topic Re: Zync Denial in Credit Cards

Zync Denial

prolificjinx23 — Fri, 14 Oct 2011 04:49:26 GMT

I was about 99% sure I was going to be declined but I wanted to try anyway (based on what I've seen here you never know!!!!)...... I found it weird that my denial letter said:

Dear prolificjinx23,

Thank you for your recent application for Zync SM from American Express. We do value your desire to establish a relationship with us. We regret that we are unable to approve your request.

Reason(s) for Our Decision

Your FICOÂ® score (See below)

Information About Your FICOÂ® Score

We obtained your FICO score from Experian and used it in making our credit decision. Your FICO score is a number that reflects the information in your credit report. Your FICO score can change, depending on how the information in your credit report changes. On October 13, 2011, your FICO score was 623. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:

Length of time accounts have been established.

FICO is a registered trademark of Fair Isaac Corporation in the United States and in other countries.

THAT'S IT?!?!?!?!? I thought it was worse than that!!!!!! If length of time is what they're looking for then that's what I'm gonna give them!!!!!!! LOL

In the meantime, THANKS FOR THE EX FICO!!!!!!!

Re: Zync Denial

-Cain- — Fri, 14 Oct 2011 05:11:40 GMT

Some say they like two years, I've seen others recently get approved with 6-8 months. We'll be in before you know it. How old are your accounts if you don't mind me asking?

Re: Zync Denial

Anonymous — Fri, 14 Oct 2011 05:14:24 GMT

Aw man, sorry to hear about the denial. Sucks. I was denied I believe three times before finally getting approved.

And I've learned to never really trust those denial letters...I've had several instances recently where banks denied me and only listed the collections on my report. For example, I applied for a Discover card a few months ago and was denied, the ONLY reason cited on the letter was because of a collections account. Well, fast forward to a few days ago, I reapply, sans collection, and whaddya know? DENIED. This time it's because I don't have enough credit history....funny how that wasn't listed as a problem last time, but now it is.

Tell me ALL the reasons why I didn't get accepted, so I don't waste another inquiry thinking I got the problem fixed.

Re: Zync Denial

-Cain- — Fri, 14 Oct 2011 05:27:22 GMT

I got different denial reasons as well. It does suck because I addressed the first set of reasons and was given a new set to work on. I'll address those too and try again.

Re: Zync Denial

Denny33142 — Fri, 14 Oct 2011 06:00:05 GMT

I am beginning to think i got extremely lucky with my Zync approval, i got approved with a major derog and 11 INQ.

However i doubt AMEX denied you just because of account age, with a score of 623 you must have negative items on you report, now that you were denied you are eligible for a free report from Experian, you might want to get that and see what is pulling your score down.

Re: Zync Denial

toytoy — Fri, 14 Oct 2011 11:32:37 GMT

Actually,

That could be the actual reason they denied the OP. They like to see history, history, history and if the OP has none then they will issue a denial. Also 623 does not necessarily mean major derog. It could be he has a thin credit file or something of this nature.

Re: Zync Denial

prolificjinx23 — Sun, 16 Oct 2011 23:01:24 GMT

To be honest the only negative I have is a Paid CO from BOA & 4 lates with Merrick Bank. My oldest account with EQ & TU is 4.5 yrs aaoa 2 yrs. On EX it's over 7 yrs becus of an old account that I closed with no negatives with a bank that no longer exists.

Re: Zync Denial

ADARPegasus — Mon, 17 Oct 2011 03:25:51 GMT

you should try for there Clear card.

Re: Zync Denial

birjest — Tue, 25 Oct 2011 13:08:07 GMT

I was just approved yesterday, and I believe fo rme, had I not had the paid CO removed from my CR, I too would have been denied. Hope this help...

Re: Zync Denial

CS800 — Tue, 25 Oct 2011 14:21:09 GMT

@Jonbuck06 wrote:
you should try for there Clear card.

That would be suicide. The revolving cards are way more difficult to get than the charge cards.

I wouldn't even touch an AMEX revolving card with FICO's under 700.

Re: Zync Denial

Anonymous — Tue, 25 Oct 2011 14:34:11 GMT

I was denied for length of accounts (or lack thereof) when I applied for the Zync in January. Haven't bothered applying since, figured I'd wait until some inquiries drop off for me in December. I'm not sure what they (Amex) want for length of accounts, since I've been hearing 6 months or 12 months from various forums.

I did talk to a credit analyst at Citi roughly a week ago, she said that you have to have a minimum of 12 months for them. She said that cards that you've had for less than 12 months don't count as 'established credit' in their eyes until they hit that 12 month mark. I'd heard 6 months for Citi before, but the credit analyst was unwavering in her insistance that the credit lines won't count as 'established credit' until they're a year old.

Granted, that's Citi and not Amex, but she was trying to pass it off as being an industry standard rule. She was all business and sounded pretty serious about the rule. Chase told me a year minimum in the past too, so that seems to be the safe bet.