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Frequent Contributor
Posts: 334
Registered: ‎02-20-2011
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I want to app for Amex Zync...

[ Edited ]

Estimating to close on a home in November, December. I want to app for the Zync ASAP but obviously I'm waiting for my home to close so my scores stay where they are. I have a chex systems entry from about 3 years ago that I paid and I have 4 30 day lates on an auto loan(orig owe 30k now 10k) since I got the car in 2007, 1 was 3 years ago, 2 were 2 years ago, and a single late in the last year(november). I have $1.00 balances on two cards with small limits.

 

Should I app in December so all my lates are over 12 months? Or should I wait till january? I was thinking that if I apped before my mortgage loan hit my credit report I wouldn't take such a score drop. My scores are listed below.

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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Super Contributor
Posts: 5,680
Registered: ‎05-23-2009
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Re: I want to app for Amex Zync...

You might want to app after closing your house in November/December. It might lower your score.

 

 

Ron.

Contributor
Posts: 89
Registered: ‎03-19-2011
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Re: I want to app for Amex Zync...

[ Edited ]
I agree that you trying soon after your closing date would probably be best. The new mortgage will drop your AAoA and therefore your scores. To what extent really depends on how old your existing TLs are. So you can get your app in before the mortgage reports.

Also, consider backdating. is this your first Amex?
If so then if you get the card in Dec, and you get another one in 2013 it would backdate to (month of new card) 2011.
However, if you get it after the new year then any future cards will be 2012
EX / EQ / TU FICO
Start: ? / 633 / 621 March 2011
Current: 751 / 760 / 750 (PSECU, SW, QM)
My Wallet: Fidelity Amex 5k, NFCU CashRewards 10k,
SD: Barclays Apple 1.2k, Amex Zync NPSL, HomeDepot 1.2k
Frequent Contributor
Posts: 334
Registered: ‎02-20-2011
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Re: I want to app for Amex Zync...

Here is my account info:

 

Length of Credit History: 7 Years , 8 Months
Average Account Age: 4 Years, 1 Months 

 

I had better AAoA but through the deletion of bad accounts its been lowered. My revolving credit history began 6 years ago, which myfico says is a negative.

Starting: EQ: 490 TU: ??? EX: ???
Current: EQ: 717 TU: 757 EX: 736 (lender)
Goal: 800+
=============
Amex: Zync, Gold Delta
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New Contributor
Posts: 106
Registered: ‎02-28-2011
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Re: I want to app for Amex Zync...

I would wait until well after closing before apping for ANYTHING the mortgage LO (loan officer) will want to know why you have the INQ's (i just went through this) and they will want an explaination for each one and another thing to remember with amex charge cards and a mortgage loan when they look at your DTI ratio if you charge 1k a month the payment will show as 1k a month and could disqualify you (this happened to my wife's friend recently) but as they say in the credit world YMMV


Starting Score: Jan 2011-600TU 598 EQ
Current Score: 769 TU 732EQ 750EX Lender Pull
Goal Score: 755 and higher across the board


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Frequent Contributor
Posts: 334
Registered: ‎02-20-2011
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Re: I want to app for Amex Zync...

[ Edited ]

Okay. So the house is getting a closing date of September 26th. If I apply in december, I will have NO 30 day latesin the last year, and 2 in the last 2 years and 4 in the last 3 years and there are no other negatives at all what so ever. Experian FICO 736 from mortgage lender which will drop due to the mortgage which will surely report by december and my installment loan will disappear screwing up my credit mix... Then again I'll have a mortgage instead of installment so thats kind of a wash?

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