Should I apply for the Zync or another Amex?

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t528491
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Should I apply for the Zync or another Amex?

Postby t528491 » Mon Aug 13, 2012 4:15 pm

I want to go ahead and start building history with Amex, so I'm looking into applying for a Zync or something else.

I checked my Experian score and it was 743 :cool: . However, I only have 6 months of history, and 3 hard pulls within the last 6 months.

I'm almost positive I would be approved for the Zync, but is there any other Amex card for which I would likely be approved?
[size=80]
02/12 Authorized user on Chase Freedom ($5000)
08/12 Discover It ($1500)
08/12 American Express Zync (NPSL)
12/12 NFL Visa ($500)[/size]

[size=60]Future cards:
Citi Forward for Students 6/13
American Express Blue Cash Everyday 1/14
Sallie Mae World Mastercard 2014
Chase Freedom 2014
Penfed Platinum Rewards Card 2015[/size]


Crashem
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Postby Crashem » Mon Aug 13, 2012 5:56 pm

First off, your score is likely a FAKO and not a real credit score. The reason I think this is that no one sells a real Experian FICO score. Although, you might have gotten it from a lender. Let us know. In any case assuming your score is accurate, you basically have a thin credit file even though the score is good. Sort of like saying you have a great reputation for borrowing and paying back $1, but now you want to borrow $100. You might qualify for any of the AMEX charge cards although Zync is significantly easier to get. I would stay away from their revolvers for now. Getting your foot in the door with AMEX means more than with most lenders as their internal scoring system seems to value positive history with them highly. For example, I usually recommend 720's and above to think about apping for one of their Blue Cash products. However with positive history with AMEX, I have seen it go to 660's.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

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t528491
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Joined: Sun Aug 05, 2012 12:49 pm
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Postby t528491 » Mon Aug 13, 2012 6:44 pm

I got the score from Experian.com. Do they sell FAKO scores?

Thanks for the good advice. I decided to go ahead with the Zync, and I was approved without any limits. :D

I'll probably try for the Blue or Blue Cash in 11 months before the annual fee on the Zync rolls around. I'm pretty happy with my cards for right now, although I would like to get a Mastercard or Visa to replace my Capital One secured.
[size=80]

02/12 Authorized user on Chase Freedom ($5000)

08/12 Discover It ($1500)

08/12 American Express Zync (NPSL)

12/12 NFL Visa ($500)[/size]



[size=60]Future cards:

Citi Forward for Students 6/13

American Express Blue Cash Everyday 1/14

Sallie Mae World Mastercard 2014

Chase Freedom 2014

Penfed Platinum Rewards Card 2015[/size]

Crashem
Centurion Member
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Posts: 538
Joined: Fri Mar 09, 2012 9:29 am
Location: San Francisco, CA

Postby Crashem » Mon Aug 13, 2012 8:49 pm

CONGRATS!!

Experian does not sell a real credit score to consumers. You bought a FAKO from them. If you want real FICO, I would recommend buying the Equifax FICO score from myfico.com. Do not buy the TU FICO score as it uses an out of date FICO scoring model that few lenders use. Problem with FAKOs and even the myfico TU FICO score, is that it can be a little inaccurate or highly inaccurate. Additionally changes to your credit file don't even behave in the same way a FICO score would. As for EQ FICO score from myfico, obviously you will have to compare the credit report to Experian one. If they are the same, then your score is likely around the same (give or take 20 points).

As for the AMEX, here is my advice. Go ahead and use the Zync. In January 2013, apply for whatever AMEX revolver you want (blue cash etc.). Here is why. One, existing customers for AMEX only get a soft pull (ie no negative on credit) when they get a rejection and a hard pull only with approval. So in other words, there is no penalty to your credit score from rejection. Although Amex restricts applications within 30 days with rejection.

AAoA is average age of accounts and is the key calculation in the portion of FICO scoring that measures your depth and breathe of your credit file. AAoA looks at how many months old all your accounts are (open closed etc.) and gets the average. Usually there is no way to affect this and this is one of the reasons your credit score goes down as you add more credit cards. Amex however has an unique way of handling opening dates for accounts. Basically a card is reported to the credit bureaus with the year you FIRST became a "member" of Amex and the month in which you opened your account. Assuming the Zync is your first AMEX, your member year will be 2012. So the new Zync card will show opened in 08/2012. If you were to get another AMEX in Jan. 2013, the new card would show an open date of 01/2012. This is called AMEX backdating. Basically it would look like you opened the new AMEX a year ago and that it is older than the Zync. This is why January should be apply to AMEX month. Where this becomes really powerful is in the future. Lets say in 10 years, you apply for an another AMEX, it would show it opened in 2012 and therefore be 10 years old. Obviously this would help your AAoA tremendously. I have used AMEXs to counterbalance new VISA/MC I open as my member year is 1989.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

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t528491
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Posts: 80
Joined: Sun Aug 05, 2012 12:49 pm
Location: GA

Postby t528491 » Tue Aug 14, 2012 12:49 pm

Ooh, that could be an excellent way to counter the closing of the CapOne secured card in the spring. Is backdating something that Amex will automatically do for you when you get another card?

I had actually signed for a MyFICO trial, and I didn't even have an Equifax score yet!
I think they must calculate six months from the actual day the card was opened, not the month, so that's probably why I don't have an EQ score yet.
[size=80]

02/12 Authorized user on Chase Freedom ($5000)

08/12 Discover It ($1500)

08/12 American Express Zync (NPSL)

12/12 NFL Visa ($500)[/size]



[size=60]Future cards:

Citi Forward for Students 6/13

American Express Blue Cash Everyday 1/14

Sallie Mae World Mastercard 2014

Chase Freedom 2014

Penfed Platinum Rewards Card 2015[/size]



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