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Played It Too Fast & Loose With Synchrony/Walmart...

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Anonymous
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Played It Too Fast & Loose With Synchrony/Walmart...

"The request was judgmentally reviewed and denied for the following reason(s): Synchrony Bank, Creditor...

 

Synchrony Bank has received your request for credit for a credit program with WALMART. Regretfully, your request cannot be approved at this time. The boxes checked indicate the following:  TOO MANY ACCOUNTS 30 OR MORE DAYS PAST DUE IN LAST 12 MONTHS ACCOUNTS IN COLLECTION OR 60 DAYS PAST DUE OR ADVERSE PUBLIC RECORDS NUMBER OF MONTHS SINCE CREDIT ACCOUNT IN COLLECTIONS IS TOO LOW...

 

Our decision was based in part on a credit scoring system that was used to evaluate your application. The credit score below was developed using standard industry methods and was used to evaluate your application. The credit score may differ from the score you obtain from a consumer reporting agency.

 

Your Credit Score: 415 Date: 05/14/15 Scores range from a low of 300 to a high of 620. Key factors that adversely affected your credit score: SINCERELY, CREDIT MANAGER..."

 

Well, I didn't fully expect this, though it was always in the realm of possibility. This was my last shot for the time being, so it'll mean gardening with two cards until around the end of the year. At least I can redouble my efforts on getting some of the baddies off my report. But, dang... Smiley Sad

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Anonymous
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Re: Played It Too Fast & Loose With Synchrony/Walmart...

My FICO scores were far worse than yours in the very low 500s (507-513 across the bureaus) back when I niavely tried for that card, and yet my score on the decline letter, with some different reasons listed, was also 415. Probably a common number they put on many declines.

 

You could try for Milestone Gold Mastercard, which is a sub-prime card, but a step up from the likes of Credit One. Pre-approval site with soft-pull to check ... https://milestonegoldcard.com/

 

Message 2 of 4
Anonymous
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Re: Played It Too Fast & Loose With Synchrony/Walmart...

I heard about this one in the forums, but I couldn't find out much about it. I keep hearing about OpenSky though. Do you have the Milestone one? Is it good?

Message 3 of 4
Anonymous
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Re: Played It Too Fast & Loose With Synchrony/Walmart...

Don't have it, since I don't qualify. I'm getting there, but my scores and profile are still not yet sufficient. Need around 600 and not too many baddies; having some other credit lines in good standing.

 

It's a sub-prime card and charges an annual fee, which ranges from $35 - $75 and high rate of 23.9%. However, unlike many sub-prime cards, it provides for a 25 day grace period. It's comparable to lower-end Cap 1 cards, though not as flexible when it comes to options and growth. But would be an ok third card to add. Worth a try.

 

OpenSky is easy to get, reports as unsecured, and can be a good filler card; 3 or so cards minimum reporting is ideal. However, credit line is limited to whatever is deposited (may add more funds free of charge during the first year). It doesn't unsecure / no partial secure option. $29 annual fee, so it's not that much cheaper than Milestone's lowest AF of $35, which is unsecured and can grow without tying up funds.

 

For those with fair to bad credit with few to no cards, HPs are costly and best avoided unless one is relatively certain of being approved. It's a shame in a way, because one with a decent credit profile, but many inquries may have to avoid better cards and go down-market to those cards with SP pre-approval, such as Milestone. Amex has a pre-approval site and so does Chase and a few others. But some are less reliable than others leading to false hope; getting dinged a HP for nothing.

 

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