Just confirmed with AMEX EO on closing PSL Zync to qualify for new card.

j_casteel — Fri, 06 Jun 2014 19:29:11 GMT

Just contacted the AMEX EO office and spoke with what seemed to me a very competent lady. We discussed my Zync $500 card, my history with them, and where I'm at now, etc. She told me that having the Zync $500 or any other "restricted" card like that will automatically place you in a different "pool" when applying for new credit with them, and cause a denial. She stated that if my reports have changed, and scores, etc are better than when I was approved for the "restricted" card that it is best to cancel that restrictive card, wait 30 days, and then apply for the card I want.

Of course, nothing is guaranteed, but this helps with my decision making on how to approach future AMEX apps. It also confirms my suspicions about not being approved due to my Zync $500 card. I know creditors look at much more than scores, ect. but if you are already placed in a different "pool" then it is already working against you before you even app for a new card.

We all know different reps can tell you different things, and be wrong sometimes. However, I would like to think the lady I was talking to knows what she is talking about. Just so everyone knows I'm sure this is like everything else and YMMV.

j_casteel

Re: Just confirmed with AMEX EO on closing PSL Zync to qualify for new card.

14Fiesta — Fri, 06 Jun 2014 21:34:10 GMT

@j_casteel wrote:
Just contacted the AMEX EO office and spoke with what seemed to me a very competent lady. We discussed my Zync $500 card, my history with them, and where I'm at now, etc. She told me that having the Zync $500 or any other "restricted" card like that will automatically place you in a different "pool" when applying for new credit with them, and cause a denial. She stated that if my reports have changed, and scores, etc are better than when I was approved for the "restricted" card that it is best to cancel that restrictive card, wait 30 days, and then apply for the card I want.

Of course, nothing is guaranteed, but this helps with my decision making on how to approach future AMEX apps. It also confirms my suspicions about not being approved due to my Zync $500 card. I know creditors look at much more than scores, ect. but if you are already placed in a different "pool" then it is already working against you before you even app for a new card.

We all know different reps can tell you different things, and be wrong sometimes. However, I would like to think the lady I was talking to knows what she is talking about. Just so everyone knows I'm sure this is like everything else and YMMV.

j_casteel

That makes some sense. Maybe that is the reason we sometimes see those threads pop up with denials saying "not enough experience with premium bankcards". It's a possibility that lenders like AMEX don't view their restricted products as premium.

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Just confirmed with AMEX EO on closing PSL Zync to qualify for new card.

Re: Just confirmed with AMEX EO on closing PSL Zync to qualify for new card.