Credit Cards

[Revelate]

After a recent round of posts in a prior Zync thread, I realized between getnthere's comment (thank you) and my own prior advice (get a tradeline that you want as soon as you possibly can), I simply bit the bullet and applied for the Zync.  I'd thought I was going to be a Hail Mary approval when I started this credit building journey back in December or so of last year; however, apparently that wasn't the case:

Approved instantly, NPSL.  Connect/Eco/Restaurant packs (yes I know Citi Forward / Chase Amazon > Zync; however, I'm trying to get by with this one last application in prep for a mortgage next year and backdating > rewards for me).  

I listed income as 125K (which I can easily demonstrate through pretty ADP paystubs), financial assets in the 25k-49999 range on the application.  EX report details for those that are curious: estimated 650 EX FICO (traditionally been slightly higher than my Beacon 5 score which was 646 two months ago with similar revolving utilization).

Derogs:

• Federal tax-lien still unresolved 5/2004 (I know I know)
• Paid state tax-lien 12/2010
• 11 inquiries, of which some are correctly coded as auto-loans (2 are from CC applications from last year) - most recent 12/29/2011
• 2 x 30 and 1 x 60 late on a closed BOFA revolver, 04/2010 DOFD, 60-day on 08/2010.  21 positive payments, 2 year revolving tradeline
• Paid collection, DOFD 07/2009, paid 01/2012 $196

Positives:  little wierd as I have some doubled information, some may have been discounted

• BOFA secured card, opened 10/2011 $194/5000
• Lost BOFA secured card, reported closed, same opening date, lost 07/12  *** duplicate tradeline as above but reported seperate
• WFDS Auto loan: opened 12/2011, actually closed (re-fied last month not updated) but still reported open at balance $15,468/20,970
• Cap 1 nee Orchard unsecured: opened 12/2011, $0/400
• Cashcall installment loan: opened 12/2011, paid as of 07/2012
• USAA secured installment loan: opened 01/2012, balance $2,102/25000
• DCU secured card: opened 02/2012, $0/2000
• DCU Auto loan: opened 08/2012, balance $16,070/16,070

Ah, the joys of future backdating and a card I don't consider to be lame in any fashion, happy day .

Edit: I'd hit the card selector find your offers right before apping, had the usual "Sorry, we couldn't find anything for you" message.

[webhopper]

Congrats!

[jamesdwi]

Congrats,  wait till January and a bit of score increase, with your income you could be set for an AMEX revolver, AMEX loves high incomes. Then take advantage of some AMEX backdating love

[LS2982]

CONGRATS!!!

[bichonmom]

Congrats! Zync is a foot in the door and you're set for backdating forever! You can always close the Zync in the future if you want. Rewards aren't the best, but for me $25 a yr for the backdating it gave me is well worth it!

[Revelate]

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jamesdwi wrote:

Congrats,  wait till January and a bit of score increase, with your income you could be set for an AMEX revolver, AMEX loves high incomes. Then take advantage of some AMEX backdating love

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I'm thinking 01/2014 actually.  I might get approved 01/2013 as you suggest but I'm trying to put as much lipstick on the pig for the mortgage next year, and there's no sense taking an extraneous HP (assuming I get approved); TBH I don't really need the BCP until *after* the house when I start cooking again... haven't done serious grocery shopping in years .

None of the other Amex revolvers make any sense for me honestly, and about the only other card I possibly need for the next year would be some EMV-chip enabled one if I get stuck headed to the UK to open up an office there.

[Revelate]

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bichonmom wrote:

Congrats! Zync is a foot in the door and you're set for backdating forever! You can always close the Zync in the future if you want. Rewards aren't the best, but for me $25 a yr for the backdating it gave me is well worth it!

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Yeah, the backdating benefit is worth way more than that to me even if it is of marginal benefit after the 3ish year range in my case.

I paid WAY more financing tradelines than that haha, compared to the rest of my expenses on my credit building journey, the Zync AF is laughably trivial (compared to 19.35% on 20k auto loan, or the Cashcall ~$450 for an unsecured installment tradeline I did trying to put tradelines on my report).

In any event, I'm pretty darned pleased with the approval, Becomes my default card for every non-foreign transaction (C1 if the limit can afford it) and gas/grocery transactions (BOFA 1-2-3).  Does sort of promote my DCU secured card to irrelevancy... ah well, it's a positive tradeline still .

[nicholasyud]

I wonder why you guys dont just wait until your score get high enough to get a Amex BCE ......I mean if you in mid 600 score then probably 6 months or 1 years then you would hit that score and qualify for their MAIN product then why bother to apply for a charge card Zync that basically like a Debit card but you do paid AF....

I mean 6 months its not gonna hurt you right ? i know their backdate stuff but really ? is that really worth to apply for it >?? ?? Just wonder ....

[gettnthere]

WHOOOOOOOO HOOOOOOOOOOOOOOOO

AWESOME!!!!!!!! CONGRATS!!!!!!!!!!!!

I KNEW YOU WERE GONNA GET IT!!!!!!!!!!!!!!

I'm very pleased to hear that you FINALLY (LOL) pulled the trigger! i had plenty of faith in you

I am ECSTATIC to hear that you got approved and i know you will throughly enjoy having the card and its benefits!!

and don't give up on getting that lien removed, i have a feeling you are gonna have success with getting it fully removed.

[gettnthere]

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nicholasyud wrote:

I wonder why you guys dont just wait until your score get high enough to get a Amex BCE ......I mean if you in mid 600 score then probably 6 months or 1 years then you would hit that score and qualify for their MAIN product then why bother to apply for a charge card Zync that basically like a Debit card but you do paid AF....

I mean 6 months its not gonna hurt you right ? i know their backdate stuff but really ? is that really worth to apply for it >?? ?? Just wonder ....

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YES! it most certainly is! lol backdating can work absolute miracles for your AAoA as long as you get it established early enough (i.e getting ZYnc for most people).