Credit Cards Center Credit cards from our partners
Reply
Frequent Contributor
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
Posts: 445
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
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
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
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
Posts: 2,285
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 & Delta Gold 6k & Zync NPSL, Fidelity AMEX 12k Sally Mae5k Sams Club MC 10k, Paypal Extras MC 6k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5k, Walmart 10k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 10k and a nice stack of store cards.
Last APP/HP 4/22/2015
Frequent Contributor
Posts: 396
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 $14,300 | Chase United $12,000 | Chase Sapphire Preferred $7,000 | Chase Freedom $5,000 | Citi Simplicity $5,000 | AMEX BCE $4,200 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
Mega Contributor
Posts: 15,442
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
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.