The Zync is dead. Long live the Zync!

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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CC Deville
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Postby CC Deville » Wed Oct 03, 2012 7:27 pm

Snowman wrote:Deville- I wouldn't lie anyway, but is my income listed on the CR or when you get your fico score. Because my income has gone up 3X since last year. I'm going to gross roughly, but it will really be 11,200-300 due to taxes and stuff. So, that being said, will any other bank verify my income? I mean as long as I do not go overboard on any cards I think I should be okay, but I just do not want them to have jumping at me because my income went up a lot.


Will any other bank verify your income? I can't really say as each bank has their own policies...but I have never had a bank verify mine. The only time a financial institution has requested proof of income was the credit union upon applying for a loan. It is possible that if you apply for a car loan and guaranteed when applying for a mortgage that they will verify. But highly unlikely that a bank, especially a national bank, will require income verification for a credit card. As always, YMMV.


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Snowman
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Postby Snowman » Wed Oct 03, 2012 8:11 pm

Deville- With that being said, after the 25h what card should I apply for? I'm limiting my cards to only 2, and I plan to garden them for at least 2 years. Or should I wait until I get my fico score and then apply or wait a year? In my other posts, I know, I neglected mention that my income had gone up and I was using my income from last year, I think that's why my chances for getting another card or two were so low in previous threads, but now with my income having gone up quite a bit, I think I would be in a better position to apply for another card. However, should I use this year's income for any card I apply this year, or should I use last year's...I really don't what to do....
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

CC Deville
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Postby CC Deville » Thu Oct 04, 2012 3:51 pm

Snowman wrote:Deville- With that being said, after the 25h what card should I apply for? I'm limiting my cards to only 2, and I plan to garden them for at least 2 years. Or should I wait until I get my fico score and then apply or wait a year? In my other posts, I know, I neglected mention that my income had gone up and I was using my income from last year, I think that's why my chances for getting another card or two were so low in previous threads, but now with my income having gone up quite a bit, I think I would be in a better position to apply for another card. However, should I use this year's income for any card I apply this year, or should I use last year's...I really don't what to do....


Well, you need to look at the different cards to see which will suit you best. I believe Green, Gold and PRG all have the annual fee waived for the first year so feel free to try any of them out. If you aren't a regular traveler than the Green card would be best as it gets you into Amex and establishes your Member Since year for the lowest cost. I would use your projected income for this year (2012). If they perform an F/R on you (highly unlikely unless you start purchasing suspicious things right away like precious metals, electronics etc) then they will request 2011 but you can provide them with bank statements and pay stubs to prove your higher 2012 income. Again, don't get hung up on the Financial Reviews, they are not as common as people will have you believe.

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Snowman
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Postby Snowman » Thu Oct 04, 2012 5:07 pm

I like the Green card, but I like the rewards of the Gold and the PRG better. But I also heard that in order to get the Gold or the PRG that you have to have at least 15k-25k+ income in order to get that type of card and at least 1-2 year of pretty good history as well. I do travel once in a while (i.e Vegas, or any other trip that I take throughout the year with it being a cruise, plane etc.) I'm not to fond of the Green card's rewards structure but I do like the card. And no I won't use it to buy precious metals or electronics (electronics, like computer parts and smaller stuff like iphone cases maybe once in every 6 months, if even that.)....lol. Maybe just once in a while for something expensive or to take my parents out for dinner for their birthday or anniversary and stuff like that. I won't go crazy and buy things I know I cannot afford to pay back. Under occupation, would I put in student? I go to school part time ( I have 2 classes, got into 2, wait-listed into one.) Also under Housing, I live with my parents, so I don't rent, Idk what I'd put there. I really do like the Gold or the PRG and do not mind the annual fee, but I have a feeling with such a short history, I would not qualify or I would be denied, which is scaring me away from applying for an AMEX right now. But technically one can make up their income never be caught? I would just think they would become suspicious that my income went up quite a bit. Under Fico scores, or the Credit report, would my income be listed on either of the two? That's the on;y thing I'm scared of, because I don't want my account to be closed just become my income went up, and I do not even know if it listed on a CR, or they tell when you get a fico score. Because when I got my first and only card so far, I used my income from last year which was 4,200 and I got a 700 limit. Or should I apply with a different bank like Chase or Citi, or even Discover, because they seem a little bit easier to get? idk what to do really. I just don't want to get a denial with such a short history.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

CC Deville
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Postby CC Deville » Thu Oct 04, 2012 7:55 pm

I have not heard of any income requirements for Gold or PRG vs. Green. They gave me a Gold back in 1999 when I made $20K a year (I was 20 years old). As I have said and as many others have stated, the underwriting (ie approval) is pretty much the same across the charge cards. So if you like the reward structure of PRG, by all means, go for it. See if you can find a sign up bonus and since the annual fee is waived for the first year there is no reason not to go for it. You could always downgrade to a Gold or Green after the first year.
Your income is not listed on your credit report. So there would be no reason that a bank would know that your income went up in 2012 vs 2011.
An AMEX charge card is not terribly hard to get. As they do not have a traditional credit line and the balance is due and payable in full each month, they take less of a risk. Obviously they do set internal limits on what you can spend each month and I would assume based on your income your initial spending ability would be low; but over time it would go up based on responsible spending and payments.
A Chase card is going to be difficult to obtain, and if approved, you would get a low limit with very little hope of an increase without a hard inquiry. Discover seems to have loosened some of their approvals as of late and Citibank would probably be the easiest. These are all credit cards compared to the Amex charge card.
I am not sure of your age, but I recommend to everybody to become an AMEX member when you are young. Opening my Gold card when I was 20 was one of the best things I ever did for my credit because I have since added two additonal AMEX cards that have all been backdated to 1999. That is very beneficial to Average Age of Account.
Also, I have heard (and I do not know if this is true) but people have said that even if you don't pay rent (i.e. live with parents) you should still enter that you pay a small amount in rent. The reasoning is that because if you say now 10/2012 that you pay $0 in rent, the idea is that you could move out on your own at any time and 50% or more of your income could go to rent and then your ability to repay debts is limited.
If you are this worried about applying for an AMEX than maybe you should wait; however, AMEX charge cards are not as hard to obtain as people think. I figure the worst thing is that you get a denial and a hard inquiry. Those inquiries go away and even become less important after 6 months to a year. It is worth pulling the trigger to get it over with either way instead of going over the what if's in your head.

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Snowman
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Postby Snowman » Thu Oct 04, 2012 8:42 pm

The only thing I worry about his being approved with a short history ( opened account in april of this year, will be 6 months after the 25th.). For chase, I was going to apply for the freedom card for right now. With discover it was going to be the more card, and with citi, i was going to apply for the forward card (either the student or non student version). With Amex i want to get either the gold or prg. Don't mind the annual fee, but I don't know which one is better for me. I'd say they are both the same but the rewards on the prg are higher and better IMO. And depending if I get any one of the four cards would be okay. I was going to apply for the zync, but it's no longer there :( . I'm afraid because my history is short but at this point I would take any of the four cards mentioned above and then just garden them. But with 5 months of history, do I have an chance of approval with the cards mentioned above?
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

PopiLopi
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Postby PopiLopi » Thu Oct 04, 2012 9:01 pm

I called to remove some of my Zync packs and was told they were discontinued, so if I changed my mind I couldn't add it later and that the card was being discontinued as well.
Amex: Business Platinum (09/12) BCP $10,500 (03/13)
Visa: Capital One Journey $750 (04/11) Chase Freedom $1,800 (04/12)
MasterCard Citi AAdvantage Platinum Select $8,500 (05/13)
Discover: Discover It $2500 (07/11)
Store Cards: Amazon $3900 (12/11) Macy's $500 (04/11) Kohl's $500 (05/12) Victoria's Secret $750 (11/12)

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t528491
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Postby t528491 » Fri Oct 05, 2012 10:56 am

I guess I got in just under the wire.
I'm not planning to keep the Zync open past 11 months anyway, since I'll likely have the BCE by then.
[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]

irvine801
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Postby irvine801 » Fri Oct 05, 2012 11:50 am

I was reading on myfico.com I believe that amex has confirmed that zync has been dropped. So now we will have to wait to see what they decide to do.
-American Express Zync.
-Discover IT. 4.5k limit 7.99%
-MC Citi diamond preferred. 1500 limit
-Visa Chase freedom. 2k limit.(23.24%, NOT IN USE)
-Miles by discover 1.5k limit.7.99%
-Best buy store card. 1500 limit
-Mt. America visa 1k limit

CC Deville
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Postby CC Deville » Fri Oct 05, 2012 2:56 pm

irvine801 wrote:I was reading on myfico.com I believe that amex has confirmed that zync has been dropped. So now we will have to wait to see what they decide to do.


AMEX is being coy. I've asked if ZYNC was discontinued, they say "no" because technically with all of us as active ZYNC cardholders it isn't discontinued. But it has been closed to new applicants.



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