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Amex ZYNC as first card?

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Anonymous
Not applicable

Amex ZYNC as first card?

Hello all,

 

First time posting here, and im very new to credit and credit cards, so i just have a few questions. I am a student at Villanova university (currently 18) going into my sophomore year. I have a checking account with 20 grand or so, a savings account, and a retirement account/plan that my parents have set up for me. This summer i have a rather high paying internship with a pharmaceutical company making around $1,500 per week, which would average out to around $70,000 annually. I have had a few other jobs past summers as well as working in my parents practice. I have had a debit card but have always been more of a cash person, but i realize now i want to begin building credit. I asked my mother and as far as her or i know, i do not believe i have any existing credit. Amex appeals to me most so i would like to acquire one of their cards as my first card if possible, instead of getting a lesser one and working my way up. SO my main question is, is there any way i would be able to get the ZYNC card with basically no credit but a relatively high income and net worth? Would it be possible for my parents to co-sign for the card (because they have excellent credit) or do anything to give me a better chance of being accepted? Any advice or help would be greatly appreciated, or even just letting me know if it is absolutely not possible. Thank you all in advance!!

Message 1 of 26
25 REPLIES 25
Creditaddict
Legendary Contributor

Re: Amex ZYNC as first card?

Most likely at 18 and no credit I don't believe you are going to be approved and Amex does not offer joint accounts (co-signer)

 

Citi forward has been known to approve with no credit but I have had friends apply and they were declined, so not sure!

 

Skip Cap1, HSBC, etc.

 

Who do you bank with?

Do your parents have an Amex, They could add you and then in 6 months you could probably get Amex on your own easily.

Message 2 of 26
Anonymous
Not applicable

Re: Amex ZYNC as first card?

Hmm with limited/no history I doubt Amex will approve you. You could become an AU on a parents card if they have one with Amex. Cap One Journey approves with no history. Also look into secured cards with a high deposit to get you going.

Message 3 of 26
LS2982
Mega Contributor

Re: Amex ZYNC as first card?

Welcome to the forums!.

IMO, AMEX with no history at all may be a problem. Your options could be:

-Get a secured card and make a large deposit on it and use it for 6 months (a year would be better) then try AMEX
-Get the AMEX secured card (which requires opening a CD OF 10,000 with them)
-Try for a unsecured card (Chase Slate,BofA,Discover)

I think with no history its going to be hard to aquire a unsecured prime card. You best bet is secured.



EQ FICO 548 3/3/16
Message 4 of 26
Creditaddict
Legendary Contributor

Re: Amex ZYNC as first card?


@Anonymous wrote:

Hmm with limited/no history I doubt Amex will approve you. You could become an AU on a parents card if they have one with Amex. Cap One Journey approves with no history. Also look into secured cards with a high deposit to get you going.


I would skip Cap1 for the reasons that even OP stated, don't want to waste getting cards that won't grow.

 

Secured would be a GREAT option considering you have $20k just sitting in a checking account, I would max out a Secured Card $5-$10k usually I think)

 

You could try Zync I guess and hopefully at least get countered with Zync PIF Card.

Message 5 of 26
FrugalRican
Blogger

Re: Amex ZYNC as first card?

Where is your checking/savings account from?

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 6 of 26
Anonymous
Not applicable

Re: Amex ZYNC as first card?

I apped for Zync when I had no history... Amex didnt like me then. That was when I first found this place. I knew nothing about credit and wanted it because it was pretty. Now I know much better (whew).

Message 7 of 26
Anonymous
Not applicable

Re: Amex ZYNC as first card?

As a finance student about to graduate and work in finance, I have to ask: Why the hell do you have $20k in a checking account? That is just losing buying power sitting there.

Message 8 of 26
Anonymous
Not applicable

Re: Amex ZYNC as first card?

What would an AMEX secured card be? I have checking and savings accounts in both Penn Liberty bank and Bryn Mawr Trust. Unfortunately my parents do not have Amex which is kind of disappointing, but i dont think i can really change their mind, they run their business and personal lives on a visa Ritz card.

 

I have heard about the ZYNC with the $500 limit and the autopay thing, which i would also be thrilled to get. I do not really care too much about which card i get, i would just like to get in with Amex sooner rather than later. I personally view them as more prestigious and my uncle has a their black card which i think is pretty cool.

Message 9 of 26
Creditaddict
Legendary Contributor

Re: Amex ZYNC as first card?

Well if Amex is really all you want and you have no credit and no INQ, 1 from Amex is not going to be the end of the world, Apply, then if denied we can suggest other options agian.

 

and to finance poster, yes $20k in a 0% checking isn't great but we don't know if that $20 is to pay for school, car, living, who knows and at 18, are we really that concerned of loosing 1% of a savings?

Message 10 of 26
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