New to AMEX - Zync Approval

[ct850]

I am a student with one WF Student 1% Cash Back CC opened in Nov '09, started with $1200 limit and usually PIF before the statement cuts, I have only reported a balance once or twice and util is at 3%. Both of my parents have had the Gold Amex charge card since long before I was born, and I grew up using Amex Travel, MR points for vacations, Amex return protection, etc etc.; basically, it was a given for me that I would get an Amex sooner or later. When I learned about the Zync a couple months ago, I decided that I would make it sooner rather than later.

I patiently waited for the sixth month (before that Amex website didn't show any preselected offers because I didn't have a score), and the other day checked the pre-selection. This time I was preselected for Zync, Green and Gold. It was between Zync and Gold for me, but I decided to start small and I'm in love with the reasonable AF and restaurant pack. I pulled one of my annual freebies just to make sure everything is in order, and tried to get every kind of score or "grade" I could without springing cash for official FICOs, and they showed low 700s, but I have no idea how realistic that is. I have a $2,000 savings account with American Express bank but I have no idea if it makes a difference one way or another.

I am religious about my newborn baby named credit, so maybe it was against my better judgment (or maybe it was the third glass of wine) but I went ahead and applied for Zync; to my surprise, I got instant approval. I'm not sure how it happened because a) I have basically the minimum credit history possible and only one account and b) because I am only 20 and did not have to verify my income or have a co-signer or anything like that per the new CARD Act rules (maybe it's different for charge cards?).

Anyway, as I wait with baited breath for the arrival of my little white envelope, I've been cruising these forums for strategies on how best to deal with this beast we call American Express, especially when it comes to the NPSL cards. Some say to hit the ground running and get heavy usage from the start, whereas others suggest laying low and using it "thoughtfully." What is the best plan of attack? My plan is to use the Zync as my daily driver (I spend around $2000/mo excluding big ticket stuff), PIF before the statement cuts to avoid the high util problem with charge cards and then use the Wells card for anywhere that doesn't take Amex and to report a 3-7% balance every month. Will this work?

I've read up pretty carefully on the card, but is there anything I should look out for when it comes to the Zync or dealing with Amex? Also, out of curiosity, is the AF due at the beginning or the end of the year? I saw something about running a couple of transactions before you activate an Amex, but this doesn't make a whole lot of sense to me. Can anyone elaborate? What should I expect as my starting CL?

If nothing else, hope this info helps anyone considering applying for this card. I would imagine that if I can get this card with my miniscule history, YOU can too!

Happy charging (and PIF'ing)

ct850

[smc733]

A few bits of knowledge I've gained since browsing the forums:

1.  The credit law only requires them to ask about your income, and calculate if you'd be able to pay whatever CL they give you.  Which leads to number 2.

2.  Be careful how you spend Amex, they do like big spenders, but the "unlimited" charge cards to have a calculated "spending power", many people on here have gotten burned by this, if you rack up outrageous spending past what they feel you'd be able to pay, they will flag it and possibly decline the payment.  At this point, they're known to do an "FR", or Financial Review, which they would ask for a Form 4506-T, a transcript of your tax returns to verify the income you provided (and re-evaluate your membership if necessary).

3.  The annual fee is placed on the second month's statement.

[Anonymous]

I suppose this is more an FYI than anything.

I just was approved for the Zync card. I had to wait a month as I was actually rejected for the Amex JetBlue card. As it is, for the most part I pay off my balances, I've current been around 5% utilization come statement time. Zync made sense for me because it actually forces you to think about your purchases, there's no cushion to land on and pay off your balance in a month or two.

My credit history is checkered. I haven't missed a payment on anything in about 3 years, I'll admit I was a bit more wreckless and careless as I was settling into a new (my current) job. Since then I haven't really overextended myself, I've carried more of a balance than I should at times, but my number one priority was always to pay down my balances when I had any extra income.

I currently only have one card with a limit worth mentioning, a Capital One card with a $5000 limit. I'm carrying a couple low-limit cards and an overdraft that I don't ever touch. I've cleared up any derogatory items on my report (including a charge-off from 2007) and the only real debt I have are college loans.

That said, my credit score is a modest 670 and I was approved. I'm not sure how much, if any, income comes into play but I make decent money, I'd say my earning power is a bit stronger than the amount of credit I've been extended would reflect.

Basically, what I've read is you're going to need excellent credit to get any Amex.I certainly don't fall into that category now, but I'm well on my way.  I think there's a lot more to their process than assessing your score and giving a yes or no.

[ct850]

Thanks, those are helpful points. I don't want to spend ridiculously, just use it for my daily spending and whatnot. Most of my big purchases are air tickets that my parents transfer me money for, so I'm fine with calling Amex before a transaction like that. It seems a little odd though that Wells would give me a $1200 CL with absolutely no history and from what I hear the unpublished charge card limit could start as low as $500. I guess I'll just have to work on building it up over time......

[CHARGE_IT]

---

@ct850 wrote:

I am a student with one WF Student 1% Cash Back CC opened in Nov '09, started with $1200 limit and usually PIF before the statement cuts, I have only reported a balance once or twice and util is at 3%. Both of my parents have had the Gold Amex charge card since long before I was born, and I grew up using Amex Travel, MR points for vacations, Amex return protection, etc etc.; basically, it was a given for me that I would get an Amex sooner or later. When I learned about the Zync a couple months ago, I decided that I would make it sooner rather than later.

I patiently waited for the sixth month (before that Amex website didn't show any preselected offers because I didn't have a score), and the other day checked the pre-selection. This time I was preselected for Zync, Green and Gold. It was between Zync and Gold for me, but I decided to start small and I'm in love with the reasonable AF and restaurant pack. I pulled one of my annual freebies just to make sure everything is in order, and tried to get every kind of score or "grade" I could without springing cash for official FICOs, and they showed low 700s, but I have no idea how realistic that is. I have a $2,000 savings account with American Express bank but I have no idea if it makes a difference one way or another.

I am religious about my newborn baby named credit, so maybe it was against my better judgment (or maybe it was the third glass of wine) but I went ahead and applied for Zync; to my surprise, I got instant approval. I'm not sure how it happened because a) I have basically the minimum credit history possible and only one account and b) because I am only 20 and did not have to verify my income or have a co-signer or anything like that per the new CARD Act rules (maybe it's different for charge cards?).

Anyway, as I wait with baited breath for the arrival of my little white envelope, I've been cruising these forums for strategies on how best to deal with this beast we call American Express, especially when it comes to the NPSL cards. Some say to hit the ground running and get heavy usage from the start, whereas others suggest laying low and using it "thoughtfully." What is the best plan of attack? My plan is to use the Zync as my daily driver (I spend around $2000/mo excluding big ticket stuff), PIF before the statement cuts to avoid the high util problem with charge cards and then use the Wells card for anywhere that doesn't take Amex and to report a 3-7% balance every month. Will this work?

I've read up pretty carefully on the card, but is there anything I should look out for when it comes to the Zync or dealing with Amex? Also, out of curiosity, is the AF due at the beginning or the end of the year? I saw something about running a couple of transactions before you activate an Amex, but this doesn't make a whole lot of sense to me. Can anyone elaborate? What should I expect as my starting CL?

If nothing else, hope this info helps anyone considering applying for this card. I would imagine that if I can get this card with my miniscule history, YOU can too!

Happy charging (and PIF'ing)

ct850

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I would suggest as a long term member who has never had fear, animosity, or trouble with Amex , to keep you first months charges undre one thousand and work up to two thousand over a ninety day period.

As you say, you were surprised to get it.........so act like that and be a little conservative.

Don't worry about tax form crap............that is for people who spend a great deal unexpectedly or show up in Tibet over the weekend while also charging Detroit. God only knows what all those people are doing, but you are safe if you conduct yourself with prudent practices.

You can check online at their site to see if a large charge amount will go through each month which will let you know where you stand on your monthly spending.

You will do well.

CI

[haulingthescoreup]

+1

Be sure to check out the Zync categories (can't remember the exact term) to see where the card will give you extra benefits. I think that this is one of the most attractive features of the card! (along with the relatively low AF.)

Zync is targeted toward younger people, so you fit right in their target demographic. In your place, my strategy would be to use it frequently and pay it off frequently, 3-4 X a month if that makes sense to you. I started off using my first AmEx (a Gold) in places where American Express originally expected usage --restaurants, travel, and so forth, and now I use my Blue pretty much anyway, including (gasp) wine stores.

Do expect them to keep an eye on your overall credit picture via soft pulls of your Experian report. Just keep acting responsibly, and you should be fine. With the Zync and the WF card, you should have great credit by the time you graduate and start apartment hunting, furniture buying, and job interviewing.