uh ?? denial reasons?

[Anonymous]

Not sure if I am asking in the right place and Im not sure if anyone would even know but any insight is appreciated cuz I am so confused.  I applied for the paypal mastercard from Synchrony and was denied.  I am shocked because Ive been using Paypal for 10 years now but besides that I didnt think my credit was that bad... well I finally got the letter as to why they denied me and I am confused, the reasons they gave me dont add up.  It shows on my credit report that they pulled my TU and they told me they did.  These are the reasons they gave me

SERIOUS DELINQUENCY, AND PUBLIC RECORD OR COLLECTION FILED NUMBER OF ACCOUNTS WITH DELINQUENCY
LENGTH OF TIME REVOLVING ACCOUNTS HAVE BEEN ESTABLISHED NUMBER OF ACCOUNTS PAID AS AGREED

none of this is true there is nothing on my TU its like they didnt even really check it.  the only thing that might be the problem is I just started building credit and Ive only had a credit card since May of this year.  Anything yall can think of that I can do?  I at least tried calling Synchrony to see if they would remove the hard inquiry but they said no.

Also what baffles me about the denial is I applied for PayPal credit and was approved for 3050.00 - which I was pretty stoked about but its also annoying because they do NOT report to the credit agencies.  So why is it fair or even legal for them to put a hard inquiry on my report? Sorry for the rambling.

Thanks  

[Anonymous]

If you're not aware of any public records or other baddies I'd be concerned about what they might've seen (Way more than the HP), you should look into that. The other two reasons are pretty standard for us new-to-credit folks.

There's no reason for them to remove the HP. It was you who applied and agreed to the pull. As for the legality of the HP for PayPal credit, you agreed to it fair and square. It'd be nice if they let the customer pick whether or not they wanted to be a hidden TL, but they don't. People get HP'd for things like their phone plan and utilities too; now that I would like to see the CFPB examine because that's just not right.

[Anonymous]

yeah Im definitely concerned about what they are supposedly seeing that Im not.... maybe I could send them my TU report and the denial letter they gave me and see if they can either reconsider or at least delete the inquiry especially if its false information.  I called Synchrony about this already and the lady didnt know what to say..... hopefully I'll figure something out.  Thanks

[Anonymous]

Sounds like a standard response. Not necessarily all of those reasons may apply to you but at least 2 of them do since you are new to credit : LENGTH OF TIME REVOLVING ACCOUNTS HAVE BEEN ESTABLISHED NUMBER OF ACCOUNTS PAID AS AGREED. Those apply to you. You have short credit history and also therefore not many account paid as agreed. But its worth double checking your reports for a delinquency in case of identity fraud but I doubt that's the case if you keep track of your credit and monitor it regularly. So yes their HP is justified as well as the denial. Whether or not you use PayPal for 1 year,10 or 100 years doesn't matter. Synchrony bank is the sponsoring creditor for which you applied. They have no idea how much you use PayPal or don't and frankly they don't care. They care about risk. Call in for recon again and good luck. 

[Anonymous]

Good luck!

[AverageJoesCredit]

Well said Roy21. This is excellent advice.

[atarvuzdar]

Don't forget that when you're denied credit you are allowed a free updated copy of your credit report that the creditor had pulled. There may now be something on your report that you weren't aware of (particularly noting the delinquency).

[Anonymous]

Thank you I actually just received a copy of my TransUnion report in the mail from TU and the reasons that PayPal Gave me for the denial are not accurate. The only thing that I can see is I only have a credit history of 9 months. But as far as other debt and public record there is nothing. But I’m not sure if there is anything I can do. I was wondering if maybe I could fax PayPal/synchrony their denial letter and my TU report and see if they will reconsider or at least remove the hard inquiry??

[enjoimorenow]

I would take any denial reasons with a grain of salt lol

They just put them and they don't really mean anything.  My GF literally got a denial from chase that said she didn't have enough revolving credit accounts and that she also had too many open accounts.  We had to call and recon and she did end up getting approved for the CSR after, but it just goes to show how contradictory and untrue denial codes can be.

All you can really do is try to recon, and if they still say no you will need to just build more credit history.  Why do you want the paypal card in particular? There may be another similar card that you could get approved for with a short history.

[Anonymous]

LOL oh ok thanks for your help.  

UMMMM I dont really know why I wanted the card lol I think because of the rewards program maybe plus I use PayPal and eBay alot.  I just dont know what card I should try to apply for Im scared to take a risk because I dont want hard inquiries for no reason / something I got denied for lol.  Im trying to build my credit and dont really know how to go about doing so.  I have 1 secured card 1 unsecured card and another unsecured card that Im an authorized user on and Im keeping them at 3% utilization.  I have no debt at all except about a thousand dollars and change in student loans which I am paying monthly.  I follow credit karma and I think the biggest reason my scores rise VERY slowly is because I dont have a lot of credit accounts open and I dont have a lot of history.