Amex Zync $500 limit

[asdfjadg]

Just got approved for an Amex Zync last night, but with a $500 spending limit(!) and auto-payments from my bank account.  Not a problem, but would love to know if I should call and ask for them to remove that limit.

I make $75k/year, only other loans I have are:

* cap 1 platinum, $750 limit.  $600.  Had it for 7 months now.

* orchard bank, $320 limit.  owe $310.  Had it for 5 months now.

* kay jewelers, $3000 limit.  owe $1850.

* car loan through cap 1 finance, $18k.  Have only made one payment on the car loan, just got it obviously.

* student loan, paid off in full as agreed.  1 late payment 4 years ago.

* charge-off for BoA, $2934.  shows zero balance on ex/trans.  Will fall off my report in 01/2012.

What do you think?? 

[asdfjadg]

forgot to mention - my trans FICO score was 632, right before applying last night.

my equifax score (not fico, but the one you buy from them...) was 585 last night.  Ouch!

Equifax doesn't show the BoA charge-off.  Trans and Experian both do.

[Walt_K]

I don't have Zync so I don't know much about it.  Have heard variously from people that they have a spending limit and that the spending limit is just temporary until you get your card.  Maybe yours will automatically be removed when you get the card. 

Assuming it is a limit that will remain, I'd get your utilization down before asking them to remove it.  Your Cap1 and Orchard cards are nearly maxed out.  That has to be killing your score.  Your other card is pretty high also.  Get that down first. 

[asdfjadg]

Good idea, just paid both the cap1 and orchard off.  Won't report until later in the month but will call after they've reported.

thanks for the help

[vish1]

Please don't take it harsh or personally.

In all honesty, I will call you really lucky to get approved for anything with your Util. IMO you should not apply for anything before you have got your util down big time.

[CCOCD]

I agree with Vish.Should have 0 balances making that kind of money IMO...anyways congrats!

[thrasher865]

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@asdfjadg wrote:

forgot to mention - my trans FICO score was 632, right before applying last night.

my equifax score (not fico, but the one you buy from them...) was 585 last night.  Ouch!

Equifax doesn't show the BoA charge-off.  Trans and Experian both do.

---

I don't want to be rude, but you have scores in the low 600s and you're upset AMEX approved you for too low a limit?  Honestly, you should be glad to be approved.

I would take the $500 and be happy youre building more positive account history with a great lender like AMEX.  If you call and ask for a CLI right away, first of all, they're going to say no.  Second of all, you could get FRed like so many before.  I  know it's not technically a CLI, but they have a policy of basically no requests to change account details within 60 days.

[asdfjadg]

Wow everyone - a few points here.

1) I said "Not a problem, but would love to know if I should call and ask for them to remove that limit." --- it was a question, and I'm certainly not upset with Amex.  Very happy to be approved.  That's why I said "Not a problem...".

2) CCOCD - I do typically carry a $0 balance.  I just paid off both cards, as noted in my quick follow-up post in this thread.  Not a big deal, just used them during a vacation last month and they reported.  

3) It's not luck boys, it's hard work!  Several deletions, using only cash for almost 6 years...  I'm on my way back up, and much smarter about things this time around.

4) The reason I found the $500 limit interesting was indeed the fact that Amex approved it at all.  They offered me two options: $500 w/ auto-payment from bank account, or $250 spending limit w/o auto-payment.  I hadn't seen either of these mentioned *anywhere* on any of the credit forums, so I wanted feedback from people to see what it was all about.

Thanks again!

[Anonymous]

Congrats!

I edited my first post because you explained your thoughts.  Your first post comes across a bit whiny which may be why folks jumped on you a little hard.

[xlr8d]

Were you pre-approved? Or just took a shot?