topic Re: Synchrony has their own scoring model now in Credit Cards

Synchrony has their own scoring model now

Anonymous — Thu, 24 Oct 2019 22:57:19 GMT

So I just got my Marvel card in the mail and went to look at my credit score and it said 521... I was like what the FICO and then I noticed it said the source was Synchrony Bank.

Low of 300, high of 620.

It is sensitive to credit seeking behaviors, actually punishing me more for new accounts in 24 months, inquiries, and the age of my oldest account (which is 5 1/2 years) more than my BK.

Just another scoring model to look out for I guess.

In the bottom it says "why is my FICO score different than the one shown on this letter?"

"The credit score we use was developed using industry modeling methods. This credit score may differ from the one you obtain from a credit bureau."

Re: Synchrony has their own scoring model now

FinStar — Thu, 24 Oct 2019 23:01:03 GMT

Well that's a new one 😜

Thanks for sharing this latest SYNCB development.

Re: Synchrony has their own scoring model now

mikesonthemend — Thu, 24 Oct 2019 23:19:20 GMT

This helps explain them dropping the free FICO scores.

Re: Synchrony has their own scoring model now

Anonymous — Thu, 24 Oct 2019 23:24:27 GMT

@FinStar wrote:
Well that's a new one 😜

Thanks for sharing this latest SYNCB development.

Pretty soon scoring will be meaningless because everyone has their own scores they use. 🤦‍♂️

Re: Synchrony has their own scoring model now

Anonymous — Thu, 24 Oct 2019 23:26:22 GMT

@mikesonthemend wrote:
This helps explain them dropping the free FICO scores.

Yes it does.

Re: Synchrony has their own scoring model now

Anonymous — Thu, 24 Oct 2019 23:44:00 GMT

Thanks for the update! I’m curious if this is why they went to Vantage Score instead of FICO?

Re: Synchrony has their own scoring model now

Anonymous — Thu, 24 Oct 2019 23:59:48 GMT

@FinStar wrote:
Well that's a new one 😜

Thanks for sharing this latest SYNCB development.

Just from a random websearch, I find this:

Experian has a score range from 300 to 620. What is that?

on a creditkarma post. My surprise is that the post is from 2012!

ETA: add more local, from here in 2015, and Sync bank

https://ficoforums.myfico.com/t5/Credit-Cards/Score-range-300-to-620-from-Synchrony-bank-WTH/td-p/3919067

Re: Synchrony has their own scoring model now

Anonymous — Fri, 25 Oct 2019 00:01:15 GMT

scoring already is meaningless when i can't get a bank of america card on my good credit that i built all myself

people with no credit of their own, with au cards artificially inflating their score to 800's level and getting approved

people with bk's getting approved on 650's just because they have a longer history

people with co-signed loans or student loans when they're just a kid and aren't even responsible for the loan

and a bank can pull a bankcard score or fico2/8/9 or from any of 3+ beaurus, so your score is high & low simultaneously

and credit scores are all backwards for mortage scores, can't app for anything for years, and they take a middle score...

it's all nonsense

Re: Synchrony has their own scoring model now

Remedios — Fri, 25 Oct 2019 00:36:07 GMT

You did not get it because your oldest card is 8 months old.

Re: Synchrony has their own scoring model now

The-Credit-Disciple — Fri, 25 Oct 2019 14:05:15 GMT

@Anonymous wrote:
So I just got my Marvel card in the mail and went to look at my credit score and it said 521... I was like what the FICO and then I noticed it said the source was Synchrony Bank.

Low of 300, high of 620.

It is sensitive to credit seeking behaviors, actually punishing me more for new accounts in 24 months, inquiries, and the age of my oldest account (which is 5 1/2 years) more than my BK.

Just another scoring model to look out for I guess.

In the bottom it says "why is my FICO score different than the one shown on this letter?"

"The credit score we use was developed using industry modeling methods. This credit score may differ from the one you obtain from a credit bureau."

I agree I got my Marvel card today and I seen the same thing. They must use a different Model

Re: Synchrony has their own scoring model now

Anonymous — Fri, 25 Oct 2019 04:50:24 GMT

@Anonymous wrote:
@FinStar wrote:
Well that's a new one 😜

Thanks for sharing this latest SYNCB development.
Just from a random websearch, I find this:

Experian has a score range from 300 to 620. What is that?

on a creditkarma post. My surprise is that the post is from 2012!

ETA: add more local, from here in 2015, and Sync bank

https://ficoforums.myfico.com/t5/Credit-Cards/Score-range-300-to-620-from-Synchrony-bank-WTH/td-p/3919067

Nice find.

Interesting. I wonder why they are using this for the Marvel card. Will be interesting to see if others have the same issue.

Re: Synchrony has their own scoring model now

Adkins — Fri, 25 Oct 2019 09:20:00 GMT

Interesting!

Re: Synchrony has their own scoring model now

Anonymous — Fri, 25 Oct 2019 09:38:12 GMT

Thanks for posting this info. Very interesting...Is everyone making their own rules now? Hum, wonder why?

Re: Synchrony has their own scoring model now

Anonymous — Fri, 25 Oct 2019 14:21:58 GMT

@Remedios wrote:
You did not get it because your oldest card is 8 months old.

obviously! thanks for your observation.

but you missed the point, my score is high enough to be in the approval range. so the score is meaningless. if my credit is trash because it's 8mo old then don't give me a high score at all. the point was, all of that 8mo of credit was my own, i didn't use any cheats like au cards or co-signed loans to get there. 8mo of real credit should count for more than 20yrs of fake credit that took 10 seconds to build by adding an au card.

Re: Synchrony has their own scoring model now

Remedios — Fri, 25 Oct 2019 13:23:06 GMT

@Anonymous were you speechless or did forum malfunction again?

Re: Synchrony has their own scoring model now

Anonymous — Fri, 25 Oct 2019 13:37:55 GMT

@Remedios wrote:
@Anonymous were you speechless or did forum malfunction again?

Neither.

I was going to comment but I got distracted by my BofA cards and their $91K limits. Then I remembered when my Cash Rewards card had a $85K limit before they "borrowed" $15K to fund my Premium Rewards card.

Plus I figure you can handle yourself and Creds doesn't know what he/she doesn't know, namely that credit approvals aren't made on the basis of credit scores.

Re: Synchrony has their own scoring model now

Hut1 — Fri, 25 Oct 2019 14:22:41 GMT

@Anonymous wrote:
@Remedios wrote:
You did not get it because your oldest card is 8 months old.
obviously! thanks for your observation.

but you missed the point, my score is high enough to be in the approval range. so the score is meaningless. if my credit is trash because it's 8mo old then don't give me a high score at all. the point was, all of that 8mo of credit was my own, i didn't use any cheats like au cards or co-signed loans to get there. 8mo of real credit should count for more than 20yrs of fake credit that took 10 seconds to build by adding an au card.

So young... so angry... **bleep** that rap music!

Re: Synchrony has their own scoring model now

Anonymous — Fri, 25 Oct 2019 13:53:58 GMT

@Anonymous wrote:
@Remedios wrote:
@Anonymous were you speechless or did forum malfunction again?

Neither.
I was going to comment but I got distracted by my BofA cards and their $91K limits. Then I remembered when my Cash Rewards card had a $85K limit before they "borrowed" $15K to fund my Premium Rewards card.

Plus I figure you can handle yourself and Creds doesn't know what he/she doesn't know, namely that credit approvals aren't made on the basis of credit scores.

that's exactly what i just said, the approval isn't made on the basis of the score. you are claiming i don't know it. seriously?

Re: Synchrony has their own scoring model now

gdale6 — Fri, 25 Oct 2019 14:09:53 GMT

As a reminder all posts must be in an FSR manner, flaming is a TOS violation here at myFico. Thanks for playing nice.

Re: Synchrony has their own scoring model now

Anonymous — Fri, 25 Oct 2019 14:14:35 GMT

@creds, a macro view of all this:

A young 739 is viewed as a great start but nothing has been proven yet on the timeframe that credit looks at.

It’s great that your score is at that point, it means that you’re doing the right thing paying bills and handling UTI, but it’s not long enough to gauge how you’re going to be long-term. In credit, 8 months is the blink of an eye. Pay a bill an hour after the cutoff and you can usually kiss goodbye any hope of a CLI from that lender for the next two years while paying a 29.99% penalty interest. The more conservative the bank, the longer the timeline for everything is. Chase won’t entertain extending credit without a year’s history, and won’t be the first to offer you a line of credit at $____ - you have to prove yourself with another bank’s money first. Read what people go through to get a USB Altitude Reserve, or a Crystal VISA from CNB. You haven’t even seen a cold shoulder yet.

Feeling like you’re being slighted because of a young age on a good score sucks, but read around and you’ll see where the vets and OGs here have cautioned new credit users many times - a thin file, or young 739 is NOT the same as a 739 with several years of history. That shows you can do this over time, through life’s ups and downs, through bear and bull markets, and still maintain a good profile. That’s what banks want to see to open the vault. Your young profile is no one’s fault, not yours or ours, it just is what it is, and what will improve it is time and moderation in apps and spending.

This is why we’ve tried to caution you against too much too soon. An aged profile with good scores will be approved with 10 inquiries when a young profile is declined with four. You just haven’t been in the game long enough to prove enough to them to get them to open the wallet.

With time and moderation, you will. Without one of those factors, you won’t. That’s really what it comes down to. The score matters, but so does the age and the gradual accumulation of trade lines.