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Should I App for AMEX Zync?

Frequent Contributor

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!!!
7 REPLIES
Frequent Contributor

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

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

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

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%.

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Valued Contributor

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 & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Frequent Contributor

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:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
Mega Contributor

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.

 




EQ FICO 548 3/3/16