If you have a small business and spend a lot of time on the road or on the sky, you may want to add it American Express Business Platinum Card In your wallet. Frequent travelers will benefit from Amex Business Platinum’s lounge access. Hotel Elite Status Other products.
For a limited time, new card members can earn 150,000 membership reward points after spending $20,000 on eligible purchases with a card within the first three months of their card membership. Additionally, you can earn a $500 statement credit through your American Express trip after spending $2,500 on qualifying flights booked directly with the airline, or within the first three months. You can win both of these offers. The offer ends on June 30th.
If you’re interested in applying for Amex Business Platinum, you may wonder if you have enough credit scores to approve. After all, that’s one of them The best business card At the market. Let me explain some common questions about the ideal credit score you need to get an Amex Business Platinum.
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What credit score do I need for my Amex Business Platinum card?
American Express does not state minimum credit scores Amex Business Platinum Applicants. However, it is usually necessary Good or excellent credits Be approved. In particular, to have a competitive application, you typically need to have a consumer credit score of 670 or higher.
Amex performs credit checks with consumers Business Credit Bureau you Apply for Amex business cards. If your small business doesn’t have a business credit history, Amex is primarily dependent on you Personal credit history Other information about your business will determine whether you approve the application.
Of course, each application and small business are different. So Amex may approve your application, even if you or your company has Low credit score.
However, typically, to be approved with an established business and a lower credit score, your annual revenues need to be approved significantly.
Related: What credit score do I need for a business credit card?
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Factors that influence your credit score
First, it is essential to understand that it is not everything Credit score It’s the same. So even at a specific time, there’s not just one credit score. Instead, credit scores may differ between calculation methods and credit reporting agencies. For example, your Experian FICO score may differ from Transunion VantagesCore.
FICO says it uses credit data from credit reports to calculate credit scores at the following rates:
- Payment history (35%): History of paying credit accounts on time
- Payment amount (30%): The amount of credit available used; Credit use
- Credit history length (15%): How long have you been established for your credit account and how long have you used each account?
- New Credits (10%): Opening multiple credit lines in a short period of time can show risk to lenders
- Credit Mix (10%): Using different types of credits
As you can see, there are several factors that affect your credit score. So that’s important Understanding credits Before applying for your card.
Related: Three Actual Ways to Increase Your Credit Score in 30 Days
What should I do if I’m rejected?
While it’s never fun to reject the card you want, there are many reasons why Amex might deny the Amex Business Platinum application. For example, you might have Recently, I have opened too many credit lines. Or, your income-expense ratio could indicate too much risk.
Wait to read the rejection letter you receive via email. This letter provides one or more reasons why Amex rejected the application. You can use rejection to learn and improve your credits. Next, once you have achieved the required credit score for Amex Business Platinum, you can apply again.
You can do it too Calls a card reconsideration If additional information seems likely that AMEX may reconsider your application. Even if the representative cannot approve the application, calling the reconsideration line may provide even greater insight into why AMEX rejected the application.
Related: The ultimate guide to credit card application restrictions
Conclusion
American Express Business Platinum Card It’s one of the best business cards on the market thanks to countless premium travel perks.
There is but There are no specific credit score requirements To get approval for an Amex Business Platinum Card, you usually have the best chance of approval if your score is in the “good” range and in the “good” range.
Read more A complete review of Amex Business Platinum.
Apply here: American Express Business Platinum Card
