Reply
Regular Contributor
Denny33142
Posts: 179
Registered: ‎07-12-2011
0

Should i close PSL Zync?

[ Edited ]

I have had the Zync since September of last year with the $500 limit (which was never lifted), As most of you probably know you cannot apply for another amex product if you have this particular card.

 

I was originally going to stick with the card for another year since it is my only rewards card, this is no longer the case however since i was recently approved for the Chase Freedom which has better rewards anyway.

 

So i was thinking of closing the card and applying for the PRG, the issue is that i am not too confident of getting approved.

 

My EX Fico when i got the Zync a year ago: 623

 

My Ex Fico 6 months ago: 660

 

My Ex Fico Now: I am not sure but i assume it should be a bit higher now.

Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Should i close PSL Zync?

I think the answer is yes but please wait til January for maximum backdating

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Should i close PSL Zync?


Denny33142 wrote:

I have had the Zync since September of last year with the $500 limit (which was never lifted), As most of you probably know you cannot apply for another amex product if you have this particular card.

 

I was originally going to stick with the card for another year since it is my only rewards card, this is no longer the case however since i was recently approved for the Chase Freedom which has better rewards anyway.

 

So i was thinking of closing the card and applying for the PRG, the issue is that i am not too confident of getting approved.

 

My EX Fico when i got the Zync a year ago: 623

 

My Ex Fico 6 months ago: 660

 

My Ex Fico Now: I am not sure but i assume it should be a bit higher now.


I agree with web, close it in January and get the backdating. 660 should be good enough for the PRG also considering you have solid history with AMEX.

 




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
Established Contributor
Cdnewmanpac
Posts: 766
Registered: ‎01-16-2012
0

Re: Should i close PSL Zync?

I'm getting old and tired, but I thought you had to closed any previous charge accounts for at least 90 days to be eligible for the PRG signup bonuses? Our household income is around 200k and I can't remotely begin to justify the PRG annual fee even with the signing bonus, although I don't have a travel-centric job. The last time I ran the numbers, you would have to run about 20k through the card, at least 7500 in multiplier categories, to make this a competitive card vs others. If you are going to close the Zync anyway, why not close now, then apply for PRG in mid-January and get the signing bonus. Then a year from January, decide if you are using it enough to justify the fee.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Valued Contributor
Duncanrr
Posts: 2,857
Registered: ‎06-08-2012
0

Re: Should i close PSL Zync?

Another benefit of waiting, close your card now and wait 90 days then when you app you will be eligible for the signup bonuses.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Regular Contributor
Denny33142
Posts: 179
Registered: ‎07-12-2011
0

Re: Should i close PSL Zync?

why exactly is it better to apply in January?

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Should i close PSL Zync?


Denny33142 wrote:

why exactly is it better to apply in January?


Backdating. Your member date on your new PRG in January will be the same year your Zync was, thus making your AAoA (Average Age of Accounts) longer.

 




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
Established Contributor
Cdnewmanpac
Posts: 766
Registered: ‎01-16-2012
0

Re: Should i close PSL Zync?

because if approved now, the card will have an open date of 10/11. If you wait until January, it will have an open date of 1/11, thus gaining you 10 months of history for nothing. All future amex cards will have the month you were approved and the year of your first card as an open date. That is what people mean by "backdating" and is unique to Amex.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Should i close PSL Zync?


Cdnewmanpac wrote:

I'm getting old and tired, but I thought you had to closed any previous charge accounts for at least 90 days to be eligible for the PRG signup bonuses? Our household income is around 200k and I can't remotely begin to justify the PRG annual fee even with the signing bonus, although I don't have a travel-centric job. The last time I ran the numbers, you would have to run about 20k through the card, at least 7500 in multiplier categories, to make this a competitive card vs others. If you are going to close the Zync anyway, why not close now, then apply for PRG in mid-January and get the signing bonus. Then a year from January, decide if you are using it enough to justify the fee.


 

This is why I carry zync vs gold or pr gold.... I do not travel enough to justify the fee. Most of my spend is in zync pack catagories. My husband is an additional card member. Our YTD spend is 29.3k.... 4% business services 12% communications 1% entertainment 39% merchandise and supplies 12% restaurant 20% transportation 11% travel

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Should i close PSL Zync?

January is a great time to apply because your new card will show opened since January 2011... thus giving you two years of free history. If you close zync and apply today it will show as opened since October 2011 and you lose those 10 months of free history. If I were you I would close the account today; but keep your card just in case you need to have amex reset your member since date. You will want to wait til mid January as another poster suggested so that you can get all the bonus points.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge

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+
}