topic Re: Synchrony CLI Denied in Credit Card Applications

Synchrony CLI Denied

Anonymous — Fri, 14 Aug 2020 16:14:33 GMT

Eh, ye old home needs some work and the contractor offers decent financing through Synchrony. I have Lowes and Amazon with $27k in total lmit between the two. I have like 2k used. The total project cost is $21k they gave me $9k. I called a backdoor number and a human did answer right away but she just punched buttons on the computer and my CLI was denied. Bah! I am floating some large projects for my small business which have yet to be invoiced but I am surprised that being a longtime customer didn't matter nor the other accounts with them.

Re: Synchrony CLI Denied

dragontears — Fri, 14 Aug 2020 17:49:32 GMT

@Anonymous wrote:
Eh, ye old home needs some work and the contractor offers decent financing through Synchrony. I have Lowes and Amazon with $27k in total lmit between the two. I have like 2k used. The total project cost is $21k they gave me $9k. I called a backdoor number and a human did answer right away but she just punched buttons on the computer and my CLI was denied. Bah! I am floating some large projects for my small business which have yet to be invoiced but I am surprised that being a longtime customer didn't matter nor the other accounts with them.

Sorry for your denial

It is completely correct that it does not matter what your "relationship" with them is/was. What matters is how risky your profile looks right now. If you are floating large balance for a business there is no way for a lender to know this.

With the pandemic and businesses closing, people loosing jobs or being furloughed every day still, what happened last year or in the last 10 years can no longer accurately predict if someone is going to default in the near future.

Re: Synchrony CLI Denied

Anonymous — Fri, 14 Aug 2020 18:00:13 GMT

That is true. Still a bummer. Also finanacing for a small biz is always a bummer too. Always falls on the owner to secure it and I get it. Oh well.

Re: Synchrony CLI Denied

AverageJoesCredit — Sat, 15 Aug 2020 14:07:37 GMT

sorry.

Who gave you 9k? Abit confusing your post on this part. How much are your individual cards and when did you open them? How is your AAoA, Fico scores?. We need more info to give better advice about Sync lol though @dragontears was spot on about computer doesnt care about " relationship" thanks

Re: Synchrony CLI Denied

clipperskipper — Sun, 16 Aug 2020 20:10:18 GMT

Interesting post, as Synch bank holds several store accounts. My first dealing with them was just two years ago after applying for a Lowe's Pro card. I received a call from them asking me to unlock my Experian file, even though this was a new business, with a Duns number. Got a $10K limit assigned, August 2018. Applied for Chase unlimited card the same day, cli $21600 without asking.

No love lost with Capital one, I've had both a Venture and Quicksilver cards for years and ask for a cli each year; nothing doing. You don't carry a balance is their excuse. I tell them that my kitchen remodel costs $20K, however it falls upon deaf ears.

You might try Home Depot, Citi seems a little easier to deal with. I just got a Pro card there, 10K limit without asking, and you can enjoy an additional 5% off each purchase.

Just applied for Harbor Freight (Synch Bank), hell I'm in there weekly for something. 5% off, plus they let you stack coupons and inside track club discounts. I'll let you know how that goes, as I want to buy a roofing coil nailer next. I'm out of work, so I might as well fix my house, and I'm officially a licensed home improvement contractor as of yesterday. Synch is kind of a stiff bank, apr is 29.75%, late fee up to $38?

Experian 850 08/16/2020 pull Fico 8 model.