12-11-2011 05:46 PM
I'm thinking of applying for a ZYNC at the beginning of next year to build a relationship with AMEX, get a BCE further down the road, and backdate the BCE to the ZYNC. The thing is that I don't really plan on using the card since the rewards aren't that great and am just going to use the signup bonus to pay off 4 years worth of annual fees.
Does AMEX care how much you spend on check cards as long as you pay off your balance? Will spending $500 a month look better than $20?
12-11-2011 07:39 PM - edited 12-11-2011 07:40 PM
Would my chances of getting approved for BCE be higher if I charged more to the ZYNC?
It should, as Amex looks for a good history with one of their cards. However, given that the credit limit for a charge card is not show on one's CR or FICO score, I would actually pay off the balance on my charge card and decrease overall utilization to <9% for you CC's. After having reduced the total utilization I would wait 1-2 weeks (so the reduced utilization is reported to the credit bureau) then apply.
If you don't mind me asking have you passed the "13th month" on your Zync card? Also, you cannot upgrade your Zync, rather you have to re-apply via a new application.
12-11-2011 08:38 PM
Amex likes you to use their card. FICO doesn't.
My new Amex reported with a balance of over 8k. My EQ FICO dropped from 780 to 748. total CLs reporting is 38k. Apparently they count charge cards the same as credit cards for Util purposes. Anyone know what happens when you charge more than your total other CC limits? Good chance I'll be doing that in 2012. Should be interesting.
12-11-2011 09:29 PM
I'm guessing that OP either has a whole bunch of relatively new accounts or a whole bunch of declines.
If you have a whole bunch of new accounts, I expect that any creditor will be more suspect about new accounts than inquiries.
If you have a whole bunch of declines, I expect Amex will have the same concerns that the other creditors had -- unless, that is, you've had a major change to your report (i.e. GW of a CO, drop off of a major derogatory).
If your EX Fico score is low, and you just want any Amex, don't apply for anything but a charge card -- Zync, Green, Gold, etc. Since you're probably not interested in paying a large annual fee, I would suggest Zync or the Premier Rewards Gold (which usually has an offer to waive the first year's annual fee, after which you can PC to Zync).
Finally, if your EX Fico is really low it's probably worth waiting on making the application -- hopefully some of the inquiries will drop off by the time you apply then.
12-11-2011 09:59 PM
My FICO is 720, AAoA is 1 year with 2 inquiries in the past year, keep util around 6%, and I pay my balance off in full. I was just wondering if was even worth applying for a AMEX charge to build my relationship with AMEX if I don't plan on charging much to it as my other cards give better rewards. In other words, if i got a zync and spent $10 on it every month, would it help me "build a relationship" with AMEX? If not, I'm probably just going to save the pull.
12-12-2011 12:00 AM
I think what they're going to look at is your payment history with them -- not how much you're running through the card each month. There have been a lot of people posting here about getting the Zync first and then being approved for a second Amex. I wouldn't worry about how much you're spending. Maybe set up some recurring charge just so you have activity each month. You can even pay prior to the statement date if you don't want it to show on your CR and affect your FICO. If they see you use it and pay timely, that's really what they're going to care about when it comes to reviewing your acct.
12-12-2011 12:34 AM
you have no negatives... then just app the card you want.
12-12-2011 12:35 AM
how old is oldest account
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