topic Re: Is there any harm in only having a Zync? in Credit Cards

Is there any harm in only having a Zync?

Essence — Sun, 30 Sep 2012 00:18:13 GMT

I'm not sure how to phrase this. I was recently approved for a Zync which was a huge deal to get my foot in the door with Amex. Now over the course of a year I have my first Cap 1, discover and Zync. Time for gardening and letting them age.
My question though, going forward I'm not quite sure what cards I want to aim for. Do credit reports or any lender that views them do they look at what credit cards you have specifically? Like "oh he has an entry Amex" or "haha he still has cap1 subprime". Is that any negative to me?
Thanks

Re: Is there any harm in only having a Zync?

LS2982 — Sun, 30 Sep 2012 00:20:36 GMT

@Essence wrote:
I'm not sure how to phrase this. I was recently approved for a Zync which was a huge deal to get my foot in the door with Amex. Now over the course of a year I have my first Cap 1, discover and Zync. Time for gardening and letting them age.
My question though, going forward I'm not quite sure what cards I want to aim for. Do credit reports or any lender that views them do they look at what credit cards you have specifically? Like "oh he has an entry Amex" or "haha he still has cap1 subprime". Is that any negative to me?
Thanks

I dont think so. You have to start somewhere.

Now if you had FP or CreditOne on there......................

Re: Is there any harm in only having a Zync?

gettnthere — Sun, 30 Sep 2012 00:23:36 GMT

@LS2982 wrote:
@Essence wrote:
I'm not sure how to phrase this. I was recently approved for a Zync which was a huge deal to get my foot in the door with Amex. Now over the course of a year I have my first Cap 1, discover and Zync. Time for gardening and letting them age.
My question though, going forward I'm not quite sure what cards I want to aim for. Do credit reports or any lender that views them do they look at what credit cards you have specifically? Like "oh he has an entry Amex" or "haha he still has cap1 subprime". Is that any negative to me?
Thanks
I dont think so. You have to start somewhere.

Now if you had FP or CreditOne on there......................

Re: Is there any harm in only having a Zync?

Anonymous — Sun, 30 Sep 2012 00:45:55 GMT

Other creditors cannot tell which cards you have by looking at your credit report (really, you cannot either but you know what you have ) - They can only see that you have an account with that bank. They would not know the difference if you had a Centurion or a Zync. All they can see is that it is a charge account.

Re: Is there any harm in only having a Zync?

jamie123 — Sun, 30 Sep 2012 00:46:29 GMT

Like the other poster said, the cards you have now are a GREAT start. None of them are considered really bad cards.

For your long term future you might really only want to consider applying for cards from these prime banks:

AMEX

Chase

CitiBank

Bank of America

Discover

Wells Fargo

Barclays (Maybe)

Cards from these prime lenders will grow with you over time. These are cards you can have for a lifetime. All these cards can give you credit lines in excess of $20K if ever needed and they all have decent or good customer service.

You really are doing quite well, 2 of your 3 cards are on this list!

Good job!

Re: Is there any harm in only having a Zync?

LS2982 — Sun, 30 Sep 2012 00:55:18 GMT

@Anonymous wrote:
Other creditors cannot tell which cards you have by looking at your credit report (really, you cannot either but you know what you have ) - They can only see that you have an account with that bank. They would not know the difference if you had a Centurion or a Zync. All they can see is that it is a charge account.

This is true.

Subprime lenders other than Cap1 generally have 1 dog poop product they try to get you on and that TL showing up will be a red flag to a prime lender if its new.

Re: Is there any harm in only having a Zync?

migliogiorni — Sun, 30 Sep 2012 01:07:25 GMT

Yep if you look at your CR it will only show the company name not the types of cards you have, no biggie.

Re: Is there any harm in only having a Zync?

Essence — Sun, 30 Sep 2012 01:09:07 GMT

Thanks everyone!

Re: Is there any harm in only having a Zync?

XxRaVeNxX — Sun, 30 Sep 2012 01:14:35 GMT

Actually my denial from one place was

'Our analysis of the credit risk associated with customers who have accounts from the creditor(s) indicated in your credit report

This was from AMEX...Who you have on your credit report...matters...

Edit:

jd5189 wrote:

I dont think this is true...

Re: Is there any harm in only having a Zync?

aussiesareforever — Sun, 30 Sep 2012 01:13:21 GMT

@XxRaVeNxX wrote:
Actually my denial from one place was
'Our analysis of the credit risk associated with customers who have accounts from the creditor(s) indicated in your credit report

This was from AMEX...Who you have on your credit report...matters...

Who were the creditors they were referring to?

Re: Is there any harm in only having a Zync?

jsucool76 — Sun, 30 Sep 2012 01:24:37 GMT

Amex operates a little differently but I doubt they would have issue with cap1 since cap1 actually offers some very prime, hard to qualify for cards.

If you had FP, credit one, one of those continental finance matrix cards, a subprime mortgage or something like that, they will probably tell you to gtfo.

Re: Is there any harm in only having a Zync?

LS2982 — Sun, 30 Sep 2012 01:28:27 GMT

@XxRaVeNxX wrote:
Actually my denial from one place was
'Our analysis of the credit risk associated with customers who have accounts from the creditor(s) indicated in your credit report

This was from AMEX...Who you have on your credit report...matters...

Edit:

@Anonymous wrote:
Other creditors cannot tell which cards you have by looking at your credit report (really, you cannot either but you know what you have ) - They can only see that you have an account with that bank. They would not know the difference if you had a Centurion or a Zync. All they can see is that it is a charge account.

I dont think this is true...

Yea....

AMEX was keeping it real on the down low with that one

Re: Is there any harm in only having a Zync?

RyVision — Sun, 30 Sep 2012 08:19:17 GMT

First, for the OP, Zync is a great start with AMEX and gets you a member since date for when you add other AMEX products (should you decide to do so in the future).

AMEX doesn't mind seeing Cap 1 on a report, even with a low'ish limit. They aren't real fond of Credit One, FP, Merrick and a few others that only issue sub prime starter\builder products.

They can't tell which exact Card someone might have by the report, but the CAN tell from what lender (and some lenders are infamous for sub-prime rebuilders).

Great or Prime cards to look at are, like was mentioned above (shorter list here though, I'm bias )

My top picks :

AMEX

Discover

NFCU or PenFed (if you can get into NFCU, many can't, and PenFed is usually rather hard to get). Or any CU that is known to treat their customers well.

Chase

Not my personal favs but still very much prime:

US Bank

Barclays

Citi

BOA

And probably a few I forgot to mention or I haven't heard of.

(And yes, LS is very correct on AMEX being on the "DL" on the "who" but AMEX stating they don't llike seeing some lenders is very much true, they of course can't list who however lol).

Re: Is there any harm in only having a Zync?

LS2982 — Sun, 30 Sep 2012 11:53:49 GMT

@RyVision wrote:

First, for the OP, Zync is a great start with AMEX and gets you a member since date for when you add other AMEX products (should you decide to do so in the future).

AMEX doesn't mind seeing Cap 1 on a report, even with a low'ish limit. They aren't real fond of Credit One, FP, Merrick and a few others that only issue sub prime starter\builder products.

They can't tell which exact Card someone might have by the report, but the CAN tell from what lender (and some lenders are infamous for sub-prime rebuilders).

Great or Prime cards to look at are, like was mentioned above (shorter list here though, I'm bias )
My top picks :
AMEX
Discover
NFCU or PenFed (if you can get into NFCU, many can't, and PenFed is usually rather hard to get). Or any CU that is known to treat their customers well.
Chase

Not my personal favs but still very much prime:
US Bank
Barclays
Citi
BOA
And probably a few I forgot to mention or I haven't heard of.

(And yes, LS is very correct on AMEX being on the "DL" on the "who" but AMEX stating they don't llike seeing some lenders is very much true, they of course can't list who however lol).

I'm surpised they approved me, I had the trifecta

CreditOne

HSBC