topic Re: Denial for high risk source of application in Credit Card Applications

No Lowes prequal?

GatorGuy — Sun, 06 Jun 2021 17:18:42 GMT

Just out of curiousity I was doing SP prequals. When I did Lowes it was the only one that said I wasn't approved. It says I'll get a letter in 7 to 10 days so obviously I'll be curious to see what it says but wondering if this is normal? I did not think this was a difficult to apply for card. 😂

My Fico8s last week:

TU 783

EX 826

EQ 787

I have zero late payments or anything negative. My util runs 8% to 15%.

Re: No Lowes prequal?

FinStar — Sun, 06 Jun 2021 17:35:26 GMT

Are any of your reports frozen? How about SageStream? If everything is 'open' then yes this is expected if SYNCB has no pre-qualified offers for your profile.

I'm sure most members would be curious to learn the reasons when you receive the letter so be sure to post those details.

Re: No Lowes prequal?

GatorGuy — Sun, 06 Jun 2021 17:42:00 GMT

@FinStar wrote:
Are any of your reports frozen? How about SageStream? If everything is 'open' then yes this is expected if SYNCB has no pre-qualified offers for your profile.

I'm sure most members would be curious to learn the reasons when you receive the letter so be sure to post those details.

I have nothing frozen. What is SageStream and how do I check that?

Re: No Lowes prequal?

Remi1 — Sun, 06 Jun 2021 17:46:04 GMT

Have you opened any new accounts recently? I've seen instances where it'll give pre-approvals to someone, but then after opening new accounts it would give the 7-10 day denial message instead. Just a thought.

Re: No Lowes prequal?

FinStar — Sun, 06 Jun 2021 17:47:30 GMT

@GatorGuy wrote:
@FinStar wrote:
Are any of your reports frozen? How about SageStream? If everything is 'open' then yes this is expected if SYNCB has no pre-qualified offers for your profile.

I'm sure most members would be curious to learn the reasons when you receive the letter so be sure to post those details.
I have nothing frozen. What is SageStream and how do I check that?

SageStream is an alternate reporting resource that a variety of banks use (including Comenity, SYNCB, etc.) in addition to any of the traditional CRAs.

You can request your report online.

Re: No Lowes prequal?

WowCool — Mon, 07 Jun 2021 02:30:01 GMT

@GatorGuy wrote:
I have nothing frozen. What is SageStream and how do I check that?

Could be verification. Last month, I was prequalified, then applied, then got the 7-10 day message. I waited for the letter and it was to call in for verification.

Good luck!

Re: No Lowes prequal?

GatorGuy — Tue, 08 Jun 2021 01:12:11 GMT

@FinStar wrote:
@GatorGuy wrote:
@FinStar wrote:
Are any of your reports frozen? How about SageStream? If everything is 'open' then yes this is expected if SYNCB has no pre-qualified offers for your profile.

I'm sure most members would be curious to learn the reasons when you receive the letter so be sure to post those details.
I have nothing frozen. What is SageStream and how do I check that?
SageStream is an alternate reporting resource that a variety of banks use (including Comenity, SYNCB, etc.) in addition to any of the traditional CRAs.

You can request your report online.

I requested my Sagestream report and it said I would receive a letter in the mail within two weeks. Although I requested it online.

Is this typical?

Denial for high risk source of application

GatorGuy — Fri, 11 Jun 2021 23:30:20 GMT

I tried a pre-approval for a Lowes card and got denied. Today I received the letter which states I was turned down due to a high risk source of application. Anyone have any idea what that means?

I don't have any negatives on my report. My Fico8 are EQ 787, TU 783 and EX 826.

Re: Denial for high risk source of application

Anonymous — Fri, 11 Jun 2021 23:39:06 GMT

A reason unique to Synchrony.

Did you apply from home? Were you using a VPN that might have rerouted your actual physical location?

Re: Denial for high risk source of application

FalconSteve — Sat, 12 Jun 2021 00:50:36 GMT

@GatorGuy wrote:
I tried a pre-approval for a Lowes card and got denied. Today I received the letter which states I was turned down due to a high risk source of application. Anyone have any idea what that means?

I don't have any negatives on my report. My Fico8 are EQ 787, TU 783 and EX 826.

This could be caused by applying from Tor, a VPN, Opera, or while traveling

Re: Denial for high risk source of application

Anonymous — Sat, 12 Jun 2021 01:21:40 GMT

Actually you would not be considered to be profitable at Synchrony. Based on your high scores alone that is a good chance why they denied you. If you read other threads people are happy as they where approved for a $10,000 line even though they have had a bankruptcy or just late payments. That is where they make their money. Not on you, sorry to say. Been there done that with that bank here as well.

Re: Denial for high risk source of application

DesertWanderer — Sat, 12 Jun 2021 04:33:29 GMT

I had the exact same thing happen to me last week. My scores are in low 800s, high 700. I applied from home, no VPN. I figured they denied my pre-approval request because I closed one of their other cards a few weeks prior.

Re: Denial for high risk source of application

GatorGuy — Sat, 12 Jun 2021 14:15:18 GMT

I applied from home, on my own computer without a VPN. I don't think I've ever had a Synchrony card before and that was the first time I even did a prequal for the Lowes card.

Re: Denial for high risk source of application

Remedios — Sat, 12 Jun 2021 14:23:30 GMT

@Anonymous wrote:
Actually you would not be considered to be profitable at Synchrony. Based on your high scores alone that is a good chance why they denied you. If you read other threads people are happy as they where approved for a $10,000 line even though they have had a bankruptcy or just late payments. That is where they make their money. Not on you, sorry to say. Been there done that with that bank here as well.

My scores are in mid 790s, I'm not a profitable customer if we are looking at paying interest as the only criteria (it isn't, even if you never pay a penny, they still profit from swipe fees plus lesser chance of default) , I've closed one of their cards before, and getting prequal was a piece of cake.

Re: Denial for high risk source of application

GatorGuy — Sat, 12 Jun 2021 16:36:47 GMT

@Remedios wrote:
@Anonymous wrote:
Actually you would not be considered to be profitable at Synchrony. Based on your high scores alone that is a good chance why they denied you. If you read other threads people are happy as they where approved for a $10,000 line even though they have had a bankruptcy or just late payments. That is where they make their money. Not on you, sorry to say. Been there done that with that bank here as well.

My scores are in mid 790s, I'm not a profitable customer if we are looking at paying interest as the only criteria (it isn't, even if you never pay a penny, they still profit from swipe fees plus lesser chance of default) , I've closed one of their cards before, and getting prequal was a piece of cake.

So after looking at my credit report deeper it looks earlier this year when I applied for Sleep Number 0% financing it was actually a Synchrony card. Since it's only a few months in on 4 years it is showing it as 92% utilization.

Could this be why I'm actually not getting a pre-approval?

Re: Denial for high risk source of application

W261w261 — Sun, 13 Jun 2021 02:05:55 GMT

I got the Lowe's card eventually after the 7-10 day letter wait. I thought I was declined, but all they wanted was "additional verification," which consisted of a texted code.

Re: Denial for high risk source of application

FinStar — Sun, 13 Jun 2021 04:56:46 GMT

@W261w261 wrote:
I got the Lowe's card eventually after the 7-10 day letter wait. I thought I was declined, but all they wanted was "additional verification," which consisted of a texted code.

@W261w261 - except the OP already received their letter, please reference their posts upthread.

Re: No Lowes prequal?

FalconSteve — Sun, 13 Jun 2021 17:10:17 GMT

I did the Lowes Charge pre-qual and got 26.99% and didn't get a dollar figure. Not sure which main bureau they use.