topic Re: PayPal MasterCard denied in Credit Card Applications

PayPal MasterCard denied

Anonymous — Tue, 29 Oct 2019 22:42:55 GMT

”Length of time accounts have been established”

I know I’m new to the credit scene, but I thought Synchrony was lenient?

TU: 747

AoOA: 1 yr 1 month, Discover IT, Sep 2018

AoYA: 7 months, Chase Freedom, Feb 2019

Inquiries: 1 from the PP MC

utilization: <10%

im over the PP MC but im looking into the Marvel MC from Synchrony. How long should i wait for my accounts to age before applying?

Re: PayPal MasterCard denied

Anonymous — Tue, 29 Oct 2019 22:47:48 GMT

Sorry about your denial, but lenient doesn't mean guaranteed.

The Marvel card is Sync flagship card, much harder to get approved for vs their other cards. I would wait at least 6 months given the reason for you recent denial.
Good luck, and welcome to myfico!

Re: PayPal MasterCard denied

Anonymous — Tue, 29 Oct 2019 22:54:39 GMT

Thanks! I’m thinking about applying for the Chase FU in Jan and the Marvel MC in Jun. Do you know if Synchrony is inquiry/new account sensitive? I cannot find any recent DPs.

Re: PayPal MasterCard denied

Brian_Earl_Spilner — Tue, 29 Oct 2019 23:31:44 GMT

No, they are not

Re: PayPal MasterCard denied

Anonymous — Wed, 30 Oct 2019 00:09:10 GMT

it sounds like you only have 2 accounts? that's also going to be a problem. what are all 4 of your reason codes and in what order are they listed?

Re: PayPal MasterCard denied

Anonymous — Wed, 30 Oct 2019 01:27:22 GMT

Yeah I only have 2 credit cards. No loans or anything. Growing up I was told credit is a bad thing so I pretty much avoided it at all costs. I am an authorized user on an Exxon gas card for 3.5 years, though. Not sure if that means anything.

The letter only lists one reason for the denial (the length of accounts established reasoning) but later on the letter lists 4 key factors affecting your credit score. I thought the 4 key factors listed was more of a generic “these factors affect your credit score” thing and not necessarily “this is why we denied you.” But, like I said, I’m new to credit so I don’t know?

Not enough available credit on revolving accounts

Too high proportion of accounts recently opened

Lack of first mortgage account information

Total credit limits and loan amounts is too low

thanks for the guidance by the way!

Re: PayPal MasterCard denied

Anonymous — Wed, 30 Oct 2019 01:32:02 GMT

Synchrony is lax with their store cards but they're a lot pickier with their majors.

The PayPal is actually said to be easier to get than the Marvel and Synchrony gives a max of $2K for 99% of the Marvel approvals I have seen (including my own) where PayPal can be much higher (mine was $8K and I've seen a select few get more than $10K to start) so that's something to consider.

If you shop on Amazon, you might consider getting the Amazon Store Card to start a relationship with Synchrony and then try for PayPal or Marvel in 6 months or so.

Re: PayPal MasterCard denied

Anonymous — Wed, 30 Oct 2019 03:36:56 GMT

@Anonymous wrote:
Yeah I only have 2 credit cards. No loans or anything. Growing up I was told credit is a bad thing so I pretty much avoided it at all costs. I am an authorized user on an Exxon gas card for 3.5 years, though. Not sure if that means anything.

The letter only lists one reason for the denial (the length of accounts established reasoning) but later on the letter lists 4 key factors affecting your credit score. I thought the 4 key factors listed was more of a generic “these factors affect your credit score” thing and not necessarily “this is why we denied you.” But, like I said, I’m new to credit so I don’t know?
Not enough available credit on revolving accounts
Too high proportion of accounts recently opened
Lack of first mortgage account information
Total credit limits and loan amounts is too low

thanks for the guidance by the way!

no the key facors tell the real story about why you got denied. #1 main reason is that they think none of your cards has a very big limit on it, what are the limits of your 3 cards?

the secondary reason is that most of your accounts are newly opened. lack of mortgage, oh well. and lastly, your combined credit limit is low... that's the 2nd time they mention your limits so we know it's really hurting you bad.

Re: PayPal MasterCard denied

Anonymous — Wed, 30 Oct 2019 04:21:18 GMT

@Anonymous wrote:
@Anonymous wrote:
Yeah I only have 2 credit cards. No loans or anything. Growing up I was told credit is a bad thing so I pretty much avoided it at all costs. I am an authorized user on an Exxon gas card for 3.5 years, though. Not sure if that means anything.

The letter only lists one reason for the denial (the length of accounts established reasoning) but later on the letter lists 4 key factors affecting your credit score. I thought the 4 key factors listed was more of a generic “these factors affect your credit score” thing and not necessarily “this is why we denied you.” But, like I said, I’m new to credit so I don’t know?
Not enough available credit on revolving accounts
Too high proportion of accounts recently opened
Lack of first mortgage account information
Total credit limits and loan amounts is too low

thanks for the guidance by the way!
no the key facors tell the real story about why you got denied. #1 main reason is that they think none of your cards has a very big limit on it, what are the limits of your 3 cards?

the secondary reason is that most of your accounts are newly opened. lack of mortgage, oh well. and lastly, your combined credit limit is low... that's the 2nd time they mention your limits so we know it's really hurting you bad.

Key factors are nothing but FICO reason codes. They often have nothing to do with the true reason for denial. Annoyingly, a few lenders like Synchrony will just put the four FICO codes as their reason for denial when that's clearly not the real reason. Nobody gets denied a credit card for not having a mortgage.

Re: PayPal MasterCard denied

zerofire — Wed, 30 Oct 2019 12:02:17 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Yeah I only have 2 credit cards. No loans or anything. Growing up I was told credit is a bad thing so I pretty much avoided it at all costs. I am an authorized user on an Exxon gas card for 3.5 years, though. Not sure if that means anything.

The letter only lists one reason for the denial (the length of accounts established reasoning) but later on the letter lists 4 key factors affecting your credit score. I thought the 4 key factors listed was more of a generic “these factors affect your credit score” thing and not necessarily “this is why we denied you.” But, like I said, I’m new to credit so I don’t know?
Not enough available credit on revolving accounts
Too high proportion of accounts recently opened
Lack of first mortgage account information
Total credit limits and loan amounts is too low

thanks for the guidance by the way!
no the key facors tell the real story about why you got denied. #1 main reason is that they think none of your cards has a very big limit on it, what are the limits of your 3 cards?

the secondary reason is that most of your accounts are newly opened. lack of mortgage, oh well. and lastly, your combined credit limit is low... that's the 2nd time they mention your limits so we know it's really hurting you bad.
Key factors are nothing but FICO reason codes. They often have nothing to do with the true reason for denial. Annoyingly, a few lenders like Synchrony will just put the four FICO codes as their reason for denial when that's clearly not the real reason. Nobody gets denied a credit card for not having a mortgage.

Synchrony Bank is clearly concerned that you have not shown long term debt repayment for a product that they concider slightly higher teir. The PayPal MC is elivated above all of their store cards and a good chunck of their CC's. Marvel MC is pretty much the only thing more conservitive due to the co-brand being so popular and Care/Car Credit which is Synchrony Banks real brainchild but there are ways around it with a doctors recommendation. The 1and 4 codes basicly say your limits are really small right now due in part to lenders not trusting you yet. I have heard of Chase give $500 Freedom or Freedom Unlimited cards. Discover can do the same if they wanted to take a chance. Code 2 is clearly that your cards are too fresh for more credit. This is probably due to the AU being counted as an account and them thinking you are a credit seeker or they eliminated the AU but think for this product you need a minimum age on any existing accounts. Code 3 is the most roundabout code of the bunch. It does say that they would like to see a mortgage however this is because one shows your repayment skills over 15-30yr which is what they are really looking for. The profile itsself does not show long term ability to repay yet and that is what they are concerned most about. Give them another 6mo and try again. Also remember to ask Discover for some SP CLi's so you will look like your profile got stronger.

Re: PayPal MasterCard denied

AverageJoesCredit — Wed, 30 Oct 2019 14:34:22 GMT

+1 @Anonymous

Your file is thin . How high your limits are and no mortgage are just things they like to put on the denial reason. Let your cards age another 6-12 months and you might try again. When you have a 1 year AAoA , and are under 5/24, go for your Chase. They like to see some age. Good luck OP snd welcome to myFico

Re: PayPal MasterCard denied

clipperskipper — Wed, 30 Oct 2019 23:11:31 GMT

"Lack of first mortgage account information"

Apparently, they do. A mortgage gives them a long term picture of payment history. Anyone can carry paper, how much is something that you need to personally determine.

EXP 850 10-30-2019 pull

EX 850 10-30-2019 pull

TU 850 10-30-2019 pull

Re: PayPal MasterCard denied

Meanmchine — Thu, 31 Oct 2019 01:06:30 GMT

Sorry about your decline

Wait 6 months

If youre in a rush, try the prequal sites (Discover, Cap1, BBT etc )

Re: PayPal MasterCard denied

Remedios — Thu, 31 Oct 2019 01:17:17 GMT

I have two paid off mortgages. No one really praised me for it, nor did it really help at all with any approvals
In fact my only two denials were for insufficient history and too many new accounts.
I was able to "explain" new accounts and got that card, but I was unable to do anything about insufficient history.
A little over a year after that denial, I was approved for two cards from them.

So, it will happen for you. You just need a little bit of time.

Re: PayPal MasterCard denied

Anonymous — Thu, 31 Oct 2019 19:10:36 GMT

I've never had a Morgage, and it has never factored into me getting/not getting a CC. Once I got a couple of solid Bankcards under my belt, it became much easier to get more. A long history of payments to them still paints a picture of being reliable.

If a person read too much into their reaons, would they would rush out and get a Mortgage just to satisfy said Lender?

Re: PayPal MasterCard denied

Anonymous — Fri, 01 Nov 2019 23:17:26 GMT

As most of you know Sync used to provide FICO scores with this card, but recently switched to Vantage. I checked it the other day for the first time since the switch and it listed a negative to my score being lack of a mortgage. For what it is worth my scores are excellent.

I really like the card btw.

Re: PayPal MasterCard denied

Anonymous — Sun, 03 Nov 2019 21:08:21 GMT

"Sorry, we can't approve you at this time since you do not currently have a financed Rolls Royce. Feel free to apply again in the future when you have corrected this egregious shortcoming."

Re: PayPal MasterCard denied

Anonymous — Sun, 03 Nov 2019 22:14:03 GMT

@Anonymous wrote:
"Sorry, we can't approve you at this time since you do not currently have a financed Rolls Royce. Feel free to apply again in the future when you have corrected this egregious shortcoming."

This sounds like something CNB Crystal would require from what has been said about their app process 😂

Re: PayPal MasterCard denied

Anonymous — Sun, 03 Nov 2019 23:39:27 GMT

@Anonymous wrote:
Yeah I only have 2 credit cards. No loans or anything. Growing up I was told credit is a bad thing so I pretty much avoided it at all costs. I am an authorized user on an Exxon gas card for 3.5 years, though. Not sure if that means anything.

The letter only lists one reason for the denial (the length of accounts established reasoning) but later on the letter lists 4 key factors affecting your credit score. I thought the 4 key factors listed was more of a generic “these factors affect your credit score” thing and not necessarily “this is why we denied you.” But, like I said, I’m new to credit so I don’t know?
Not enough available credit on revolving accounts
Too high proportion of accounts recently opened
Lack of first mortgage account information
Total credit limits and loan amounts is too low

thanks for the guidance by the way!

The key factors are not the denial reason--they are what contributed to your current score. Those come from the credit bureau directly. That said, they do tell a story about your creditworthiness and what areas to improve your credit report and score.

Re: PayPal MasterCard denied

KJinNC — Mon, 04 Nov 2019 03:13:13 GMT

Sorry for your denial. I have no real accounts older than six months on TransUnion and only one on Equifax (old Exxon card). I have an AU card that is a few years old, but it's not on TU, either. I was approved for the PP MC at $3,500 a couple of months ago, so, your account ages are not a blocker in and of themselves, even if that's the one reason they listed. JMO, good luck!