topic Re: Interesting Synchrony CLI Data Point in Credit Cards

Interesting Synchrony CLI Data Point

UncleB — Wed, 01 Jun 2016 22:27:13 GMT

This is in regards to a CLI request, but I'm putting this thread in 'Credit Cards' since it is regarding an interesting (at least to me) data point on how Synchrony is changing their routine a bit.

I got my last CLI on my Lowe's back in January, and since it's been four months I figured I would give it another try. My last CLI took me from $7500 to $10k, so I know an any case I'm likely close to what I'll be able to get without going through Credit Solutions.

In the past, I would get a letter that simply stated "not enough experience at current credit limit (sic)"... or something to that effect.

This time was quite different... it had all the formalities of being turned down for a new account. Also on the second page (which is notable in itself; in the past it was only one page) there's the address for TransUnion for me to request a copy of my report due to the "AA" - again, just like a denial for a new account.

I apologize for the poor quality of the image... I had to take a picture of the letter with my phone (I don't have easy access to a scanner). I think you can read it well enough to get the idea, though.

Note that my request was on May 20, 2016 and the date of the SP (according to the letter) was back on February 25, 2016. Also note that my score was 713 (which was sufficient for my last CLI) and my TU is now currently 770+, which would likely be sufficient. The reference to "serious delinquency" was correct at the time, but it no longer applies. Also note that at the time my utilization was around 12% (it's currently around 8%) which isn't perfect but is hardly "high" by most standards.

My number of TU inquiries was (and still is) four, which I doubt is a true problem and is likely just an automated reason spit out by the computer.

I find the last statement especially curious... apparently they don't bother with SPs as often unless you are carrying a significant balance or have significant activity. This is a change from the old days when they would regularly SP people to make sure you weren't having issues with other lenders... that exact scenario actually triggered them to balance-chase me years ago. (This account has some age on it... it's 12 years old).

I know with a phone call (and possibly a HP?) I could likely get my CLI, but at the moment I'm OK with it at $10k. I'm only providing this here to demonstrate that things are indeed changing over at Synchrony. This along with the thread where folks are reporting getting a HP from Credit Solutions (which at one time never happened) goes to show that nothing is set in stone.

Edited to correct date of last CLI.

Re: Interesting Synchrony CLI Data Point

Anonymous — Wed, 01 Jun 2016 22:44:03 GMT

It's an election year UncleB. For the next year, the credit industry will probably tighten up again like they did from 2009-2011. I'm suprised about them turning you down, especially with your scores. I was able to get to $15k before the proverbial train went into the station. I would think that in your case a HP would be worth it to ask for $35k. Thanks for the data point.

Re: Interesting Synchrony CLI Data Point

UncleB — Wed, 01 Jun 2016 22:50:39 GMT

@Anonymous wrote:
It's an election year UncleB. For the next year, the credit industry will probably tighten up again like they did from 2009-2011. I'm suprised about them turning you down, especially with your scores. I was able to get to $15k before the proverbial train went into the station. I would think that in your case a HP would be worth it to ask for $35k. Thanks for the data point.

You're very welcome!

I agree, things are definitely changing with them, and it looks like not for the better. In the past I've been content to "play" with the button every four months but soon I might go ahead and make the call to CS to get it increased once and for all.

If I recall correctly CS always does a current SP (or sometimes HP) while you're on the phone with them, and I think they would like my current score a bit better than their computer liked my old one.

I don't think my income would support a $35k limit, but I would be very pleased to get $20k on both my Lowe's and my Sam's Club MasterCard - then I could stop bothering over it... LOL.

Re: Interesting Synchrony CLI Data Point

Anonymous — Wed, 01 Jun 2016 22:59:31 GMT

@UncleB wrote:
@Anonymous wrote:
It's an election year UncleB. For the next year, the credit industry will probably tighten up again like they did from 2009-2011. I'm suprised about them turning you down, especially with your scores. I was able to get to $15k before the proverbial train went into the station. I would think that in your case a HP would be worth it to ask for $35k. Thanks for the data point.
You're very welcome!

I agree, things are definitely changing with them, and it looks like not for the better. In the past I've been content to "play" with the button every four months but soon I might go ahead and make the call to CS to get it increased once and for all.

If I recall correctly CS always does a current SP (or sometimes HP) while you're on the phone with them, and I think they would like my current score a bit better than their computer liked my old one.

I don't think my income would support a $35k limit, but I would be very pleased to get $20k on both my Lowe's and my Sam's Club MasterCard - then I could stop bothering over it... LOL.

Uncle B, you know its a combination of both scores and income. Neither my income or scores right now would support $35k but it was good enough for $15k. I hoping in a couple of years post grad school, this equation will change, but for now, I'm coasting with what I can get. I've never been a fan of credit solutions myself. Had better luck with the luv button, but with stagnant scores, I only try for the one's I think I have a chance of success and right now that's Comenity bank.

Re: Interesting Synchrony CLI Data Point

AverageJoesCredit — Wed, 01 Jun 2016 23:04:20 GMT

Thanks for the info UncleB! Since my HP from Amazon through EX,( haha tricky werent they Lol!) I now know to proceed with caution with regards to requesting more credit. I too am surprised they turn you down with a 713. I just hit 700 on my TU with my BK stiill on my report, so ill stand on the brakes a little while longer before doing anymore clis with Synch. Its amazing the reasons for denial they'll use if they decide to not grant your request . I am in the crowd that if you are happy with your 10g limit , you should just request your high limit you want with a possible hp so you can officially chill and really enjoy your limit! Good luck with your future decisions and endeavors!!

Re: Interesting Synchrony CLI Data Point

UncleB — Thu, 02 Jun 2016 00:29:07 GMT

@AverageJoesCredit wrote:
Thanks for the info UncleB! Since my HP from Amazon through EX,( haha tricky werent they Lol!) I now know to proceed with caution with regards to requesting more credit. I too am surprised they turn you down with a 713. I just hit 700 on my TU with my BK stiill on my report, so ill stand on the brakes a little while longer before doing anymore clis with Synch. Its amazing the reasons for denial they'll use if they decide to not grant your request . I am in the crowd that if you are happy with your 10g limit , you should just request your high limit you want with a possible hp so you can officially chill and really enjoy your limit! Good luck with your future decisions and endeavors!!

You're welcome, my friend!

I'm not too upset over it... I'll eventually give Credit Solutions a call (I generally avoid phone calls, but it would be a one-time deal to get it bumped-up for good).

As long as CS does a new SP/HP (which it's said they usually do) I think I'll be OK... here's my current TU FICO according to Discover:

As you can see, that 'baddie' aging off made quite a difference.

I will lose a few points once my new accounts start to report, but I don't expect it to be anything severe.

I agree with you that sometimes we (myself included) tend to go overboard with the CLI requests, but at some point in the next year or so I plan to use my Lowe's to get a storage shed and I want to use the promotional financing to get 84 months at 5.99%. I want to have the limit to be large enough to be able to carry that purchase without running into utilization issues, and we all know how credit tends to work... it's (usually) always best to get it before you actually need it.

That being said, I have no intention of ever asking for another CLI on my Belk card... it's currently at $5k only by using the 'button', and that's plenty big for me. In my area Belk doesn't sell furniture or bedding, only clothes, so since I PIF it would be silly to get a limit any higher than it already is. (heck, even if I didn't PIF for a few months it wouldn't be more than a couple hundred dollars anyway). I'm not judging anybody who gets higher CLs just to have them; it's just not a good match for me and my profile/income/resources.

Re: Interesting Synchrony CLI Data Point

Anonymous — Thu, 02 Jun 2016 03:13:39 GMT

@UncleB wrote:
@AverageJoesCredit wrote:
Thanks for the info UncleB! Since my HP from Amazon through EX,( haha tricky werent they Lol!) I now know to proceed with caution with regards to requesting more credit. I too am surprised they turn you down with a 713. I just hit 700 on my TU with my BK stiill on my report, so ill stand on the brakes a little while longer before doing anymore clis with Synch. Its amazing the reasons for denial they'll use if they decide to not grant your request . I am in the crowd that if you are happy with your 10g limit , you should just request your high limit you want with a possible hp so you can officially chill and really enjoy your limit! Good luck with your future decisions and endeavors!!
You're welcome, my friend!

I'm not too upset over it... I'll eventually give Credit Solutions a call (I generally avoid phone calls, but it would be a one-time deal to get it bumped-up for good).

As long as CS does a new SP/HP (which it's said they usually do) I think I'll be OK... here's my current TU FICO according to Discover:

As you can see, that 'baddie' aging off made quite a difference.

I will lose a few points once my new accounts start to report, but I don't expect it to be anything severe.

I agree with you that sometimes we (myself included) tend to go overboard with the CLI requests, but at some point in the next year or so I plan to use my Lowe's to get a storage shed and I want to use the promotional financing to get 84 months at 5.99%. I want to have the limit to be large enough to be able to carry that purchase without running into utilization issues, and we all know how credit tends to work... it's (usually) always best to get it before you actually need it.

That being said, I have no intention of ever asking for another CLI on my Belk card... it's currently at $5k only by using the 'button', and that's plenty big for me. In my area Belk doesn't sell furniture or bedding, only clothes, so since I PIF it would be silly to get a limit any higher than it already is. (heck, even if I didn't PIF for a few months it wouldn't be more than a couple hundred dollars anyway). I'm not judging anybody who gets higher CLs just to have them; it's just not a good match for me and my profile/income/resources.

Awesome score!

Re: Interesting Synchrony CLI Data Point

RonM21 — Thu, 02 Jun 2016 03:26:30 GMT

This is very interesting data. It will probably make me start searching on related experiences like this happening as of late.

Re: Interesting Synchrony CLI Data Point

Anonymous — Thu, 02 Jun 2016 04:02:01 GMT

I have gotten similar denial letters from Synchrony for my last few attempts at a CLI on my Amazon card. I have no baddies, utli is very low, INQs ranged between 2-3, and my TU score was always over 750 each try (this is with using the love button). I've pretty much determined I'll be stuck at 5k on that card forever

Re: Interesting Synchrony CLI Data Point

Anonymous — Thu, 02 Jun 2016 04:05:17 GMT

I think it's a generic letter sent out to all when they don't want to give you a cli. I get the same thing. Cannot figure them out.

Re: Interesting Synchrony CLI Data Point

Anonymous — Thu, 02 Jun 2016 06:19:20 GMT

This is really interesting to me. Here is a comparison for you.

I was just approved for a Synchrony account to buy an embroidery machine. My TU score was around 745 (now at 758). I have 8 INQ since August, my Chase account util. is at 50%. I don't have any delinquencies. My AAoA is under 2 yrs. One mortgage loan that was opened in August, no other installment loans.

I was originally approved for $6.5k and changed my mind on the machine I wanted so I called the next day. I was increased to $10k via the automated system. It is 0% interest for 60 mo.

Re: Interesting Synchrony CLI Data Point

Anonymous — Thu, 02 Jun 2016 06:23:39 GMT

I have only ever gotten the "not enough experience with current cl" letter. However, when I did call CS to get my Walmart card bumped up, as I asked for a certain amt and they countered, they did send me an "AA/denial-like" letter with credit score and everything.

I wonder if it has to do with amt asked for or current amt of CL or something.

Re: Interesting Synchrony CLI Data Point

UncleB — Thu, 02 Jun 2016 17:42:15 GMT

@Anonymous wrote:

Awesome score!

Thanks, Musiclover!

I'm sharing to demonstrate the impact of a single baddie (even an old one), and to help explain why the letter I got is "interesting" to me.

I added four new accounts in May, though, so once those start reporting I'm sure all three scores will take a hit, at least for a few months.

Re: Interesting Synchrony CLI Data Point

UncleB — Thu, 02 Jun 2016 17:44:33 GMT

@Anonymous wrote:
I have gotten similar denial letters from Synchrony for my last few attempts at a CLI on my Amazon card. I have no baddies, utli is very low, INQs ranged between 2-3, and my TU score was always over 750 each try (this is with using the love button). I've pretty much determined I'll be stuck at 5k on that card forever

I've also only used the button in the past. When I got my last CLI to $10k using the button, someone suggested that any further increases would likely take a call to CS... and it's looking like they were correct.

That's OK, though, a one-time phone call won't be that painful... LOL. (First world problems, right?)

Re: Interesting Synchrony CLI Data Point

UncleB — Thu, 02 Jun 2016 17:47:00 GMT

@Anonymous wrote:
I think it's a generic letter sent out to all when they don't want to give you a cli. I get the same thing. Cannot figure them out.

I agree that it's likely a generic letter, but it's notable (to me) that it's different from the letters I've received in the past. Up until now, the letter has always simply stated, "... not enough experience at current credit line" or something similar. This was more like a true 'AA' letter.

It could be nothing... I'm just putting it out there so folks can know things may be changing.

Re: Interesting Synchrony CLI Data Point

UncleB — Thu, 02 Jun 2016 17:53:45 GMT

@Anonymous wrote:
This is really interesting to me. Here is a comparison for you.

I was just approved for a Synchrony account to buy an embroidery machine. My TU score was around 745 (now at 758). I have 8 INQ since August, my Chase account util. is at 50%. I don't have any delinquencies. My AAoA is under 2 yrs. One mortgage loan that was opened in August, no other installment loans.

I was originally approved for $6.5k and changed my mind on the machine I wanted so I called the next day. I was increased to $10k via the automated system. It is 0% interest for 60 mo.

Thanks for the data point!

Here's a possibility... could it be that $10k is the maximum they will give anybody without a call to CS? My own last CLI on Lowe's raised my limit to $10k, in my case using the online "button" and never speaking to anybody.

If that is the case, it's not completely unreasonable. The letter they sent out didn't indicate that was the problem, though. (Although another possibility is that using my old score (with the baddie) that $10k was the maximum they would be willing to go.)

Re: Interesting Synchrony CLI Data Point

UncleB — Thu, 02 Jun 2016 17:52:47 GMT

@Anonymous wrote:
I have only ever gotten the "not enough experience with current cl" letter. However, when I did call CS to get my Walmart card bumped up, as I asked for a certain amt and they countered, they did send me an "AA/denial-like" letter with credit score and everything.

I wonder if it has to do with amt asked for or current amt of CL or something.

Great data point... thanks for sharing!

I think this could be the key... in my own case using the old credit score, it could be that a credit line of $10k is all they could do - thus the more detailed letter. In the past the letter was more 'general' since the reason for the denial was simply that they wanted to see more experience (basically it wasn't my credit score holding me back, it was them).

I think we're on to something here!

Re: Interesting Synchrony CLI Data Point

Anonymous — Thu, 02 Jun 2016 19:26:34 GMT

Yes, same here on new accts. Got my Lowe's card for 25k. But my other Sync accts sit at their present limit now for over 6 months. And they do give those same excuses.

Re: Interesting Synchrony CLI Data Point

Grafton88 — Sat, 04 Jun 2016 02:06:26 GMT

UncleB,

Thanks for the info.

The Lowes card is next on my list. I want it for when I buy a house next year. I want to get a nice CL and take advantage of their 0% financing.

But I wait. I still have one baddie on my report. It is on EQ which I doubt CS will look at but I am not taking any chances. My scores are all in the 700s but that baddie is preying on my mind. In one month it should be off and then I will app for the card.

All of these data points are helpful.

Re: Interesting Synchrony CLI Data Point

UncleB — Sat, 04 Jun 2016 02:23:38 GMT

@Grafton88 wrote:
UncleB,

Thanks for the info.

The Lowes card is next on my list. I want it for when I buy a house next year. I want to get a nice CL and take advantage of their 0% financing.

But I wait. I still have one baddie on my report. It is on EQ which I doubt CS will look at but I am not taking any chances. My scores are all in the 700s but that baddie is preying on my mind. In one month it should be off and then I will app for the card.

All of these data points are helpful.

You're very welcome!

While none of us can say for certain, my 'baddie' never came up until I tried to use the "button" to get my credit line over $10k. It's also possible CS might have overlooked it as well. I'll also add that my Lowe's was approved years ago when my credit was less than stellar (my BK was still reporting) so don't let a baddie keep you away.

Of course if you're looking at a mortgage you'll probably want to wait in any case. When the time comes Lowe's will still be there, and will most likely welcome you with open arms!