Alright, so i just got my Zync in the mail today ,(beautiful looking card BTW) i ran a spending ability check for $5000.00 and it says it wouldn't be approved at this time, they would need further info on the purchase and i should call them up, i am not gonna call them because i am not spending that money at all, just wanna see what my range would be.
Why did that happened? because i am new with them, and they dont know my spending habits? or?.....
First day and you run a spending check for 5k. Why not 25k? Seriously, go a little easy. New card first day with any bank is like a first date. If you get what you want you don't want it anymore cause everyone else has had it.
They would have said yes to 1k and depending on what you do between then and the next request it would double. They just want to know you are not baking brownies or such.
Use it well, and good luck on your first day
(this goes for guys and gals)
They likely use info from your CR and your income and other statistics about you to determine an appropriate amount they would allow you to spend.
The day I got my Zync, I tried the spending ability thing and started to be denied between $9,000 and $10,000, but now its down to about $5,000 or $6,000. I'm sure they lowered mine because I've opened many accounts since my Zync and I don't charge a lot on my Zync, only like $300-$500 every month lately.
Don't worry, for most purchases they will approve you.
I was approved for around 4k at most when I first got the card. Now it's around 15-20k, but of course I wouldn't dare to make such a large purchase on the Zync because of FR.
how often do you guys check your spending ability?
Every other month maybe. Not very often.
This thread made me curious so I just tried it out.
Tried $5000 - Denied. Tried $4000 - Approved.
i hear it's not so cool to check your spending ability too often, because it is likely to get you into FR, true?
No FR, but what would you think if you were the bank. It isn't a toy. It isn't like the Fico......see how much your score may go up meter.
In answer to your question; I use it on one or two of there cards once or twice a year when I am actually going to use it. The last time , thie past Sept., I was going to buy two new computers and some odds and ends. Not know what the odds and ends would cost, I added about five hundred to the amount I was using for the computers. You see, to them I was actually making that purchase and there system treated it as such.
Later that evening when a charge for about three hundred less than projected ran through, it took a second for approval. It is a good feeling to have that service. Banks are funny. Spending a few thousand every now and then gets there attention; but checking for approval on your own also gets there attention. It spells r e s p o n s i b l e.
So take it seriously and don't play with it. To serve your curiousity, I would suggest no more than three or four times a years. (I am sure they have that factored in)
Mine started out at $10,000 back in December of 2009. I was playing around with it to see what the system spit back. I tried $12,500, and it said I had to call in.
I just tried $25,000 and it said approved. The largest purchase I've pushed through my Zync card was $10,000 last summer when my I put my down payment on my new 2010 Honda Civic, and followed up again with another $10,000, for my mom's down payment a week later. No FR or anything.
I wouldn't check that thing unless I was making a purchase for such a high amount. Its not like the card reports a CL anyways so why annoy them by using it as a measuring stick of eliteness.