topic Re: Zynced in Credit Cards

Zynced

Revelate — Wed, 19 Sep 2012 02:06:52 GMT

After a recent round of posts in a prior Zync thread, I realized between getnthere's comment (thank you) and my own prior advice (get a tradeline that you want as soon as you possibly can), I simply bit the bullet and applied for the Zync. I'd thought I was going to be a Hail Mary approval when I started this credit building journey back in December or so of last year; however, apparently that wasn't the case:

Approved instantly, NPSL. Connect/Eco/Restaurant packs (yes I know Citi Forward / Chase Amazon > Zync; however, I'm trying to get by with this one last application in prep for a mortgage next year and backdating > rewards for me).

I listed income as 125K (which I can easily demonstrate through pretty ADP paystubs), financial assets in the 25k-49999 range on the application. EX report details for those that are curious: estimated 650 EX FICO (traditionally been slightly higher than my Beacon 5 score which was 646 two months ago with similar revolving utilization).

Derogs:

Federal tax-lien still unresolved 5/2004 (I know I know)
Paid state tax-lien 12/2010
11 inquiries, of which some are correctly coded as auto-loans (2 are from CC applications from last year) - most recent 12/29/2011
2 x 30 and 1 x 60 late on a closed BOFA revolver, 04/2010 DOFD, 60-day on 08/2010. 21 positive payments, 2 year revolving tradeline
Paid collection, DOFD 07/2009, paid 01/2012 $196

Positives: little wierd as I have some doubled information, some may have been discounted

BOFA secured card, opened 10/2011 $194/5000
Lost BOFA secured card, reported closed, same opening date, lost 07/12 *** duplicate tradeline as above but reported seperate
WFDS Auto loan: opened 12/2011, actually closed (re-fied last month not updated) but still reported open at balance $15,468/20,970
Cap 1 nee Orchard unsecured: opened 12/2011, $0/400
Cashcall installment loan: opened 12/2011, paid as of 07/2012
USAA secured installment loan: opened 01/2012, balance $2,102/25000
DCU secured card: opened 02/2012, $0/2000
DCU Auto loan: opened 08/2012, balance $16,070/16,070

Ah, the joys of future backdating and a card I don't consider to be lame in any fashion, happy day .

Edit: I'd hit the card selector find your offers right before apping, had the usual "Sorry, we couldn't find anything for you" message.

Re: Zynced

webhopper — Wed, 19 Sep 2012 02:01:09 GMT

Congrats!

Re: Zynced

jamesdwi — Wed, 19 Sep 2012 02:04:24 GMT

Congrats, wait till January and a bit of score increase, with your income you could be set for an AMEX revolver, AMEX loves high incomes. Then take advantage of some AMEX backdating love

Re: Zynced

LS2982 — Wed, 19 Sep 2012 02:06:24 GMT

CONGRATS!!!

Re: Zynced

bichonmom — Wed, 19 Sep 2012 02:11:06 GMT

Congrats! Zync is a foot in the door and you're set for backdating forever! You can always close the Zync in the future if you want. Rewards aren't the best, but for me $25 a yr for the backdating it gave me is well worth it!

Re: Zynced

Revelate — Wed, 19 Sep 2012 02:12:22 GMT

@jamesdwi wrote:
Congrats, wait till January and a bit of score increase, with your income you could be set for an AMEX revolver, AMEX loves high incomes. Then take advantage of some AMEX backdating love

I'm thinking 01/2014 actually. I might get approved 01/2013 as you suggest but I'm trying to put as much lipstick on the pig for the mortgage next year, and there's no sense taking an extraneous HP (assuming I get approved); TBH I don't really need the BCP until *after* the house when I start cooking again... haven't done serious grocery shopping in years .

None of the other Amex revolvers make any sense for me honestly, and about the only other card I possibly need for the next year would be some EMV-chip enabled one if I get stuck headed to the UK to open up an office there.

Re: Zynced

Revelate — Wed, 19 Sep 2012 02:17:52 GMT

@bichonmom wrote:
Congrats! Zync is a foot in the door and you're set for backdating forever! You can always close the Zync in the future if you want. Rewards aren't the best, but for me $25 a yr for the backdating it gave me is well worth it!

Yeah, the backdating benefit is worth way more than that to me even if it is of marginal benefit after the 3ish year range in my case.

I paid WAY more financing tradelines than that haha, compared to the rest of my expenses on my credit building journey, the Zync AF is laughably trivial (compared to 19.35% on 20k auto loan, or the Cashcall ~$450 for an unsecured installment tradeline I did trying to put tradelines on my report).

In any event, I'm pretty darned pleased with the approval, Becomes my default card for every non-foreign transaction (C1 if the limit can afford it) and gas/grocery transactions (BOFA 1-2-3). Does sort of promote my DCU secured card to irrelevancy... ah well, it's a positive tradeline still .

Re: Zynced

nicholasyud — Wed, 19 Sep 2012 02:23:27 GMT

I wonder why you guys dont just wait until your score get high enough to get a Amex BCE ......I mean if you in mid 600 score then probably 6 months or 1 years then you would hit that score and qualify for their MAIN product then why bother to apply for a charge card Zync that basically like a Debit card but you do paid AF....

I mean 6 months its not gonna hurt you right ? i know their backdate stuff but really ? is that really worth to apply for it >?? ?? Just wonder ....

Re: Zynced

gettnthere — Wed, 19 Sep 2012 02:25:51 GMT

WHOOOOOOOO HOOOOOOOOOOOOOOOO

AWESOME!!!!!!!! CONGRATS!!!!!!!!!!!!

I KNEW YOU WERE GONNA GET IT!!!!!!!!!!!!!!

I'm very pleased to hear that you FINALLY (LOL) pulled the trigger! i had plenty of faith in you

I am ECSTATIC to hear that you got approved and i know you will throughly enjoy having the card and its benefits!!

and don't give up on getting that lien removed, i have a feeling you are gonna have success with getting it fully removed.

Re: Zynced

gettnthere — Wed, 19 Sep 2012 02:29:53 GMT

@nicholasyud wrote:
I wonder why you guys dont just wait until your score get high enough to get a Amex BCE ......I mean if you in mid 600 score then probably 6 months or 1 years then you would hit that score and qualify for their MAIN product then why bother to apply for a charge card Zync that basically like a Debit card but you do paid AF....
I mean 6 months its not gonna hurt you right ? i know their backdate stuff but really ? is that really worth to apply for it >?? ?? Just wonder ....

YES! it most certainly is! lol backdating can work absolute miracles for your AAoA as long as you get it established early enough (i.e getting ZYnc for most people).

Re: Zynced

Duncanrr — Wed, 19 Sep 2012 02:33:23 GMT

@nicholasyud wrote:
I wonder why you guys dont just wait until your score get high enough to get a Amex BCE ......I mean if you in mid 600 score then probably 6 months or 1 years then you would hit that score and qualify for their MAIN product then why bother to apply for a charge card Zync that basically like a Debit card but you do paid AF....
I mean 6 months its not gonna hurt you right ? i know their backdate stuff but really ? is that really worth to apply for it >?? ?? Just wonder ....

Yes it's worth it and yes it's more than just a debit card. Here are just a couple reasons: rewards, can link to higher end charge card to upgrade rewards, great for reimbursable expenses, establishes relationship with Amex, and the card looks frigging cool! Oh and I got a backdated card to 1993!!

Re: Zynced

nicholasyud — Wed, 19 Sep 2012 02:34:55 GMT

@Duncanrr wrote:
Yes it's worth it and yes it's more than just a debit card. Here are just a couple reasons: rewards, can link to higher end charge card to upgrade rewards, great for reimbursable expenses, establishes relationship with Amex, and the card looks frigging cool! Oh and I got a backdated card to 1993!!

well i guess i just wait till my score good enough to join their main card then becauses that seem like too much ............and a lot of places dont accept AMEX....

Re: Zynced

jamesdwi — Wed, 19 Sep 2012 02:43:24 GMT

@nicholasyud wrote:
I wonder why you guys dont just wait until your score get high enough to get a Amex BCE ......I mean if you in mid 600 score then probably 6 months or 1 years then you would hit that score and qualify for their MAIN product then why bother to apply for a charge card Zync that basically like a Debit card but you do paid AF....
I mean 6 months its not gonna hurt you right ? i know their backdate stuff but really ? is that really worth to apply for it >?? ?? Just wonder ....

Backdating, get a card today dated, 9/2012 in January get a card and it backdates to 1/2012 a year of free backdating so if you are rebuilding your second AMEX card can appear on your report as one of your oldest cards. Also after you have your first AMEX card all future APs are SP unless you are approved. Having an existing card with AMEX in good standing can increase your internal score increasing your chance of getting approved for better cards and possibly higher starting CL's. All this for $25 a year, compared to other low end cards AF its the deal of the century.

Re: Zynced

gettnthere — Wed, 19 Sep 2012 02:44:37 GMT

@nicholasyud wrote:
@Duncanrr wrote:
Yes it's worth it and yes it's more than just a debit card. Here are just a couple reasons: rewards, can link to higher end charge card to upgrade rewards, great for reimbursable expenses, establishes relationship with Amex, and the card looks frigging cool! Oh and I got a backdated card to 1993!!
well i guess i just wait till my score good enough to join their main card then becauses that seem like too much ............and a lot of places dont accept AMEX....

Actually there are more places, now so more than ever, that accept AMEX. even if they dont have a sign that says they take, they usually will. My AMEX has never been rejected by a merchant....and i have swiped it anywhere and everywhere including even the most random "mom & pop" stores.

Re: Zynced

gettnthere — Wed, 19 Sep 2012 02:48:07 GMT

@jamesdwi wrote:
@nicholasyud wrote:
I wonder why you guys dont just wait until your score get high enough to get a Amex BCE ......I mean if you in mid 600 score then probably 6 months or 1 years then you would hit that score and qualify for their MAIN product then why bother to apply for a charge card Zync that basically like a Debit card but you do paid AF....
I mean 6 months its not gonna hurt you right ? i know their backdate stuff but really ? is that really worth to apply for it >?? ?? Just wonder ....
Backdating, get a card today dated, 9/2012 in January get a card and it backdates to 1/2012 a year of free backdating so if you are rebuilding your second AMEX card can appear on your report as one of your oldest cards. Also after you have your first AMEX card all future APs are SP unless you are approved. Having an existing card with AMEX in good standing can increase your internal score increasing your chance of getting approved for better cards and possibly higher starting CL's. All this for $25 a year, compared to other low end cards AF its the deal of the century.

+1000, i couldn't agree more!

Re: Zynced

jamie123 — Wed, 19 Sep 2012 02:55:56 GMT

Congrats!!!!

You finally pulled the trigger!!!

How many hundreds of times did you mull over this app?

Good job!

Re: Zynced

LionLaw — Wed, 19 Sep 2012 02:57:24 GMT

Congrats! That's awesome. I know how good it feels, so I hope you're enjoying it!

Re: Zynced

creditnocash — Wed, 19 Sep 2012 02:58:15 GMT

@Duncanrr wrote:

Yes it's worth it and yes it's more than just a debit card. Here are just a couple reasons: rewards, can link to higher end charge card to upgrade rewards, great for reimbursable expenses, establishes relationship with Amex, and the card looks frigging cool! Oh and I got a backdated card to 1993!!

not everyone gets backdated to 93. but when i have kids and open another futuristic card ill be backdated to 2012

Re: Zynced

nicholasyud — Wed, 19 Sep 2012 03:06:19 GMT

Backdating, get a card today dated, 9/2012 in January get a card and it backdates to 1/2012 a year of free backdating so if you are rebuilding your second AMEX card can appear on your report as one of your oldest cards. Also after you have your first AMEX card all future APs are SP unless you are approved. Having an existing card with AMEX in good standing can increase your internal score increasing your chance of getting approved for better cards and possibly higher starting CL's. All this for $25 a year, compared to other low end cards AF its the deal of the century.

its going to be two hard pulls if you approved for their BCE later on let said 1 years ??

Re: Zynced

jamesdwi — Wed, 19 Sep 2012 03:09:38 GMT

@nicholasyud wrote:
Backdating, get a card today dated, 9/2012 in January get a card and it backdates to 1/2012 a year of free backdating so if you are rebuilding your second AMEX card can appear on your report as one of your oldest cards. Also after you have your first AMEX card all future APs are SP unless you are approved. Having an existing card with AMEX in good standing can increase your internal score increasing your chance of getting approved for better cards and possibly higher starting CL's. All this for $25 a year, compared to other low end cards AF its the deal of the century.

its going to be two hard pulls if you approved for their BCE later on let said 1 years ??

with a year of history you shouldn't be boarderline approval, they will do a HP for sure on approval but they will probably have much more information on the person who put in the AP than they would ever get off a single credit report, 12 or more SP's over a year, a full year of usage history (both charges and payments), and who knows what else they pull in over time on there members.