Reply
New Contributor
ssdc1980
Posts: 62
Registered: ‎05-03-2012
0

Will zync really hold me back??

After reading through some of the recent "future for zync holders" post I"ve noticed some talk about having the zync card with the $500 HL preventing people from obtaining future AMEX cards. I app'd for the zync for 2 main reasons. 1 being the famous backdating and the 2 it has the cheapest annual fee. However my Ultimate goal is to obtain an AMEX revolver but now I'm a little worried that having this zync is going to jeopardize my chances of that happening.

 

Is there any truth to this? If so what should I do?

Frequent Contributor
scientifics
Posts: 411
Registered: ‎05-01-2010
0

Re: Will zync really hold me back??

I don't see why the Zync would hold you back as long as you're responsible with it!

Valued Contributor
RockinRay
Posts: 1,947
Registered: ‎08-13-2007
0

Re: Will zync really hold me back??


scientifics wrote:

I don't see why the Zync would hold you back as long as you're responsible with it!


+1 - use the Zync and make sure you pay when due. I see no reason that this would hold you back but rather I think it will help you to get the revolver down the road.

 

The Zync was a great way to step in to the Amex world. You are there now. Use it for 6 to 9 months, then go after the revolver. You will enjoy sucess!

Ray

** Every Card has a Job, and Every Card does its Job **

Established Contributor
modernsurrender
Posts: 805
Registered: ‎02-01-2008
0

Re: Will zync really hold me back??

Yesterday was the first time I had seen anything about the Zync (with a limit) holding people back.  I can't comment for sure, but I think it's important that people note that the question is about the Zync with a hard limit, not the NPSL Zync.

 

Even yesterday though, there seemed to be confusion with only a small number of people saying that the hard limit Zyncs were indeed a stop sign in Amex's eyes.

Start 2/2008: TU 495 || EX 539 || EQ 528
Now 5/2013: TU 716 || EX ??? || EQ 702

Slate: $5000 Simplicity: $5000 David's Bridal: $3500 SW Chase: $3000 FNBO: $3000 Barclay NFL: $2500 BofA: $2400 Discover IT: $1700 Walmart: $1500 Victoria's Secret: $1000 Cap1: $750 Amex Zync: NPSL
(2 derogs to go until I'm squeaky clean in 2014!)
Valued Contributor
Repo-ed
Posts: 2,960
Registered: ‎02-09-2012
0

Re: Will zync really hold me back??

I can see some validity to the argument that by having a $500 HL, you will never be approved for a PRG or Plat charge card.

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Will zync really hold me back??


Repo-ed wrote:

I can see some validity to the argument that by having a $500 HL, you will never be approved for a PRG or Plat charge card.


+1

 

I'm not sure that I agree that the HL zync will hold you back.  In your case, I might hang onto it until January, then close it and perhaps apply for something that will better fit your needs


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
Regular Contributor
dude11
Posts: 237
Registered: ‎06-07-2011
0

Re: Will zync really hold me back??

It seems a lot of people here assume things and then make statements like if they are true. Personally I don't think the Zync with a hard limit will hold you back. I have a Zync with a $500 limit for 18 months and I have applied for their revolver and charge products and I have never been denied due to having the Zync with a hard limit.

 

I do agree that if you were given a Zync with a hard limit you obviously did not meet Amex's standard qualifications and maybe this Zync with a hard limit was probably an expirement. But I do believe as long as you keep it in good standing you should qualify for another Amex charge or revolver as long as you give it time and depending on your credit report. Not many people here that have Zync's with hard limits have had them for a long time to say you have to close the card to be approved for something better. I guess time will tell.

 

Just my 2 cents.

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

Re: Will zync really hold me back??


dude11 wrote:

It seems a lot of people here assume things and then make statements like if they are true. Personally I don't think the Zync with a hard limit will hold you back. I have a Zync with a $500 limit for 18 months and I have applied for their revolver and charge products and I have never been denied due to having the Zync with a hard limit.

 

I do agree that if you were given a Zync with a hard limit you obviously did not meet Amex's standard qualifications and maybe this Zync with a hard limit was probably an expirement. But I do believe as long as you keep it in good standing you should qualify for another Amex charge or revolver as long as you give it time and depending on your credit report. Not many people here that have Zync's with hard limits have had them for a long time to say you have to close the card to be approved for something better. I guess time will tell.

 

Just my 2 cents.


+1    ..... This ^^^^


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
Frequent Contributor
jd5189
Posts: 470
Registered: ‎08-14-2012
0

Re: Will zync really hold me back??

[ Edited ]

dude11 wrote:

It seems a lot of people here assume things and then make statements like if they are true. Personally I don't think the Zync with a hard limit will hold you back. I have a Zync with a $500 limit for 18 months and I have applied for their revolver and charge products and I have never been denied due to having the Zync with a hard limit.

 

I do agree that if you were given a Zync with a hard limit you obviously did not meet Amex's standard qualifications and maybe this Zync with a hard limit was probably an expirement. But I do believe as long as you keep it in good standing you should qualify for another Amex charge or revolver as long as you give it time and depending on your credit report. Not many people here that have Zync's with hard limits have had them for a long time to say you have to close the card to be approved for something better. I guess time will tell.

 

Just my 2 cents.


Not to call you out or anything... but did you not just post these a couple months ago?


dude11 wrote:

Mine has been stuck like this for 18 months. I just applied this morning for the Green and was denied. I have been making multiple payments a month on the Zync and charging more than $500. So don't think that after a certain period you will be approved for another card even charge from them. I guess it just all depends whether they want to or not.

 

I also assumed that after having this card for over 1 year I should at least be able to get another charge card as people say they tend to be easier to get. I don't have any BKs on my reports but I do have some negatives.



dude11 wrote:

HenryJumbo is right. I've had the Zync for 18 months and I still can't get a Amex revolver nor another charge card. I used to charge all of my daily expenses and utility bills to it and pay several times a month. I have stopped using it as the begining of this month and am currently thinking of closing it come to 2nd year anniversary in Feb of next year. So having a relationship does not mean 12 months down the road you will get another card from them or whatever.


So, I am a little confused as to when you got revolvers and or another charge card? Has it been within the last 2 months since you last post about not being able to get any other card? Other members have called Amex CSR's and the CSR's distinctly called out that hard limits will not be removed and any Zync holder with a hard limit cannot app for a new card until they no longer have the Zync with a hard limit. So, if you could just enlighten us as to when you applied for these new cards? What were you scores? Did you cancel the Zync? What was your CL on the revolver? Because, at this point, I think you are the only one that has supposedly gotten any further with Amex with a hard limit on their Zync.

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Frequent Contributor
TheConductor
Posts: 492
Registered: ‎07-24-2012
0

Re: Will zync really hold me back??

My interpretation of things is that the hard limit will probably set you back significantly but not hold you back completely.

 

As one person reported in the other thread, they were told that their internal risk score was too low because of the hard limit Zync. Which says to me that the internal risk score is the reason for the denial, not the having of the HL Zync. The HL Zync was merely a factor that caused the score to be too low.

 

That does leave the door open to the possibility that if enough other things in your credit report, history with AmEx, income, etc. look good to AmEx, you could still score high enough to achieve a different AmEx without closing the HL Zync.

 

But we don't really have enough information to say that for certain.  We have things like dude11 saying "I have a Zync with a $500 limit for 18 months and I have applied for their revolver and charge products and I have never been denied due to having the Zync with a hard limit." ...but what I believe dude11 is not adding is "I was denied, just not for that reason."  Am I right about that, dude, or did you get approved?

 

Just because a reason isn't stated, that doesn't mean it wasn't a factor.

 

To really know for certain, we need someone who can say "I had the $500 limit Zync, applied for another AmEx, and was approved!"  Until we get a verifiable story of that sort, it's all guesswork.

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12)
Current: EQ 670 (myFICO 9/8/14), EX 694 (Prosper 7/17/14) , TU 693 (WalMart 9/2/14) Goal: 700+ x3
My Wallet: Amex BCP $30k, Chase CSP VS $12.2k, Amex Zync NPSL (> 10k), C1 Venture VS $5k, Amex SPG $4.5k, Walmart (Store) $2.5k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Best Buy Rewards MC $500
My Loans: Prosper $25k/36mo
My Business: Chase Ink VS $5k

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+
}