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Approved for first AMEX card (Zync) but have a question.

New Contributor

Approved for first AMEX card (Zync) but have a question.

So I've been contemplating applying for an AMEX card for quite some time now and pulled the trigger just a few minutes ago on the Zync. APPROVED! Although I'm excited to have moved on from the 1st Premiers of the world and now only have 3 cards - US Bank CC, Discover and AMEX, I have no experience with "no pre-approved spending limits". How does this affect my credit report (utilization, appearance, etc)? Thanks.


Starting Score: 711
Current Score: 802
Goal Score: 820


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3 REPLIES
Frequent Contributor

Re: Approved for first AMEX card (Zync) but have a question.

Spend all you want, it has no affect towards your utilization because you pay in full monthly. If I could give you 2 pieces of advice, have a back up savings Incase you overspend. And ONLY spend what you can afford, npsl can get real ugly real fast, just be responsible with it and it will treat you well. Enjoy it, I love mine!
 
Message 2 of 4
Super Contributor

Re: Approved for first AMEX card (Zync) but have a question.

The TU98 FICO that you get on myfico.com will factor your charge card balance into your revolving.

 

I bought my SW TU couple of days ago and found that out. Since TU98 factored my charge card with my revolving (the Plat AMEX shows up as a credit card), that increased my util by 10% and my score dropped 8 points just from that.

 

Be careful but if you use it, make sure you pay it before the statement cuts.




Message 3 of 4
Frequent Contributor

Re: Approved for first AMEX card (Zync) but have a question.

TU98 differs from TU04 in that if you have lower utilization you benefit from a better score. I verified this when I got my mortgage. Next day, score was 20 points lower here than from lender TU04. In other words, if you have low util, your score is better most likely than myfico tu will show.

Starting: EQ: 490 TU: ??? EX: ???
Current: EQ: 717 TU: 757 EX: 736 (lender)
Goal: 800+
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Amex: Zync, Gold Delta
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