topic Re: Verizon / Synchrony Approval But Score / Limit? in Credit Card Approvals

Verizon / Synchrony Approval But Score / Limit?

Anonymous — Tue, 30 Jun 2020 00:47:28 GMT

I applied for the new Verizon card last week. Immedialy saw a hard pull for TransUnion. Score was 791 at the time. Was approved for $2100. Was a bit dissapointed considering my income and score are not an issue. But I thought maybe it's the pandemic crack down on credit. I resolved myself to the low limit. Got a letter in the mail today from Synchrony bank. It stated that when they pulled my credit I was not given a prime rate and by law they have to notifiy me why. Continued reading and on the next page, it states that my credit score is 547. First of all, what the actual heck. Secondly, what's the deal here?

The score range in the bottom box states 300 - 620.

I've never done business with this bank before. What is going on here?

Re: Verizon / Synchrony Approval But Score / Limit?

M_Smart007 — Tue, 30 Jun 2020 00:49:14 GMT

Re: Verizon / Synchrony Approval But Score / Limit?

AllZero — Tue, 30 Jun 2020 00:50:17 GMT

Congratulations on your approval!

Re: Verizon / Synchrony Approval But Score / Limit?

Girlzilla88 — Tue, 30 Jun 2020 00:51:17 GMT

Synchrony is Vantage Score I believe?! Somebody correct me if I am wrong?!

Re: Verizon / Synchrony Approval But Score / Limit?

Anonymous — Tue, 30 Jun 2020 00:53:54 GMT

@Girlzilla88 wrote:
Synchrony is Vantage Score I believe?! Somebody correct me if I am wrong?!

Even if it is.. my TU and EQ Vantage scores are both over 780.

Re: Verizon / Synchrony Approval But Score / Limit?

Anonymous — Tue, 30 Jun 2020 00:54:11 GMT

@Girlzilla88 wrote:
Synchrony is Vantage Score I believe?! Somebody correct me if I am wrong?!

They may use other scores such as FICO, LexisNexis or internal ones.

Re: Verizon / Synchrony Approval But Score / Limit?

CreditCuriosity — Tue, 30 Jun 2020 00:57:57 GMT

Their internal scoring system. Basically means nothing to you. Whether they use FICO or Vantage to make decisions or their internal system only they know, but scores you were provided were internal scoring system it appars by range. Waiting for my card/rate I got and see if I got the TIER 1 rate or whether 2 or 3. Regardless I would never carry a balance on any of those rates as best is 18.x if I recall correctly. Also they aren't being real generous with this card either as my scores are approx 800, six figure income and alot of very high CL's cards many in 20-60k range and they gave me 5.5k.

Just use it for what it is good for being discount off bill if single or multiple lines on autopay, etc..

Enjoy the card

Re: Verizon / Synchrony Approval But Score / Limit?

Anonymous — Tue, 30 Jun 2020 00:59:59 GMT

BOOm! Congrats on the approval.

RE score model - if you google "300 to 620 score model" you'll see a lot of synchrony references. It's their own internal model.

https://ficoforums.myfico.com/t5/Credit-Cards/Score-range-300-to-620-from-Synchrony-bank-WTH/td-p/3919067

https://ficoforums.myfico.com/t5/Credit-Cards/Synchrony-has-their-own-scoring-model-now/td-p/5785606

Etc...

Re: Verizon / Synchrony Approval But Score / Limit?

Meanmchine — Tue, 30 Jun 2020 01:04:35 GMT

@CreditCuriosity wrote:
Their internal scoring system. Basically means nothing to you. Whether they use FICO or Vantage to make decisions or their internal system only they know, but scores you were provided were internal scoring system it appars by range. Waiting for my card/rate I got and see if I got the TIER 1 rate or whether 2 or 3. Regardless I would never carry a balance on any of those rates as best is 18.x if I recall correctly. Also they aren't being real generous with this card either as my scores are approx 800, six figure income and alot of very high CL's cards many in 20-60k range and they gave me 5.5k.

Just use it for what it is good for being discount off bill if single or multiple lines on autopay, etc..

Enjoy the card

That pretty much says it all

Congrats OP. Im sure that this limit will grow quickly knowing Synchrony

Re: Verizon / Synchrony Approval But Score / Limit?

Anonymous — Tue, 30 Jun 2020 01:16:41 GMT

@Meanmchine wrote:
@CreditCuriosity wrote:
Their internal scoring system. Basically means nothing to you. Whether they use FICO or Vantage to make decisions or their internal system only they know, but scores you were provided were internal scoring system it appars by range. Waiting for my card/rate I got and see if I got the TIER 1 rate or whether 2 or 3. Regardless I would never carry a balance on any of those rates as best is 18.x if I recall correctly. Also they aren't being real generous with this card either as my scores are approx 800, six figure income and alot of very high CL's cards many in 20-60k range and they gave me 5.5k.

Just use it for what it is good for being discount off bill if single or multiple lines on autopay, etc..

Enjoy the card
That pretty much says it all
Congrats OP. Im sure that this limit will grow quickly knowing Synchrony

Just when I thought I had a handle on my scores... Here's another one to now work on. Oh well.

Thanks for the reply everyone.

Re: Verizon / Synchrony Approval But Score / Limit?

mrcraft — Tue, 30 Jun 2020 01:31:40 GMT

Congratulations on your approval!!

I was a bit disappointed with my SL too, but oh well.

Re: Verizon / Synchrony Approval But Score / Limit?

CreditAggie — Tue, 30 Jun 2020 04:05:37 GMT

Congratulations on your Verizon approval!

Re: Verizon / Synchrony Approval But Score / Limit?

Anonymous — Tue, 30 Jun 2020 10:45:39 GMT

@Anonymous Super Congrats on your Verizon approval!

Yes, 547 is an internal score. On a scale of 300-620, 547 is quite good.

Not exactly sure if it equates to your TU8 791, but it's still a good score.

You'll have to call Synchrony for more deets. Congrats again on your success!

Re: Verizon / Synchrony Approval But Score / Limit?

gdale6 — Tue, 30 Jun 2020 14:17:07 GMT

Synch uses their own in house score to approve with certain cards looks like this is one of them, we dont know much about it. Grats on your new card and you can call credit solutions to try and raise that limit when the card arrives.

Re: Verizon / Synchrony Approval But Score / Limit?

M_Smart007 — Tue, 30 Jun 2020 14:20:14 GMT

@mrcraft wrote:
Congratulations on your approval!!

I was a bit disappointed with my SL too, but oh well.

I just don't know how generous they can be? .. when you read the Sync news articles.

Re: Verizon / Synchrony Approval But Score / Limit?

Wavester64 — Tue, 30 Jun 2020 14:29:06 GMT

@Anonymous wrote:
I applied for the new Verizon card last week. Immedialy saw a hard pull for TransUnion. Score was 791 at the time. Was approved for $2100. Was a bit dissapointed considering my income and score are not an issue. But I thought maybe it's the pandemic crack down on credit. I resolved myself to the low limit. Got a letter in the mail today from Synchrony bank. It stated that when they pulled my credit I was not given a prime rate and by law they have to notifiy me why. Continued reading and on the next page, it states that my credit score is 547. First of all, what the actual heck. Secondly, what's the deal here?

The score range in the bottom box states 300 - 620.

I've never done business with this bank before. What is going on here?

Yeah, I got that craziness too, saying my score was 521 out of 620. No idea what that means, and I already have 2 -ther Synchrony based cards too.

Re: Verizon / Synchrony Approval But Score / Limit?

Anonymous — Tue, 30 Jun 2020 14:31:43 GMT

@M_Smart007 wrote:
@mrcraft wrote:
Congratulations on your approval!!

I was a bit disappointed with my SL too, but oh well.
I just don't know how generous they can be? .. when you read the Sync news articles.

Sure. That's understandable. For me personally however I just wanted something with $5,000.

Re: Verizon / Synchrony Approval But Score / Limit?

Anonymous — Tue, 30 Jun 2020 14:33:40 GMT

@Anonymous wrote:
@Anonymous Super Congrats on your Verizon approval!

Yes, 547 is an internal score. On a scale of 300-620, 547 is quite good.
Not exactly sure if it equates to your TU8 791, but it's still a good score.
You'll have to call Synchrony for more deets. Congrats again on your success!

They seem a bit off the wild west. The rep I called just was super nice but had no information on anything. She just kept repeating nice and reassuring things. Just non answers. I do plan to call when I get my card to see if I can ateast get to a min of $5,000 but I don't want to risk a hard pull again. I don't trust them.

Re: Verizon / Synchrony Approval But Score / Limit?

M_Smart007 — Tue, 30 Jun 2020 15:36:00 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous Super Congrats on your Verizon approval!

Yes, 547 is an internal score. On a scale of 300-620, 547 is quite good.
Not exactly sure if it equates to your TU8 791, but it's still a good score.
You'll have to call Synchrony for more deets. Congrats again on your success!
They seem a bit off the wild west. The rep I called just was super nice but had no information on anything. She just kept repeating nice and reassuring things. Just non answers. I do plan to call when I get my card to see if I can ateast get to a min of $5,000 but I don't want to risk a hard pull again. I don't trust them.

I do not think you risk another HP for asking for more, I have around 7- 8 Sync accounts several are MC/Visa cards.

Never had a HP for calling in asking for more.

Sometimes you can get on a new card, other times NO.

Re: Verizon / Synchrony Approval But Score / Limit?

CYBERSAM — Wed, 01 Jul 2020 06:59:00 GMT

Congrats on your approval 👍 No worries on SL, Synchrony grows fast!

What APR you got?