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New Contributor
Posts: 87
Registered: ‎12-16-2011
0

Should I pull the trigger on Amex ZYNC?!?!

I have been pushing hard to get an Amex since I've gotten into this credit fiasco.

 

I have been using and paying off my Chase and Capital One with no late payments at ALL. My Discover is still fresh from last month.

My Equifax FICO score was 692 as of December 30, 2011. It might have changed in a positive way because the Discover card might be reporting now and I lowered my utilization.

 

I have about 15% utilization at the moment on both my Chase and CapitalOne. (Discover isn't showing on CreditKarma).

 

Should I pull the trigger and app for the Zync? I was denied November/December of 2011 for the BCE but that was stupid on my part to jump for a revolver instead of a charge card.

CapitalOne Platinum - $1500
Chase Freedom - $5000 Chase Southwest Premier - $3000
Discover More - $3700
Barclays US Airways - $1500
American Express Platinum, Gold PRG, and Zync - NPSL
New Contributor
Posts: 87
Registered: ‎12-16-2011
0

Re: Should I pull the trigger on Amex ZYNC?!?!

Also wanted to add:

 

Inquiries within last year: 4 (Credit Karma is showing 10 inquiries in total though)

Average age of accounts: 1 year

Oldest account: 2 years and 4 months

CapitalOne Platinum - $1500
Chase Freedom - $5000 Chase Southwest Premier - $3000
Discover More - $3700
Barclays US Airways - $1500
American Express Platinum, Gold PRG, and Zync - NPSL
Contributor
Posts: 84
Registered: ‎02-14-2011
0

Re: Should I pull the trigger on Amex ZYNC?!?!

Before apping I would first see if you have any offers available to you on their site. It's a soft pull. I did that first and was offered a gold card and was approved instantly.

New Contributor
Posts: 87
Registered: ‎12-16-2011
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Re: Should I pull the trigger on Amex ZYNC?!?!

I did that and I was not pre-approved for any card. Smiley Sad

CapitalOne Platinum - $1500
Chase Freedom - $5000 Chase Southwest Premier - $3000
Discover More - $3700
Barclays US Airways - $1500
American Express Platinum, Gold PRG, and Zync - NPSL
Valued Contributor
Posts: 1,346
Registered: ‎04-15-2011
0

Re: Should I pull the trigger on Amex ZYNC?!?!


chris2k5 wrote:

I did that and I was not pre-approved for any card. Smiley Sad



I had no offers on the pre-approval page for AMEX and was given a ZYNC with a lower score, 6 INQ's on EX (who they pulled) and higher Util.  I have to add though I had an AAoA of nearly 3 years at the time with a couple AU cards over 10k each.  If you try for it and they don't approve, wait 6 months and see. If your report is clean, I think you stand a fairly good chance of getting it. Wait 30 days from when you applied for the BCE however or they'll probably cancel the application.  ZYNC is much easier to get than the revolver cards. The only thing going against you might be the 1 year AAoA, but AMEX is quirky and approves when you don't expect as well as denies when you wouldn't expect.

New Contributor
Posts: 87
Registered: ‎12-16-2011
0

Re: Should I pull the trigger on Amex ZYNC?!?!

I went back and looked at the decline letter by AMEX. Looks like I have to work on these:

 

FICO: Experian pull on 12/13/2011 was 682

So length of time on accounts is too low.

Too many inquiries within the last year.

Proportion of revolving balances to credit limit is too high <--- This is utilization right? Mine was 18% at the time. Is that too high?

 

They also said the amount I paid on my bank and retail credit card accounts over the last year was too low...?

Does this mean I use my card too little? I feel like I use it a lot for my spending sprees and etc. In some cases, I offer to pay for relatives with the cards to get points (in turn they give me the cash up front).

CapitalOne Platinum - $1500
Chase Freedom - $5000 Chase Southwest Premier - $3000
Discover More - $3700
Barclays US Airways - $1500
American Express Platinum, Gold PRG, and Zync - NPSL
Valued Contributor
Posts: 1,650
Registered: ‎04-06-2011
0

Re: Should I pull the trigger on Amex ZYNC?!?!

I had most of those same reasons when denied, waited three months, and was approved for green. AAoA was about 1 year on EX, CCs were all fairly young.

Get util % down, let accounts age 2-3 months and don't add INQs and you should be good.

Btw, I still try the AmEx pre-app link and still don't have any offers, so I don't know how that works.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 730 08/15 (PSECU), TU08 710 08/15
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

Valued Contributor
Posts: 1,346
Registered: ‎04-15-2011
0

Re: Should I pull the trigger on Amex ZYNC?!?!


-Cain- wrote:
I had most of those same reasons when denied, waited three months, and was approved for green. AAoA was about 1 year on EX, CCs were all fairly young.

Get util % down, let accounts age 2-3 months and don't add INQs and you should be good.

Btw, I still try the AmEx pre-app link and still don't have any offers, so I don't know how that works.

+1000

New Contributor
Posts: 87
Registered: ‎12-16-2011
0

Re: Should I pull the trigger on Amex ZYNC?!?!

Thanks for the replies.

 

So if I choose to apply now I assume you would recommend going with Zync but if I apply in 2-3 months, would you still recommend the Zync? Or would you recommend the Green? If so, what is a key % on the utilization you recommend I get reported before I apply?

 

I might just wait 2-3 months (if that is even possible with my WANT of Amex) and pay down my balances. 

CapitalOne Platinum - $1500
Chase Freedom - $5000 Chase Southwest Premier - $3000
Discover More - $3700
Barclays US Airways - $1500
American Express Platinum, Gold PRG, and Zync - NPSL
Valued Contributor
Posts: 1,346
Registered: ‎04-15-2011
0

Re: Should I pull the trigger on Amex ZYNC?!?!


chris2k5 wrote:

Thanks for the replies.

 

So if I choose to apply now I assume you would recommend going with Zync but if I apply in 2-3 months, would you still recommend the Zync? Or would you recommend the Green? If so, what is a key % on the utilization you recommend I get reported before I apply?

 

I might just wait 2-3 months (if that is even possible with my WANT of Amex) and pay down my balances. 


The Zync might work for you now. Green, not much harder really. However, Zync could be your foot in the door (as they say) with AMEX for a lower AF than the green (they aren't that much different really. You have Discover More so you have a decent rewards Prime card now (AMEX may notice that if it's showing, so they might want to give you a chance to say hello, that's kind of what Zync is for, an AMEX introduction lol).

 

As for Utilization, most would say 1 card reporting a 9% balance at the most and some PIF history (of course).  "Baddies" are the thing I hear AMEX dislikes the most (was true for me too, only took 1 to keep me out, got it cleared and no problem). I had much higher Util when I got Zync too (0% promos worst issue, util). Hope that helps a bit.  Smiley Happy

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