topic Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P ) in Credit Cards

What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Thu, 28 Oct 2010 17:01:33 GMT

UPDATE ON PAGE 3

Hi Everyone,

So, i'm 20 years old, and would like to emancipate my Gold card (Currently an AU), and get a Zync under my name only. (IMHO always better to have something under your name)

So as of now I have the following:

Best Buy Reward Zone Mastercard CL - $100, Currently Balance $0
Capital One Platinum Card CL - $500 Current Balance ($1.67) I paid more than I needed to
AMEX GOLD Card (as a AU), It has been backdated about 10 months, and shows on my Credit Report as such...
Pulled my Equifax, its 671. (It was a 684 till I got "dinged" for having my new Capital one account thats always paid perfectly and in full )
I have paid everything in full, always. Never late. No collections, etc etc.
Length of total history around 10 months

I was wondering what the FICO community thinks my chances are with the Zync?

Im dying to emancipate myself from being a AU, but dont want to waste a hard inquiry. It's my understanding, that with a fairly good start, the Zync is essentailly meant for people with limited credit history/young...

Will the ultra low utilization/Amex AU help?

Thanks for any help/insights...

Mike V

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Tue, 26 Oct 2010 14:52:38 GMT

@Anonymous wrote:
Hi Everyone,

So, i'm 20 years old, and would like to emancipate my Gold card (Currently an AU), and get a Zync under my name only. (IMHO always better to have something under your name)

So as of now I have the following:

Best Buy Reward Zone Mastercard CL - $100, Currently Balance $0
Capital One Platinum Card CL - $500 Current Balance ($1.67) I paid more than I needed to
AMEX GOLD Card (as a AU), It has been backdated about 10 months, and shows on my Credit Report as such...
Pulled my Equifax, its 671. (It was a 684 till I got "dinged" for having my new Capital one account thats always paid perfectly and in full )
I have paid everything in full, always. Never late. No collections, etc etc.
Length of total history around 10 months
I was wondering what the FICO community thinks my chances are with the Zync?

Im dying to emancipate myself from being a AU, but dont want to waste a hard inquiry. It's my understanding, that with a fairly good start, the Zync is essentailly meant for people with limited credit history/young...

Will the ultra low utilization/Amex AU help?

Thanks for any help/insights...

Mike V

This is a red flag!

"Under the new low, which takes effect in February 2010, no one under the age of 21 will be approved for a credit card offer unless a parent or guardian or spouse is willing to co-sign, or the young adult shows proof of sufficient income to cover the credit obligation."

When did you get these ccs?

Do you have someone to be a co-signer? Do you have a proof of sufficient income? Are you willing to pay $25 of AF?

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Tue, 26 Oct 2010 15:33:55 GMT

Well I got all the cards this year, that's interesting when did this law take effect? (in terms of which month?) when I called Amex earlier they did say since I was under 21 that I had to apply online... That's also puzzling... I turn 21 in december, perhaps it would maker it allot easier to wait until then? Thanks guys, Mv

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Tue, 26 Oct 2010 15:35:31 GMT

Sorry for the run on sentence guys, my phone is acting wierd with formatting lol

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Tue, 26 Oct 2010 15:48:33 GMT

You being 20 is not a problem. I have had this card for 4 months now and i got it when i was 19. to help i had a

-Bank of America student cc open from oct 2008 with a 1500 limit

-Capital One Platinum open from may 2009 with a 1000 limit

-Best Buy reward zone mastercard with a 300 limit open march of 2010

-I applied online for the zync at the end of june online and i have been putting everything on this card while using the others cards a few times. this months has been my highest statement with a 2700 bill! of course u have to PIF

but good luck and lets us know wat happens

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

haulingthescoreup — Tue, 26 Oct 2010 15:59:45 GMT

If you're under 21, you have to either have a co-signer, aka a joint user, or provide evidence that you have enough income to be able to manage payments on a CC. And "evidence" in many cases seems to be just stating your income.

With any lender, especially American Express, it would be wise to not overstate income and to be ready to back it up if asked to do so.

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Tue, 26 Oct 2010 19:00:25 GMT

I'd say chance are you would get it as is. Although I would strongly recommend waiting until you are 21.

There are two reasons.

1. You won't be subjected to the new laws.

2. Your AAoA should be closer to 1 year.

That would look even better to them. You could always try their pre-approval site and see what it says.

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Creditaddict — Tue, 26 Oct 2010 20:13:26 GMT

There seems to be much confusion on the new law and being under 21, especially when it comes to American Express (A post was floating around last week, poster tried to apply over phone and was told they had to do it online, and then was instantly approved) As someone posted above, if under 21, you either need joint of proof of income and in most cases, it is just you saying you have income... not very often are they going to make you send in paperwork unless like a credit union.

The Zync is a perfect choice and I think you have a very good chance of getting it!

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Tue, 26 Oct 2010 23:20:25 GMT

So do you guys think the AU of the gold card is going to help me (since its being reported on my credit report?)

I really dont mind the annual fee (considering a basic card user on a Zync is still cheaper than what I pay for the gold as a AU lol), and I love paying in full each month. So this card suits me pretty good, as I end up paying my revolving cards in full each month anyways....

Do you think the Green card is harder to get in my case?

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Wed, 27 Oct 2010 00:12:40 GMT

@Anonymous wrote:
So do you guys think the AU of the gold card is going to help me (since its being reported on my credit report?)

I really don't mind the annual fee (considering a basic card user on a Zync is still cheaper than what I pay for the gold as a AU lol), and I love paying in full each month. So this card suits me pretty good, as I end up paying my revolving cards in full each month anyways....

Do you think the Green card is harder to get in my case?

MV

I definitely think it will help. Also, it sounds like the consensus is to wait until you are 21. I would take that one step further and a wait until January since Amex backdates and when they do, they use the month that you got your card and the year that your original card is. So by waiting til January, you are actually giving yourself 11 mos more history.

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

mross1080 — Wed, 27 Oct 2010 01:20:49 GMT

I say you have a great shot of being approved.

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Wed, 27 Oct 2010 02:16:43 GMT

Awesome guys, I think I will likely wait till January,

What are your guys thoughts on the Green Card instead?

I appreciate all your guys help in the matter, Love this site.

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Wed, 27 Oct 2010 02:25:18 GMT

All things being equal I'd go for the Zync. They are giving 10,000 rewards points for your first purchase. Also they are pushing Zync pretty aggressively. I always recommend trying for the easiest card just to get your foot in the door with them.

Here's my plan. Got Zync three weeks ago. Want to keep it for at least 6 months and then PC to Premier Rewards Gold. Skipping the Green and standard Gold. Your plans could be different but that's my two cents.

Have you tried the preapproval yet?

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

mross1080 — Wed, 27 Oct 2010 02:26:29 GMT

I have the zync and the green. And honestly the zync IMO is much better for a younger person or someone that goes out to eat alot. The annual fee is better and the packs you can add are great if you travel or eat out or shop alot. I use my zync strictly for entertainment and shopping ( The wife does a lot of that). So the double points are great. The green I only use for bills nothing else. The only reason I have the two is because im crazy about everything being organized and I know what goes through what and I can put enough money through the green yearly to cover the annual fee. For one card I would def. go with the zync.

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Wed, 27 Oct 2010 02:36:35 GMT

@Anonymous wrote:
Awesome guys, I think I will likely wait till January,

What are your guys thoughts on the Green Card instead?

I appreciate all your guys help in the matter, Love this site.

MV

Good! It is only few months a way. Meanwhile, bring the balance down (lower as possible) on your AU card is a plus!

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Wed, 27 Oct 2010 04:22:36 GMT

Oh nice!

Ya I love the Gold card, and have no problem "downgrading" to a Zync if its going to be MY account....

I have tried pre-approval. That did not yeild results... Probably, cause of the age of my history...

In fact, Like everyone has said here the Zync seems to be better fitted to me (almost better than gold, in terms of custom options), and I would most likely get the dining and travel packs.

Do you guys happen to know if I they look at the AU users balance, or the balance of the full acount (i.e. If I owe $0 on my card, will they see that as "my card", or the balance of the full acount)?

I am deadset on keeping my credit as pristine as possible. Once I get my Zync I think I will start the perverbal "gardening", although I would like to get rid of the god forsaken BBRZMC with the $100 limit.... lol

Once again, thanks guys/gals This is a great help

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Wed, 27 Oct 2010 04:44:29 GMT

@Anonymous wrote:

Do you guys happen to know if I they look at the AU users balance, or the balance of the full acount (i.e. If I owe $0 on my card, will they see that as "my card", or the balance of the full acount)?

MV

There are so many of Amex AU thread on this forum. You may want to search and read it.

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Wed, 27 Oct 2010 12:15:42 GMT

OOOps, sorry will do

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Wed, 27 Oct 2010 17:15:52 GMT

Whenever Amex comes up, there is always an air of exclusivity floating about that people strive to obtain in such a card. I know when I got my Amex, I wanted it because people had been saying that they are somehow "better:" better customer service, better this and that, more rarified etc.

If you really want a Zync, then why not. You seem to be responsible.

I like my Amex Blue Cash. It's a good card. However, I don't believe in Amex's rarefied character anymore. They've always treated me courteously (as have many other CCC) but I've read some bad stories on here that make me wonder whether Amex is any better than the rest of the pack.Just look at the story from a few years ago when they were profiling customers. Nowadays, they seem to be desperate because they do not only approve wealthy customers but many with average or slightly below average scores. They are not as picky or choosy as they want to be perceived. Most of Amex's customer base is made up of people like you and me. People who can't go out and willy-nilly rack up big purchases without financial consequences.

Much of the Amex discussion circles around the question whether one should start with the Zync or get the green or even the gold or perhaps even the platinum, insinuating that every color higher up in the hierachy will "mean" more. People want to be perceived when they produce their Amex color at the register. They want to be recognized. Honestly, I don't like that idea.

If you have decent credit and are on your way to build really good credit, I don't think there is a need for a card with an annual fee, even if it's a small one. Unless you want to close that account, you will have to pay that fee for many, many years to come. Unless you can really use the extra features that such a card offers, why get the Zync? I had the Delta Gold, and I could not use the extra feature (reduced companion ticket) and thus I switched to a no-annual fee card.

Also, it's great that you pay off your balance every month. However, I've never understood the benefits of a charge card as opposed to a credit card. Are there any? The rewards are comparable but you do not have any flexibility with the charge card. Zero! A credit card seems to be a much better product. But that is just my view.

I'd strongly consider waiting a few months and build more good history. Then, look around and see what great rewards credit cards are out there. I'd pick the card that is best for your purposes and not the one that looks best. If that turns out to be the Zync, then go ahead. If not, then chose a better one.

Re: What does the FICO community think? (Yes, another AMEX Zync Question :-P )

Anonymous — Wed, 27 Oct 2010 23:05:29 GMT

Those are really good thinking points,

Are there any other cards that have rewards that are like AMEX?

Are there other companies that have charge cards?

I really have had a good experience with AMEX thus far