topic Re: Amex Zync Approval! in Credit Cards

Amex Zync Approval!

jla84 — Wed, 05 Oct 2011 04:03:34 GMT

Decided to pull the trigger with Amex Zync and was instantly approved! Even with a 30 day late from Dec 2010 still showing on EX! I had a Chase account for 5 years that was closed by the bank in July 2010 - that was the one with the 30 day late. Started rebuilding my credit with a Cap 1 $500 No Hassle Rewards card with a $39AF - opened in July of this year. I have a fairly decent salary ($50K/year). EQ score (with the 30 day late deleted) is 774. TU and EX, as far as I know from the CMS I use, are still showing the 30 day late. EX FAKO (Credit Sesame) is at 723.

I've heard some people on this forum say that the Zync is somehow a subprime card, but I'm happy with it for now just to get my foot in the door with prime banks.

BTW, right before I applied I tried the pre-approval offers and got the old "sorry we can't find any offers for you". Proves that even if you get that message you can still be approved!

Re: Amex Zync Approval!

clownfico — Wed, 05 Oct 2011 04:31:41 GMT

Congrats!

How anyone could view a product from AMEX as being subprime is simply beyond senseless! When I began seeking credit, Amex was the only creditor that did not view me the way others did. This persisted some agonizingly 15yrs! Even with several five digit CL from other prime lenders, both my Plat y Zync are prized more.

IME, people who know a little something about fiscal responsibility and banking would hardly ever trivialize any Amex product!

Re: Amex Zync Approval!

jla84 — Wed, 05 Oct 2011 04:44:45 GMT

Thank you!

I've heard that Amex is very good to you if you are good to them, so I'm looking forward to establishing a relationship with them! Also looking forward to whipping out that shiny white card! lol It has to be the coolest "default" design of any card out there!

Re: Amex Zync Approval!

Anonymous — Wed, 05 Oct 2011 05:01:03 GMT

congrats they still wont let me into the club although i do carry an amex card thru my company but perhaps one day i will have a personal card

Re: Amex Zync Approval!

RyVision — Wed, 05 Oct 2011 06:29:11 GMT

@jla84 wrote:
Decided to pull the trigger with Amex Zync and was instantly approved! Even with a 30 day late from Dec 2010 still showing on EX! I had a Chase account for 5 years that was closed by the bank in July 2010 - that was the one with the 30 day late. Started rebuilding my credit with a Cap 1 $500 No Hassle Rewards card with a $39AF - opened in July of this year. I have a fairly decent salary ($50K/year). EQ score (with the 30 day late deleted) is 774. TU and EX, as far as I know from the CMS I use, are still showing the 30 day late. EX FAKO (Credit Sesame) is at 723.

I've heard some people on this forum say that the Zync is somehow a subprime card, but I'm happy with it for now just to get my foot in the door with prime banks.

BTW, right before I applied I tried the pre-approval offers and got the old "sorry we can't find any offers for you". Proves that even if you get that message you can still be approved!

Congrats! When others mention Zync being a "somehow" (however they phrase it) subprime card, it's not, it's really just the entry level product for AMEX, if it has a hard limit (explained elsewhere on the forums), that's just training wheels until they see how you treat them. It's true that AMEX can be fickle (they have their own in-house scoring system which often comes across as a "luck of the draw" type thing), but they (like ClownFico mentioned) are hardly subprime no matter what product they issue you. BTW, knowing they can be fickle is why I don't tickle that "check your spending limit" button on their site.

Re: Amex Zync Approval!

Anonymous — Wed, 05 Oct 2011 09:07:35 GMT

Congrats on the Zync! I love mine. I have only checked my spending limit twice on it. It said approved when I put in 3k, no need for me to test it any further.

Re: Amex Zync Approval!

jla84 — Wed, 05 Oct 2011 12:31:32 GMT

@RyVision wrote:
@jla84 wrote:
Decided to pull the trigger with Amex Zync and was instantly approved! Even with a 30 day late from Dec 2010 still showing on EX! I had a Chase account for 5 years that was closed by the bank in July 2010 - that was the one with the 30 day late. Started rebuilding my credit with a Cap 1 $500 No Hassle Rewards card with a $39AF - opened in July of this year. I have a fairly decent salary ($50K/year). EQ score (with the 30 day late deleted) is 774. TU and EX, as far as I know from the CMS I use, are still showing the 30 day late. EX FAKO (Credit Sesame) is at 723.

I've heard some people on this forum say that the Zync is somehow a subprime card, but I'm happy with it for now just to get my foot in the door with prime banks.

BTW, right before I applied I tried the pre-approval offers and got the old "sorry we can't find any offers for you". Proves that even if you get that message you can still be approved!
Congrats! When others mention Zync being a "somehow" (however they phrase it) subprime card, it's not, it's really just the entry level product for AMEX, if it has a hard limit (explained elsewhere on the forums), that's just training wheels until they see how you treat them. It's true that AMEX can be fickle (they have their own in-house scoring system which often comes across as a "luck of the draw" type thing), but they (like ClownFico mentioned) are hardly subprime no matter what product they issue you. BTW, knowing they can be fickle is why I don't tickle that "check your spending limit" button on their site.

Thanks for the advice! I'll be sure to limit how many times I check my spending ability. As long as it's over $1000 for now I'm fine with it. My only other open card is a crappy Cap 1 $500 CL.

Re: Amex Zync Approval!

CS800 — Wed, 05 Oct 2011 12:48:56 GMT

Congrats !!

I got my Zync recently ad as others said it's your foot in the door and by no means is this card subprime; it's entry level.

Just keep away from checking your spending limits. If you read around here you will read about FR's.

Re: Amex Zync Approval!

RyVision — Wed, 05 Oct 2011 14:50:44 GMT

@jla84 wrote:

Thanks for the advice! I'll be sure to limit how many times I check my spending ability. As long as it's over $1000 for now I'm fine with it. My only other open card is a crappy Cap 1 $500 CL.

From what I've read around here (the forums here are a wealth of info), if you decide to check your spending limit, you might want to wait until you're actually planning on following through with the purchase. Not just to find out the limit. AMEX Z is not Cap 1. Once you have the card and you go online and it says "no pre-set limit" on your page, you can be 99% sure you don't have $1000 cap on your card.

A lot of us have stated (we're older, wiser and have heard the tales, ok, I just like to say we're older and wiser LOL) we avoid that button or anything that might attract the attention of AMEX. They are fickle (I love how one member says it's a card with PMS, I will not argue that at all lol) and they're a bank, they're not a friend, and they will watch you for the first few months, and if they see anything that trips their "FR" trigger, they'll do it and it's a waste of your time and money, plus it locks up your AMEX while info is gathered and reviewed. I think you mentioned your report wasn't spotless, I wouldn't touch that check limit button after getting anything with AMEX with a less than perfect report. Mine are all clean (spotless now, I had one stain lol), with a fair score on EX, I won't touch that button, I'll just use the card (eventually I think, at least once in a while )

Re: Amex Zync Approval!

jla84 — Wed, 05 Oct 2011 15:39:08 GMT

Thanks. I'm reading up on posts about the check spending ability and F/R right now. I am planning on putting a Macbook Pro on this card in Dec. Probably around $1500. Do you think it's better to call them instead of just hitting the online check spending ability? In my mind it seems better to talk to an actual person and explain what I am buying and showing that I am a responsible member alerting them that there will be an unusual purchase soon, but who knows what Amex thinks.

Re: Amex Zync Approval!

RyVision — Wed, 05 Oct 2011 17:06:49 GMT

@jla84 wrote:
Thanks. I'm reading up on posts about the check spending ability and F/R right now. I am planning on putting a Macbook Pro on this card in Dec. Probably around $1500. Do you think it's better to call them instead of just hitting the online check spending ability? In my mind it seems better to talk to an actual person and explain what I am buying and showing that I am a responsible member alerting them that there will be an unusual purchase soon, but who knows what Amex thinks.

I wouldn't even bother checking via the button or phone for that amount. If you slide your card, the worst that can happen is it's declined (you can always have the cash or debit card or checkbook on you as back up if you like and are unsure). Or it could require a call in to be sure it's you making the purchase. They approved you for the card because they looked at the facts in your file, know you're employed, who with and know they can verify your income on request. If they feel they need to FR you for 1500, it won't matter how you find out the result via calling, hitting the button or just attempting the purchase, the result is the same. I'm pretty sure if it doesn't take your balance to over 2500 (or more likely 3k) for that month, that it would go through without a problem.

To me, checking the spending limit by hitting the button or calling them to warn them is like telling them you're unsure of yourself. On the AMEX side it could make them (or their system) wonder "why is this member worried if we'll ok 1500, we know from the numbers they shouldn't have a problem paying some other way if we decline, maybe we should OK it like we would have anyway then double check just in case" bang, laptop and FR all from one call or click. Would I ask them beforehand? No, I'd just have backup on me and in case AMEX might decline I'd tell the clerk I wasn't sure of my limit (prior to swiping) because they don't tell you. Embarrassment avoided as well as an increased chance of an FR. Do I think they'd ok over 5k? Maybe, wouldn't shock me, 10K? Probably not. By giving you the card they basically said they can see you appear to be a financially responsible adult, your income more than supports what obligations they know about and they expect you to use their card with confidence and restraint that reflects the info you gave them.

Re: Amex Zync Approval!

jla84 — Wed, 05 Oct 2011 17:16:03 GMT

Thanks for your insight, RyVision! Amex is completely new to me, so I get nervous when people tell me do this and don't do this and F/R this and that. What you're saying makes sense, so I'm going to trust you. I'm hoping the best way to deal with Amex is to not worry about it and cross my fingers I fly under their radar.

Re: Amex Zync Approval!

Anonymous — Wed, 05 Oct 2011 17:53:05 GMT

I'm going to +1 RyVision on that, prob the best stated review here on the forums that sort of combine the best of what most people have to say about the FR and AMEX situation.

In my opinion, by pressing that button, you're just drawing more attention to yourself than the purchase probably warrants. I think so many people on here are so interested in seeing how much AMEX would let them charge, yet when there's no follow up charges and payments it appears as if you may have not had the funds to actually go through with the purchase, therefore causing them to check your income and make sure everything is ok.

Re: Amex Zync Approval!

Anonymous — Wed, 05 Oct 2011 19:17:24 GMT

Congrats, I got mine a few months ago also! I would not mess with the check your spending button like others have stated. First month I put around 400-500 through it then back to back months with 1300-1500 then 1100ish. Never called them once just spent spent spent. Even went on vacation and put a bit on it, not had any problems yet

Re: Amex Zync Approval!

jla84 — Wed, 05 Oct 2011 19:27:27 GMT

@Anonymous wrote:
Congrats, I got mine a few months ago also! I would not mess with the check your spending button like others have stated. First month I put around 400-500 through it then back to back months with 1300-1500 then 1100ish. Never called them once just spent spent spent. Even went on vacation and put a bit on it, not had any problems yet

Thanks! That's helpful. I'm definitely not going to put more than $500 max on it in the first month.

Re: Amex Zync Approval!

RyVision — Thu, 06 Oct 2011 05:15:37 GMT

A long history lesson on how we got to a button on a screen to check spending limits:

I know a lot of people see little to no problem with checking their spending limit on Amex. There are people it probably won't effect at all, there are also people that take the wrong exit and avoid the 20 car pile up 5 miles down the road, and people that wake up in the morning looking perfect. Some just happen to have the right numbers, timing and\or luck with Amex to click away and not worry (not everyone is hit by lightning just because everyone tries holding a metal pole in an electrical storm).

Some more reasoning behind checking limits and FRs is also connected to required reserves. When a bank (Amex in this case) loans you money (approves your charge or tells you your spending limit) they "lock up" their fractional reserve (assets they have of which a percentage can be loaned out). They themselves have a sort of credit limit in a sense. Most have heard of the big depression (the dirty 30's) when the banks failed. That was primarily due to the banks loaning money they shouldn't have and everyone getting comfortable with easy profits in the market and to some extent credit (sound a bit familiar?).

Banks (and investors) were making money like crazy during the "roaring 20s"... Things turned on them, the house of cards the stock market had become fell in on itself and people needed their cash (the runs on banks you've heard of). The banks didn't have the cash to pay their depositors on request, nor could they get it, it evaporated in the market (banks got greedy and played games, their own irresponsible drunken teenage party so to speak, making money on a market upswing with nothing to support it they themselves created, ). There was no FDIC or bank bailout. People wanting and needing their money were simply turned away empty handed.

My parents were born in the 20's and raised during the 30's, they saw how horrible it was for everyone (no one blamed welfare moms, lazy unemployed people getting checks, easy mortgages or credit cards, none of those excuses existed like today, and they are excuses). It was all due to greed, bankers, investors and average people talked into investing in the ride, how could they lose. Reality hit, even if you didn't invest, only put money in the bank, it was gone the start of a very long depression. Then we got smart and put regulations in place to help avoid such a thing happening again.

When my Mother and older relatives (in their 80s and 90s) hear how "bad" things are, and how we're in a depression, they laugh (with good reason). There were no social programs for food, unemployment checks or "safe" havens money was invested to rely on like today. Average Americans (the lucky ones) huddled near a heat source (usually a wood burning stove of some kind, powered by wood they'd often go get themselves) wrapped in blankets in 1 room during the winter because heat was a luxury. They raised chickens for food (butchered at home) and grew what they could. What little money they got wouldn't see a bank, if not spent it went into jars and mattresses where it was safe from banker thieves and liars (I'm quoting those that were there).

Things eventually perked up, the government spent money on infrastructure (government spending creates jobs as it injects money into the economy), the highest tax rate in the 50's was around 90% (yes, 90, you either invested in America for deductions or paid, those deductions actually made the rich richer while driving the economy btw) regulations stood for a long time, social programs to protect people put in place, the economy doing well for decades, history slowly faded in memories until few of us can say we at least heard about it from those that lived it. Then the banks and brokers got greedy, paid lobbyists and politicians to loosen up some regulations, it was preventing growth they claimed.

Finally, regulations loosened the profit party starting up again, we eventually came to a few years ago (yes, we spent and are spending a fortune toward foreign matters but we all know that so I won't take up space with it). We bailed out the banks and some companies (as much as I hate banks, they're a machine, without regulators any machine can overheat and it was good we put out the fire before we went down the same road as they did 80 years ago). Now we come to required reserves (Fractional Reserve Banking) and regulations tightened back up a bit. When Amex (or any bank) locks up reserves for some reason, they can't use it elsewhere. If someone hits the button or over extends or even hints at it, they want to make sure they're within guidelines. FR's are one way of doing that with a charge account as they can't really CLD like on a revolving (remember that wonderful little treat, even for those with stellar credit, along with increased interest rates without warning in attempts to build their reserves after chasing profits with iffy, easy credit).

Now, when we click the button, make a purchase, we lock up reserves. Imagine a bunch of people, sitting at their PC, curious... click, oh try it for 14k see what they say, click, etc.. Holiday season comes along, click click click, buy buy buy, reserves getting chewed up. FR's all over the place (they also have to show they're loaning responsibly). Amex has to worry about their credit limit too and they don't want curiosity locking up their reserves. They have to know those reserves are going to be paid back (even though they don't get interest, the charge pays them the fee) or they've wasted not only the potential profit, but the principal as well.

Those regulations you hear some complain about in office, not only keep us safe when it comes to products, employment and money, they allow us the potential to carry AMEX if we show we've earned the privilege, all the while keeping us from going down that road to freezing or nearly starving due to a financial meltdown. Now you know the deeper reasoning as to why I avoid that button and advise others to as well.

I know this was looooong and I appreciate anyone reading and maybe learning from it. History forgotten is bound to repeat itself. I also feel honored to have shared any info someone found helpful, that's what these forums are for, credit info and education. I consider these forums one of the most helpful sources of info about credit imaginable. And I learn a lot through others sharing their experiences etc.

And all that above is why someone referred to another members newly acquired AMEX as a "Faberge Egg" and to treat it as such

Re: Amex Zync Approval!

Anonymous — Thu, 06 Oct 2011 05:35:23 GMT

Nice little bit of history there ! I was gonna skip it after reading a sentence or two but sucked in ^^

Re: Amex Zync Approval!

the_jan_b — Fri, 07 Oct 2011 00:18:16 GMT

@Anonymous wrote:
Nice little bit of history there ! I was gonna skip it after reading a sentence or two but sucked in ^^

Same here...

Re: Amex Zync Approval!

RyVision — Fri, 07 Oct 2011 02:44:49 GMT

Quick question for anyone recent with Zync. Do you remember (if it's shown yet for you) when your annual fee showed up online, was it before the statement ran? I just checked again tonight thinking I'd just pay it before the statement ran, and after 3 weeks it still shows 0. I haven't put anything else on the card so I don't know if that's a factor or not.

I don't really want to push the payment through before I see it online either (I'm pretty sure it's the 40 with and AU but I'd like to know for sure first). I'd rather it not report as a balance when it does report.

I'm guessing I'll check daily to catch it before a statement cut since there's no way to know that date yet. (I somewhat hate doing that as I feel like I'm "poking" Amex).

And yes, I saw the curiosity button while there and I can see how it's a bit tempting. Kind of like wondering what a limit is on a new card before they tell you.

Re: Amex Zync Approval!

Anonymous — Fri, 07 Oct 2011 02:53:11 GMT

Packs immediately-- annual fee on first statement. Thanks for the insight.