topic Re: Apply for Zync? in Credit Cards

Apply for Zync?

Exonumist — Wed, 11 Jul 2012 11:42:24 GMT

Hey everyone,

I've been reading around these forums for a while, but this is the first time I've posted. My aaoa is very short. I have one installment loan from October. Always paid on time and in good standing with about $10,000 left. Before I got that car loan I applied for a few cards and was denied. My TU report shows 6 inquiries, EX shows 5, and I don't know about EQ. I've had a Cap1 Platinum since 12/2011. It started with a $300 cl, but was increased to $500 in June. It's always been paid in full and under 20% utilization reporting. In the past few months it's been well under 10% and will be 0 from this last month on. I also have a Discover More Student card with a $2500 cl that I've had since March. Again always pif and under 20% utilization allowed to report. Last month on it is under 10%. Other then that the only thing I have is another car loan from 8/2011 that was paid off in 12/2011. I don't know my current FICOs, but CreditSesame has me at 699, Quizzle 719, and CreditKarma at 650. CreditKarma still doesn't show the Discover card and when I run their simulator it puts me at 683. I have no late payments or any other negatives. I know I can get my scores here, but for whatever reason I still can't get access to my EQ report. So it won't let me. I really want to get in the door with AMEX and the Zync card seems to be a good way to do that. So do you guys think I have a decent chance at approval now? If not when? I would definitely like to get one before 2013 for backdating.

Re: Apply for Zync?

Cdnewmanpac — Wed, 11 Jul 2012 12:39:23 GMT

In november, you'd have a year old revolving credit line and more than 6 months with discover. You would also have no inquiries in the previous 6 months (assuming discover was your last). I think that would be the optimal time to apply for the maximize chances vs maximize backdating strategy.

Re: Apply for Zync?

Exonumist — Wed, 11 Jul 2012 13:03:29 GMT

That's sort of what I was thinking. Maybe even waiting until mid December for another Cap1 statement to post. The Discover inquiry is the last one. Thinking about it the declined cards were actually in between the car loans. So they would have been in September of 2011. Another question... With Amex will the member date be based on the date I'm approved or the date the first card is activated?

Re: Apply for Zync?

Anonymous — Wed, 11 Jul 2012 13:58:56 GMT

@Cdnewmanpac wrote:
In november, you'd have a year old revolving credit line and more than 6 months with discover. You would also have no inquiries in the previous 6 months (assuming discover was your last). I think that would be the optimal time to apply for the maximize chances vs maximize backdating strategy.

From what I have been told, AMEX backdates to the year you open the account (Im assuming activating your card). When you apple for another AMEX, they take the month of the new card app and the year of the oldest account. I just got approved for the Zync and its in the mail =) I would def. agree with waiting a couple more months, but be sure to get it before the end of the year

Re: Apply for Zync?

Anonymous — Wed, 11 Jul 2012 14:00:00 GMT

if thats what you meant by member date... lol

Re: Apply for Zync?

Anonymous — Wed, 11 Jul 2012 14:04:54 GMT

@Anonymous wrote:
From what I have been told, AMEX backdates to the year you open the account (Im assuming activating your card). When you apple for another AMEX, they take the month of the new card app and the year of the oldest account. I just got approved for the Zync and its in the mail =) I would def. agree with waiting a couple more months, but be sure to get it before the end of the year

Thank you for explaining. I was looking for this info

Re: Apply for Zync?

Anonymous — Wed, 11 Jul 2012 14:15:30 GMT

@Anonymous wrote:
+1

From what I have been told, AMEX backdates to the year you open the account (Im assuming activating your card). When you apple for another AMEX, they take the month of the new card app and the year of the oldest account.

That's exactly right.

Re: Apply for Zync?

LionLaw — Wed, 11 Jul 2012 14:53:03 GMT

Not sure about how Amex works, but with my Wells Fargo Visa, I applied in late December 2011 (like after Christmas late), but didn't receive/activate the card until January. The account shows as open since December 2011 on all my CRs, and the "member since" date on my card is 2011.

Re: Apply for Zync?

Anonymous — Wed, 11 Jul 2012 14:58:24 GMT

OP, there is something going on. You should credit reports with all bureaus by now. Discover and Cap One should be reporting to all bureaus. I would not be apping for anything until all that is fixed. Call Discover and see what is going on. Call Equifax and see if they can help you. It will be a pain but worth it as you need to get this stuff fixed.

Additionally, the advice to wait till 1 year mark is good before apping for Zync. But definitely put in app this year to try and get 2012 member date.

Re: Apply for Zync?

Exonumist — Wed, 11 Jul 2012 15:33:23 GMT

LionLaw - That is what I'm curious of with Amex. I may acutally wait to apply until mid/late December, but I don't want it to end up being January of 2013.

Re: Apply for Zync?

Exonumist — Wed, 11 Jul 2012 15:33:41 GMT

Crashem - I was waiting to call Equifax until this months Cap1 statement. It will be the seventh statement since I changed the billing date a couple months ago. My understanding was that for an EQ score you have to have an active account with at least six months of billing. Is that correct? I didn't want to be too inpatient. Before I had any credit lines I went to get my annual report from them and the security questions had absolutely nothing to do with me. I called them and they said it was because there was nothing on my report and proceeded to mail it to me. The other day when I tried to get my score only two of the four questions applied to me and it still could not verify. So I don't know. Should I go ahead and call them now rather then waiting? We're only talking about a few days for the Cap1 statement at this point.

As far as the Discover. It shows on my EX report as being reported on 7/9. I'm pretty sure it's the first time it's been reported as I know it wasn't on EX on 7/1. I think TU is just taking a bit longer to show it. Again I don't know and I'm really just making assumptions.

Re: Apply for Zync?

Anonymous — Wed, 11 Jul 2012 15:35:45 GMT

No harm in calling Equifax. No harm in calling Discover and having them verify they are reporting to TU. When a credit file is new, it is worth going over it carefully to make sure no mistakes.

Re: Apply for Zync?

Anonymous — Wed, 11 Jul 2012 16:52:45 GMT

I have a question here. What credit bureau does amex pull from?

Re: Apply for Zync?

Anonymous — Wed, 11 Jul 2012 16:58:48 GMT

Typically Experian. They will pull from others occasionly. Also, they will pull multiple bureaus if someone is marginal. Charge cards are almost always Experian.

Re: Apply for Zync?

Anonymous — Wed, 11 Jul 2012 17:14:21 GMT

@Anonymous wrote:
I have a question here. What credit bureau does amex pull from?

Once they pulled Experian for me and once they pulled all three.

Re: Apply for Zync?

Anonymous — Thu, 12 Jul 2012 03:19:06 GMT

@Anonymous wrote:
I have a question here. What credit bureau does amex pull from?

They pulled Experian for me

Re: Apply for Zync?

Revelate — Thu, 12 Jul 2012 04:00:18 GMT

@Default4 wrote:
LionLaw - That is what I'm curious of with Amex. I may acutally wait to apply until mid/late December, but I don't want it to end up being January of 2013.

I had thought I read last year people who were approved in very late December, and they called and got the membership date as '11 rather than the activation date.

I'd need to go search to confirm that, but I was planning my own application in the closing days of December as well for various reasons to maximize my own chances; if that's not the case, I'll have to re-evaluate.

Does anyone have a definitive answer on this either way?

Re: Apply for Zync?

GST2008 — Thu, 12 Jul 2012 13:23:25 GMT

@Anonymous wrote:
@Cdnewmanpac wrote:
In november, you'd have a year old revolving credit line and more than 6 months with discover. You would also have no inquiries in the previous 6 months (assuming discover was your last). I think that would be the optimal time to apply for the maximize chances vs maximize backdating strategy.
+1

From what I have been told, AMEX backdates to the year you open the account (Im assuming activating your card). When you apple for another AMEX, they take the month of the new card app and the year of the oldest account. I just got approved for the Zync and its in the mail =) I would def. agree with waiting a couple more months, but be sure to get it before the end of the year

This is kind of a random question but .... So If OP were to apply for Zync in December 2012 and get the card, it would show a date of 12/12 on his CR. If in June of 2013, he were to apply for a revolver (the Blue Cash for example), this card would show 6/12 on the CRs and would essentially report as being older than his orignal card?

I've been aware of the backdating policy for sometime, but never actually thought about it regarding the month. So in theory, he could then open another card in May of 2014, and each new card would be older than the last until he reached January?

Re: Apply for Zync?

webhopper — Thu, 12 Jul 2012 13:28:41 GMT

@Default4 wrote:
LionLaw - That is what I'm curious of with Amex. I may acutally wait to apply until mid/late December, but I don't want it to end up being January of 2013.

If you apply mid December, you should be able to get the card before January 2013. Don't apply on the weekend, as this will slow you down if they have to do address or identity verification. I applied 1/27/12. My card shows opened since 2/9/12...

Re: Apply for Zync?

Revelate — Thu, 12 Jul 2012 14:46:40 GMT

@webhopper wrote:
@Default4 wrote:
LionLaw - That is what I'm curious of with Amex. I may acutally wait to apply until mid/late December, but I don't want it to end up being January of 2013.

If you apply mid December, you should be able to get the card before January 2013. Don't apply on the weekend, as this will slow you down if they have to do address or identity verification. I applied 1/27/12. My card shows opened since 2/9/12...

Oh hrm. Oh well it was a Hail Mary app in my case anyway, mid-December it is unless I can find that old thread.