Credit Cards

[Autumnslight]

Ultimately, I want to get an AMEX BCP, but wouldn't get approved right now. I'm wondering if I should app for the Zync now, to get a relationship established with AMEX before I can qualify for the BCP. I don't want to app for the Zync though unless I have a very good chance of approval.

I actually did app for the BCE on 7/29/12 (I didn't realize then that I had basically no chance of approval), and was declined for excessive inquiries (car shopping & app spree), negative information, and utilization. They pulled all three bureaus, and my Experian score in the denial letter was 682. Current scores are in my signature. My basic report info is:

Oldest Account: 13 years

AAoA: 7 years

Utilization: ~48% overall, no single card over 70% (working on this)

$25 Medical Collection from 10/2010 showing unpaid (actually is paid, currently working on getting it removed) , reporting on EQ only

Satisfied medical judgement from 5/2008

90 day late on a WFNNB store card from 6/2011, has been paid in full since 7/2011

Annual Income ~$90k

It's been 30 days since my BCE denial. Do I stand a chance at the Zync, or should I wait longer?

[Brian_Trying_700]

Your fine I had worse. I had 1 med collection and 2 paid Judgements. I would lower your util to atleast 15-20% and if you can even lower.

[Eschaton]

You should definitely lower your utilization before applying, under 20%, preferably under 10%

[Autumnslight]

I'm dilligently trying to lower my utilization, but unfortunately it's going to take time. So I shouldn't even bother applying for the Zync with my current utilization? I'm pretty sure that once I get my utilization down a lot further, my scores will increase enough that I could probably just go straight for the BCP. I was hoping that I might be able to get the Zync in the meantime though.

[CreditScholar]

The Zync is quite frankly an easy card to get. To be on the safe side though, I'd lower your util below 30% and wait until that collection is updated.

Your late is recently which hurts, although you have a decent income which should help. If you do the 2 things above, you'll probably be fine.

Getting the BCP is another story altogether, primarily it's much more difficult. If that's your ultimate goal, you'll need to push a decent amount through your Zync every month (2k or more) for a year or so. During that time, continue to work on getting your util down to under 10%.

[jamesdwi]

UTL (should be at under 30%) and  recent baddies make you a bad canidate for Zync, if you got it today, you would almost certainly get a hardlimit  200/500. And that really doesn't give you much unless you like making weekly payments. 

[Razeus]

You're utilization is way too high.  15% or lower.  Take care of those collections before you app.

[LS2982]

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Eschaton wrote:

You should definitely lower your utilization before applying, under 20%, preferably under 10%

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Agree!! Dont waste another HP give yourself the best opportunity possible to be approved.