Amex Zync approved!!!

[Anonymous]

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@Devastator wrote:

I too got approved.  I did not expect to but I did a "preselection thing" on AMEX's website and thought what the hell. 

Questions:

1. Once a 'working relationship' or history record is established with AMEX, is it easier to get a Blue, Clear or one of their regular credit cards?

2. How do they report Credit Limits i.e. how does utilization factor in to one's credit score?

3. Should I close some of my old subprime cards, such as a first premier that I still have or one of the lower-tier capital ones? They add age. However, I have no balance on them, but I'm paying an annual fee on them.  I don't want to have TOO many accounts open.

I'm excited I have been on my BEST behaviour the past 3 years (no late payments) but had 2 items on collections--one disputed rent from apartment (they billed a whole month even after I gave notice to vacate) and one from a 7 year old verizon bill that should be removed momentarily.

Question if one has only 2 collection accounts, if one is removed how much does that improve your score?

Looking forward to AMEX life.  

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1.  Yes, once you establish a history with them it is easier to get a credit card with them.

2.  Credit limits aren't reported to agencies on charge cards.   Its an internal limit that you can call to find out what it is.

3.  Not sure what other cards you have, but if you're paying ridiculous fees to First Premier and don't need the card, then I'd definitely close it.

[jdsays]

Received my new Zync card in the mail yesterday!!  It was like Christmas   Even my boyfriend was impressed...lol.

Congrats to everyone who got approved...we are now in Amex's world!!!   Woohoo. 

I cant decide on which packs to add...the restaurant pack seems cool, $5 Cold Stone card and $5 Dunkins card...and one every month if you spend $25 at Dunkins...which I probably do.  Anyone have any advice on which packs are actually worth their annual cost?

[Devastator]

I hear that Amex actively monitors cards....should I use it wherever or should I use it for entertainment, restaurants mostly?

Incidentally, I think I'm just about on the edge of fair to good.  I haven't checked a hard score but I'm 670 via Credit Karma.   Two collection items, one aging off between now and September (disputed Verizon house phone bill) and one is 3 years old (rent disputed, but I had to 'settle", trying to get it off). Utilization was at 25% overall, but one card was 75%.

At the same time as being approved for the Zync I also found yesterday I was approved for a Visa Platinum from a credit union (minimum $5,000 limit, though I don't knwo what it is) and a Discover Student Card (starting limit of $1500) -- I qualified for the student card even though I'm in my upper 20s and have a regular job as I'm a Grad Student. 

I just closed three subprime cards.  First Premier Visa (fees and annual fee, 575 limit after 4 years) , Capital One MC (annual fee, 500 limit for 5 years), and Household Bank (600 limit after 3 years).  Yes I know I might take a ding, but I was tired of hearing the "we are a conservative lender" or "just keep doing what your'e doing" , I don't know why they have to be condenscending and BS like that, but I'll sort of miss them.  Those subprime cards helped me build a credit history though, so I'll miss them in a way also.   These are the only type of cards I was able to get which is why I was worried that the Zync was a subprime card for those with starter or poor credit. 

I figure this is a foot in the door, so I'm grateful I've been able to work myself back up and knowing what it is like to be in subprime purgatory I think I've matured and I'm more experienced.  I'm hoping within a year I can be mid 700s, and apply for a clear or blue cash, and I won't bother applying for another credit card ever again after that.  Question: I know this is looking ahead, but is there a reason to have a Gold or Platinum over the Zync assuming you also have a credit card with AMEX?

[Gibran]

Hey Devastator I got my Zync last month and I've been using it everywhere, from small stuff like a few groceries to big purchases like the laptop I bought my daugther who's about to go away to college. Last month I only put $600 dollars on it (this is my first Amex, like you I wasn't sure how to make use of the card so I was being cautious ) But this month I've done around $1200 so far, I've also setup some automatic bill payments through their website (just to get rewards points wherever I can)..So I'll tell you like someone here in the forums told me when I asked the same question, use your card as you see fit. From everything I've read Amex loves to see usage

[ngerasimatos]

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@jdsays wrote:

Received my new Zync card in the mail yesterday!!  It was like Christmas   Even my boyfriend was impressed...lol.

Congrats to everyone who got approved...we are now in Amex's world!!!   Woohoo. 

I cant decide on which packs to add...the restaurant pack seems cool, $5 Cold Stone card and $5 Dunkins card...and one every month if you spend $25 at Dunkins...which I probably do.  Anyone have any advice on which packs are actually worth their annual cost?

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I added all of the free packs, and the dining pack. 

[Anonymous]

I have had a zync since jan 2010. Don't worry about where you spend it. I buy everything I can on it. Mcdonalds , walmart whatever. I waited until my 6th statement recently and apped for a Blue Cash. I was so nervous when talking to the csr. I got accepted!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!CL was 2000 which is not so bad.

Scores are 678 EQ and 710 TRAN  last time checked in april.

I

[Anonymous]

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@Anonymous wrote:

I have had a zync since jan 2010. Don't worry about where you spend it. I buy everything I can on it. Mcdonalds , walmart whatever. I waited until my 6th statement recently and apped for a Blue Cash. I was so nervous when talking to the csr. I got accepted!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!CL was 2000 which is not so bad.

Scores are 678 EQ and 710 TRAN  last time checked in april.

I

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WOW! mind if I ask how long your credit history was when you applied for Blue cash?

[Anonymous]

AAOA is just 1 year. Oldest account is 2 years old. I only recently started  my rebuilding in 2008. I have only 1 paid collection left from 2005 thats still on my reports EX and EQ.

Had absolutely no credit cards then . Started with secured BOFA 300cl and orchard bank w/ 300 CL.

Orchard was cancelled before annual fee was going to post.

BOFA unsecured then and now is at 2500cl AMEX Accelerated CAsh<--- Everyday card

Chase freedom  4500<Revolving charge monthly SD'ed now

chase freedom 4550<--- Revolving charge monthly and backup in wallet

Chase freedom formerly wamu 700cl<---SD'ed now

Cap 1 1500 cl   CREDIT STEPS<---SD'ed now

Alliant 500cl <----Wont give cli without hardpull!   Accepted CC when I got a used car loan from Alliant in 2009. What a waste!  SD'ed now

AMEX Zync<---will be SD'ed with small charge also when blue cash arrives

Amex Blue Cash 2000cl   Waiting for the card!

Many will be sockdrawed when the Blue Cash comes! I think I have done a very good job in 2 years.

[Devastator]

Wow, congratulations pumba! I have a feeling either that CreditKarma UNDERestimates one's FICO, or there is something about my profile (getting older, collections are aging). You seem in a similar situation that I'll soon be in in that you are transitioning from "starter"/basic cards.

For me once my Zync is 11 months (i.e. next June) I'll go in for a clear   And yes, it looks good but it's mostly for the no fees on anything ever.  

Does AMEX offer the basic superior perks/customer service to all card holders? Not the airport lounges or concierges or anything.....but just small but convenient things that wouldn't be available elswehere.  I ask as I'm hoping I don't have to upgrade the Zync to a Platinum eventually to get any worthwile benefit. 

Good for you on the Blue once again!

[jforsyth]

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@Devastator wrote:

I have a feeling either that CreditKarma UNDERestimates one's FICO, or there is something about my profile (getting older, collections are aging).

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I think it's pretty unpredictable. I have a feeling CreditKarma overestimated mine.

My CreditKarma score is 728. All I have is 5 months credit history of paying in full on a single card.

Even with a perfect history, I really doubt my FICO scores are that high with such a short AAoA. I'll be purchasing my actual FICOs in about a week or so when I hit the 6 months mark. We'll see. The FICO score estimator has me in the 695-745 range (assuming a 6 month history)