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Posts: 64
Registered: ‎10-02-2010
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What does the FICO community think? (Yes, another AMEX Zync Question :-P )

[ Edited ]

UPDATE ON PAGE 3

 

Hi Everyone,

 

So, i'm 20 years old, and would like to emancipate my Gold card (Currently an AU), and get a Zync under my name only. (IMHO always better to have something under your name)

 

So as of now I have the following:

 

  • Best Buy Reward Zone Mastercard CL - $100, Currently Balance $0
  • Capital One Platinum Card CL - $500 Current Balance ($1.67) I paid more than I needed to
  • AMEX GOLD Card (as a AU), It has been backdated about 10 months, and shows on my Credit Report as such...
  • Pulled my Equifax, its 671. (It was a 684 till I got "dinged" for having my new Capital one account thats always paid perfectly and in full Smiley Very Happy )
  • I have paid everything in full, always. Never late. No collections, etc etc.
  • Length of total history around 10 months

I was wondering what the FICO community thinks my chances are with the Zync?

 

Im dying to emancipate myself from being a AU, but dont want to waste a hard inquiry. It's my understanding, that with a fairly good start, the Zync is essentailly meant for people with limited credit history/young...

 

Will the ultra low utilization/Amex AU help?

 

Thanks for any help/insights...

 

Mike V

 

 

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EQ FICO - 710 as of 10/28/2010

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Valued Contributor
Posts: 1,413
Registered: ‎01-20-2008
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Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

[ Edited ]

evohuntinwrx wrote:

Hi Everyone,

 

So, i'm 20 years old, and would like to emancipate my Gold card (Currently an AU), and get a Zync under my name only. (IMHO always better to have something under your name)

 

So as of now I have the following:

 

  • Best Buy Reward Zone Mastercard CL - $100, Currently Balance $0
  • Capital One Platinum Card CL - $500 Current Balance ($1.67) I paid more than I needed to
  • AMEX GOLD Card (as a AU), It has been backdated about 10 months, and shows on my Credit Report as such...
  • Pulled my Equifax, its 671. (It was a 684 till I got "dinged" for having my new Capital one account thats always paid perfectly and in full Smiley Very Happy )
  • I have paid everything in full, always. Never late. No collections, etc etc.
  • Length of total history around 10 months

I was wondering what the FICO community thinks my chances are with the Zync?

 

Im dying to emancipate myself from being a AU, but dont want to waste a hard inquiry. It's my understanding, that with a fairly good start, the Zync is essentailly meant for people with limited credit history/young...

 

Will the ultra low utilization/Amex AU help?

 

Thanks for any help/insights...

 

Mike V

 

 


This is a red flag!    

"Under the new low, which takes effect in February 2010, no one under the age of 21 will be approved for a credit card offer unless a parent or guardian or spouse is willing to co-sign, or the young adult shows proof of sufficient income to cover the credit obligation."

 

When did you get these ccs?  

 

Do you have someone to be a co-signer?   Do you have a proof of sufficient income?   Are you willing to pay $25 of AF?  

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
New Contributor
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Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Well I got all the cards this year, that's interesting when did this law take effect? (in terms of which month?) when I called Amex earlier they did say since I was under 21 that I had to apply online... That's also puzzling... I turn 21 in december, perhaps it would maker it allot easier to wait until then? Thanks guys, Mv
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Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Sorry for the run on sentence guys, my phone is acting wierd with formatting lol
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Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

You being 20 is not a problem. I have had this card for 4 months now and i got it when i was 19. to help i had a

-Bank of America student cc open from oct 2008 with a 1500 limit

-Capital One Platinum open from may 2009 with a 1000 limit

-Best Buy reward zone mastercard with a 300 limit open march of 2010

-I applied online for the zync at the end of june online and i have been putting everything on this card while using the others cards a few times. this months has been my highest statement with a 2700 bill! of course u have to PIF

but good luck and lets us know wat happens

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Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

If you're under 21, you have to either have a co-signer, aka a joint user, or provide evidence that you have enough income to be able to manage payments on a CC. And "evidence" in many cases seems to be just stating your income.

 

With any lender, especially American Express, it would be wise to not overstate income and to be ready to back it up if asked to do so. Smiley Wink

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
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Registered: ‎03-10-2008
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Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

I'd say chance are you would get it as is.  Although I would strongly recommend waiting until you are 21.

 

There are two reasons.

 

1. You won't be subjected to the new laws.

 

2. Your AAoA should be closer to 1 year.

 

That would look even better to them.  You could always try their pre-approval site and see what it says.

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Posts: 28,796
Registered: ‎10-23-2007
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Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

There seems to be much confusion on the new law and being under 21, especially when it comes to American Express (A post was floating around last week, poster tried to apply over phone and was told they had to do it online, and then was instantly approved)  As someone posted above, if under 21, you either need joint of proof of income and in most cases, it is just you saying you have income... not very often are they going to make you send in paperwork unless like a credit union.

The Zync is a perfect choice and I think you have a very good chance of getting it!

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Posts: 64
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Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

So do you guys think the AU of the gold card is going to help me (since its being reported on my credit report?)

 

I really dont mind the annual fee (considering a basic card user on a Zync is still cheaper than what I pay for the gold as a AU lol), and I love paying in full each month. So this card suits me pretty good, as I end up paying my revolving cards in full each month anyways....

 

Do you think the Green card is harder to get in my case?

 

MV

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Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )


evohuntinwrx wrote:

So do you guys think the AU of the gold card is going to help me (since its being reported on my credit report?)

 

I really don't mind the annual fee (considering a basic card user on a Zync is still cheaper than what I pay for the gold as a AU lol), and I love paying in full each month. So this card suits me pretty good, as I end up paying my revolving cards in full each month anyways....

 

Do you think the Green card is harder to get in my case?

 

MV


I definitely think it will help. Also, it sounds like the consensus is to wait until you are 21. I would take that one step further and a wait until January since Amex backdates and when they do, they use the month  that you got your card and the year that your original card is.  So by waiting til January, you are actually giving yourself 11 mos more history.

EQ: 788 TU: 779 EX: 770 (FICO as of 7/2010) EX FAKO: 770

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