topic Re: How Does Amex Zync Work in Credit Cards

How Does Amex Zync Work

FitNutrix — Sat, 04 Aug 2012 10:16:48 GMT

I'm thinking about applying and i heard its a charge card!! so how does that work i am use to C1 credit card and using it PIF each month and having it report to CB. But how does that get reported to CB and how does it help increase CS?? PLEASE HELP!

Re: How Does Amex Zync Work

Repo-ed — Sat, 04 Aug 2012 10:46:45 GMT

www.whogavemecredit.com

Re: How Does Amex Zync Work

Repo-ed — Sat, 04 Aug 2012 10:49:59 GMT

@1Health wrote:
I'm thinking about applying and i heard its a charge card!! so how does that work i am use to C1 credit card and using it PIF each month and having it report to CB. But how does that get reported to CB and how does it help increase CS?? PLEASE HELP!

A charge card is much easier to get than a revolver. You will only be able to charge what you can afford to pay-in-full each month. It is reported to the CRAs each month just like any CC, but provided you get approved with NPSL, then your balance will not be calculated in with your util%.

Re: How Does Amex Zync Work

FitNutrix — Sat, 04 Aug 2012 10:53:14 GMT

Sorry what is NPSL?

Re: How Does Amex Zync Work

Repo-ed — Sat, 04 Aug 2012 10:56:07 GMT

@1Health wrote:
Sorry what is NPSL?

No Preset Spending Limit

Re: How Does Amex Zync Work

laboi_22 — Sat, 04 Aug 2012 13:42:38 GMT

Couple of points about charge cards:

1) Some users on this forum have reported that once denied initially, AMEX counter-offered and placed a $500 spending limit on the Zync card. (This would only occur with the Zync card). If you get approved with out counter-offer, you will get what is called a NPSL. No preset spending limit does not mean unlimited spending. It just means that your spending power adjusts with your use of the card. So you would use the card for general purchases and pay in full each month. There is a check you spending limit function on your online account so that you can know if a charge will be approved or not. All charges are approved with the card on a case by case basis.

2) Charge cards are easier to obtain than credit cards provided by AMEX, but they are still harder than most credit cards out there because AMEX can be very picky.

3) You will have an annual fee on the Zync. The basic fee is $25 for the year.

4) The charge card should take the place of your debit card. A charge card comes with all sorts of fraud protection, purchase protection, and is generally considered much safer to use than a debit card which is directly connected to your bank account.

5) The charge card will not report a limit to your credit reporting agencies. Which means that any balance posted once the statement cuts will not count towards your utility. Which means you don't have to worry about paying before the statement cuts. You can pay after and it won't affect your credit score. This helps me considerably.

Good luck and let us know if you have any more questions!

Re: How Does Amex Zync Work

FitNutrix — Sat, 04 Aug 2012 13:50:09 GMT

Hey i was denied for the Card today what steps should i take now to get approved?? Today

And what do you mean by counter offer please expalin??

Re: How Does Amex Zync Work

laboi_22 — Sat, 04 Aug 2012 14:26:48 GMT

AMEX is tough. If you were declined and did not receive a counter offer for the spending limit Zync card of $250 or $500 with autopay then you did not qualify for even the counter offer which means you will not be getting a Zync at this time. Look at the reasons they declined you and fix those problems. AMEX does not reconsider after declination so you will not be approved at this time. You will have to reapply later on. It makes not sense though the reapply until you've corrected the issues in the denial letter. Good luck.

Re: How Does Amex Zync Work

Anonymous — Sat, 04 Aug 2012 14:54:03 GMT

@1Health wrote:
Hey i was denied for the Card today what steps should i take now to get approved?? Today
And what do you mean by counter offer please expalin??

Given your scores, it is no surprise. Can you tell us a little more about your credit file? You aren't that far away score wise.

Re: How Does Amex Zync Work

FitNutrix — Sun, 05 Aug 2012 11:08:16 GMT

Hey @Crashem I'm new to this so i don't know how you do teh "1heath wrote" margin box thingy but i should have known i was going to get denied i was being stupid and not being patient. I was looking around at the forms and seeing everybody sying get the zync with little credit history..

But anyway my file is those scores and no credit history except installment loans.

Approved for C1 card last month so it hasn't reported yet.

And i also have Tons of old inquries that will be dropping off of my account this 2013.

HP #'s EQ #5 TU #19 EX #2 (When i applied) and only C1 was recent in 2012 all rest 2011

So can i have any advice on when to apply exactly for this card so i can get my foot in the door with them early? Should i get there Pre Paid card?

Like what should my score be? my credit history length? and # of Inquries?

Thanks i should have never applied

Re: How Does Amex Zync Work

Repo-ed — Sun, 05 Aug 2012 13:19:03 GMT

@1Health wrote:
@Anonymous @Anonymous I'm new to this so i don't know how you do teh "1heath wrote" margin box thingy but i should have known i was going to get denied i was being stupid and not being patient. I was looking around at the forms and seeing everybody sying get the zync with little credit history..
But anyway my file is those scores and no credit history except installment loans.
Approved for C1 card last month so it hasn't reported yet.
And i also have Tons of old inquries that will be dropping off of my account this 2013.
HP #'s EQ #5 TU #19 EX #2 (When i applied) and only C1 was recent in 2012 all rest 2011

So can i have any advice on when to apply exactly for this card so i can get my foot in the door with them early? Should i get there Pre Paid card?
Like what should my score be? my credit history length? and # of Inquries?
Thanks i should have never applied

They are going to send you a denial letter that will literally tell you what they want your particular credit file to look like, the next time you apply for that card.

Re: How Does Amex Zync Work

Repo-ed — Sun, 05 Aug 2012 13:20:29 GMT

@1Health wrote:
I'm thinking about applying and i heard its a charge card!! so how does that work i am use to C1 credit card and using it PIF each month and having it report to CB. But how does that get reported to CB and how does it help increase CS?? PLEASE HELP!

1Health - the scores in your Sig. They are all FICO scores or are they FAKO scores?

Re: How Does Amex Zync Work

FitNutrix — Sun, 05 Aug 2012 13:22:23 GMT

Yes there all my FICO scores pulled straight from Equifax 3 in 1 every 12months but usally i call them and ask to update and they do for me for free i also have prime account for 17.95 a month.

Re: How Does Amex Zync Work

Repo-ed — Sun, 05 Aug 2012 13:29:15 GMT

@1Health wrote:
Yes there all my FICO scores pulled straight from Equifax 3 in 1 every Months but usually i call them and ask to update and they do for me for free i also have prime account for 17.95 a month.

1Health - what you have are FAKO scores and not real FICO scores. Your REAL FICO scores can likely be lower than the FAKO scores you purchased from EQ site.

There are very few places you can obtain real FICO scores from, and this site here, is one of them. You can buy your real TU and EQ score from here. The denial letter you will receive from Amex will contain your real EX score.

I would promptly call and cancel your EQ subscription, and check these out:

My recommendation would be to subscribe to a few services:

1 & 2 - would be SW and TU Quarterly monitoring found within this link http://www.myfico.com/Products/Products.aspx

3 - would be USAA CMS found here https://www.usaa.com/inet/pages/creditcheck_monitoring_main so that when you get SW alerts, you can then log-in to USAA CMS and pull all 3 reports for free to find out what exactly changed.

I have all 3 and couldn't be happier with either of them!

Re: How Does Amex Zync Work

FitNutrix — Sun, 05 Aug 2012 13:51:40 GMT

WOW I am Blown AWAY thanks so much!!!!!!!! ONE of the equifax guys told me it was my real FICO score LIAR he is!! Well on Monday I have to call TU/EX/EQ to get all my HP removed Immediately because there are leaking on from my fathers HP on his report!! So when I get them to give me what I want I will then CALL back AND GET A REFUND!! YOU guys are amazing!!! Thanks for all the help!! Without this site I would be lost!!

Also, I have set my eyes on AMEX BLUE CASH, So here my plane and you tell me how it sounds.

Monday get my real FICO scores and get HP REMOVED!! Then Do happy dance and use my C1 credit card (1,500 CL) as I always do daily purchases and etc. Every month for a year!! It should bring my score up significantly I have been reading as long as I keep UTI 3-9% After a year if my score isn't 740 around I will wait until it gets there. Then I will apply I should be making annually 30K and I am a student and will be when I apply. But I don't usually put student down.

HOW DOES THAT SOUND????

Re: How Does Amex Zync Work

Repo-ed — Sun, 05 Aug 2012 14:01:37 GMT

@1Health wrote:
WOW I am Blown AWAY thanks so much!!!!!!!! ONE of the equifax guys told me it was my real FICO score LIAR he is!! Well on Monday I have to call TU/EX/EQ to get all my HP removed Immediately because there are leaking on from my fathers HP on his report!! So when I get them to give me what I want I will then CALL back AND GET A REFUND!! YOU guys are amazing!!! Thanks for all the help!! Without this site I would be lost!!

Also, I have set my eyes on AMEX BLUE CASH, So here my plane and you tell me how it sounds.
Monday get my real FICO scores and get HP REMOVED!! Then Do happy dance and use my C1 credit card (1,500 CL) as I always do daily purchases and etc. Every month for a year!! It should bring my score up significantly I have been reading as long as I keep UTI 3-9% After a year if my score isn't 740 around I will wait until it gets there. Then I will apply I should be making annually 30K and I am a student and will be when I apply. But I don't usually put student down.
HOW DOES THAT SOUND????

We really need to know what your files look like. 740 is very high. Not unobtainable, but it worries me that you throw around numbers like 740, as if it's something that just happens simply by paying your CC on time every month and keeping util% under 9.

I would also have to say good luck w/ getting HP removed. As many will say; they are next to impossible to have removed. I know I've not had success with them being removed, but who knows, maybe you will.

When you call to cancel the EQ service, they are going to offer you a 50% discount - so do not get sucked into that trap. Just tell them you are going to get service that provides real FICO scores.

Re: How Does Amex Zync Work

FitNutrix — Sun, 05 Aug 2012 14:08:19 GMT

Thanks I will be talking to them on Monday!! For sure!! And Yeah I just updated to PREMIER because I thought it would be better and the guy sweet talked me into it.

As of my report it is installment loans from OSU best college sorry Michigan!!... EQ #5 HP TU #20 HP EX #3 HP (Please remember that I did not do any except #1 C1)

Also, as of my scores I will update as soon as I purchase this FICO REAL scores. I am about to do it now but I don't understand the USAA part???

Also, I don't understand I thought that is how you get a 740 score by paying CC every month on time and keeping UTI below 9%?? If not please help me with my ignorance.

Re: How Does Amex Zync Work

Repo-ed — Sun, 05 Aug 2012 14:40:22 GMT

@1Health wrote:
Thanks I will be talking to them on Monday!! For sure!! And Yeah I just updated to PREMIER because I thought it would be better and the guy sweet talked me into it.
As of my report it is installment loans from OSU best college sorry Michigan!!... EQ #5 HP TU #20 HP EX #3 HP (Please remember that I did not do any except #1 C1)
Also, as of my scores I will update as soon as I purchase this FICO REAL scores. I am about to do it now but I don't understand the USAA part???
Also, I don't understand I thought that is how you get a 740 score by paying CC every month on time and keeping UTI below 9%?? If not please help me with my ignorance.

By having the USAA CMS you will have the ability to pull all 3 CRs each day for free. This way, when you recieve a Score Watch (SW) Alert, you can pull your 3 CRs from USAA, and see exactly what changed, that caused either a score increase or decrease.

USAA also provides scores, but they are also FAKO scores, so do not pay them any attention. You just want to be able to pull all 3 CRs x1/day for free.

Also, and this will need to be answered by a more veteran FICO member, but FICO likes to see a mix of credit (CCs, Loans, Mortgage, etc..) used in your file along with few INQs, and high AAoA (Average age of account), and just not a single CC with good payment history, to get you to a FICO score of 700+

Re: How Does Amex Zync Work

FitNutrix — Sun, 05 Aug 2012 14:51:49 GMT

Okay I am happy I am at lease getting the right information now!! But okay so could you advise me with a plan of action so that I can get a 700's. Currently I have C1 Secured Mastercard which I have heard ( idk what is right anymore) doesn't report as secured so that it will help score I guess. That's it and some installment loans..

So what should I do exactly as a plane of action to get atlease high enough to apply for Chase Freedom And American Express Blue Cash. ?????

Tried to Apply but got Authentication page (B/C my name isn't right one here I put my middle name in my first name because I thought there was no middle name spot but turned out there is after you actually sign up fully) So on Monday I have to now call them also So my scores will reflect in my Signature as soon as I get them. I will probably cry my eyes out at how low they are ..

I Just need like what card to apply for next and how long to Garden ( I think that is the right context) to be able to get those cards above AMEX preferred over Chase.

Re: How Does Amex Zync Work

Revelate — Sun, 05 Aug 2012 15:35:04 GMT

I apologize as I'm having trouble following this thread this morning

My understanding is you have a few accounts currently:

- Capital One Secured

- N x student loans

Also you have a slew of inquiries on TU.

So a few questions:

1) When was the Capital One card opened?

2) What were all the inquiries for?

3) Any other positives? (Car loan perhaps?)

4) Any negatives, at all?

FICO is time-dependent, it's one of the few examples in the current economy which is a diametric opposite of instant gratification. Getting to a 740 is mostly about establishing a few tradelines, waiting (gardening in forum speak), and never being late or outright missing a payment, ever. Or if you do, it's even a longer wait in the penalty box to build or rebuild to that score.

Also, lenders still cut breaks for students, why would you not claim being one if you are? The lender's going to figure it out anyway with your recent student loans, unless you want them to make the assumption you flunked out . (note: there's plenty of good reasons to leave school, and I didn't finish any of the 3 times I've been at a university so I'm not trying to be offensive here)

Anyway, the more accurate and forthcoming you can be regarding the questions above, the better someone will be able to assess your situation and give you what might be a 2-3 year plan to obtain the cards you want... and it's probably nowhere close to that long for a Freedom approval at any rate, BCP is in a different strata.