Last month I applied for the Amex Zync card but was flat out denied. After GW'ing some baddies I finally feel like January might be my lucky month.
When I had applied for the Zync in December, my EX FICO score was 626.
Since then, I have had a CO removed, a 30 day late removed (in the process of being removed), and an AMEX AU account added that changed my oldest account from 5 years to 12 years, and has a perfect payment history.
I assume that this has helped my score at least a little. Now that all of my reports are starting to look identical, I assume my score should be around 680-690ish. ( I hope.
Should I give it another go? I want that card more than anything! I will start gardening for 2-3 years if I get it.
ditto. same reasons
@ccb2115 wrote:Last month I applied for the Amex Zync card but was flat out denied. After GW'ing some baddies I finally feel like January might be my lucky month.
When I had applied for the Zync in December, my EX FICO score was 626.
Since then, I have had a CO removed, a 30 day late removed (in the process of being removed), and an AMEX AU account added that changed my oldest account from 5 years to 12 years, and has a perfect payment history.
I assume that this has helped my score at least a little. Now that all of my reports are starting to look identical, I assume my score should be around 680-690ish. ( I hope.
Should I give it another go? I want that card more than anything! I will start gardening for 2-3 years if I get it.
When you are approved, do NOT mention you're an AU (there is no such thing with AMEX, only additional card members). That way you may be able to swing having them backdate your new card to that card you're an additional member on (that would work ONLY if they sent you a card on that "AU" account that somehow was dated with the primary's member date, rarely happens, but has happened). However, if you're current AMEX date is 11, your Zync should list that as well when you get it. That will be your MS date no matter when you get a card now btw (since you're a member as of that AU card's date).
The main reason you were probably denied Zync in December was most likely lates\baddies on the report they checked along with the score they caused (AMEX really hates that combo). If your EX is clear now and has gone up (you might want to check somehow), you might have a decent chance if you want the card that badly. Remember, you have to wait at LEAST 30 days from when you were last denied or they'll cancel your application.
Reason(s) for Our Decision
Our scoring of your credit and other relevant information (See below)
We evaluated your application using a credit scoring system that considers various pieces of information, including your credit report. The following key factors contributed to our evaluation:
| Your FICO? score (See below) Account(s) not paid as agreed. (Experian) Our analysis of the credit risk associated with customers who have accounts with the creditor(s) indicated in your credit report. (Experian) In our estimation, the amount you have paid on your bank and retail credit card accounts over the last twelve months is too low. (Experian) |
Information About Your FICO? Score
We obtained your FICO score from Experian and used it in making our credit decision. Your FICO score is a number that reflects the information in your credit report. Your FICO score can change, depending on how the information in your credit report changes. On December 23, 2011, your FICO score was 626. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:
| Serious delinquency, and public record or collection filed. Too few accounts currently paid as agreed. Length of time accounts have been established. Proportion of loan balances to loan amounts is too high. |
I think the only major thing I haven't addressed is the "Proportion of loan balances to loan amounts is too high"
@ccb2115 wrote:
Reason(s) for Our Decision
Our scoring of your credit and other relevant information (See below)
We evaluated your application using a credit scoring system that considers various pieces of information, including your credit report. The following key factors contributed to our evaluation:
Your FICO? score (See below)
Account(s) not paid as agreed. (Experian)
Our analysis of the credit risk associated with customers who have accounts with the creditor(s) indicated in your credit report. (Experian)
In our estimation, the amount you have paid on your bank and retail credit card accounts over the last twelve months is too low. (Experian)
Information About Your FICO? Score
We obtained your FICO score from Experian and used it in making our credit decision. Your FICO score is a number that reflects the information in your credit report. Your FICO score can change, depending on how the information in your credit report changes. On December 23, 2011, your FICO score was 626. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:
Serious delinquency, and public record or collection filed.
Too few accounts currently paid as agreed.
Length of time accounts have been established.
Proportion of loan balances to loan amounts is too high.
I think the only major thing I haven't addressed is the "Proportion of loan balances to loan amounts is too high"
I see the first red line I highlighted, you took care of that as far as you know.
The second red line makes me wonder what other cards you have. I've read AMEX frowns on some CCC's being on a report. That alone makes me think you might have to wait a bit and get your util % down before trying again. That and you might want to get another prime card other than AMEX before trying for AMEX again (that's just my opinion when it comes to what other CC's you might have, it's not hard fact in the rules, so to speak).
The line in blue however is almost their way of saying "We'd like to see about 12 months of high payments in your file", sort of % wise verses the balance and min due.
@RyVision wrote:
@ccb2115 wrote:
Reason(s) for Our Decision
Our scoring of your credit and other relevant information (See below)
We evaluated your application using a credit scoring system that considers various pieces of information, including your credit report. The following key factors contributed to our evaluation:
Your FICO? score (See below)
Account(s) not paid as agreed. (Experian)
Our analysis of the credit risk associated with customers who have accounts with the creditor(s) indicated in your credit report. (Experian)
In our estimation, the amount you have paid on your bank and retail credit card accounts over the last twelve months is too low. (Experian)
Information About Your FICO? Score
We obtained your FICO score from Experian and used it in making our credit decision. Your FICO score is a number that reflects the information in your credit report. Your FICO score can change, depending on how the information in your credit report changes. On December 23, 2011, your FICO score was 626. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:
Serious delinquency, and public record or collection filed.
Too few accounts currently paid as agreed.
Length of time accounts have been established.
Proportion of loan balances to loan amounts is too high.
I think the only major thing I haven't addressed is the "Proportion of loan balances to loan amounts is too high"
I see the first red line I highlighted, you took care of that as far as you know.
The second red line makes me wonder what other cards you have. I've read AMEX frowns on some CCC's being on a report. That alone makes me think you might have to wait a bit and get your util % down before trying again. That and you might want to get another prime card other than AMEX before trying for AMEX again (that's just my opinion when it comes to what other CC's you might have, it's not hard fact in the rules, so to speak).
The line in blue however is almost their way of saying "We'd like to see about 12 months of high payments in your file", sort of % wise verses the balance and min due.
Thanks for your response!!
Yeah outside of the AMEX that was just added, I only have my Capital One card that was reporting. Maybe I should wait for my Discover card to report for 6 months or so?
My util% has never been over 8%.
So I should really focus on using my current cards to make larger purchases?
I see the first red line I highlighted, you took care of that as far as you know.
The second red line makes me wonder what other cards you have. I've read AMEX frowns on some CCC's being on a report. That alone makes me think you might have to wait a bit and get your util % down before trying again. That and you might want to get another prime card other than AMEX before trying for AMEX again (that's just my opinion when it comes to what other CC's you might have, it's not hard fact in the rules, so to speak).
The line in blue however is almost their way of saying "We'd like to see about 12 months of high payments in your file", sort of % wise verses the balance and min due.
Thanks for your response!!
Yeah outside of the AMEX that was just added, I only have my Capital One card that was reporting. Maybe I should wait for my Discover card to report for 6 months or so?
My util% has never been over 8%.
So I should really focus on using my current cards to make larger purchases?
I'm a bit surprised they would be much concerned about Cap 1 (other than the limit, they have no way of knowing which "tier" you are in with Cap 1 really). I think they used it as a bit of an excuse (they have to give reasons when they decline). Had you listed more than 1 sub-prime card (actually, below Cap 1 frankly), I would have thought that line more important. I think they listed that because that might have been your only card showing on your report (if it's a lower limit, that means you're only credit is with sub-prime for now). Once Discover (which I didn't know you had until I read this last post) reports, that will help.
You're util wasn't the problem (they listed it, again, they have to put something). Sometimes I think they list things like that in order to confuse the person that wants their product (it's AMEX, we won't try to figure them out lol). Truth is, the list makes their reasoning ambiguous and that's how they kind of want it. They do however list those items in order of importance.
So, when you compare the 2 lists (theirs that I highlighted and the one below it that contributes to your FICO score), you get a better explanation being they do they're own scoring and analysis.
Their first (most important) concern is clear, the "baddies" as everyone calls them, here's why:
Both lists 1st reason boils down to: Account(s) not paid as agreed. (Experian) Serious delinquency, and public record or collection filed. = baddies, derogs, lates, collections etc any of those.
After that, they have to work with one account for your history. Which is Cap 1 that they can see. Which with the derogs, is re-enforced by FICO with the statements "too few accounts currently paid as agreed and length of time accounts established."
When a human uses AMEX's method, and sees a low limit Cap 1 card as your only account, unless it has a much higher limit than usual (over 2k most likely possibly 3k), they see it as a reason to list the "creditor risk" baloney.
Now, with 6 to 12 months of payments to Discover (if it's not an AU of course) and 0 on the Cap 1 when you apply (with Discover showing maybe 1 to 9% util) your chances of getting AMEX should soar, along with your scores.
That said, that's just my opinion and I am relying on what info is in this thread as to your credit file (this is why when someone asks a question, it's best to include detail so others have a better picture of what the situation is).
I'd say the Discover is a prime enough card for you to wait out your next app for AMEX. You do not need to spend more than you would normally, only what you would buy anyway. Putting everything on the Discover and PIF (other than 1 or so %) before the cut (only necessary right before you apply for AMEX really) is the best way to do that, do NOT over spend for improved chances to get another card (not that I think you would, I only say that as a reminder to anyone reading).
I hope that helps, I know what it's like to want AMEX 