Zync Approved with PS Limit

Anonymous · ‎02-03-2012

I just applied for an American Express Zync card but was declined for the "original" zync product. However, I was offered two options of choosing either a $500 spending limit with Auto Pay or $200 spending limit without Auto Pay. I chose the $500 w/Auto Pay but I'm a little bit confused because it says that my application is still being processed and they will notify me of their decision. Does that mean I haven't been approved or have been? I don't want to get my hopes up

Also, anyone have any idea how long it takes from application date until the card arrives?

Edit: Also will the $500 be deducted from my account as a collatoral? I couldn't seem to find answer on the forum if it would or not. I called AMEX and one CSR said that it would be. Called again and they told me that it's just a spending limit and wouldn't be deducted from my account.

Anonymous · ‎02-03-2012

Added to the first post*

pizzadude · ‎02-03-2012

@Anonymous wrote:
I just applied for an American Express Zync card but was declined for the "original" zync product. However, I was offered two options of choosing either a $500 spending limit with Auto Pay or $200 spending limit without Auto Pay. I chose the $500 w/Auto Pay but I'm a little bit confused because it says that my application is still being processed and they will notify me of their decision. Does that mean I haven't been approved or not? I don't want to get my hopes up

Also, anyone have any idea how long it takes from application date until the card arrives?

First of all ~ congrats !!

My understanding is that the way AMEX's system works is that you were denied the Zync NPSL. But counter~offered the Zync hard limit. So your application status may say pending, or even denied, but you are approved for the Hard Limit Zync. I believe you will get a form to in the mail to setup the autopay.

I have a $200 hard limit Zync, I didn't choose the auto pay option because it seems to take a while to get the autopay setup. Not sure how long it will take you, but I got my card within 7 days after approval.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

pizzadude · ‎02-03-2012

No the $500 is your spending limit. This is not a secured card, it just has a limit of $500 and will automatically draft from your bank at each statement close.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

logan_720 · ‎02-03-2012

That's strange. When I applied I was approved instantly, which also came as a shock. But I have heard of them offering a spending limit in place of what normally would be no spending limit. You could always call them up and ask them to explain it to you. I have had nothing but positive experiences wih Amex customer service.

As far as receiving your card, I received mine in about 6 days.

espnjunkie · ‎02-03-2012

I am interested in applying for the Zync soon myself. Would you mind sharing what your scores and credit history was like? Thanks

“The real measure of your wealth is how much you’d be worth if you lost all your money.” ~Unknown
Citi Prestige World Elite Mastercard ($35,000.00), Merrill+ Visa Signature ($25,000.00), Amex BCP ($29,700.00), Amex Green (NPSL), Capital One Quicksilver World Mastercard ($10,000.00), Chase Ink Business Bold (NPSL)
TU-778 (12/03/2014))
EX (Plus) - 777 (10/21/2013)
EQ - 735 (April 2013)

eparker · ‎02-03-2012

what does your credit look like in order to get this counter offer?????

Starting Score: Mid 500's
EQ-701 TU-693 EXP-698
Goal Score:750+

NavChek $15,000/NFCU nRewards Visa $12,000/American Express Rewards Gold NPSL/USAA Rewards World Mastercard $7000/USAA Visa Platinum $7000/Barclay $3900/Credit Union Visa $5000/Jareds $7600/BofA Visa $4000/USAA MC $1500/Walmart $1200//Amazon $1000/Discover Card $750/Cap1 $2250.

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Anonymous · ‎02-03-2012

I was really suprised to get approved since I've been denied twice in the past. Today I went on a whim after reading a post on this forum about how AMEX generally likes FICO scores over 650. I decided to give it a try and tada! As of today, my Equifax FICO score is 664. I'm a student with 2 credit cards (BOFA PP & Cap1 Platinum) and a car loan ($8k/$14k). AAOA is 2 years and 9 months and 1 inqury on my report. No baddies. Just a lot of debt (98%) which I'm paying off now.

I'm not too sure about what my Experian and Transunion scores are... Not sure which report they pulled either....

Anonymous · ‎02-03-2012

@Anonymous wrote:
I was really suprised to get approved since I've been denied twice in the past. Today I went on a whim after reading a post on this forum about how AMEX generally likes FICO scores over 650. I decided to give it a try and tada! As of today, my Equifax FICO score is 664. I'm a student with 2 credit cards (BOFA PP & Cap1 Platinum) and a car loan ($8k/$14k). AAOA is 2 years and 9 months and 1 inqury on my report. No baddies. Just a lot of debt (98%) which I'm paying off now.

I'm not too sure about what my Experian and Transunion scores are... Not sure which report they pulled either....

Wow, Amex approved you with that high of a util%? I'm really surprised! But I guess with a charge card you won't be able to carry a balance so they don't need to worry about it as much.

Anonymous · ‎02-03-2012

@Anonymous wrote:
@Anonymous wrote:
I was really suprised to get approved since I've been denied twice in the past. Today I went on a whim after reading a post on this forum about how AMEX generally likes FICO scores over 650. I decided to give it a try and tada! As of today, my Equifax FICO score is 664. I'm a student with 2 credit cards (BOFA PP & Cap1 Platinum) and a car loan ($8k/$14k). AAOA is 2 years and 9 months and 1 inqury on my report. No baddies. Just a lot of debt (98%) which I'm paying off now.

I'm not too sure about what my Experian and Transunion scores are... Not sure which report they pulled either....

Wow, Amex approved you with that high of a util%? I'm really surprised! But I guess with a charge card you won't be able to carry a balance so they don't need to worry about it as much.

Partly why I don't want to get my hopes up