When can I apply for the AMex Zync?

[Anonymous]

So my usage rates were pretty high (220 out of a possible 500, and 180 out of 300)... but I just paid them down on Friday. I'm not due for another credit report till 2011 for the site I use, so don't want to really change that schedule. As of today, my score is at 630, which isn't great, but happily raising for me compared to the 510 I started with. My question is, with havig just paid them down so recently, if I were to apply for the Zync, are they going to see my balances at $0, or at the high % utilization rate they were just recently? I am very intrested in getting this card, but have read they can be pretty finnicky with applications and getting in the door with them. I don't want to get declined, and then be screwed in the future... but really would like to get another card for in general, and during the holiday season would be even better.

[smc733]

Zync is out of reach for you for a little while still, unfortunately.  Where are you getting your scores from?  If they're not MyFICO, they are FAKO scores, and not your real FICO scores.

As soon as the next statement cuts, the new balance is reported (that is updated with the balance at the time the statement is cut).  

You should not apply for any more credit for at least 6 months, until your scores are higher.  Adding credit only to utilize it for holidays is a bad idea.

So even though Zync is out of your grasp for now, that may change come spring.

[Anonymous]

There just isn't enough info here to know if Zync is out of reach for you. How many INQ's do you have? Any baddies? If so, what are they and how long ago? Getting your utilization low will def help but you have to wait until it posts to your CR before applying at the least. Also, American Express does have a pre-approval process on their website. You need to try that first. With more info we can better assist you, there are people who have been approved with 640 FICO scores which you should exceed if you get your util down to <9% IMO. Also, keep in mind that Zync card is a charge card and not a revolver so it has to be PIF every month.

[Gh0st]

Also even though you pay down your balances, you have to wait until they report(usually on or a day or so around statement date). So your score will go up a few points then too.

[smc733]

I still don't think it is worth him burning an inquiry.  The 640s that get it are usually the exception, not the norm.

[Anonymous]

Thanks for the responses guys, much appreciated.

To answer some questions from above... I do have one deliquint charge, from 2006. Other then that, my report is fairly clean other then 1 30 day late payment on an auto loan from this past spring (want to say April or so). For my inquiries, it's says I have 1 from TransUnion, and 4 from Equifax, but there is no date in association with where it is showing me this. If anyone can reccomend a good site for just getting score updates, that'd be great. My credit report is pretty set in stone right now, so unless something major comes up, I don't plan on getting another report for a few months at the moment.

As to the person who mentioned it's a charge card, I'm definitely aware of that... my main thing at this time is I just want to get my foot in the door with AMex, and go from there. I don't plan on using it as much as my others, but for gas, smaller bills, groceries, etc. I'm hoping that as I age an account with them, and as my credit report clears up (the one thing reeeeeally dragging me down should be off in 2-3 years, when I really will be looking to have a good/great score).

As far as the AMex pre-approval, is that a soft pull I'm assuming? I'm not entirely sure on how that process works, and wasn't aware they did anything of that nature.

[Anonymous]

Hello, I'd get your actual FICO scores from here. Search online for a coupon first. Get your TU and EQ scores and at least look at the Score Watch product. Keep in mind that AMEX uses their own scoring and they pull EX, the preapproval is a soft inquiry. I agree getting your foot in with AMEX is a good idea. As for the baddies I think if your UTI was under 10% you would have a decent shot. What is the major delinquency? If it is a BK than save your INQ. I got in with a few 30 day lates and a CO from 6 years ago. Do a search on this site for the link to the preapproval. Once you become a customer it goes away IME, otherwise I would have posted it for you. If you are not preapproved however it doesn't mean you would be declined. I have two AMEX cards and did not have a preapproval on either and got instant approval.

[haulingthescoreup]

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@Anonymous wrote:

Thanks for the responses guys, much appreciated.

To answer some questions from above... I do have one deliquint charge, from 2006. Other then that, my report is fairly clean other then 1 30 day late payment on an auto loan from this past spring (want to say April or so). For my inquiries, it's says I have 1 from TransUnion, and 4 from Equifax, but there is no date in association with where it is showing me this. If anyone can reccomend a good site for just getting score updates, that'd be great. My credit report is pretty set in stone right now, so unless something major comes up, I don't plan on getting another report for a few months at the moment.

As to the person who mentioned it's a charge card, I'm definitely aware of that... my main thing at this time is I just want to get my foot in the door with AMex, and go from there. I don't plan on using it as much as my others, but for gas, smaller bills, groceries, etc. I'm hoping that as I age an account with them, and as my credit report clears up (the one thing reeeeeally dragging me down should be off in 2-3 years, when I really will be looking to have a good/great score).

As far as the AMex pre-approval, is that a soft pull I'm assuming? I'm not entirely sure on how that process works, and wasn't aware they did anything of that nature.

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The late on your auto loan is too recent. Give it until next April or whenever it goes over one year old.

As for when AmEx will see the $0 balances, read around here for explanations on when and how balances update. Briefly, in most cases, each card updates on its statement date (not the due date), and the new balances generally show up on all three reports within 10 days. Or less. Or more.