Questions about building credit with Amex Zync and others

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cc21
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Questions about building credit with Amex Zync and others

Postby cc21 » Wed Jun 01, 2011 7:48 pm

Hey all,

I recently received my first credit card. It is a student card from BofA. The reason I decided to get a card is so that I can build my credit so when I graduate in a year I can get an apartment and my own cell-phone plan without having a co-signer. I am also trying to build a strong credit history for the future so I can get the best rates when it's time to take out a mortgage.

I am obviously going to pay my bill in full each month and use 9% or less of my limit (I have read that people who have the best credit scores usually only utilize this much of their available credit). This does not allow me to put that much on my card each month but that doesn't really bother me. I am just trying to build a solid foundation.

Ok, there's the background....now for the questions:

I have read many positive posts about the Amex Zync. This is a card that seems to be designed for people around my age. Do you think that after 6-8months of establishing some credit I should apply for this card? The benefits seem to be great and I like how the points never expire...that way I won't feel the pressure of losing them and I can just add them up over time and use them on something bigger in the future.

However, charge cards concern me. I have read that since there is no set limit on the cards the highest amount you charge is viewed as your limit. Therefore, when reported, it looks as though you have utilized 100% of your available credit, which in turn hurts your score. Contrary to this, I have also read that the new models do not take into account a credit limit when looking at charge cards...therefore it does not hurt your score. So which statement is true?

If I skip out on the Zync card and try to establish enough credit to get the Amex Blue card is that a realistic goal in the near future? I have read on this forum that Amex credit cards are much harder to obtain than their charge cards. The Blue card seems like it offers quite a few perks that interest me. Unfortunately, I can not find any information about the requirements for applying for this card online. What does your credit score have to be to get one? Length of credit history? Income? Would it be easier to get the Blue by opening a Zync card first?

Sorry for the lengthy post. I look forward to your responses.


Rainbowunicornglitter
 
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Postby Rainbowunicornglitter » Mon Jun 13, 2011 3:02 pm

I can speak to the Amex Blue card. They expect a higher credit score, and at least two credit cards with two years of perfect payment history. One instance of a 30 day late on a card might be alright if your score is great, but any 60 days or above would most likely mean a denial.

cc21
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Postby cc21 » Wed Jun 15, 2011 11:48 am

A higher credit score as in what? 750 or above? So what you're saying is I should basically get the Zync first for a year and then apply for the Blue? Also...any information you can provide on how a charge cards utilization works and how it hurts or helps your credit score would be great...as I said in my first post I have heard many conflicting reports.

Meltdownblitz
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Postby Meltdownblitz » Wed Jun 15, 2011 3:38 pm

From what I heard is it's best to probably have yes around 750+ for a blue card or at least get Maybe the zync card with them and establish a relationship with them and show them your trust worthy, etc. It will help you in the future when applying for any of their cards.

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Postby snobrdr2324 » Fri Jun 17, 2011 5:39 pm

I just wanted to provide my experience for anyone interested in Amex credit cards. I am 19 now and when I first started this I was only 18. Last July I got my parents to apply for the amex JetBlue card as I travel on JetBlue a lot. I then was added as an authorized card holder and always payed in full every month. My dad never used his card, it's still in my drawer even. Even though amex told me they don't report authorized users to the the bureaus my history shows up on at the very least TU like the card was in my name.

Fast forward 10 months later, last week I applied for 3 credit cards in my own name. One capital one student card, instantly approved with a 500 credit limit. Amex zync instant approval with only 250 credit limit. And the Amex blue cash everyday, got the we will contact you when we make a decision. I waited a week and today I called new accounts and she was able to approve me in a matter of minutes for 2000.

I have a reported credit score from transunion (only one i can check for free) of 676 with 5 hard inqs (2 from when I first tried to apply for zync and chase student a year ago, both declined) and 10 months credit history with 100% ontime payments and only 7% credit utilization.

Hope my experience gives some insight as I have 2 amex cards now with only 10 months of credit history, im not sure if I was lucky or if this happens a lot, as I've heard a lot of people saying the blue cash is a much harder card to get than the zync yet I have a higher credit limit on that card than the zync.

Meltdownblitz
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Postby Meltdownblitz » Fri Jun 17, 2011 11:32 pm

Wow very interesting, I have a similar situation but with a few years of credit history. I have a credit score around you with high credit utilization, and I just paid off all my cards in full about a week ago, so I'm hoping my score goes up a bunch. Interesting you got approved for the blue cash though, I was thinking about applying for that but as people have said it's quite hard to get so I'm scared to try and I don't really need another hard inquiry. Very interesting story though.

cc21
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Postby cc21 » Mon Jun 27, 2011 8:27 am

snobrdr2324 wrote:I just wanted to provide my experience for anyone interested in Amex credit cards. I am 19 now and when I first started this I was only 18. Last July I got my parents to apply for the amex JetBlue card as I travel on JetBlue a lot. I then was added as an authorized card holder and always payed in full every month. My dad never used his card, it's still in my drawer even. Even though amex told me they don't report authorized users to the the bureaus my history shows up on at the very least TU like the card was in my name.

Fast forward 10 months later, last week I applied for 3 credit cards in my own name. One capital one student card, instantly approved with a 500 credit limit. Amex zync instant approval with only 250 credit limit. And the Amex blue cash everyday, got the we will contact you when we make a decision. I waited a week and today I called new accounts and she was able to approve me in a matter of minutes for 2000.

I have a reported credit score from transunion (only one i can check for free) of 676 with 5 hard inqs (2 from when I first tried to apply for zync and chase student a year ago, both declined) and 10 months credit history with 100% ontime payments and only 7% credit utilization.

Hope my experience gives some insight as I have 2 amex cards now with only 10 months of credit history, im not sure if I was lucky or if this happens a lot, as I've heard a lot of people saying the blue cash is a much harder card to get than the zync yet I have a higher credit limit on that card than the zync.


That is very interesting. I had no idea having that little credit history could get someone a Blue Cash card. Here is the dilema I am still having:

I want to keep my utilization at or below 7% a month. Hypothetically, if I were to be approved for a Blue Cash card or a Blue Sky card with a $2,000 limit, 7% of that is $140. That means I could only charge $140/month. I realize many people use more of their limit than that and then pay it down before the statement is due so a high utilization never gets reported, but I just don't really trust that. I have read that it is never known exactly what day your balance is reported, therefore I don't want to take the risk.

I also obviously spend more than $140/month as well. It would take me forever to receive any kind of rewards only being able to charge that much on the card....which is why I thought the Zync might be better. That way I could charge as much as I needed to on the card and pay it off and rack up rewards points faster. The only thing that worries me about the Zync and other charge cards is what I stated in my original quesiton...about how since there is no credit limit on charge cards it hurts your credit if you charge a lot on it because it views your highest charge as your limit....therefore it appears that you have maxed out the card. Of course I have read that this is wrong, but I'm not sure which one to believe.

Recommendations on what card to get?

Money card
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Postby Money card » Fri Jul 08, 2011 9:53 pm

If you want a card for shopping or going to Costco , Neiman Marcus get blue cash. after you spend 6500 you get back certain percentage on every day items.
If you want to travel on business and you want an executive card then get the Zync. You get membership reward points. you can redem for air fare except Continental you can use them for gift cards , there are other ways 2.
Just to let you know the Zync is a higher level card.

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Zync with limited credit

Postby squeezeplay » Sat Sep 03, 2011 7:21 pm

Hi, I'm a college student interested in the Zync charge card, is it possible to get approved with limited credit? I've had only one credit card before, about 2 years ago and I charged it once, and haven't used it since. I'm 21 and made ~$7500 working in the summer.

I hear people 18/19 years with no credit being approved and then 20-some people with a couple years of credit getting denied, so I'm not sure what to think of my chances. I don't want to risk getting denied (how bad is this for my credit?). Otherwise I'll probably get another card and start building credit, but would like to start with American express. Any knowledge/experience anyone could share would be helpful.

ivotedale
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Postby ivotedale » Mon Sep 05, 2011 12:53 am

If you haven't already, go check your credit standings at annualcreditreport.com and see where you are. I checked mine last night, and decided to go for the Zync- and I was instantly approved.

I only have had (2) credit cards, my first being open for around 4 years (stopped using it because I didn't care about credit at the time, and even overdrafted once), and my current Capital One card, which I'm on my fourth statement. Always paid in full, every time. I'm just going to assume since I've had a longer credit history open I was in the clear, but as you mentioned there are a few success stories here that were approved with no credit whatsoever.

I'd say go for it- the worst you can do is be denied, build some more credit over time, and try again.
Currently: American Express Blue Sky, American Express Zync, Chase Freedom Visa, Capital One Newcomers--->converted to Capital One Quicksilver Mastercard NO AF



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