the various credit score scales , it can certainly feel that way.
Fortunately, you dont need to be the hero of the Da Vinci Code to make sense of your . Thats because the different scales are more similar than different, and the scales are divided into credit score ranges whose names are simple and easy to remember .
Although cracking the credit code wont help you save the world, knowing the credit score range where your score lands can help you understand how lenders may view you in terms of credit risk. That could help you plan various aspects of your life, including the likely success of credit card, loan and rental applications, and whether you can expect to be offered favorable interest rates. And if you dont like the implications of your credit score range, you can take actions that could change it.
The two most commonly used credit scoring models, FICO and VantageScore, both rank credit scores on a scale from 300 to 850 and divide the scale into five credit score ranges. The ranges differ somewhat between the two models, and also have different names. If youve heard of higher scores, its either based on old information or industry-specific scoring models.
Equifax Credit Score Rangesand Others