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Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
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Re: American Express Pre-Paid Card?????????

example of backdating (only AMEX does this)

 

I open account on 12/1/12 with AMEX for their gold card.  In January I apply for and open a credit card with AMEX on 1/10/13.

 

Card 1 will have an Age of Account as 1 month in January 2013.

Card 2 will have an Age of Account as 1 year in January 2013.

 

AMEX will relate back to your calendar year on all subsequent cards that you get from them.  So the first card has its original date it was opened but the second card uses the month in which it was opened (january) and the year of my first card with AMEX (2012).  So the second card will be stamped January 2012 even though I got the card in January 2013.  This gives you 1 free year of account age.



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Moderator Emeritus
Posts: 10,918
Registered: ‎12-30-2011
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Re: American Express Pre-Paid Card?????????


Duncanrr wrote:

 

There have been posts from people who have used it less than six months and applied on their own and were approved for another AMEX card.  There is no way to tell if the use of the prepaid card influenced AMEX's approval decision.  I'm using it on the off chance that it will.  I plan on apping for AMEX around October (maybe early December if my travel gets pushed back).  I'll let yall know how it goes.


The people who achieved this (LS most notably) were qualified for the Zync anyway.

 

I was of the same opinion as you, until Amex made a big deal on their webpage that it wasn't for people who were rebuilding their credit profiles.  Don't know why, what a silly marketing decision to announce that, and I stopped using my card shortly thereafter and focusing my efforts on other accounts.  Amex is just one lender, and any money you don't run through cards which report, is hurting you with every other one.  How much I don't know, but to me it offset the possible benefit that Amex stated publically was null and void anyway.

 

 

 

 

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
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Re: American Express Pre-Paid Card?????????

Technically my file is thin for revolving credit.  Only have 2 secured cards reporting so I think it may help.  If I have to recon, I will bring it up as proof that I can manage the card and make consistent payments.



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Super Contributor
Posts: 5,105
Registered: ‎12-11-2011
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Re: American Express Pre-Paid Card?????????


Duncanrr wrote:

Technically my file is thin for revolving credit.  Only have 2 secured cards reporting so I think it may help.  If I have to recon, I will bring it up as proof that I can manage the card and make consistent payments.


"Alright, after reconsideration we can approve you. You will get an amex zync with a $0.25 limit" lol I hope it works for you, I really do, I just don't think it will. 

;
Valued Contributor
Posts: 2,270
Registered: ‎07-23-2012
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Re: American Express Pre-Paid Card?????????


Duncanrr wrote:

example of backdating (only AMEX does this)

 

I open account on 12/1/12 with AMEX for their gold card.  In January I apply for and open a credit card with AMEX on 1/10/13.

 

Card 1 will have an Age of Account as 1 month in January 2013.

Card 2 will have an Age of Account as 1 year in January 2013.

 

AMEX will relate back to your calendar year on all subsequent cards that you get from them.  So the first card has its original date it was opened but the second card uses the month in which it was opened (january) and the year of my first card with AMEX (2012).  So the second card will be stamped January 2012 even though I got the card in January 2013.  This gives you 1 free year of account age.


hmm so staying clean for six months and apping for an amex in december(2012), and then wait until next january(14 not 13) for another? (not as you described because of my inquries recently) and then it will say 2 years 1 month? with the first saying 1 year 1 month? is that correct way of explaining backdating? 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$6,400
Citi DC $10,000
Citizens Mastercard$7,000
Regular Contributor
Posts: 106
Registered: ‎02-08-2012
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Re: American Express Pre-Paid Card?????????


Revelate wrote:

The people who achieved this (LS most notably) were qualified for the Zync anyway.

 

Amex is just one lender, and any money you don't run through cards which report, is hurting you with every other one.  How much I don't know, but to me it offset the possible benefit that Amex stated publically was null and void anyway.


I totally agree - I think it just gives a placebo effect. If you used the prepaid card and ended up getting approved for the Zync, odds are you would have been approved without using it to begin with. I highly doubt it has any effects whatsoever with any ending results, but none of this is proveably true. I wish we could get a clear answer, but we won't ever truly know. 

 

 

Capital One Journey (12/2010) | Chase Freedom (03/2012) | American Express Zync (03/2012)

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Experian score: 752 (6/2014)
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: American Express Pre-Paid Card?????????

I find Amex prepaid a waste.  Given the lower standards of zync, there is no need to go prepaid hoping that Amex notices.  Just take money and go secured card if credit that bad.  It will help you get zync faster as it actually helps build your score.  If a secured card won't help you enough, then doubtful Amex would approve with lower score and Amex prepaid.

               LIMITS IN CARD DESCRIPTIONS
Moderator Emeritus
Posts: 10,918
Registered: ‎12-30-2011
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Re: American Express Pre-Paid Card?????????


Duncanrr wrote:

Technically my file is thin for revolving credit.  Only have 2 secured cards reporting so I think it may help.  If I have to recon, I will bring it up as proof that I can manage the card and make consistent payments.


Zync was created for people with near thin files.  The bare minimum approval requirement is one card, for six months.

 

If you have that and a clean sheet otherwise, you win for a Zync pretty much.  That's why as Crash correctly points out, with a Zync fairly easily obtainable, you're simply better off doing something else with your money.  There's a non-zero chance you're approved for a Zync right now, but there's no real rush except to establish membership date by the end of the year.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


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