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@Anonymous wrote:
I'm going to be applying for the amex zync card around the 20th of October. I've also been thing about opening a amex savings account. My question is would opening a savings account help or hurt me in anyway as a chance of being approved for zync.
Having savings and checking accounts with banks usually means nothing, except for maybe Chase where you might get a pre-approval one day at the ATM. but many people have talked about having 100's of thousands in BofA and still get CC accounts closed.
@Anonymous wrote:
I'm going to be applying for the amex zync card around the 20th of October. I've also been thing about opening a amex savings account. My question is would opening a savings account help or hurt me in anyway as a chance of being approved for zync.
I don't think that woud help because they still look at your credit report. If it was that easy, then I think everyone would just go open a savings with AMEX and get in. IMO it doesn't help or hurt.
Is your intention to apply with AMEX when your ulti goes down? If so, thats a smart choice but I've seen many people on other forum being approved for the Zync with high ULTI and inquiries. Yet, they were still approved for the zync. I'm not encouraging you to apply with high ULTI and Inquiries but what I'm trying to say is Zync is an easy approval.
While having a Amex savings account may not help specifically, having any savings/money market account may help get you approved.
One of the Zync credit app questions is:
Do You Have A (check all that apply):
Checking Account?
Money Market/Savings?
Presumably, Amex uses this somewhere in their credit app process.
Depends on the bank.
American Express' Personal Savings is kept pretty much as a separate entity to American Express' credit business, so I doubt it would affect it that much.
The bank I work at does like to see money "in the bank," no pun intended, and will often offer pre-quals to customers with larger levels of savings over those who do not - with both candidates having similar credit scores.
Hope this helps, from a perspective as a banker.
@Anonymous wrote:
I am waiting till my utl is down around the 20th of october it will be 7.3%. I already have a savings account at my bank so I can already answer yes to the savimgs question. I'm just thinking of opening one with amex cause my bank is 0.05% while they are 1.30%.
That is very good utilization but just in case you and others don't know utilization is rounded up so yours will actually be 8%. This might seem trivial but if someone has a target utilization of say 10% any amount between 10%-11% will report as 11%.
From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work