topic Re: AMEX Zync card in Credit Cards

AMEX Zync card

LS2982 — Sun, 24 Apr 2011 17:37:00 GMT

For those who applied and got approved, was it a hard card to get?? What were your scores?? this is ont of my wish list cards later in the year.

Re: AMEX Zync card

trumpet-205 — Sun, 24 Apr 2011 19:11:19 GMT

First you need to have at least six months of history on your credit report (AMEX will reject you instantly if you don't). Do know that American Express pull Experian 99% of the time. You must never be late, no CO, or BK on your credit report. Keep utilization under 30%. Optionally have a second CC and you should be good to go.

Re: AMEX Zync card

LS2982 — Sun, 24 Apr 2011 19:14:08 GMT

@trumpet-205 wrote:
First you need to have at least six months of history on your credit report (AMEX will reject you instantly if you don't). Do know that American Express pull Experian 99% of the time. You must never be late, no CO, or BK on your credit report. Keep utilization under 30%. Optionally have a second CC and you should be good to go.

What about auto loan lates?

Re: AMEX Zync card

trumpet-205 — Sun, 24 Apr 2011 19:39:32 GMT

Depends on how recent and how serious your late is. Is it a 30 days late? 60 days? 90 days?

Did it occur recently? A year before?

Do realize that AMEX and Discover are really sensitive to negative aspect. Of coure there are people that have been approved with Zync with a few lates. For some AMEX imposed additional condition such as setting up an autopay or hard limit ($200/$500).

Re: AMEX Zync card

Guava — Sun, 24 Apr 2011 19:41:57 GMT

@trumpet-205 wrote:
First you need to have at least six months of history on your credit report (AMEX will reject you instantly if you don't). Do know that American Express pull Experian 99% of the time. You must never be late, no CO, or BK on your credit report. Keep utilization under 30%. Optionally have a second CC and you should be good to go.

So 1 collection will also result in an automatic decline?

Re: AMEX Zync card

trumpet-205 — Sun, 24 Apr 2011 19:43:24 GMT

If it happened recently, very likely yes. if it is something like 3 years before then maybe not.

Re: AMEX Zync card

LS2982 — Sun, 24 Apr 2011 19:45:29 GMT

@trumpet-205 wrote:
Depends on how recent and how serious your late is. Is it a 30 days late? 60 days? 90 days?

Did it occur recently? A year before?

Do realize that AMEX and Discover are really sensitive to negative aspect. Of coure there are people that have been approved with Zync with a few lates. For some AMEX imposed additional condition such as setting up an autopay or hard limit ($200/$500).

i have 7 30 days between the past 1-2 yrs

Re: AMEX Zync card

trumpet-205 — Sun, 24 Apr 2011 19:47:43 GMT

With 7 lates, it is very likely that AMEX will reject you instantly. How about paying on time and write a good will letter to your lender, asking them to remove it (don't get your hope up, but it is worth a try).

Re: AMEX Zync card

Open123 — Sun, 24 Apr 2011 20:04:09 GMT

Amex has their own proprietary scoring system based off of information compiled through Experian.

While no one outside Amex knows exactly comprises their score, here are a few I've noticed over the years. I've gotten these views from reading others' experiences and reading some of the transcripts of their earnings conference calls.

On one of the calls, they admitted that FICO comprised roughly 20% of the score. The rest is made up of where you live, the other types of cards you have, classification of your profession, age, utilization, age of accounts, average balance, and usage (how much you charge cards and pay them off).

Excessive inquiries and/or the occasional late payment (under 60 day) didn't seem to play a huge role. However, any BKs or COs seem to lead to a higher probability of denials.

With Amex, it really is difficult to "game" them, unless your FICO is a solid 750+. With 6 months history with 2 cards, no lates, no COs, NO BKs, and moderately high usage (around $1,000 - $2,000 PIF per month), and I'm sure you'll be approved for the Zync, irrespective of your FICO score. With lesser usage, I suspect the other factors need to be higher. Amex seems to focus on what they call their "spendcentric" business model.

PS - With 7 lates, I suspect they'd deny your application.

Re: AMEX Zync card

sandman2435 — Sun, 24 Apr 2011 20:00:56 GMT

I was approved for both Zync and Green with Amex..with a BK7..thats 8 years old..But I also have been a 20 year Platinum as well..With AMEX...they were not part of my BK7..if you take care of AMEX..and pay them on time and keep a low balance with them..they well treat you good..I have never had a problem with AMEX....I even have a few Business Acct's with them as well...Even when I filed my BK...they did lower my limits and put a fixed credit limit on the charge cards (ones you have to pay in full every month)..but has my credit got stronger and the BK7 aged..the limits were lifted and and was able to get credit line increase's on the credit cards...I rather have an AMEX than a Visa or Mastercard from the big three anyday(BOA.CITI,CHASE)....those I got thur my credit union

Re: AMEX Zync card

LS2982 — Sun, 24 Apr 2011 20:09:04 GMT

@trumpet-205 wrote:
With 7 lates, it is very likely that AMEX will reject you instantly. How about paying on time and write a good will letter to your lender, asking them to remove it (don't get your hope up, but it is worth a try).

I am paying on time now. I ran into alot of hardships last year that caused the 30 day notes. I'm going to try the GW letter to get a few removed.

Re: AMEX Zync card

Anonymous — Mon, 25 Apr 2011 15:14:13 GMT

When DW apped for Zync, she had a total of 15 30s, 8 60s, 4 90s, 6 +120s and a CO on her EX report -- and the CO was just 21 months earlier (that was also the most recent late payment).

My point here is not to say that you will get approved with a messy report, but that generalizations can be just that -- overly general.

If anyone is wondering what DW's credit profile was at the time, it was 10 years history with an AAoA of 6 years. She has 24 clean trade lines (5 were AUs -- 2 of them were Amex cards) and 4 dirty ones at the time. Her EQ credit report nearly matched her EX at the time and her EQ Fico was 688 -- we have no clue what her EX Fico was/is.

Re: AMEX Zync card

Open123 — Mon, 25 Apr 2011 15:49:38 GMT

@Anonymous wrote:
When DW apped for Zync, she had a total of 15 30s, 8 60s, 4 90s, 6 +120s and a CO on her EX report -- and the CO was just 21 months earlier (that was also the most recent late payment).

My point here is not to say that you will get approved with a messy report, but that generalizations can be just that -- overly general.

If anyone is wondering what DW's credit profile was at the time, it was 10 years history with an AAoA of 6 years. She has 24 clean trade lines (5 were AUs -- 2 of them were Amex cards) and 4 dirty ones at the time. Her EQ credit report nearly matched her EX at the time and her EQ Fico was 688 -- we have no clue what her EX Fico was/is.

Yes, very good point. With Amex, there is no pattern on their approval process. As they say, they've always run to the beat of their own drum.

I've seen people with good fico scores who were rejected, suffered massive adverse action, and summarily had all their accounts closed after an FR. I've seen people with low fico scores, bunch of lates, some old liens, and a few COs readily approved for the charge card with no pre-set limit.

In my estimation, they seem to prefer moderate to high usage with balances paid in full. With Amex, the best option is to just apply. Multiple inquiries don't seem to phase them.

Re: AMEX Zync card

Anonymous — Mon, 25 Apr 2011 17:17:41 GMT

@sandman2435 wrote:
if you take care of AMEX..and pay them on time and keep a low balance with them..they well treat you good..I have never had a problem with AMEX....
So, I had corporate AMEX accounts (not really corporate as the card is paid by me, sent to me, etc etc etc) and they were always PIF. I think over the past 15 years, I have had 4 of them (different firms' cards). So my history WITH AMEX is good.

However, I have a BK7 on my record now. Discharge date will be a year old on May 25th. No credit cards included in BK only Chase (auto loan due to GM default on lemon law car).

Any "gut" thoughts on whether or not they would overlook my BK with solid credit before (and after) given my own history with them (albeit corporate cards)?

I would like to apply in next year, if there is some hope. I don't know that I would ever use the card, I just want it in my wallet because ... well, it IS AMEX!