AMEX PLAT

There isn't a specified income requirement but I was approved for the AMEX Plat & Gold while making E3 pay at the time; however I already had great credit history/score. If you need to build some credit I'd recommend a Navy Fed card, they'll almost defiantly approve you and give you a nice credit limit. The USAA Cashback Rewards Plus AMEX Card gives 5% cashback on Gas & purchases on military bases which is really nice too.
 
I have this sinking feeling that my dude will end up getting a motorcycle with his. And he's never ridden one in his life, or ever on the back of one of mine.

He's happy with his 2004 Acura as his car right now though, especially since it is manual, so I'm happy with that. I already told him to hold onto it as people really like that car and want it, and it is driving fine. Sell it after wherever he goes for training (or, keep it and do a motor swap and make it faster).
 
justdoit19 said:
No, they qualify financially with their income. But the credit score could also be a factor. One of mine was denied initially bc he had NO credit. Put him as an authorized user on our card, and AMEX actually reached back out to him when he had enough of a credit score.

*All this with the caveat to be wise with your credit. It’s not a good idea for everyone. Stay within your means*
Click to expand...
Certainly "some" qualify with their income, especially if they have established tradelines. A Mid with no established credit is not going to get a Platty regardless of the income inputted into the application. As I said before, a pretty significant number of Mids are piggybacking off Mom and Dad.
 
My son got Amex platinum, Amex gold, and Chase Sapphire when he graduated.

He also got the loan as soon as he could - which built his credit score.
 
USMC Crayons said:
Certainly "some" qualify with their income, especially if they have established tradelines. A Mid with no established credit is not going to get a Platty regardless of the income inputted into the application. As I said before, a pretty significant number of Mids are piggybacking off Mom and Dad.
Click to expand...
Exactly what I said 😬. All other elements met, however, the income of the mid is sufficient. They don’t need mom and dad for the income piece.
 
Easiest way is to boost your kids' credit is to add them as authorized signers on your credit card. We did that for each when they turned 16. By the time their credit rating was relevant to any financial decision they had to make, their scores were already stellar.

Also helped that they had substantial assets and zero debt.
 
DS got his 3C year (the year AMEX went back to allowing Mids to get them. Apparently, they go hot or cold regarding wanting penniless future officers.). Then got the Gold very soon after. Per earlier post, sometimes Gold has better bennies. Overall Platinum does.

He also did an airline card his plebe year that provided enough miles to fly home several times. Depends on their home airport and which one makes most sense.

We let him buy a couple of family purchases (a new washer or dryer for instance) to get the mandatory minimum for initial bonus and then reimbursed him.
 
justme said:
DS got his 3C year (the year AMEX went back to allowing Mids to get them. Apparently, they go hot or cold regarding wanting penniless future officers.). Then got the Gold very soon after. Per earlier post, sometimes Gold has better bennies. Overall Platinum does.

He also did an airline card his plebe year that provided enough miles to fly home several times. Depends on their home airport and which one makes most sense.

We let him buy a couple of family purchases (a new washer or dryer for instance) to get the mandatory minimum for initial bonus and then reimbursed him.
Click to expand...
Honestly? This is a substantial ‘parent hack’ for any child (that you decide is responsible enough). Authorized user. I wish I had know about it earlier. My other two (non military) kiddos would have benefited greatly with a better credit score for the interest rates charged on their car and house purchases. Something to consider even for older adult ‘kids’. Especially in these inflationary high interest times.

(They don’t even have to carry or use the card).
 
justdoit19 said:
Honestly? This is a substantial ‘parent hack’ for any child (that you decide is responsible enough). Authorized user. I wish I had know about it earlier. My other two (non military) kiddos would have benefited greatly with a better credit score for the interest rates charged on their car and house purchases. Something to consider even for older adult ‘kids’. Especially in these inflationary high interest times.

(They don’t even have to carry or use the card).
Click to expand...
Definitely. All of my kids have been authorized users on one of my cards since they were old enough to legally be allowed. This works great for a small secondary gas or retail type card with a lower CL. It also gives them access to emergency purchase, especially for teens with only a debit card.

DS has offered to pay it back by letting poor mom or dad be an authorized user on his shiny amex account. (probably because he wants us to rack up bonus points for him).
 
... so maybe it's just me but when I saw "denied" credit, isn't this reported to the 3 credit bureaus? And if you're a Plebe, then it's a good thing because you're learning early about how to challenge the bureaus to cleanup your records.

I provided my DS a money card with monthly deposits to supplement his pay. I don't ask his financial situation but he seems happy. He has AMEX and Navy Credit Union cards.
 
IronmanDaremo said:
He's happy with his 2004 Acura as his car right now though, especially since it is manual, so I'm happy with that. I already told him to hold onto it as people really like that car and want it, and it is driving fine. Sell it after wherever he goes for training (or, keep it and do a motor swap and make it faster).
Click to expand...
Second best tip of the day. Don't go buy a new vehicle. They lose 10% of their value when you drive them off the lot. If you must buy new, hold out until summer as they get rid of the 2024's to make way for the 25's.
 
Building Credit while at a SA: We opened a card and made DS an authorized user, also he opened one in his name only ($500 secured). He graduated 2023 May 26 and now has been using the AMEX Platinum Card for access to airport lounges. He also now has his own NFCU visa card...I almost have him totally off my payroll.
 
cb7893 said:
Second best tip of the day. Don't go buy a new vehicle. They lose 10% of their value when you drive them off the lot. If you must buy new, hold out until summer as they get rid of the 2024's to make way for the 25's.
Click to expand...
New Car Pro Tip: watch some of those videos about dealer sales techniques, extras you don't need etc. Then find out the prices (bell curve) from NFCU then offer 3% below the NFCU lowest offer. We did that for an expensive car and dealer took the offer. WishI offered 4% below...
 
Don't Give Up the Ship said:
New Car Pro Tip: watch some of those videos about dealer sales techniques, extras you don't need etc. Then find out the prices (bell curve) from NFCU then offer 3% below the NFCU lowest offer. We did that for an expensive car and dealer took the offer. WishI offered 4% below...
Click to expand...
Pro Tip: Don't buy toys...for a long while...Invest more than the TSP Match, much more. For every $1 a 20 yr. old invests till age 65, will procedure about $88. Wait till age 25 and every $1 will turn into $44. Time Value of Money is really powerful. The assumptions in this math are reasonable. See attached (I don't endorse these guys-I'm neutral). Remember when investing: "Money Doesn't Grow on Fees" & "Your Don't Get What You Pay For".
 

Attachments

  • wealth-multiplier-resource_V4.pdf
    153.2 KB · Views: 9
You must log in or register to reply here.
Back
Top