@Anonymous wrote:My card is the Wells Fargo Cash Back College Card, which I was surprised to have gotten with a limit of $1200 as it's my very first card. My current scores are the following:
TU - 688
EX - 712
EQ - 690
TU was 670 when I applied and was rejected for the Discover Student More Card 8 months ago, so I'm definitely making progress by paying everything on time and aiming for below 10% utilization.
When should I begin thinking about applying for another card? I would prefer student cards given my very low income. Thanks in advance for your time.
I would wait a full year since your last Discover denial and try them again.
@Anonymous wrote:Is there anything particularly special about AmEx other than prestige and better than average customer service? Also, does it matter that the Zync is a charge card?
Amex backdates. The earliest year that you can establish an account, the better from that perspective. It's why I will make at least one Zync application before the end of the year (and I may do a second if things look semi-favorable before that) as it's better to hit that mathematically in '12 than '13 or later.
It's really that simple: it'll probably get changed someday (as this forum and very few others talk about it and Amex is by far the most consumer-friendly lender when it comes to their practices which adds to the bonus I suppose), but it can make a non-trivial difference in your AAoA and even without semi-useful maths, any Amex account you open in the future will not have the usual new tradeline penalty outside of the inquiry used to establish it. Amex traditionally does have some very good products, so lessening the negative impact of getting one of their high tier products later is nothing but goodness.
Doesn't matter that Zync is a charge card in this case, it's the entry into Amex membership which counts, and that's the easiest card to get in with Amex's current suite of credit products (debit cards are currently persona non grata for backdating). Personally I think it's a pretty good card regardless if used well.
@rootpooty wrote:
What is amex backdating? Can you please explain
When you first join Amex, you get a Membership date, or Member since 2012 (or other year). All future Amex credit tradelines you open later will be listed as opened since that initial year. Technically the open date becomes X/Member since year, where X is the month which you're making your current application in. As a result, once you have your initial Amex, any new ones opened in January of any given year will provide the most benefit from a tradeline age perspective.
Practical example: say theoretically my Hail Mary Zync application in December actually gets approved... my member since date is 2012.
Fast forward a few years to January 2015, and I apply for an Amex BCP with my hypothetical 720+ FICO, the date opened on the card will be January 2012 and will report as 3-year old tradeline on my credit reports... and that tradeline now counts as 3 years old for my AAoA calculation rather than as a brand new account at call it one month at that point. It may be a small part of the FICO algorithm, but it's a non-zero benefit.
I don't think so, but I could be mistaken. Certainly if you got another Amex, I'd certainly ask if you can get your Member Since date changed to 2010, but it's probable that the corporate card isn't assigned directly to you at all: it's someone else or some other entity that's been a Member Since 2010 most likely.
P.S. Never call it backdating to an Amex CSR, no es bueno!
@Revelate wrote:I don't think so, but I could be mistaken. Certainly if you got another Amex, I'd certainly ask if you can get your Member Since date changed to 2010, but it's probable that the corporate card isn't assigned directly to you at all: it's someone else or some other entity that's been a Member Since 2010 most likely.
P.S. Never call it backdating to an Amex CSR, no es bueno!
Good point. No reason to offend those from whom you're asking a favor. 
* practices saying "Can you change my Member Since date to what's on the others, please?" *