Reply
Frequent Contributor
Autumnslight
Posts: 311
Registered: ‎07-08-2012
0

Should I App for AMEX Zync?

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?

 

Scores:
07/29/12: EX FICO (Amex) 684 | EQ MyFICO 631 | TU Walmart 695
Current: EX FICO (MyFICO) 733 | EQ (MyFICO) 683 | TU (Walmart) 745

First Goal: 700+ across the board - Got it on EX & TU!!!
Frequent Contributor
Brian_Trying_700
Posts: 446
Registered: ‎09-14-2011
0

Re: Should I App for AMEX Zync?

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.

Garden mode till 11/19/2013 Amex Zync 500 H-L I Discover More 1750 I Capital One Rewards 1750 I Barclay Apple 1500 I Macys 2000 I Orchard 400 I Walmart 2000 I Chase Freedom 1500 I Lowes 1K l Barclay NFL 1K l Wright Express gas 2500 l PayPal Debit MasterCard BusinessCard $ ?
Regular Contributor
Eschaton
Posts: 106
Registered: ‎02-08-2012
0

Re: Should I App for AMEX Zync?

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

Capital One Journey (12/2010) | Chase Freedom (03/2012) | American Express Zync (03/2012)

Gardening since 03/2012
Experian score: 752 (6/2014)
Frequent Contributor
Autumnslight
Posts: 311
Registered: ‎07-08-2012
0

Re: Should I App for AMEX Zync?

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.

Scores:
07/29/12: EX FICO (Amex) 684 | EQ MyFICO 631 | TU Walmart 695
Current: EX FICO (MyFICO) 733 | EQ (MyFICO) 683 | TU (Walmart) 745

First Goal: 700+ across the board - Got it on EX & TU!!!
Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Should I App for AMEX Zync?

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%.

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Valued Contributor
jamesdwi
Posts: 1,734
Registered: ‎09-16-2011
0

Re: Should I App for AMEX Zync?

 

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. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Zync NPSL, Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Frequent Contributor
Razeus
Posts: 389
Registered: ‎04-02-2012
0

Re: Should I App for AMEX Zync?

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

My Wallet:
Discover It $11,000 | Chase Freedom $5,000 | AMEX BCE $3,000 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | Citi Simplicity $5,000 | AMEX Zync NPSL
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Should I App for AMEX Zync?


Eschaton wrote:

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


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

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+