OK, so I applied a week ago and got declined for BCE. I've had Zync for about 3 months, but my credit scores improved so much by getting collections and util off/down. I get my denial in the letter and they have my EXP Fico as 744...The reasons for denial were revolving balances too high(I have no balances on any of my cards), too many recent inquiries(4 in the past year), and not long enough time with current card. I get the last one, but holy heck how did I get declined with a 744??
Starting Score: EQ 619
trumpet-205 wrote:First, FICO score is not the only thing that determines your approval. People are WAY too in love with their FICO score.
A $500 hard limit on Zync will make it very difficult to get any other AMEX card without closing it first.
Pretty much this; the HL Zync appears to be an issue with Amex underwriting at this time.
That said, unless you were backdated on the Zync in the first place, it's to your overwhelming advantage (given that it's October, payment history on even 3 months *shrug* compared to a year of official history on the BCE tradeline) to wait until January. Also 3 months with any Amex charge is still in the honeymoon phase with them; I know we talk about six months or a year in some awfully spurious places on this forum, but this one is pretty sound: Amex wants to see how well you do with your current line for a while before you get offered anything better. This is exceptionally true with the Zync I suspect in the first place regardless of PSL/NPSL status.
In any event we should know a lot more about Amex's plans for the Zync by January in terms of what they want to do with the current holders including ones with a PSL now that the card has been discontinued. Wait and see is my recommendation.
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)Current Score: EQ 660, Wally TU 697, EX unknown (05/13/13)
Goal Score: 680 in all three (01/01/14)
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Thanks everyone...I'm actually going to call it quits with Amex....The Zync card I really only did to get the backdating and to get back in with them, and then I discovered the card is worthless to me. Between my 15k LOC and the Freedom and BOFA 123 card I was just approved for(both Sigs), I think I have enough. I just was hoping to get that 6% back on groceries....Oh well
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