Many factors such as your credit score, length of credit history, and income is considered for approval of the Amex Platinum card or the Amex Business Platinum card.
The Business Platinum Card® from American Express
This card is ideal for business travellers for luxury travel looking for many benefits!
Check eligibility for Platinum. The current public offer is 120,000 points.
Credit Score Factors
credit score is an important factor, for banks or credit issuers ranging from 300 (the worst score) to 850 (the best). 5 factors that make up your score and help you understand how they affect your score :
Payment history — 35%
Credit utilization — 30%
Length of credit history — 15%
New credit — 10%
Credit mix — 10%
The payment history is the most important aspect of a credit score comprising 35%. For a high credit score, a consistent history of on-time monthly payments is needed. A history of recent late payments makes it difficult to get approval for Amex cards.
credit utilization is important aspect of credit score accounting for 30% of overall score.
Credit utilization is the percentage of available credit that you have currently borrowed.
Its best to have a low credit utilisation Pay most or all of your balance off before your statement post keeping overall credit utilization low and improve your credit score. Do not maxing out credit cards each month.
Average Age of Accounts
The average age of accounts is calculated by totalling the monthly ages of all accounts, then dividing this sum by the number of accounts. example, if you have had a credit card open for 4 years and another for 3 years, your average age of accounts is 3.5 years.
The average age of accounts is worth for 15% of total credit score.
New credit history case do not to open too many new accounts in a short timeframe. It lowers your average account age, though it makes up just 10% of your overall score.
Your credit mix makes up the final 10% of your credit score. borrowers with a good mix of revolving credit and instalment loans represent less risk for lenders.
Multiple forms of credit extended to you in the form of credit cards, car notes, student loans, or housing loans you appear less risky to credit lenders.
3 factors make up 80% of your credit score. Opening a new credit card can lower the overall age of accounts, many factors improve with a new account if used responsibly.
How To Check Your Credit Score
It is easy to know your credit score eligibility, if you have a credit card account open, you will have access to your credit score. Mostly there is a free monthly credit monitoring service informing about scores. You can also open an account on Credit Karma (a free online service that helps keep track of credit scores).
Business Credit Scores
If you’re applying for the Amex Business Platinum card using an employer identification number (or EIN), instead of a Social Security number, your business credit score will be checked. It is different from personal credit scores.
Business is tracked by their name, address, and EIN. Personal credit scores are private, but business credit scores (on a scale of 1 to 100) are publicly available and can be viewed by visiting business credit reporting agencies like Dun & Bradstreet, Equifax Business, and Experian Business.
A good business credit score gets approval for small business credit cards, and business loans at lower rates, and qualifies for lower insurance premiums.
What Credit Score Is Needed for the Amex Platinum Card and Amex Business Platinum Card?
A credit score of 670 or higher for the Amex Platinum card and the Amex Business Platinum card. If you’re applying for the Amex Business Platinum card using an EIN, then we recommend that your business credit score be 75 or higher.
Technically no minimum score is required for the card that will guarantee your approval. Some applicants have been approved for both the Amex Platinum card and the Amex Business Platinum card with scores in the 600s, while others have been denied with scores in the 800s.
Check Your Odds for Amex Platinum Card Approval
Check With Confidence tool, allowing you to see which cards you are prequalified for.
Using the tool is simple: You just enter your name, address, the last 4 digits of your SSN, and your income to receive prequalified offers in just 30 seconds.
Other Approval Considerations
Personal Income and Business Income
Cardholders with Amex Platinum cards or Amex Business Platinum cards tend to have high incomes (it’s not a requirement). Annual income should be at least $50,000 or higher for applying for an Amex Platinum card.
All kinds of people qualify for the small Amex Business Platinum card, low business income or just starting your business, part-time business owners, freelancers, side hustlers, and sole proprietors are eligible for the Amex Business Platinum card.
Length of Credit
If you do not have a long enough credit history you might be denied a new credit card despite having a relatively high score.
Your credit can be improved by following these steps:
Get a Starter Credit Card
There will be approval issues if you have a low credit score or have never had a credit card.
Open a secured credit card or a card with a low limit. make payments on time, the score will improve relatively.
Get Added as an Authorized User
Improve your score easily by being added as an authorized user on someone else’s credit card, which shows that someone else trusts you with their credit. It lowers credit utilization, improves your payment history, and increases the average age of your accounts.
Become an authorized user of a responsible person’s credit card, not of someone who misuses high balances and payments that will damage your score.
While you are unaware Inaccuracies and potential fraud cases on your credit report can decrease your score. Depending upon error severity.
Check out Amex Platinum’s offer to take advantage of the benefits.
If you have a solid annual income, a good credit score, and a solid credit history, you stand a good chance of being approved.