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Valued Contributor
j_casteel
Posts: 1,885
Registered: ‎06-21-2012
0

So is this the new theory now?

[ Edited ]

Basically close my Zync 500 then wait for a bit and apply for a better AMEX?

 

I've had my Zync 500 for 6mths now (I know thats not long in the credit world) but I just keep reading more and more about how the Zync 500 hinders the chances for approval of another AMEX card. I've spoke with several CSR's and even a nice lady at the EO who said nothing about the Zync 500 hindering my chances, but that seems to be the theory. I've been averaging about $2000+ per month through it by charging it up and paying it in full several times a month.  In October I app'd for the plain Blue (for S&G's) just to see what reasons for denial it would give me, and instead of a long list. The only reason it gave me was my FICO score. EX FICO was 658 in Oct. and haven't app'd again to get another EX FICO from them. I'm not sure what my current scores are since I haven't had an update since early November. Nothing has changed except I've lowered some UTI so they may be a bit higher now.

 

I don't plan to app until Jan. at the earliest and more than likely in March. So when should I close my Zync (if at all)? A month before apping for the better AMEX's? After my score reaches a certain point?

 

What are your thoughts/suggestions?

 

Thanks,

 

John

| Walmart $5k | Amazon $5k | NFCU $19.5k | NavChek $15k | Lowes $17k | BoA WMC $15k | Freedom $3k | Discover $4k | CSP $5k | Marriott $5k | Costco TE $9k | BoA Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:686 EX:709 TU:703
Goal Scores: 700
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Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
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Re: So is this the new theory now?

I'm not sure I would close the card just yet. I doubt Amex looks at your CR and sees a positive TL with their name on it and declines you for that reason. Every card has a purpose. Another 6 months of aging and that card may get you where you need to be for one of the better cards. I would think logically that having a card with them already would increase your chances. Much like with religion and miracles, I think people are comparing mere coincidence to some sort of conspiracy theory.



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


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jasimae
Posts: 311
Registered: ‎07-18-2011
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Re: So is this the new theory now?

I have the Zync 500. I got it in Oct 2011. Backdated to 1993. Apped for AmEx Green in June 2012 and was denied. Apped for AmEx Green in October 2012 was denied. Called for a recon, which took about a week and was approved and also backdated to 1993. Still have Zync, and keeping it, and now I have Green.
Valued Contributor
creditnocash
Posts: 2,200
Registered: ‎07-23-2012
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Re: So is this the new theory now?


jasimae wrote:
I have the Zync 500. I got it in Oct 2011. Backdated to 1993. Apped for AmEx Green in June 2012 and was denied. Apped for AmEx Green in October 2012 was denied. Called for a recon, which took about a week and was approved and also backdated to 1993. Still have Zync, and keeping it, and now I have Green.

do you have any baddies? 

with the added backdate should have helped you somewhat. 

according to credit secure my scores have been 715 on all three reports for a couple months. 

 

i called the accounts line but they said there is no way of telling unless i app. 

im apping next month but wouldnt be surprised to get denied due to aaoa. 

Current: Discover Fico 689 8/14 Walmart Fico 697 8/14

Inquiries (24 Months): EQ 6 TU 3 EX 4 | Most Recent: 09/04/2013
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Valued Contributor
j_casteel
Posts: 1,885
Registered: ‎06-21-2012
0

Re: So is this the new theory now?


jasimae wrote:
I have the Zync 500. I got it in Oct 2011. Backdated to 1993. Apped for AmEx Green in June 2012 and was denied. Apped for AmEx Green in October 2012 was denied. Called for a recon, which took about a week and was approved and also backdated to 1993. Still have Zync, and keeping it, and now I have Green.

That makes me feel a little better, but then again mine isn't backdated to 1993. Congrats on having the Zync 500 and getting the Green as well.

 

Like  I said the nice lady at the EO said nothing about the Zync being an issue, but so many people think differently on here. I read a thread where a member could never get approved for a different AMEX then closed the Zync 500 and app'd later and was approved. I dunno, I'd hate to think I would have to close a card with them to be eligible for a better card. Doesn't make sense to me, but I'd be willing to do that if need be.

| Walmart $5k | Amazon $5k | NFCU $19.5k | NavChek $15k | Lowes $17k | BoA WMC $15k | Freedom $3k | Discover $4k | CSP $5k | Marriott $5k | Costco TE $9k | BoA Alaska $5k |
Starting Scores: EQ:571 EX:??? TU:597
Current Scores: EQ:686 EX:709 TU:703
Goal Scores: 700
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Established Member
OneStepFurther
Posts: 33
Registered: ‎01-05-2011
0

Re: So is this the new theory now?

J, here's my 2 cents...I was one of those who had to close my Zync/500 in order to get approved for a revolver.  I had my Zync for well over a year, app'd about 3 times over the period of time of having it and was declined everytime.  This last time when I was declined in November, my EX was clean, score was right at 700, AAOA 3 years but a lot of INQs 13 total (6 in the past year), and 2 new accounts with CL of $5k and $4k that were a few months old.  I also had another acct at $4500 CL at a year old. This was what I received:

 

Dear OneStepFurther,

 

Thank you for your recent application.  We were unable to approve your request for the following reason:  Because you have the ZYNC Card with a spending limit, we cannot open another American Express card account for you at this time.

 

 An important notice concerning your rights is included...

 

When I called to recon, the first person I talked to wasn't aware that the Zync was reason enough, put me on hold and spoke to someone in new accounts department who confirmed. I was told that the Zync/500 as well as the Optima card were their (Amex's) rebuilders and as long as you have one of those, you wouldn't get approved for another Amex card. This may not be the case for everyone, but it was for me. 

 

Because, after talking back and forth about the information they're looking at (probably the SP and their internal scoring), it appeared that the only thing holding me back from approval was the Zync, I told them I was going to redeem my points (very important that you do that first), close it and then immediately call back to ask them to resubmit the application.  I fortunately had someone who took an interest in my predicament and said they would follow up on it,  so I had someone walk me through it so-to-speak.  I should also add that throughout the conversation with the few people I talked to there, I was repeatedly reminded that there was no guarantee that I would get approved.  Next day, it was approved (BCP) but I was only given a $1000 CL and 2 pulls, EX and TU.  I think they softed my EX as usual, declined because of the Zync, and then pulled TU on recon.  

 

If I were you, I wouldn't close it.  I'd keep it open, wait until you're at least 700 score, and then apply.  That way, there should be no reason for a decline.  They will SP you and you'll know exactly what's holding you back, if anything, at that point.  If the Zync comes back as the only reason, then you can make the decision on whether or not you're willing to sacrifice it, since once you close it, you're not able to get it again.  It didn't matter to me whether I had the Zync or not.  I felt that I would always have the backdating and worse case scenario, I'd wait a few months and apply again.  

 

Definitely don't close the Zync now because that's your only way of knowing exactly what they're wanting from you without a HP.  


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