topic Re: Amex Zync questions in Credit Cards

Amex Zync questions

Anonymous — Wed, 02 Nov 2011 18:19:10 GMT

I just applied for Zync and got a counter offer from Amex, which I accepted with a $500 SL and automatic payment. I have 3 questions if anyone knows the answers.

Is this counter offer an approval for the lower limit, or are they still likely to decline outright?
If the counter offer is an approval of sorts, is the $500 limit permanent, or is there a likelihood that they will raise / remove it in the future?
If the counter offer is an approval of sorts, is this worth the hard enquiry?

I was a little surprised to get any kind of offer. I have two Cap1 cards with low limits (1 personal, 1 business but reporting on my personal report) which are a little over a year old with no lates and zero balances. Other than that I show a few 30-day-lates from earlier in the year on a mortgage and car loan, and have a matured paid-off car loan which shows on the reports as 60 days delinquent with a balance of zero! I also have two paid charge offs from 2007 and 2008. Ficos are around 600, so pretty low. I suspect applying for any other Amex would just be a wasted hard enquiry.

Thank you in advance for any answers

Re: Amex Zync questions

Anonymous — Wed, 02 Nov 2011 18:23:38 GMT

@Anonymous wrote:
I just applied for Zync and got a counter offer from Amex, which I accepted with a $500 SL and automatic payment. I have 3 questions if anyone knows the answers.

Is this counter offer an approval for the lower limit, or are they still likely to decline outright?
If the counter offer is an approval of sorts, is the $500 limit permanent, or is there a likelihood that they will raise / remove it in the future?
If the counter offer is an approval of sorts, is this worth the hard enquiry?
I was a little surprised to get any kind of offer. I have two Cap1 cards with low limits (1 personal, 1 business but reporting on my personal report) which are a little over a year old with no lates and zero balances. Other than that I show a few 30-day-lates from earlier in the year on a mortgage and car loan, and have a matured paid-off car loan which shows on the reports as 60 days delinquent with a balance of zero! I also have two paid charge offs from 2007 and 2008. Ficos are around 600, so pretty low. I suspect applying for any other Amex would just be a wasted hard enquiry.

Thank you in advance for any answers

First Congrats on being approved with counter offer!

1) Since they offered and you accepted and they processed the application with auto pay then you are set

2) The Spending Limit will increase with your spending habits and history with Amex

3) It's really subjective because you are the one who applied for the card and will be using it...so you tell us is it worth the INQ?

Re: Amex Zync questions

-Cain- — Wed, 02 Nov 2011 18:25:16 GMT

I would definitely go for it. I was declined and would have loved the counter-offer. The limit should be raised or eliminated after some time so long as the account is kept in good standing.

Re: Amex Zync questions

Anonymous — Wed, 02 Nov 2011 18:32:31 GMT

Not a waste of an inquiry if you got approved(which it sounds like you did). I believe with scores in your range, yes it would be a waste to apply for any other Amex products. You got your foot in the door with a great CC company, take care of it and make sure you don't charge more than you can afford!

Re: Amex Zync questions

Anonymous — Wed, 02 Nov 2011 18:33:15 GMT

2) The Spending Limit will increase with your spending habits and history with Amex

Are you saying the best way to try to get a sli is to use the card quite a lot and keep it in good standing?

I can do this - I would simply use it instead of a debit card for some purchases and keep the money saved on the debit card for the monthly pif. Presumably this would show a high utilization on the credit reporting as the latter is a monthly snapshot but I can reduce the effect of this by keeping the Cap1 cards to zero balances on the reporting (pif just before the reporting dates instead of the due dates). Am I correct in saying this?

Thank you for your answer btw.

Re: Amex Zync questions

Anonymous — Wed, 02 Nov 2011 18:41:11 GMT

I've read that they remove the hard limit after 6 mos. Zync is a charge card so it should not show up in your utility, except on the TU fico on here cause it's bugged. My zync utility shows up on my TU fico here but nowhere else so I would worry about it to much

Re: Amex Zync questions

Anonymous — Wed, 02 Nov 2011 18:44:52 GMT

Exactly what I needed to know. Thank you for helping.

Re: Amex Zync questions

Anonymous — Wed, 02 Nov 2011 18:56:35 GMT

Ideally since it's a charge card with a spending limit, it would be best to stay under or around 50% usage at first and gradualy increase to show responsible spending on the card. During the 6 month review they will see that you used the card wisely and didn't intenionally try to max it in hopes of getting a higher limit increase. Totally it's up to you on what you decide to do. I am only speaking from the business/finance aspect side of how the company reviews your habits.

Re: Amex Zync questions

nuggets321 — Wed, 02 Nov 2011 19:09:53 GMT

+ 1 .... take the deal...take the deal....!!! It will likely play in to future dealings/approvals with them

Re: Amex Zync questions

Anonymous — Wed, 02 Nov 2011 19:17:36 GMT

Nope. Their status page just changed from 'processing' to 'declined'. Wonder why they wanted my bank routing code and account number.

Re: Amex Zync questions

Anonymous — Wed, 02 Nov 2011 19:30:09 GMT

@Anonymous wrote:
Nope. Their status page just changed from 'processing' to 'declined'. Wonder why they wanted my bank routing code and account number.

That's odd...was the counter offer made online or by someone on the phone?

Re: Amex Zync questions

Anonymous — Wed, 02 Nov 2011 19:35:22 GMT

It was made online. When I hit submit on my original application the website spent a minute or so processing, then returned a message saying they couldn't approve as requested, but with a counter offer of a $200 limit, or $500 with auto payment. I accepted the latter and it went straight to a page requesting my banking details which I gave, and hit the OK button.

Re: Amex Zync questions

Anonymous — Wed, 02 Nov 2011 20:47:22 GMT

Call Amex @ this number 866-314-0237 and explain what happened. They should be able to correct it and send you the card. Let me know what happens

Re: Amex Zync questions

Anonymous — Wed, 02 Nov 2011 21:41:44 GMT

I'll do that on both counts. Thank you for your help and for taking the time.

Re: Amex Zync questions

Anonymous — Thu, 03 Nov 2011 06:26:41 GMT

I'm sort of in the same boat. I took the same deal as you, the $500 SL, with autopayment. Once I provided my bank information though it just went to "in process". I'll probably call tomorrow just to be sure...

Re: Amex Zync questions

Datx — Thu, 03 Nov 2011 17:22:06 GMT

@Anonymous wrote:
Nope. Their status page just changed from 'processing' to 'declined'. Wonder why they wanted my bank routing code and account number.

Same thing happened to me. If you read the details of your decline letter towards the bottom it will tell you why. IIRC, the reason Amex stated why you were declined was because they could not verify your banking info when you typed it in. When you get your actual decline letter in the mail the next few days, you will also get a form that will ask for your bank account info for the $500 Zync w/autopay card. Fill it out and fax it to them or mail it in. Then wait some more and hopefully get approved. I faxed mine in yesterday and also dropped the form in the mail just in case they didnt get my fax.

Re: Amex Zync questions

Datx — Thu, 03 Nov 2011 17:24:08 GMT

I don't know, but maybe something is up with their app process, I doubt we all provided wrong bank info. I did a copy and paste of my bank info when I got the offer for the Zync with autopay option. Verified it and all before I hit submit.

Re: Amex Zync questions

Anonymous — Thu, 03 Nov 2011 18:31:28 GMT

Same happened to me. When I called this morning, I pushed for a supervisor, she sent the info to a "research team" and told me I'd hear back in a few days. The status now says in progress instead of declined. I dont understand why it would say approved and then decline right after I give my banking information...

Re: Amex Zync questions

Anonymous — Fri, 04 Nov 2011 14:09:34 GMT

Same thing happend to me. Along with your decline letter you will get an additional form to fax in or mail your banking information. It takes a few days to process, but you should eventually see your "Decline" status turn to "In Progress", and eventually approved (Pending no issues).

Just recieved my Zync card yesterday! I too hope that they eventually remove the spending limit!

Cap One Platinum - 750 CLI

Cap One Cash Rewards - 750 CLI

Discover Motiva - 2000

American Express Zync - 500 with auto pay (YES!!!)

Re: Amex Zync questions

Datx — Fri, 04 Nov 2011 14:17:38 GMT

@Anonymous wrote:
Same thing happend to me. Along with your decline letter you will get an additional form to fax in or mail your banking information. It takes a few days to process, but you should eventually see your "Decline" status turn to "In Progress", and eventually approved (Pending no issues).

Just recieved my Zync card yesterday! I too hope that they eventually remove the spending limit!

Cap One Platinum - 750 CLI
Cap One Cash Rewards - 750 CLI
Discover Motiva - 2000
American Express Zync - 500 with auto pay (YES!!!)

Awesome, thanks for posting this. Makes me feel a bit better now. Im trying to be patient and I don't expect to hear back from them until towards the end of next week. Hopefully all goes well. But seriously though, I really doubt we all put incorrect bank account info when we received the counter offer for a Zync with the autopay option. Amex should look into that prob.