topic Re: Rakuten Visa Denial in Credit Card Applications

Rakuten Visa Denial

Anonymous — Sun, 26 Jan 2020 01:49:14 GMT

Hello all,

I have been lurking recently and was wondering if anyone had ideas to why I was denied or can provide any tips? I have contacted Synchrony Bank and escalated from customer service representatives to the account manager and nobody can comment on the denial process.

Proportion of satisfactory trades too low <--- can't seem to find anything on this.
Invalid phone number of applicant <--- have used the same number for years, but I am not the account holder.
Not enough mortgage experience <--- cannot afford a house yet
Not enough credit experience
- Wells Fargo Platinum Card - 08/2013 - $2800 Limit
- Chase Freedom Unlimited Card - 04/2016 - $5000 Limit
- Amazon.com Credit - 11/2016 - $1024 Limit
- Fidelity Rewards Visa Signature Card - 05/2018 - $12000 Limit
- Paypal Bill Me Later - 07/2018 - $4000 Limit
- American Express Platinum - 01/2020
- American Express Gold - 01/2020

My credit score from a range of 001 to a high of 999 was 775.

Noticed a hard pull on Creditkarma for Transunion (794 and 5 point drop) and on the e-letter was Sagestream, LLC.

Thank you!

Re: Rakuten Visa Denial

Anonymous — Sun, 26 Jan 2020 03:09:31 GMT

Believe this is a synchrony financial card I am not sure of the score they used there being up to 999 but has to be vantage form the mortgage info.

Re: Rakuten Visa Denial

FinStar — Sun, 26 Jan 2020 04:46:38 GMT

@Anonymous wrote:
Believe this is a synchrony financial card I am not sure of the score they used there being up to 999 but has to be vantage form the mortgage info.

Just for clarification, the Rakuten Visa is not a SYNCB Financial/Financing product, it was formerly known as EBates before the rebranding.

ETA - it is issued by SYNCB (not SYF).

Re: Rakuten Visa Denial

FinStar — Sun, 26 Jan 2020 03:53:52 GMT

@Anonymous wrote:
Hello all,

I have been lurking recently and was wondering if anyone had ideas to why I was denied or can provide any tips? I have contacted Synchrony Bank and escalated from customer service representatives to the account manager and nobody can comment on the denial process.

Proportion of satisfactory trades too low <--- can't seem to find anything on this.
Invalid phone number of applicant <--- have used the same number for years, but I am not the account holder.
Not enough mortgage experience <--- cannot afford a house yet
Not enough credit experience
Wells Fargo Platinum Card - 08/2013 - $2800 Limit
Chase Freedom Unlimited Card - 04/2016 - $5000 Limit
Amazon.com Credit - 11/2016 - $1024 Limit
Fidelity Rewards Visa Signature Card - 05/2018 - $12000 Limit
Paypal Bill Me Later - 07/2018 - $4000 Limit
American Express Platinum - 01/2020
American Express Gold - 01/2020
My credit score from a range of 001 to a high of 999 was 775.

Noticed a hard pull on Creditkarma for Transunion (794 and 5 point drop) and on the e-letter was Sagestream, LLC.

Thank you!

Do you typically revolve any balances or PIF before the statement cuts? What is your current utilization? Are you using all of your CCs or only a few of them?

Re: Rakuten Visa Denial

Anonymous — Sun, 26 Jan 2020 03:56:45 GMT

@FinStar wrote:
@Anonymous wrote:
Believe this is a synchrony financial card I am not sure of the score they used there being up to 999 but has to be vantage form the mortgage info.
Just for clarification, the Rakuten Visa is not a SYNCB Financial/Financing product, it was formerly known as EBates before the rebranding.

Maybe I'm misunderstanding what you're saying, but this IS a SYNCB product. From the Application:

The Rakuten Cash Back Visa Platinum Card and Rakuten Cash Back Visa Signature Card are issued by Synchrony Bank ("SYNCB") and are not an obligation of Rakuten Inc.

Re: Rakuten Visa Denial

Brian_Earl_Spilner — Sun, 26 Jan 2020 04:04:02 GMT

@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
Believe this is a synchrony financial card I am not sure of the score they used there being up to 999 but has to be vantage form the mortgage info.
Just for clarification, the Rakuten Visa is not a SYNCB Financial/Financing product, it was formerly known as EBates before the rebranding.

Maybe I'm misunderstanding what you're saying, but this IS a SYNCB product. From the Application:

The Rakuten Cash Back Visa Platinum Card and Rakuten Cash Back Visa Signature Card are issued by Synchrony Bank ("SYNCB") and are not an obligation of Rakuten Inc.

Sync has more than one branch. Same as Citi. Sync bank is not synchrony financial

Re: Rakuten Visa Denial

Anonymous — Sun, 26 Jan 2020 04:06:33 GMT

@FinStar wrote:
@Anonymous wrote:
Believe this is a synchrony financial card I am not sure of the score they used there being up to 999 but has to be vantage form the mortgage info.
Just for clarification, the Rakuten Visa is not a SYNCB Financial/Financing product, it was formerly known as EBates before the rebranding.

I have this card. It is issued by Synchrony.

Re: Rakuten Visa Denial

Anonymous — Sun, 26 Jan 2020 04:32:48 GMT

Wasn’t aware there was a real difference between the 2... it’s like the 2 different commenitys I supposed would assume underwriting is nearly identical. Could be wrong.

Re: Rakuten Visa Denial

FinStar — Sun, 26 Jan 2020 04:36:35 GMT

@Brian_Earl_Spilner wrote:
@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
Believe this is a synchrony financial card I am not sure of the score they used there being up to 999 but has to be vantage form the mortgage info.
Just for clarification, the Rakuten Visa is not a SYNCB Financial/Financing product, it was formerly known as EBates before the rebranding.

Maybe I'm misunderstanding what you're saying, but this IS a SYNCB product. From the Application:

The Rakuten Cash Back Visa Platinum Card and Rakuten Cash Back Visa Signature Card are issued by Synchrony Bank ("SYNCB") and are not an obligation of Rakuten Inc.

Sync has more than one branch. Same as Citi. Sync bank is not synchrony financial

Correct. Synchrony Bank has a separate division (aka Synchrony Financial or SYF) where some specific products are issued. Those types of products include financing for specific retailers in floor furnishings, jewelry, home improvement, auto parts and services, etc. SYNCB as commonly known here is the issuer of CCs like PayPal/eBay MC, JCPenney, Sam's Club, etc.

Re: Rakuten Visa Denial

Anonymous — Sun, 26 Jan 2020 04:38:27 GMT

Thanks for clarification finstar, I’m curious to know what scoring model he’s referring to anyone know that?

Re: Rakuten Visa Denial

FinStar — Sun, 26 Jan 2020 04:41:28 GMT

@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
Believe this is a synchrony financial card I am not sure of the score they used there being up to 999 but has to be vantage form the mortgage info.
Just for clarification, the Rakuten Visa is not a SYNCB Financial/Financing product, it was formerly known as EBates before the rebranding.

Maybe I'm misunderstanding what you're saying, but this IS a SYNCB product. From the Application:

The Rakuten Cash Back Visa Platinum Card and Rakuten Cash Back Visa Signature Card are issued by Synchrony Bank ("SYNCB") and are not an obligation of Rakuten Inc.

Notice --> Synchrony Bank (SYNCB), not Synchrony Financial (SYF).

Re: Rakuten Visa Denial

M_Smart007 — Sun, 26 Jan 2020 04:54:51 GMT

@FinStar wrote:
@Anonymous wrote:
Believe this is a synchrony financial card I am not sure of the score they used there being up to 999 but has to be vantage form the mortgage info.
Just for clarification, the Rakuten Visa is not a SYNCB Financial/Financing product, it was formerly known as EBates before the rebranding.

Edited for

Re: Rakuten Visa Denial

FinStar — Sun, 26 Jan 2020 04:45:08 GMT

@M_Smart007 wrote:
@FinStar wrote:
@Anonymous wrote:
Believe this is a synchrony financial card I am not sure of the score they used there being up to 999 but has to be vantage form the mortgage info.
Just for clarification, the Rakuten Visa is not a SYNCB Financial/Financing product, it was formerly known as EBates before the rebranding.

I really thought it was Sync? " The Rakuten Cash Back Visa® Card is issued by Synchrony Bank pursuant to a license from Visa USA Inc."
https://www.synchronycredit.com/eSecurity/Login/login.action?clientId=ebates&accountType=dualcard&langId=en

See above replies @M_Smart007

Re: Rakuten Visa Denial

M_Smart007 — Sun, 26 Jan 2020 04:55:32 GMT

@FinStar As you well know, I am often wrong especially when tired

My apologies.

Re: Rakuten Visa Denial

FinStar — Sun, 26 Jan 2020 04:58:48 GMT

@M_Smart007 wrote:

@FinStar As you well know, I am often wrong especially when tired

My apologies.

No worries @M_Smart007. It wasn't about being wrong at all! 😁

Just like @Brian_Earl_Spilner mentioned upthread, there's a difference in UW by both divisions and scores they use/provide. The point of clarification was so that the OP could obtain more insight on the reasons they received from SYNCB based on the score provided.

Re: Rakuten Visa Denial

Anonymous — Sun, 26 Jan 2020 04:58:17 GMT

I mostly used the Fidelity Visa and am aiming to use the AMEX more. In the past, I have always PIF before the Statement cuts. Usually under 1% utilization, should I not do that and let it post?

Re: Rakuten Visa Denial

FinStar — Sun, 26 Jan 2020 05:02:54 GMT

@Anonymous wrote:
I mostly used the Fidelity Visa and am aiming to use the AMEX more. In the past, I have always PIF before the Statement cuts. Usually under 1% utilization, should I not do that and let it post?

Thanks for the data points @Anonymous. So, are you using the AZEO method or not even using your other cards at all?

Re: Rakuten Visa Denial

Anonymous — Sun, 26 Jan 2020 05:18:37 GMT

@FinStar No problem, was barely using any of the other cards except billmelater had a small utilization of $236/4000. Not sure if that hurt me..

Re: Rakuten Visa Denial

Brian_Earl_Spilner — Sun, 26 Jan 2020 05:18:47 GMT

@Anonymous the score being cited is their Sagestream Optics score. They're a smaller bureau that also gathers data for resale. They're not liked very much. Many banks and credit unions will pull multiple bureaus. For example, a lender may pull FICO because it's what their underwriting is based on, VantageScore for the trended data, and Sagestream to look at utility (rent, utilities, cell phones) payment history. They can then approve or deny based on any of them.

Re: Rakuten Visa Denial

Anonymous — Mon, 02 Mar 2020 06:42:35 GMT

Just an update, applied and got approved after a 30 day wait. Froze one of the smaller bureaus.