Thread: Questions about building credit with Amex Zync and others

Just wanted some more opinions on this card since I'm thinking of applying for it. I dont have much of a credit history, 5 months to be exact.

I mainly want it so I can get my foot in the door with amex and hopefully upgrade to a gold or platinum and maybe a credit card from them as well eventually.

So If anyone on here has one how do you like it? And is it worth it? For me right now I think the reward points are not very good for a annual $25. But If I were to apply for I would most likely get the free eco pack so at least ill get double points at green stores... like chipotle

Also I read the review on here about it but I just wanted some more opinions from users on here.

Originally Posted by cc21

Hey all,

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?

My two cents... Charge Cards are not for everyone especially to those who are having trouble with cards that impose credit limits. The credit limits are there so you can control your spending.

Any person who have been satisfying both conditions should not even think of applying or getting charge cards: (1) maxing out their credit limits and (2) not paying full each month.

Originally Posted by squeezeplay

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.

You should dig out that 2 year credit card and start using it and paying it on time, every month, more than the minimum. Then after 6 months of doing this you can apply for a credit card. Use what you have before you try to get more. You already proved once to a bank that you deserve a credit card.

Hello everyone, first time poster here. I really have no idea what I'm doing when it comes to credit or anything so I am trying to learn and get off to a good start.

I am just about to finish my freshman year at Villanova University. I have a debit card but have always liked cash more so i have tended to use that. But being a college student i realized i need to start building credit for medical school loans and just life in general.

Being that i see Amex as the most prestigious i would like to apply for the zync card as my first card and get my foot in the door with them. I have no steady job during the school year (not much time with school and lacrosse), but i have had multiple summer jobs as a bus boy, landscaper, and working in my parents dental practice for about 4 years. In addition to that i have an internship this summer at a pharmaceuticals company where I will make 30$ per hour.

My parents have set up a retirement plan for me, and i have a savings account and checking account with about 20 grand in it (if that matters at all).

I really do not know what is or is not important with regards to being accepted, but my question is, if i apply online or call and sort of explain my situation, will i possibly get approved for a ZYNC card? Or could my parents co-sign or help me get approved? If not, could anyone point me in what direction i would need to go in order to get one of them.

Any guidance or help is greatly appreciated, thank you in advanced.

Originally Posted by cc21

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.

If you want to keep your utilization down then it needs to be at 7% when it is reported to the agencies. It can be at 100% all month long, make that payment before it closes and is reported and you're fine.

Also keep in mind, that while American Express does not report authorized users to the agencies, they have their own record keeping and they know that snobrdr2324 still is an account holder/user and know that he has a history of paying on time with them. That is also factored into their decision making process. There are always exceptions to the rule.

All Zync cards are started with a set spending limit the first few months and then it later becomes a no preset spending limit.

Originally Posted by drwildcat15

I really do not know what is or is not important with regards to being accepted, but my question is, if i apply online or call and sort of explain my situation, will i possibly get approved for a ZYNC card? Or could my parents co-sign or help me get approved? If not, could anyone point me in what direction i would need to go in order to get one of them.

With no credit file you will not get approved for an American Express card. Your best option, in my opinion, is to have your parent(s) cosign an account with you. If they are putting you through med school and dumping 20 G's in your account I am sure they won't have any problems with that. The other alternative route is to start with a student credit card, and work your way up to American Express. They like to see that you already know how to use credit. American Express usually isn't a starter out card for people.