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Established Contributor
Posts: 731
Registered: ‎02-15-2012
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Re: Having trouble applying for AMEX revolver

Open123, that's a great illustration.  Merely holding a Zync for 6-12 months isn't going to do much in helping to qualify for a BCE.  In order to establish a relationship with Amex, you'll need to actually use that Zync.  The closer to cardmember A you are, the more likely Amex will approve you if you are a marginal candidate for a revolver.  Cardmember B is a target for an FR and C is not going to get much of an extra push if he goes for a revolver.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: Having trouble applying for AMEX revolver

Amex internal scoring matters a lot and Transactional history matters to them.  Having history won't overcone a highly marginal candidate but it will help those trying to get over hump.  Funny thinghistory can hurt you too.  In my  case, Ihad not had Amex for long time.  got plat and revolver very soon after.  My initial npsl was low and my initial limit on revolver was low.  My incomes high, score is good, basically no debt, but somehow Amex was half my next lowest revolver.  I'm pretty sure I can trace it back to them grabbing my old spending patternsfrom long ago and using that info.  Luckily I can game the npsl limit and got that up quick.  After just a couple of months, I apped for 2nd Amex revolver.  Same situation as before except my score was lower from inquiries and new accounts and random balances showing.  Yet I got Amex revolver with twice limit asfirst one.   Why?  I looked worse in every way except now I had a couple of months spending history with the plat and 1sst revolver.

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Established Member
Posts: 20
Registered: ‎06-05-2012
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Re: Having trouble applying for AMEX revolver

That's a great illustration, Open123.

 

It also highlights the problem I'm perceiving with the Zync>BCE/BCP road.

 

To be attractive to Amex with a Zync, you have to charge a significant amount every month and if possible, charge more "luxury" items (e.g., events, hotel nights, airline tickets, etc.).

 

But to be attractive to Amex with a BCE/BCP, you have to charge a significant amount in more "normal" items (e.g., groceries, gas, and other everyday expenses) – or else, they wouldn't give you back 6% for groceries and 3% for gas, nor would they charge supermarkets and gas stations their own merchant fees.

 

So to make the most of the Zync>BCE/BCP road, it feels like one has to change lifestyle for a few months with a Zync to prove one's worth to Amex and get the BCE/BCP, and then go back to everyday expenses – lets' face it, it's not very realistic.

 

I am experiencing this dilemma right now, as my Zync is getting little love because I don't get enough rewards with it for my limited everyday expenses. As suggested by henryjumbo, it'd probably have been better for me to wait until my cards got enough history and then apply straight for a BCE/BCP. But hey, one learns every day :-)

 

FICO scores: EQ 750 (Jul 2012)
Wallet: BofA Cash Rewards $2k, BofA Travel Rewards $7.5k, Discover It $5k, Amex Zync NPSL
Status: Attending to the garden.
Established Contributor
Posts: 766
Registered: ‎01-16-2012
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Re: Having trouble applying for AMEX revolver


HenryJumbo wrote:

@Cdnewmanpac

 

My source is the many threads on myfico of guys and gals complaining of getting rejected for a revolver, and one of the most popular reasons they feel they should get a revolver is because they have a Zync.

 

This is the problem I have, a guy (or gal) comes on myfico and wants an Amex card, they do a little reading and it’s not long before they set their eyes on the much touted Zync card.

  

The hard true is this, whether or not you want a Zync is up to you, but if you have a below average FICO WAIT until you have a high enough score to either, spree and get a bunch of cards you want or wait even longer and get the BC and spree for better prime cards. Dropping a sub FICO with a new card (Zync or whatever) and decreasing your AAoA is a terrible idea, especially if you hope to get a revolver down the road.  

 


If you are saying that people over-recommend the Zync (and some people don't read the recommendations carefully), I completely agree. I also agree that for someone with a 620 score it is a waste. I just objected to the blanket statements rejecting a benefit in obtaining a Zync. One of the most useful things I learned from this forum was about the Zync card. I had not considered a charge card at all until I came here. While I didn't apply for the Zync to get a BCE (or any revolver), I do believe I got a revolver (even with the lowest credit limit) because of my Zync use patterns. Could I have waited over a year for my COs to fall off and my score to finally crest 720? Sure. But then I would have missed the benefits for all the Hilton stays I have coming up this year. It also allowed me to get all the cards I want in a short period of time (12/11 to 7/12) and then chill out and just work on growing limits.

I should also note that I fit the profile both Open123 and CreditScholar point to: I spent a little over 25k on my zync between March and July. Aside from one 10k costco purchase, most of this was restaurants, wine club purchases and antique/reproduction fixtures for a basement bathroom we added this Summer.

 

So maybe what we should all focus on is making more contextual recommendations, rather than recommending the Zync to everyone (your objection) or nobody (the takeaway from your first post).

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Senior Contributor
Posts: 4,701
Registered: ‎02-23-2011
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Re: Having trouble applying for AMEX revolver

For the person with estabilished credit history and high Ficos with a great income, by all means apply for any Amex of your choosing; or, apply for *any* card of your choosing for that matter.

 

However, for a person with minimal history (we all start out at the beginning, right?) or less than perfect history (who is without any belmishes in life?) who wants to build a relationship and have an Amex card, then I think the Zync is an excellent recommendation.  It is far and away the easiest card to get.  If used a certain way, the NPSL rises just as any other charge card.  And, Amex absolutely considers one's history with the Zync, positively or negatively.

 

Finally, if a person is getting an Amex Zync (or, any charge), and can only manage to spend $200 per month on everyday expenses, perhaps you're not Amex's target market; but, more importantly, perhaps Amex isn't *your* target issuer.  There are far and away better cards than Amex for relatively low everyday spending. 

 

However, for the person whose spending fits a certain demographic, but has a troubled history where Amex would reject for any other card, the Zync is an ideal way to have an use Amex products.  For moderate and high spending, there are few issuers who can rival Amex in terms of rewards, benefits, and the overall cardmember experience.

 

Personally, I think the Zync can benefit just about everyone who is starting out, or has some troubled history--if only for the backdating.

Community Leader
Valued Contributor
Posts: 1,408
Registered: ‎07-12-2011
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Re: Having trouble applying for AMEX revolver

I'm putting this out there for what it's worth.  Though I agree that Amex's business model has always been geared toward a higher spending/more affluent demographic, (studies show that regular Amex card users spend substantially more then those users of MC or VISA) with the advent of the Zync card.. it's an experiment into a possible changing or addition to this model.  The Zync was marketed as a card for individuals with limited history and upwardly mobile.  So it's an investment in individuals that don't fit the current model and likely won't fit that model for some years to come.  Thus you see cards with hard limits like 250/500 being approved.  Never before has Amex done something like this.  Amex I think has the foresight to see that with advent of the Millennial and the decline of the Baby Boomers, there has to be a changing of the guard so to speak and being relevant in today's society is of the utmost importance.  Anyway my point... I think and believe that the Zync is absolutely a way into Amex and provides a history or spending that does in fact influence future cards for those that are borderline but not necessarily in the way that people on here believe.  And Amex is in fact seeking individuals that don't necessarily spend large amounts of money monthly in the hopes that they stay relevant with generations to come.  I still recommend Zync to anyone starting out and to those with marginal credit scores.  You get all the benefits of Amex membership and there is real possibility that you will be approved for a revolver with a decent limit that you might not have gotten cold apping.  


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

Regular Contributor
Posts: 174
Registered: ‎06-21-2012
0

Re: Having trouble applying for AMEX revolver

The ONLY reason I got the Zync was for backdating purposes.  As a current college student, I cant afford to spend thousands (or even hundreds) per month on extra purchases. However, I plan on having several AMEX cards after I graduate and am making 10x what I am now. I suggest applying for the Zync only if the person plans on having a future relationship with AMEX; if not, there are plenty of other great cards. 

Ex 752 (Amex) Tu 758 (Walmart) Eq 703
Goal: 750+ on all
Current Cards: Cap1 Cash Back; Chase Freedom; Chase Amazon; Citi Thank You; Citi Forward; Discover iT; Amex Zync; GE WalMart; BoA 3-2-1
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Established Member
Posts: 20
Registered: ‎06-05-2012
0

Re: Having trouble applying for AMEX revolver


I am experiencing this dilemma right now, as my Zync is getting little love because I don't get enough rewards with it for my limited everyday expenses. As suggested by henryjumbo, it'd probably have been better for me to wait until my cards got enough history and then apply straight for a BCE/BCP. But hey, one learns every day :-)

 



Actually, let me backtrack on that: Amex (together with foursquare) is having these great "buy $10+ of merchandise/get $5 back" offers to support local stores. My AF for 2013/2014 has nearly paid itself already :-) Thank you Amex!
FICO scores: EQ 750 (Jul 2012)
Wallet: BofA Cash Rewards $2k, BofA Travel Rewards $7.5k, Discover It $5k, Amex Zync NPSL
Status: Attending to the garden.
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