If you have a small business and spend a lot of time on the road, you may want to consider adding The Business Platinum Card® from American Express to your wallet. This credit card offers a range of benefits that can be particularly advantageous for frequent travelers, such as lounge access, hotel elite status, and more. Additionally, new cardmembers have the opportunity to earn 120,000 Membership Rewards points after spending $15,000 on eligible purchases within the first three months of card membership. However, before applying for the Amex Business Platinum, you may wonder whether you have a good enough credit score to be approved. In this article, we will address some common questions about the necessary credit score for the Amex Business Platinum Card.
American Express does not explicitly state a minimum credit score requirement for Amex Business Platinum applicants. However, in general, you will need good or excellent credit to have a competitive application. A consumer credit score of 740 or higher is typically required for a strong application. When you apply for an Amex business card, American Express will conduct a credit check with consumer and business credit bureaus. If your small business does not have any business credit history, don’t worry. Amex will primarily rely on your personal credit history and other information about your business to determine whether to approve your application.
It’s important to note that each application and small business is different, so Amex may approve your application even if you or your company have a lower credit score. However, a well-established business with significant annual revenue will generally have a better chance of approval with a lower credit score.
Several factors can affect your credit score, and it’s essential to understand these factors before applying for credit cards. It’s important to note that not all credit scores are the same, and your credit score may differ across calculation methods and credit reporting agencies. FICO, one of the most commonly used credit scoring models, calculates credit scores using credit data from your credit report in the following proportions:
1. Payment history (35%): Your history of paying credit accounts on time.
2. Amounts owed (30%): The amount of available credit you are using, also known as credit utilization.
3. Length of credit history (15%): How long your credit accounts have been established and how recently you have used each account.
4. New credit (10%): Opening multiple credit lines in a short period may indicate risk to a lender.
5. Credit mix (10%): The use of different types of credit.
As you can see, many factors impact your credit score. It’s important to have a good understanding of credit and work towards maintaining a positive credit history.
If you are rejected for the Amex Business Platinum Card, it’s important to read the rejection letter you will receive in the mail. This letter will provide one or more reasons why Amex rejected your application, allowing you to learn and improve your credit. You can also call the card reconsideration line if you believe that providing additional information might lead Amex to reconsider your application. Even if the representative cannot approve your application, calling the reconsideration line may provide more insight into why Amex rejected your application.
In conclusion, the Business Platinum Card from American Express offers a range of premium travel benefits and is highly regarded in the business card market. While there is no specific credit score requirement for the Amex Business Platinum, having a very good or excellent credit score will generally increase your chances of approval. It’s important to understand the factors that impact your credit score and take steps to maintain a positive credit history.