If you have a small business and spend a lot of time traveling or in the sky, you may want to add The Business Platinum Card® from American Express to your wallet. Frequent travelers will benefit from Amex Business Platinum benefits. access to the lounge, hotel elite status and other offers.
New cardholders can earn 200,000 bonus points after spending $20,000 within the first three months of card membership.
If you’re interested in applying for Amex Business Platinum, you may be wondering if you have a good enough credit score to be approved. After all, it is one of the best business cards in the market. Let’s discuss some common questions about the ideal credit score needed to get Amex Business Platinum.
Amex Business Platinum Card Credit Score: What You Should Know
American Express does not set a minimum credit score for Amex Business Platinum applicants. However, you will generally need good or excellent credit to be approved.
Amex will perform a credit check with the consumer and business credit bureaus when you apply for an amex business card. In the event that your small business does not have any business credit history, Amex will primarily depend on your personal credit history and other information about your business to determine whether your application is approved.
Of course, every app and small business is different. As such, Amex may approve your application even if you or your company has a lowest credit score.
However, you will generally need a well-established business and significant annual income to be approved with a lower credit score.
Related: What credit score do you need for business credit cards?
Factors that affect your credit score
First, it is essential to understand that not all credit scores They are the same. As such, even at any given time, you don’t have a single credit score. Instead, your credit score may differ depending on calculation methods and credit reporting agencies. For example, your Experian FICO score may differ from your TransUnion VantageScore.
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FICO claims that it calculates credit scores using credit data from your credit report in the following ratios:
- Payment history (35%): History of paying credit bills on time
- Amounts owed (30%): Amount of available credit you are using, also known as credit utilization
- Length of credit history (15%): How long have your credit accounts been established and how recently have you used each account?
- New credit (10%): Opening multiple lines of credit in a short period may indicate risk for a lender
- Credit mix (10%): Use of different types of credit
As you can see, there are several factors that affect your credit score. As such, it is important understand credit before requesting cards.
Related: 3 Real Ways to Improve Your Credit Score in 30 Days
What to do if they reject you
Getting turned down for a card you want is never fun, but there are plenty of reasons why Amex might deny you. Amex Business Platinum application. For example, you may have opened too many lines of credit recently or your income-to-expense ratio indicates too much risk.
Wait to read the rejection letter you will receive in the mail. This letter will provide one or more reasons why Amex denied your request. You can use rejection to learn and improve your credit. You can then reapply once you obtain the necessary credit score for Amex Business Platinum.
you can too call the card reconsideration line if you believe additional information might cause Amex to reconsider your request. Even if the representative cannot approve your request, calling the reconsideration line can give you more information about why Amex denied your request.
Related: The definitive guide to restrictions on credit card applications.
In a nutshell
The American Express Business Platinum Card It is one of the best business cards on the market, thanks to its many premium travel benefits.
Although there are no specific credit score requirement To get approved for an Amex Business Platinum card, you’ll generally have the best chance of approval if your score is in the “good” or “excellent” range.
For more information, read our full review of the Amex Business Platinum.
Apply here: The American Express Business Platinum Card
