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Just confirmed with AMEX EO on closing PSL Zync to qualify for new card.

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j_casteel
Valued Contributor

Just confirmed with AMEX EO on closing PSL Zync to qualify for new card.

Just contacted the AMEX EO office and spoke with what seemed to me a very competent lady. We discussed my Zync $500 card, my history with them, and where I'm at now, etc. She told me that having the Zync $500 or any other "restricted" card like that will automatically place you in a different "pool" when applying for new credit with them, and cause a denial. She stated that if my reports have changed, and scores, etc are better than when I was approved for the "restricted" card that it is best to cancel that restrictive card, wait 30 days, and then apply for the card I want.

 

Of course, nothing is guaranteed, but this helps with my decision making on how to approach future AMEX apps. It also confirms my suspicions about not being approved due to my Zync $500 card. I know creditors look at much more than scores, ect. but if you are already placed in a different "pool" then it is already working against you before you even app for a new card.

 

We all know different reps can tell you different things, and be wrong sometimes. However, I would like to think the lady I was talking to knows what she is talking about. Just so everyone knows I'm sure this is like everything else and YMMV.

 

j_casteel

Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

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14Fiesta
Established Contributor

Re: Just confirmed with AMEX EO on closing PSL Zync to qualify for new card.


@j_casteel wrote:

Just contacted the AMEX EO office and spoke with what seemed to me a very competent lady. We discussed my Zync $500 card, my history with them, and where I'm at now, etc. She told me that having the Zync $500 or any other "restricted" card like that will automatically place you in a different "pool" when applying for new credit with them, and cause a denial. She stated that if my reports have changed, and scores, etc are better than when I was approved for the "restricted" card that it is best to cancel that restrictive card, wait 30 days, and then apply for the card I want.

 

Of course, nothing is guaranteed, but this helps with my decision making on how to approach future AMEX apps. It also confirms my suspicions about not being approved due to my Zync $500 card. I know creditors look at much more than scores, ect. but if you are already placed in a different "pool" then it is already working against you before you even app for a new card.

 

We all know different reps can tell you different things, and be wrong sometimes. However, I would like to think the lady I was talking to knows what she is talking about. Just so everyone knows I'm sure this is like everything else and YMMV.

 

j_casteel


That makes some sense. Maybe that is the reason we sometimes see those threads pop up with denials saying "not enough experience with premium bankcards". It's a possibility that lenders like AMEX don't view their restricted products as premium.






EX FICO (AMEX): 728 (4/29/17) | TU FICO (Discover): 737 (4/7/17) | EQ FICO (Citi): 746 (3/28/17)
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