Amex denied.... again.....

[Walt_K]

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@Anonymous wrote:

Think of the Zync as a stepping stool to getting your BCE. You have to crawl before you walk................

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True, but chances are that I will use my BCE exclusively over the Zync. I just hate closing card and am pretty sure that this would be the route I would take if I decide to apply for the Zync.

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There's no reason to think Amex is going to frown on you closing the Zync once you have the BCE.  You really shouldn't be worried about that.

You have a thin file.  Your score is good, but it isn't a very heavily weighted score because you're young.  And yes, 11 inquiries is a lot in a short time (although not clear if that is 11 on EX or 11 spread across your reports).  In any event, you either have to start with something like Zync that was acutally tailor made for people in your position, or you have to wait until you establish more credit history. 

[afbar1114]

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@Anonymous wrote:

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@webhopper wrote:
I think it is upgradeable, you can upgrade to a different charge card product, but you must meet their criteria for the new product. I think also you don't need to upgrade it, just use it for what it was meant to do, and apply for a revolver later.

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I have the Green so I can't say for sure but I believe other Zync holders here have said there is no PC available from Zync to other products.

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no PC from Zync..spoke to a CSR yesterday about it...ZYNC works for me with rewards and AF and all.....and its prime.. to me zync works better then PRgold because i dont fly and MRE points will get me what i need

[LS2982]

+1 Walt

[Anonymous]

I think you should probably either apply for Zync in 30 days and then the Blue 6 months later, or just wait about a year, atleast until Jan/Feb 2013, and apply for the Blue then.  There would be nothing wrong with closing the Zync after being approved for the Blue, so the choice is yours.  Really, I think your credit file is just a little too thin to qualify for an Amex revolver right now, especially with the inquiries.

[Anonymous]

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@Anonymous wrote:

I think you should probably either apply for Zync in 30 days and then the Blue 6 months later, or just wait about a year, atleast until Jan/Feb 2013, and apply for the Blue then.  There would be nothing wrong with closing the Zync after being approved for the Blue, so the choice is yours.  Really, I think your credit file is just a little too thin to qualify for an Amex revolver right now, especially with the inquiries.

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I think I should just wait a bit then apply later. I plan on closing my Chase Freedom can my CU's CC as I would like to only carry 3 CCs. Do you think that would hurt my chances down the line? I plan on just having three regular CCs from now on.

[Anonymous]

I don't think closing those cards will have much effect on your score or chances of approval from Amex.  I think you just need a higher average age of accounts, which won't be affected by closing a card or two.  If you can get that to 2 years, I think that would help a lot.

[bichonmom]

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@Anonymous wrote:

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@bichonmom wrote:

Amex doesn't recon like other CCs do. You need to specifically address and rectify the reasons in their denial.

What is your util? What are your other CCs and CLs?

It sounds like maybe they're seeing only lower limit cards and/or higher util. Amex is VERY picky about util, among other things!

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My current CC collection is as follows:

Discover More: 3/2000 CL

Chase Freedom 0/800 CL

BankAmericard 123 Rewards: -13/1000

DFCU Financial CU Platinum: 0/1000

I recived my Discover 2 years ago, Chase in 8/11 and BankAmericard/DFCU on 1/2012.

All the above was reported on my CR before I applied.

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It looks like your util is low... is that $3 balance on Discover? I know this is odd, but I'd actually leave a balance of <9% on ONE card only (like maybe $150 to $200 on Discover). I've heard that CCs like to see a balance because it shows them that you're using your cards.

Those aren't really high CLs. I might wait 30 days and app for a Zync. The benefit of doing that now, as opposed to waiting and reapplying later is that Amex backdates. So, any card you get from Amex in the future will be backdated to your first Amex year.

Then in 6 to 12 mos., app for the revolver you want. Personally, I'd probably wait a year. You can always cancel the Zync if you want. It's not going to hurt your AAoA if you cancel Zync and add a new Amex since your new CC will be backdated. I have read here that you *can* PC Zync after 13 mos., but can't say for sure. So, you could always try that route, too.

In any case, I do think your best bet would be to start w/a Zync. If you don't have any baddies on your CR, then I'd just leave a small balance on one card, be sure it's reporting, and app for Zync at least 30 days after this app.

Good luck!

[LS2982]

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@bichonmom wrote:

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@Anonymous wrote:

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@bichonmom wrote:

Amex doesn't recon like other CCs do. You need to specifically address and rectify the reasons in their denial.

What is your util? What are your other CCs and CLs?

It sounds like maybe they're seeing only lower limit cards and/or higher util. Amex is VERY picky about util, among other things!

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My current CC collection is as follows:

Discover More: 3/2000 CL

Chase Freedom 0/800 CL

BankAmericard 123 Rewards: -13/1000

DFCU Financial CU Platinum: 0/1000

I recived my Discover 2 years ago, Chase in 8/11 and BankAmericard/DFCU on 1/2012.

All the above was reported on my CR before I applied.

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It looks like your util is low... is that $3 balance on Discover? I know this is odd, but I'd actually leave a balance of <9% on ONE card only (like maybe $150 to $200 on Discover). I've heard that CCs like to see a balance because it shows them that you're using your cards.

Those aren't really high CLs. I might wait 30 days and app for a Zync. The benefit of doing that now, as opposed to waiting and reapplying later is that Amex backdates. So, any card you get from Amex in the future will be backdated to your first Amex year.

Then in 6 to 12 mos., app for the revolver you want. Personally, I'd probably wait a year. You can always cancel the Zync if you want. It's not going to hurt your AAoA if you cancel Zync and add a new Amex since your new CC will be backdated. I have read here that you *can* PC Zync after 13 mos., but can't say for sure. So, you could always try that route, too.

In any case, I do think your best bet would be to start w/a Zync. If you don't have any baddies on your CR, then I'd just leave a small balance on one card, be sure it's reporting, and app for Zync at least 30 days after this app.

Good luck!

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+1

[CreditScholar]

11 inqs plus an AAoA of 1 year is what's killing you. You really need to wait a couple of years and increase your AAoA if you want an Amex revolver. The low CLs on your current cards might be hurting you too.

[LS2982]

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@CreditScholar wrote:
11 inqs plus an AAoA of 1 year is what's killing you. You really need to wait a couple of years and increase your AAoA if you want an Amex revolver. The low CLs on your current cards might be hurting you too.

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+1

I'd take the advice of others on the board and go with Zync first. You don't have to use it after the BCE, SD it,