I just got decline for Amex zinc below is the reason
Thank you for your recent application for Zync SM from American Express. After reviewing your request, regrettably, we are unable to open an account for you at this time for the following reason(s):
Your consumer credit bureau score from Experian is too low (See below)
Your consumer credit bureau score mentioned above was determined using a scoring system that evaluated the information in your file at the consumer reporting agency named above. The following are the primary factors in your credit report that affected your credit bureau score:
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Serious delinquency. |
Proportion of revolving balances to revolving credit limits is too high. |
Proportion of loan balances to loan amounts is too high. |
Too few accounts currently paid as agreed. |
My current experian score is 665 what should i do?? How long should i wait to reapply??
Starting Score(6/12/09): EQ: 557 -- TU: 539 -- EX: 579
told me 3 months
@Bangs21 wrote:
Serious delinquency. |
Proportion of revolving balances to revolving credit limits is too high. |
Proportion of loan balances to loan amounts is too high. |
Too few accounts currently paid as agreed. |
My current experian score is 665 what should i do?? How long should i wait to reapply??
Serious delinq --how bad was the delinq, and how long ago? This is #1, so it hurts the most.
Proportion of revolving balances to revolving credit limits is too high --your util (reported balances divided by credit limits) is too high. Are you carrying balances? if not, are you letting balances show on your statements (and therefore report to the bureaus) and then paying them off? If so, try paying them off before the statement date (not the due date; the date that the statement shows up) so that your reported util is very low.
Proportion of loan balances to loan amounts is too high --let this one go for now. Get the revolving util down first.
Too few accounts currently paid as agreed --I'm guessing that either you have a lot of accounts with negatives somewhere in the past, or you just don't have many accounts at all. They don't have enough accounts with clean history to feel comfortable that you can handle the Zync.
Did they tell you your EX score (doubt it), or did you get it from PSECU or a mortgage lender? If you got it from Experian or a credit monitoring service, it's not your EX FICO, it's a FAKO. Experian won't let us buy our own FICO scores any more. 
Right, that was it.
When it comes to scoring, loan util doesn't carry near the weight that revolving util does, so for scoring purposes, kill off any revolving debt first.
Otherwise, debt is debt, and the financial long-term goal is to reduce and eventually eliminate debt in any form. The realitiy is that if you have a house, mortgage debt will probably be with you for a good long time.
The overall picture that I got from OP's post is that of a rebuilder with not many active clean tradelines (credit accounts) currently open, something bad in the past, and balances on lots of accounts. It could also be someone very new to credit, not much history, and already a serious derog.
At any rate, it's always useful before apping to put yourself in a lender's shoes and take a look at you via your credit report. Whether or not you rescue baby ducks from storm drains and bake bread from scratch and help little old ladies across the street, have you shown that you are handling the credit you have well, especially over the last two years? --no lates, low balances, and so forth. All a lender knows about you is what's on your reports. That's not what defines a human being, of course --there's those baby ducks and homemade bread and little old lady escorting --but it's what people know about you in credit land.
(I'm a she, btw. 
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I sent a letter for reconsideration and finally got approved.
I found a Utah address on this forum