Got a zync card

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shadowman024
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Got a zync card

Postby shadowman024 » Sun Oct 09, 2011 5:14 pm

Im new, i got approved for a zync card, amex site lists my experian score of 659 alot of lates all 3-4 years ago. I have a cap one 750 limit in credit steps and another 500 limit. 750 is pif had it 7 months 500 just got but pif. I really want a blue cash prefreed but im willing to wait, i figure another year.

Question how long do you think i will have to wait to get the blue. Also should i put all my spending only about 400 tops each month on the zync to get good history with amex.

Thanks im just glad i got amex zync card really means im doing a good job on my credit.


zapper_89
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Postby zapper_89 » Mon Oct 10, 2011 2:52 am

Welcome to the forums. Congratulations on getting you foot in the door with American Express.

Normally, you do not want to put more than 20% on a card at any one point. However, the circumstances are different for you, since you are just beginning to cultivate your credit. If, I repeat if, you pay off your balance every month, then I would recommend putting up to 80% each month. This will definitely look favorable for you and will encourage AMEX to increase you limit/ allow you to transfer to a better card. However, you must pay off the balance monthly, so don't go on a spree to max it out.

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Pete838
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Postby Pete838 » Mon Oct 10, 2011 9:36 am

@zapper_89,

Zync is a charge card with no preset limit, therefor cannot be held to your 20% suggestion. I had a Zync for a while, and as long as you can pay it off every month in full you can charge as much as you like on it. Some months mine would have under $100, some months several thousand.

Because the card has no preset limit, you might be wondering if a charge will go through if you have a high balance, or want to make a large purchase, so AMEX has a "check my spending ability" tool on their website.
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CC Deville
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Postby CC Deville » Mon Oct 10, 2011 12:02 pm

Congrats on your approval. You did yourself a huge favor by starting out with Zync because you established your Member Since date that will follow you through any subsequent approvals with Amex.

I would suggest waiting until your Experian is above 700 and those lates are at 5 years. So it sounds like as long as you keep your nose clean, by next summer you may be ready to apply for Blue Cash Preferred.

shadowman024
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Postby shadowman024 » Mon Oct 10, 2011 2:26 pm

do you guys think i should put all my spending on the zync to get better history with amex or spend alittle on each card the capital ones have annual fees which suck becauses there 39 a year when should i close the cap one cards or should i not close them. I know the zync has 25 a year fee. I just don;t want to have 3 cards that have annual fees.

CC Deville
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Postby CC Deville » Mon Oct 10, 2011 5:06 pm

shadowman024 wrote:do you guys think i should put all my spending on the zync to get better history with amex or spend alittle on each card the capital ones have annual fees which suck becauses there 39 a year when should i close the cap one cards or should i not close them. I know the zync has 25 a year fee. I just don;t want to have 3 cards that have annual fees.


I would probably use your Zync like a debit card; if you would normally pay cash, use a debit or write a check for it, use Zync then pay it in full and get the Membership Rewards Express points.

You should still make small purchases with the Capital One cards to keep them active but I would use the Amex the most. It seems that for most people Capital One does not grow and your credit lines will top out at $2K if you are lucky.

I wouldn't close any of your cards until you get approved for the Blue Cash Preferred next year. And you will want to make sure you have a Visa or MasterCard handy just in case Amex isn't accepted.

ivotedale
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Postby ivotedale » Mon Oct 10, 2011 5:50 pm

Like CC Deville mentioned, don't close your accounts prior to being approved.

Another thought- even though one card may be $39 a year, that's what, about $3.25 a month? That's certainly less than a Netflix membership. Yes, it does add up after several years, but if you think of cutting let's say, one fast food meal out a month, that would make up for the $3.25 a month, or the $39 annual fee, of one card over time.

Though with three cards, the rewards may be negated by those annual fees. So it wouldn't be the worse thing to cancel a card, though like mentioned, wait until you're approved for the Blue Cash.
Currently: American Express Blue Sky, American Express Zync, Chase Freedom Visa, Capital One Newcomers--->converted to Capital One Quicksilver Mastercard NO AF

shadowman024
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Postby shadowman024 » Mon Oct 10, 2011 7:19 pm

Sounds good i just buy coffee or something with the capital one cards. And use the amex for day to day spending. Capital one is for people with bad credit amex is for people with good credit thats how i look at it. So you guys figure 12 months with amex ill be able to get blue preferred

zapper_89
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Postby zapper_89 » Wed Oct 12, 2011 2:36 am

Pete838 wrote: Zync is a charge card with no preset limit, therefor cannot be held to your 20% suggestion.


Huh, I did not know that. That certainly changes it up.

@shadowman024 Definitely a 12 month minimum and the longer the better. I would say 18 months to be safe.

shadowman024
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Postby shadowman024 » Wed Oct 12, 2011 6:23 pm

ya im going to wait 2 years i think i just checked my credit report 6 inquires this year, a couple credit cards and a car loan. Also my last late payment was in late 2008 so another 2 years they should be close to falling off. Sucks didn;t know how important credit was when i was younger. I haven't had any lates since that date but i just got my credit card 7 months ago before that it was just auto loans. 2 years perfect payments with less than 10 percent utli what do you guys think my credit score will be its 659 for experian now.

I was hoping to be in the 720s



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