topic Re: Just apped for zync amex in Credit Cards

Just apped for zync amex

creditnocash — Fri, 31 Aug 2012 02:32:10 GMT

got approved for 500 limit with auto pay or 200 non.

does that mean i wont get revolver?

pulled my scores today.

please let me know wanna app for revolver tonight.

Re: Just apped for zync amex

Revelate — Fri, 31 Aug 2012 02:33:34 GMT

That almost certainly means you won't get a revolver; you were barely approved for the Zync as that's their counteroffer.

Regardless, you're better off applying for the revolver next year anyway and taking advantage of the backdating... big congrats on your approval! It is a big benefit to get that membership date established.

Re: Just apped for zync amex

CreditScholar — Fri, 31 Aug 2012 02:35:07 GMT

@Revelate wrote:
That almost certainly means you won't get a revolver; you were barely approved for the Zync as that's their counteroffer.

Regardless, you're better off applying for the revolver next year anyway and taking advantage of the backdating... big congrats on your approval! It is a big benefit to get that membership date established.

+1. A revolver is out of the question.

Another thing to note is that hard limit won't go away, so the Zync card in itself is a dead-end. You can use it for backdating, but the only way you're ever going to grow with Amex is via a different card.

Re: Just apped for zync amex

creditnocash — Fri, 31 Aug 2012 02:40:11 GMT

Thanks. i didnt know if it would be a soft as i read as soon as you app if your aproved you can app again and it will be a soft.

I also got a car today!!!!! so yeah wanted all inquries one day.

im done for the next 1.5 years for sure. i dont need anything else.

i was pre approved for a citizens mastercard for 1600 that i have 2 weeks to do but im not going to take it.

they gave me a 500 a couple months ago.i apped for a overdraft line of credit for a thousand but was denied because lack of credit file. even though my score was listed at 709. whatever. believe it was eq

thanks for the response.

btw got tier one financing just squeezing by with a 703 tu from toyota financial.

1k down plus 1800 trade in.

251 a month for 35 months. no cosigner. (first auto loan ever at 21)

Re: Just apped for zync amex

creditnocash — Fri, 31 Aug 2012 02:44:14 GMT

@CreditScholar wrote:
@Revelate wrote:
That almost certainly means you won't get a revolver; you were barely approved for the Zync as that's their counteroffer.

Regardless, you're better off applying for the revolver next year anyway and taking advantage of the backdating... big congrats on your approval! It is a big benefit to get that membership date established.
+1. A revolver is out of the question.

Another thing to note is that hard limit won't go away, so the Zync card in itself is a dead-end. You can use it for backdating, but the only way you're ever going to grow with Amex is via a different card.

never? stuck in toy limit hell oh well.

like i said apped for the date of establishment and thats all.

i will garden now and let everything age including my inquries off. and app for another when my scores skyrocket in jan of 14..

thanks for the advice.

i was just surpised with the scores from what ive read here and what i was told that i would maybe get a revolver. but cool with me.

im happy to be part of amex family with zync.

any chance of recon tommorrow or should i just leave it.?

make 30k a year 1k reporting balance out of 8600.

no debt otherwise.

and car payment now but im happy with my life moving on. wont report until october i think.

Re: Just apped for zync amex

Revelate — Fri, 31 Aug 2012 02:49:46 GMT

Scores aren't created equally, and if I remember your profile right you don't have the extended history some other members have with a 700+ FICO.

FICO is only one portion of the approval; since you got the counter-offer, I think you might get an EX FICO: I'd certainly be interested in hearing what it is if you don't mind sharing if you do receive it... hoping for a counter-offer in December myself.

Re: Just apped for zync amex

Anonymous — Fri, 31 Aug 2012 02:52:21 GMT

@CreditScholar wrote:
@Revelate wrote:
That almost certainly means you won't get a revolver; you were barely approved for the Zync as that's their counteroffer.

Regardless, you're better off applying for the revolver next year anyway and taking advantage of the backdating... big congrats on your approval! It is a big benefit to get that membership date established.
+1. A revolver is out of the question.

Another thing to note is that hard limit won't go away, so the Zync card in itself is a dead-end. You can use it for backdating, but the only way you're ever going to grow with Amex is via a different card.

Why is the Zync card a dead-end? Wouldn't it be easy to PC to another charge card since Zync is a charge itself. Also, they should really lower the annual fees on their charge cards -- it's ridiculous.

Re: Just apped for zync amex

Anonymous — Fri, 31 Aug 2012 02:55:15 GMT

Very nice approvals, congrats!

I agree about holding off on doing anything further with Amex. Develop a relationship with them before trying for any of their revolvers. Garden your current accounts well, and you may be in good shape to try next year. Once again, congrats!

Re: Just apped for zync amex

creditnocash — Fri, 31 Aug 2012 02:57:24 GMT

@Revelate wrote:
Scores aren't created equally, and if I remember your profile right you don't have the extended history some other members have with a 700+ FICO.

FICO is only one portion of the approval; since you got the counter-offer, I think you might get an EX FICO: I'd certainly be interested in hearing what it is if you don't mind sharing if you do receive it... hoping for a counter-offer in December myself.

your exactly right since im 21 my histroy is not long at all.

oldest account is 1 yr 11 months average being 8 months before today.

with amex it will drop and with new car lease/loan reporting. it will for sure drop.

i will for sure update. when i get the letter!. i dont want the inq but whats done is done.

inq as follows

tu 3

eq 4

ex 4

Re: Just apped for zync amex

Anonymous — Fri, 31 Aug 2012 03:59:49 GMT

@Anonymous wrote:
@CreditScholar wrote:
@Revelate wrote:
That almost certainly means you won't get a revolver; you were barely approved for the Zync as that's their counteroffer.

Regardless, you're better off applying for the revolver next year anyway and taking advantage of the backdating... big congrats on your approval! It is a big benefit to get that membership date established.
+1. A revolver is out of the question.

Another thing to note is that hard limit won't go away, so the Zync card in itself is a dead-end. You can use it for backdating, but the only way you're ever going to grow with Amex is via a different card.
Why is the Zync card a dead-end? Wouldn't it be easy to PC to another charge card since Zync is a charge itself. Also, they should really lower the annual fees on their charge cards -- it's ridiculous.

It's a dead end because there have been numerous accounts of people who have had the $500 hard limit zync for over a year and amex has refused to remove the hard limit. Thus, in order to get an npsl amex charge one would have to reapply for another card. Also to my knowledge the current amex policy states that zync cannot be pc'd to any other charge card, so one would have to reapply to upgrade. These two factors serve to make the $500 hard limit zync something of a dead end.

Re: Just apped for zync amex

Revelate — Fri, 31 Aug 2012 04:05:17 GMT

@Anonymous wrote:
It's a dead end because there have been numerous accounts of people who have had the $500 hard limit zync for over a year and amex has refused to remove the hard limit. Thus, in order to get an npsl amex charge one would have to reapply for another card. Also to my knowledge the current amex policy states that zync cannot be pc'd to any other charge card, so one would have to reapply to upgrade. These two factors serve to make the $500 hard limit zync something of a dead end.

While all correct, since Amex backdates and PC's in other organizations cost you a HP anyway, it's really no trouble to just open the card you do want later and close the Zync if so... though given the way the Zync can function as a reward accelerator for the higher-level charge card products, it's probably worth keeping anyway.

They may well change either policy as well, the Zync is still a new card in the Amex universe, there's probably going to be some tweaks over time to it I would imagine.

Re: Just apped for zync amex

Revelate — Fri, 31 Aug 2012 04:11:32 GMT

@Anonymous wrote:
Why is the Zync card a dead-end? Wouldn't it be easy to PC to another charge card since Zync is a charge itself. Also, they should really lower the annual fees on their charge cards -- it's ridiculous.

The AF is there to offset the rewards. Like any AF, if the rewards outweigh the cost, then it's worth paying. On the PRG and Plat where the AF's are kinda high compared to the universal average, Amex does expect a rather higher spend from their typical customer than most other lenders traditionally.

AF's vs. Rewards may change soon anyway as the merchants have a legitimate gripe with the proliferation of rewards-based charge cards: either the extra will be tacked on to the customer, or on the banks... which in turn will find a way to pass those back to the customers anyway since everything is done on the margin in prime card territory.

Re: Just apped for zync amex

CreditScholar — Fri, 31 Aug 2012 05:44:06 GMT

@Anonymous wrote:
@Anonymous wrote:
@CreditScholar wrote:
@Revelate wrote:
That almost certainly means you won't get a revolver; you were barely approved for the Zync as that's their counteroffer.

Regardless, you're better off applying for the revolver next year anyway and taking advantage of the backdating... big congrats on your approval! It is a big benefit to get that membership date established.
+1. A revolver is out of the question.

Another thing to note is that hard limit won't go away, so the Zync card in itself is a dead-end. You can use it for backdating, but the only way you're ever going to grow with Amex is via a different card.
Why is the Zync card a dead-end? Wouldn't it be easy to PC to another charge card since Zync is a charge itself. Also, they should really lower the annual fees on their charge cards -- it's ridiculous.
It's a dead end because there have been numerous accounts of people who have had the $500 hard limit zync for over a year and amex has refused to remove the hard limit. Thus, in order to get an npsl amex charge one would have to reapply for another card. Also to my knowledge the current amex policy states that zync cannot be pc'd to any other charge card, so one would have to reapply to upgrade. These two factors serve to make the $500 hard limit zync something of a dead end.

+1. Also if the AF bugs you, then the card isn't for you.

Re: Just apped for zync amex

CreditScholar — Fri, 31 Aug 2012 05:55:19 GMT

@Revelate wrote:
@Anonymous wrote:
Why is the Zync card a dead-end? Wouldn't it be easy to PC to another charge card since Zync is a charge itself. Also, they should really lower the annual fees on their charge cards -- it's ridiculous.
The AF is there to offset the rewards. Like any AF, if the rewards outweigh the cost, then it's worth paying. On the PRG and Plat where the AF's are kinda high compared to the universal average, Amex does expect a rather higher spend from their typical customer than most other lenders traditionally.

AF's vs. Rewards may change soon anyway as the merchants have a legitimate gripe with the proliferation of rewards-based charge cards: either the extra will be tacked on to the customer, or on the banks... which in turn will find a way to pass those back to the customers anyway since everything is done on the margin in prime card territory.

+1.

I hope they don't change the rewards structure though. There's something oddly satisfying knowing that I'm getting higher rewards on my transactions because it's partially subsizied by others who are swiping non-rewards cards.

The recent proliferation of rewards cards is due to the fact that many banks are now gunning for prime and superprime clients in a way that they haven't had to before. Given the credit card reforms that have taken place (and those that will likely come in the future), lenders can't rely on charging large amounts of interest to pad their bottom lines. They understand that wealth is polarizing in the world at a rate not seen in recent times, and there is a race to capture the limited number of highly desired customers (good credit, high incomes, significant assets).

They can't publically say "We know that a lot more of you will be poor in the next few decades and poor people aren't really worth our time, so we want only the upper middle-class and above". Instead they do this by changing the products that they offer. Affluent people won't mind annual fees since they will likely charge enough each month to benefit from the rewards on offer. Non-affluent people (or even average people) don't spend enough each month and therefore will be turned off by annual fees. This is one way they're hedging their bets, and this is exactly what they want.