topic Re: Zync Approved with PS Limit in Credit Cards

Zync Approved with PS Limit

Anonymous — Fri, 03 Feb 2012 20:39:13 GMT

I just applied for an American Express Zync card but was declined for the "original" zync product. However, I was offered two options of choosing either a $500 spending limit with Auto Pay or $200 spending limit without Auto Pay. I chose the $500 w/Auto Pay but I'm a little bit confused because it says that my application is still being processed and they will notify me of their decision. Does that mean I haven't been approved or have been? I don't want to get my hopes up

Also, anyone have any idea how long it takes from application date until the card arrives?

Edit: Also will the $500 be deducted from my account as a collatoral? I couldn't seem to find answer on the forum if it would or not. I called AMEX and one CSR said that it would be. Called again and they told me that it's just a spending limit and wouldn't be deducted from my account.

Re: Zync Approved with PS Limit

Anonymous — Fri, 03 Feb 2012 20:38:23 GMT

Added to the first post*

Re: Zync Approved with PS Limit

pizzadude — Fri, 03 Feb 2012 20:41:01 GMT

@Anonymous wrote:
I just applied for an American Express Zync card but was declined for the "original" zync product. However, I was offered two options of choosing either a $500 spending limit with Auto Pay or $200 spending limit without Auto Pay. I chose the $500 w/Auto Pay but I'm a little bit confused because it says that my application is still being processed and they will notify me of their decision. Does that mean I haven't been approved or not? I don't want to get my hopes up

Also, anyone have any idea how long it takes from application date until the card arrives?

First of all ~ congrats !!

My understanding is that the way AMEX's system works is that you were denied the Zync NPSL. But counter~offered the Zync hard limit. So your application status may say pending, or even denied, but you are approved for the Hard Limit Zync. I believe you will get a form to in the mail to setup the autopay.

I have a $200 hard limit Zync, I didn't choose the auto pay option because it seems to take a while to get the autopay setup. Not sure how long it will take you, but I got my card within 7 days after approval.

Re: Zync Approved with PS Limit

pizzadude — Fri, 03 Feb 2012 20:42:08 GMT

No the $500 is your spending limit. This is not a secured card, it just has a limit of $500 and will automatically draft from your bank at each statement close.

Re: Zync Approved with PS Limit

Anonymous — Fri, 03 Feb 2012 20:43:28 GMT

That's strange. When I applied I was approved instantly, which also came as a shock. But I have heard of them offering a spending limit in place of what normally would be no spending limit. You could always call them up and ask them to explain it to you. I have had nothing but positive experiences wih Amex customer service.

As far as receiving your card, I received mine in about 6 days.

Re: Zync Approved with PS Limit

espnjunkie — Fri, 03 Feb 2012 20:45:16 GMT

I am interested in applying for the Zync soon myself. Would you mind sharing what your scores and credit history was like? Thanks

Re: Zync Approved with PS Limit

eparker — Fri, 03 Feb 2012 20:49:23 GMT

what does your credit look like in order to get this counter offer?????

Re: Zync Approved with PS Limit

Anonymous — Fri, 03 Feb 2012 20:53:18 GMT

I was really suprised to get approved since I've been denied twice in the past. Today I went on a whim after reading a post on this forum about how AMEX generally likes FICO scores over 650. I decided to give it a try and tada! As of today, my Equifax FICO score is 664. I'm a student with 2 credit cards (BOFA PP & Cap1 Platinum) and a car loan ($8k/$14k). AAOA is 2 years and 9 months and 1 inqury on my report. No baddies. Just a lot of debt (98%) which I'm paying off now.

I'm not too sure about what my Experian and Transunion scores are... Not sure which report they pulled either....

Re: Zync Approved with PS Limit

Anonymous — Fri, 03 Feb 2012 20:57:09 GMT

@Anonymous wrote:
I was really suprised to get approved since I've been denied twice in the past. Today I went on a whim after reading a post on this forum about how AMEX generally likes FICO scores over 650. I decided to give it a try and tada! As of today, my Equifax FICO score is 664. I'm a student with 2 credit cards (BOFA PP & Cap1 Platinum) and a car loan ($8k/$14k). AAOA is 2 years and 9 months and 1 inqury on my report. No baddies. Just a lot of debt (98%) which I'm paying off now.

I'm not too sure about what my Experian and Transunion scores are... Not sure which report they pulled either....

Wow, Amex approved you with that high of a util%? I'm really surprised! But I guess with a charge card you won't be able to carry a balance so they don't need to worry about it as much.

Re: Zync Approved with PS Limit

Anonymous — Fri, 03 Feb 2012 20:58:10 GMT

@Anonymous wrote:
@Anonymous wrote:
I was really suprised to get approved since I've been denied twice in the past. Today I went on a whim after reading a post on this forum about how AMEX generally likes FICO scores over 650. I decided to give it a try and tada! As of today, my Equifax FICO score is 664. I'm a student with 2 credit cards (BOFA PP & Cap1 Platinum) and a car loan ($8k/$14k). AAOA is 2 years and 9 months and 1 inqury on my report. No baddies. Just a lot of debt (98%) which I'm paying off now.

I'm not too sure about what my Experian and Transunion scores are... Not sure which report they pulled either....

Wow, Amex approved you with that high of a util%? I'm really surprised! But I guess with a charge card you won't be able to carry a balance so they don't need to worry about it as much.

Partly why I don't want to get my hopes up

Re: Zync Approved with PS Limit

CS800 — Fri, 03 Feb 2012 20:58:54 GMT

Use the card wisely and they will remove your hard limit in due time

Re: Zync Approved with PS Limit

espnjunkie — Fri, 03 Feb 2012 21:04:47 GMT

Is six months of history with one Cap One card enough for a Zync approval? Limit is 750.00 and payments are all on time and in full. No baddies. 50,000.00 income. No debt. It is the only thing on my credit report. I want to get in with amex and get the zync soon once I hit the sixth month mark to celebrate, but I also don't want to be denied and shoot myself in the foot...

Re: Zync Approved with PS Limit

eparker — Fri, 03 Feb 2012 21:05:09 GMT

did u have any or limited baddies when you applied????

Re: Zync Approved with PS Limit

Anonymous — Fri, 03 Feb 2012 21:12:41 GMT

@espnjunkie wrote:
Is six months of history with one Cap One card enough for a Zync approval? Limit is 750.00 and payments are all on time and in full. No baddies. 50,000.00 income. No debt. It is the only thing on my credit report. I want to get in with amex and get the zync soon once I hit the sixth month mark to celebrate, but I also don't want to be denied and shoot myself in the foot...

In the past when I applied I was told that they usually prefer at least 1 year of credit history. I don't know if that still stands today.

Re: Zync Approved with PS Limit

Anonymous — Fri, 03 Feb 2012 21:13:29 GMT

@eparker wrote:
did u have any or limited baddies when you applied????

No baddies.

Re: Zync Approved with PS Limit

espnjunkie — Fri, 03 Feb 2012 21:17:02 GMT

Haha I kinda hate being in credit limbo right now. I am nearly at that six month mark and have been gardening with my Cap One card. I'm concerned that three of the 5 statements so far I have paid off the balance completely before the statement cut so it reported as zero. I thought this would be a good thing because I am paying ahead of time and in full, but apparently that is not good to do initially. This next month I will let a small balance report and then pay it off. The only things going against me at this point are only having one open credit card and a short history of six months. The payment history is on time and in full. The income should be enough as well. I kinda figure if they deny me, they deny me. One inquiry will not kill my credit and I can just wait another few months and apply again.

Re: Zync Approved with PS Limit

LS2982 — Fri, 03 Feb 2012 21:32:44 GMT

@Anonymous wrote:
I just applied for an American Express Zync card but was declined for the "original" zync product. However, I was offered two options of choosing either a $500 spending limit with Auto Pay or $200 spending limit without Auto Pay. I chose the $500 w/Auto Pay but I'm a little bit confused because it says that my application is still being processed and they will notify me of their decision. Does that mean I haven't been approved or have been? I don't want to get my hopes up

Also, anyone have any idea how long it takes from application date until the card arrives?

Edit: Also will the $500 be deducted from my account as a collatoral? I couldn't seem to find answer on the forum if it would or not. I called AMEX and one CSR said that it would be. Called again and they told me that it's just a spending limit and wouldn't be deducted from my account.

Congrats!!

Re: Zync Approved with PS Limit

Anonymous — Mon, 13 Feb 2012 18:30:06 GMT

Just to let everyone know, I did recieve my Amex AutoPay form in the mail on Thursday. Faxed it in on Friday morning and called Customer Service to see how long it would take.The CSR I spoke to kept informing me that I was declined for the Zync card and had no clue about the counter offer. After going back and fourth with him, I finally requested to speak with someone else and at that point he got in touch with a specialist who approved my application right on the spot. I should be receiving the card in the mail in 7-10 days. Super excited!

The only thing that I've noticed about AmEx so far is the run-around between CSRs. This isn't the first time where I've gotten the wrong answers from them. One of them actually told me that I had to pay $500 as a collatoral for the Zync card. Which is what led me to open this thread..

Re: Zync Approved with PS Limit

pizzadude — Mon, 13 Feb 2012 20:34:05 GMT

@Anonymous wrote:
Just to let everyone know, I did recieve my Amex AutoPay form in the mail on Thursday. Faxed it in on Friday morning and called Customer Service to see how long it would take.The CSR I spoke to kept informing me that I was declined for the Zync card and had no clue about the counter offer. After going back and fourth with him, I finally requested to speak with someone else and at that point he got in touch with a specialist who approved my application right on the spot. I should be receiving the card in the mail in 7-10 days. Super excited!

The only thing that I've noticed about AmEx so far is the run-around between CSRs. This isn't the first time where I've gotten the wrong answers from them. One of them actually told me that I had to pay $500 as a collatoral for the Zync card. Which is what led me to open this thread..

Congrats !! Hopefully your card will show up this week.....

Yeah a lot of the AMEX CSRs don't know anything at all about the Zync hard limit counter~offer cards, but I'm glad you were able to get thru to someone finally.

Re: Zync Approved with PS Limit

LS2982 — Mon, 13 Feb 2012 21:57:04 GMT

@Anonymous wrote:
Just to let everyone know, I did recieve my Amex AutoPay form in the mail on Thursday. Faxed it in on Friday morning and called Customer Service to see how long it would take.The CSR I spoke to kept informing me that I was declined for the Zync card and had no clue about the counter offer. After going back and fourth with him, I finally requested to speak with someone else and at that point he got in touch with a specialist who approved my application right on the spot. I should be receiving the card in the mail in 7-10 days. Super excited!

The only thing that I've noticed about AmEx so far is the run-around between CSRs. This isn't the first time where I've gotten the wrong answers from them. One of them actually told me that I had to pay $500 as a collatoral for the Zync card. Which is what led me to open this thread..

Treat the card with good usage / payments and you'll be on NPSL in no time!!! Congrats!