Hello all,
Like most here I am trying to build/repair my credit and I am seeking guidance. Last January I was approved for a Amex Zync card with 500 limit and autopay feature. I have used it and paid ontime every month since then in order to build a history with Amex. The $500 spending limit greatly restricts my use for the card since I have quite a few monthly travel expenses that can easily exceed that amount. I have called 3 times thoughout last year to have the limit raised only to be told my account is automatically reviewed periodically and a manual "request for limit increase" is not possible with this type of card. After waiting over a year, today I called again and was told the limit could not be raised. After explaining my situation I was told I should apply for another Amex product by the representative. Essentially it was hinted that the limit on this type of Zync will never be raised. After some discussion I applied for the Blue Cash Everyday card today and was denied(reasons are to be mailed and would not be disclosed today.) I asked them what their recommendation was at this point since their current Zync product was really not suiting my needs and was basically transferred a few times and given generac answers until I was more or less pushed off the call. Apparently I'm not the ideal candidate for Amex and will not be anytime soon.
My credit history-
~55k in student loans (original balance 70k)
~13 left on a car loan (orginal balance 19k)
Amex Zync Card since 2/11
One 30 day late 5 years ago from a Capitol One credit card I foolishly closed on my own
EX FAKO 677
EQ FICO- 707
TU FICO- 692
No other debts/derogatories or credit lines/cards etc...
3 inquiries on my Ex (one from the car loan, one from a storage rental, and one from Amex for the Zync card, all over a year old)
Income bracket- 75-100k/yr
At this point what recommendations do you guys have? (besides the obvious of waiting and paying my bills ontime, which I have been doing for 5 years and plan to continue to do)
Should I open some type of credit card since technically a Zync is a charge card and not considered revolving credit? If so, what kind would I have a better chance at being accepted? (I'm interested in cash back style of cards more so than other rewards programs)
Are my loan balances too high for my installment loans? Do I need to wait and pay them down before appyling for a card? My student loan debt is divided over 5 separate loans, does this hurt me or not matter?
I'm kind of stuck at this point and getting a bit depressed over the whole credit situation after the denial. Any constructive advice is appreciated! Thanks!
