AMEX PLAT

Credit card applications go way beyond what income you have. They look at how much debt you have, your credit score, and other factors. I put my midshipman pay as my income and got approved for amex platinum because I have a good credit score.

I wouldn’t put an income you haven’t earned down for a credit card application. Although it might work, you shouldn’t commit credit fraud to get one.

Also, don’t get the amex platinum unless you plan on traveling a lot. The Amex green card or gold is a lot better for everyday purchases.
 
DS has had a Navy fed checking since he was 16, and I made our kids USAA members when they were teens so they could benefit from my membership regardless of their future service paths.
DS has had Amex Platinum since his 3/C year. Has benefited greatly with perks, lounges, cash back etc. Cool feature is that it lets him send invoices to friends for shared costs, via Venmo, when payment is received it goes straight to the Amex balance.
For summer internship, he paid the whole hotel bill for two for 30 days. Got the points and cash back. Fellow mid paid him back via the Venmo option, balance paid down. Good hotel rates, some ride share perks etc.
We never had our kids as authorized users on credit, only on debit. Lesson learned there.
 
IronmanDaremo said:
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).
Click to expand...
Mids should never buy a motorcycle or any sort of vehicle with a credit card.

That's what the career starter loan is for...

(For those members on this forum who do not know me well enough, that was a joke.)
 
fullspeedahead said:
Credit card applications go way beyond what income you have. They look at how much debt you have, your credit score, and other factors. I put my midshipman pay as my income and got approved for amex platinum because I have a good credit score.

I wouldn’t put an income you haven’t earned down for a credit card application. Although it might work, you shouldn’t commit credit fraud to get one.

Also, don’t get the amex platinum unless you plan on traveling a lot. The Amex green card or gold is a lot better for everyday purchases.
Click to expand...

According to the MIDN "experts" near me, once you have the platinum, getting approved for the gold is automatic. I can't independently verify that.
 
In terms of not having credit -
I assume USNA is the same if not similar, but at USAFA, cadets are given an interest-free gov't loan to pay for uniforms and the like. Doesn't that build credit?
 
snarfly said:
In terms of not having credit -
I assume USNA is the same if not similar, but at USAFA, cadets are given an interest-free gov't loan to pay for uniforms and the like. Doesn't that build credit?
Click to expand...
Sure it does. Many build that credit before graduation.
 
I just turned 18 at the end of Feb, and ive only applied for 1 capital one credit card but was denied probably because I had no credit and haven't looked for another because I heard applying hurts your credit. Does anyone know the best card that i should start with so i can build my credit when when/if im in NROTC/USNA I can hopefully get approved for an AMEX plat and use those benifits?
 
It definitely isn’t the income that is causing the denial. My DS put in the ~$1200/month income and got approved for the Platinum. The key is I had added him as an authorized user to one of my cards. Instant credit inherited. Instantly got the Gold right after too. Then filled out some online forms and the yearly fees were waved.
 
CJP said:
I just turned 18 at the end of Feb, and ive only applied for 1 capital one credit card but was denied probably because I had no credit and haven't looked for another because I heard applying hurts your credit. Does anyone know the best card that i should start with so i can build my credit when when/if im in NROTC/USNA I can hopefully get approved for an AMEX plat and use those benifits?
Click to expand...
Big difference between ROTC and USNA. AD means no annual fee on those 700/year Amex cards.
 
dahacker said:
It definitely isn’t the income that is causing the denial. My DS put in the ~$1200/month income and got approved for the Platinum. The key is I had added him as an authorized user to one of my cards. Instant credit inherited. Instantly got the Gold right after too. Then filled out some online forms and the yearly fees were waved.
Click to expand...
What is the benefit of having both platinum and gold cards?
 
CJP said:
I just turned 18 at the end of Feb, and ive only applied for 1 capital one credit card but was denied probably because I had no credit and haven't looked for another because I heard applying hurts your credit. Does anyone know the best card that i should start with so i can build my credit when when/if im in NROTC/USNA I can hopefully get approved for an AMEX plat and use those benifits?
Click to expand...
NFCU or USAA have started credit cards to start building your credit.
 
DutchAmerican said:
What is the benefit of having both platinum and gold cards?
Click to expand...
Different extra points and benefits.

Gold gives you bonus points on dining and groceries, and Platinum gives you bonus points on travel (booked through Amex) as well as airport lounges. Platinum has some other benefits too like entertainment credit (for NYT, Disney+, etc)

The monthly Uber Eats benefits from both stack so you can get $25.00/month I believe ($15 from Plat, $10 from Gold)
 
CJP said:
I just turned 18 at the end of Feb, and ive only applied for 1 capital one credit card but was denied probably because I had no credit and haven't looked for another because I heard applying hurts your credit. Does anyone know the best card that i should start with so i can build my credit when when/if im in NROTC/USNA I can hopefully get approved for an AMEX plat and use those benifits?
Click to expand...
Capital One and Bank of America (among others) issue secured cards for people just starting out. NFCU does too. A family member had the BofA card when she needed to establish credit and it was unsecured after about a year. As others have mentioned ask your parents to make you an authorized user on one of their cards and after a year or so reapply for the Amex card.
 
CJP said:
I just turned 18 at the end of Feb, and ive only applied for 1 capital one credit card but was denied probably because I had no credit and haven't looked for another because I heard applying hurts your credit. Does anyone know the best card that i should start with so i can build my credit when when/if im in NROTC/USNA I can hopefully get approved for an AMEX plat and use those benifits?
Click to expand...
Banker here. 🙋🏻‍♀️ check out the Chase college card to start. Whatever scholarships/merit you have been awarded thus far for college use that as your income. Or use the household income that your parents make for your stated income on the application. Pay the card off every month and NEVER spend over 30% of whatever your limit is.
 
Shiny Navy said:
Banker here. 🙋🏻‍♀️ check out the Chase college card to start. Whatever scholarships/merit you have been awarded thus far for college use that as your income. Or use the household income that your parents make for your stated income on the application. Pay the card off every month and NEVER spend over 30% of whatever your limit is.
Click to expand...
Better yet. Put it on autopay.
 
You must log in or register to reply here.
Back
Top