AMEX Zync effect on FICO

[bichonmom]

It's my understanding that Zync reports as a revolver, but no CL reports. And because no CL reports, the balance isn't counted in util for FICO.

Do I have that right? Is it true for all FICOs?

My Zync stmt just cut. This is my first stmt, and I didn't expect it to cut so soon. I'd like to know how this is going to affect my FICO.

Also, the card hasn't even reported to the CRAs yet. Now that the stmt has cut, will it be reported? Others have said that it takes a long time (6 to 8 weeks) for Amex CCs to show up on the CR. But it seems like if the stmt has cut, the info w/be sent to the CRAs now.

Thanks!

[gallifrey]

I think if it doesn't report a CL it will use the highest statement amount as the limit. Not sure though so hopefully the experts will tell us

[logan_720]

My Zync was recognized immediately. I only know this because I have the free subscription to my TU score through Credit Karma that is offered through CapOne. At the time I had 7 accounts, 6 being open and activ since I had closed on of my Capital One cards, my Zync was included. That was on February ~16th and I had activated the card around February 1st.

[bichonmom]

I checked my reports today and it's still not on there. I got it on the 20th and activated on the 27th. So, it's only 2 weeks since activation and they cut the stmt.

My concern is just about how the balance is going to affect my util and therefore my FICOs.

[improvingmycredit]

Hello Bichonmom! 

From personal experience - the newer models of FICO don't take into account the credit usage associated with Amex Charge products.  However, the TU 98 model sold here at myFICO does and it will affect your utility on this model.  The EQ version used here is not affected by the Zync reporting with balance or without.  Typically, the highest balance is counted as your limit with these types of cards on the older models of FICO so if it's your first reporting, it will hurt your utility because it will show as maxed out.  I wouldn't worry about it really.  A lot of companies are now using newer models that don't take this utility issue into account.  For example:  WalMarts TU 08 model doesn't take this into account.

[bichonmom]

Thanks. The timing is just really bad because my ins co softs me the end of March every year to determine my rates. I was *really* hoping that my score (EQ) would have improved enough for my rates to go down. Last year they increased me, partially due to my score. (Nothing bad from my driving record.)

I wasn't too concerned about Amex reporting because I figured the backdating would help, but hadn't taken into account that they were going to be reporting a balance so soon.

[Anonymous]

I really don't know the answer to this either. My last Zync statement cut with a $15.00 balance - which does absolutely nothing to my util. So I have no idea if it gets calculated in or not.

I was just looking at my EX report, and noticed it reports as a 'Credit Card', but obviously has N/A as the credit limit. My other credit cards report as either 'Credit Card' or 'Revolving', so I'm not sure how that works. Maybe the lack of a CL has systems automatically tag it as a charge card.

Also, I have no idea why some cards show up as Credit Card and the others as Revolving - it's not even a difference between store cards and actual CCs. It's just a random mix.

[improvingmycredit]

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@bichonmom wrote:

Thanks. The timing is just really bad because my ins co softs me the end of March every year to determine my rates. I was *really* hoping that my score (EQ) would have improved enough for my rates to go down. Last year they increased me, partially due to my score. (Nothing bad from my driving record.)

I wasn't too concerned about Amex reporting because I figured the backdating would help, but hadn't taken into account that they were going to be reporting a balance so soon.

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I think you will probably see a bump up in your score once the Zync reports.  (I'm thinking because of the backdating)  It won't show as a new account and will add AAoA to your credit file.    

All my scores jumped up quite a bit because of the backdating but as always YMMV.

[bichonmom]

So, I guess Amex will be reporting the card and balance to the CRAs in the next day or so. So, should update sometime next week. I guess I'll just keep my fingers crossed that my score goes up!

[LS2982]

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@bichonmom wrote:

So, I guess Amex will be reporting the card and balance to the CRAs in the next day or so. So, should update sometime next week. I guess I'll just keep my fingers crossed that my score goes up!

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Fingers crossed!!!