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Is there any harm in only having a Zync?

New Contributor

Is there any harm in only having a Zync?

I'm not sure how to phrase this. I was recently approved for a Zync which was a huge deal to get my foot in the door with Amex. Now over the course of a year I have my first Cap 1, discover and Zync. Time for gardening and letting them age.
My question though, going forward I'm not quite sure what cards I want to aim for. Do credit reports or any lender that views them do they look at what credit cards you have specifically? Like "oh he has an entry Amex" or "haha he still has cap1 subprime". Is that any negative to me?
Thanks
Message 1 of 14
13 REPLIES
Mega Contributor

Re: Is there any harm in only having a Zync?


Essence wrote:
I'm not sure how to phrase this. I was recently approved for a Zync which was a huge deal to get my foot in the door with Amex. Now over the course of a year I have my first Cap 1, discover and Zync. Time for gardening and letting them age.
My question though, going forward I'm not quite sure what cards I want to aim for. Do credit reports or any lender that views them do they look at what credit cards you have specifically? Like "oh he has an entry Amex" or "haha he still has cap1 subprime". Is that any negative to me?
Thanks

I dont think so. You have to start somewhere.

 

Now if you had FP or CreditOne on there......................Smiley Very Happy

 




EQ FICO 548 3/3/16
Message 2 of 14
Established Contributor

Re: Is there any harm in only having a Zync?


LS2982 wrote:

Essence wrote:
I'm not sure how to phrase this. I was recently approved for a Zync which was a huge deal to get my foot in the door with Amex. Now over the course of a year I have my first Cap 1, discover and Zync. Time for gardening and letting them age.
My question though, going forward I'm not quite sure what cards I want to aim for. Do credit reports or any lender that views them do they look at what credit cards you have specifically? Like "oh he has an entry Amex" or "haha he still has cap1 subprime". Is that any negative to me?
Thanks

I dont think so. You have to start somewhere.

 

Now if you had FP or CreditOne on there......................Smiley Very Happy

 


Smiley Very Happy



Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 Smiley Wink
Message 3 of 14
Frequent Contributor

Re: Is there any harm in only having a Zync?

Other creditors cannot tell which cards you have by looking at your credit report (really, you cannot either but you know what you have Smiley Wink ) -  They can only see that you have an account with that bank. They would not know the difference if you had a Centurion or a Zync. All they can see is that it is a charge account.

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Message 4 of 14
Valued Contributor

Re: Is there any harm in only having a Zync?

Like the other poster said, the cards you have now are a GREAT start. None of them are considered really bad cards.

 

For your long term future you might really only want to consider applying for cards from these prime banks:

 

AMEX

Chase

CitiBank

Bank of America

Discover

Wells Fargo

Barclays (Maybe)

 

Cards from these prime lenders will grow with you over time. These are cards you can have for a lifetime. All these cards can give you credit lines in excess of $20K if ever needed and they all have decent or good customer service.

 

You really are doing quite well, 2 of your 3 cards are on this list!

 

Good job!


Starting Score: EQ 653 6/21/12
Current Score: EQ 703 8/5/17 - EX 743 8/5/17 - TU 731 8/5/17
Message 5 of 14
Mega Contributor

Re: Is there any harm in only having a Zync?


jd5189 wrote:

Other creditors cannot tell which cards you have by looking at your credit report (really, you cannot either but you know what you have Smiley Wink ) -  They can only see that you have an account with that bank. They would not know the difference if you had a Centurion or a Zync. All they can see is that it is a charge account.


This is true.

 

Subprime lenders other than Cap1 generally have 1 dog poop product they try to get you on and that TL showing up will be a red flag to a prime lender if its new.

 




EQ FICO 548 3/3/16
Message 6 of 14
Established Contributor

Re: Is there any harm in only having a Zync?

Yep if you look at your CR it will only show the company name not the types of cards you have, no biggie.

 

BOA: 8.9k
CSP: 5k
Discover: 5k
Citi TY Preferd: 5k
Wally: 5k
JCP: 4.9k
citiForward: 4.7k
ChaseFreedom: 4.5k
DFS: 2k
Message 7 of 14
New Contributor

Re: Is there any harm in only having a Zync?

Thanks everyone!
Message 8 of 14
Regular Contributor

Re: Is there any harm in only having a Zync?

Actually my denial from one place was


'Our analysis of the credit risk associated with customers who have accounts from the creditor(s) indicated in your credit report


 

This was from AMEX...Who you have on your credit report...matters...

 

Edit:

 


jd5189 wrote:

Other creditors cannot tell which cards you have by looking at your credit report (really, you cannot either but you know what you have Smiley Wink ) - They can only see that you have an account with that bank. They would not know the difference if you had a Centurion or a Zync. All they can see is that it is a charge account.


 

I dont think this is true...

Chase Southwest $5000 - November 2012 Wal Mart $1000 - November 2012 NFCU Visa $5,000 - Sept 2012 NFCU NavCheck $3,000 - October 2012 Amazon $900 - Aug 2012 Kay's Jewlery $2700 - Aug 2012 Buckle $250 (Shopping cart trick) - October 2012 Roaman's $250 (Shopping cart trick) - October 2012 Capital One Secured $225 - April 2012 Capital One Platinum $2500 - July 2012
Message 9 of 14
Established Contributor

Re: Is there any harm in only having a Zync?


XxRaVeNxX wrote:

Actually my denial from one place was


'Our analysis of the credit risk associated with customers who have accounts from the creditor(s) indicated in your credit report


 

This was from AMEX...Who you have on your credit report...matters...


Who were the creditors they were referring to?


BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($29,500) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($28,000)

Experian 746 Transunion 806-- July 2017
Message 10 of 14