topic Re: Balance on Zync Card in Credit Cards

Balance on Zync Card

Anonymous — Wed, 08 Dec 2010 20:42:24 GMT

Hi guys,

i noticed on my credit reports i have a balance on my zync card, does this hurt my credit score?

I know its a charge card with no limit, i was wondering how this affects my scores.

FYI: i got approved for a nationwide visa recently! i got my first credit card in dec last year, this is my 3 major one. wohoo! thanks for your helpful posts guys!

Re: Balance on Zync Card

Creditaddict — Wed, 08 Dec 2010 20:49:25 GMT

@Anonymous wrote:
Hi guys,

i noticed on my credit reports i have a balance on my zync card, does this hurt my credit score?

I know its a charge card with no limit, i was wondering how this affects my scores.

no it's not included in your debt util.

Re: Balance on Zync Card

OnWayUpinTexas — Wed, 08 Dec 2010 20:52:17 GMT

New, Do you have your Nationwide card yet? How long between your application (if online) and when you received word of acceptance? If you don't mind my asking. Thanks.

Re: Balance on Zync Card

Anonymous — Wed, 08 Dec 2010 20:55:01 GMT

I applied yesterday online, approved instantly.

i waited a month before i applied and tried to keep my debt utilization down.

Don't know my limit yet, waiting for it to come in the mail.

Re: Balance on Zync Card

OnWayUpinTexas — Wed, 08 Dec 2010 20:58:50 GMT

Thanks. Since my Inquiries on TU are so light, I pulled the trigger on one last week and got the 7-10 day response and "we may be calling you to ask for more information." They haven't called. When I call, they say "you should see something in the mail soon." That doesn't sound "approved" to me. Oh well ...

But I digress ... didn't mean to hijack a Zync Card thread. Yeah Zync!

Re: Balance on Zync Card

Anonymous — Wed, 08 Dec 2010 21:35:48 GMT

Actually it can hurt your Transunion score but only if the lender or where you're pulling uses TU98, that version calcs Charge cards into UTIL but the newer version, TU04 doesn't. Equifax does not calc into UTIL either. If you pull your TU from here then yes it will hurt your score. Wanted to clarify.

Re: Balance on Zync Card

ArisGreek — Thu, 09 Dec 2010 01:49:02 GMT

Speaking of TU inquiries...when I pull my TU report from MyFico it doesn't show any inquriies...It just says "There are no inquiries that are affecting your score." But I have no clue who has pulled what...Is there a place I'm not looking?

Re: Balance on Zync Card

Anonymous — Thu, 09 Dec 2010 06:15:00 GMT

@Anonymous wrote:
Hi guys,

i noticed on my credit reports i have a balance on my zync card, does this hurt my credit score?

I know its a charge card with no limit, i was wondering how this affects my scores.

FYI: i got approved for a nationwide visa recently! i got my first credit card in dec last year, this is my 3 major one. wohoo! thanks for your helpful posts guys!

I don't think AMEX is counted towards your Ulti.

Re: Balance on Zync Card

haulingthescoreup — Thu, 09 Dec 2010 07:18:40 GMT

Check out iluvmyfico's post up above. It's correct.

TU98 (the TU version that we're stuck with here, and from transunioncs.com) is the only FICO scoring version that includes AmEx charge card balances in revolving util. The others ignore it. Nearly all TU-pullers use TU04 now, so it's not an issue. (It's TU that determines which version we're stuck with.)

So although you might get a jolt when you pull your TU score here, most lenders will be pulling different scores, and AmEx balances will be excluded.