topic Re: Synchrony Bank... in Credit Cards

Synchrony Bank...

Charmante — Fri, 14 Aug 2020 18:42:47 GMT

Synchrony Bank (via Lowes) told me to Call This Number within 48 Hours to complete Application...

This clearly meant I was Approved, right?

But they ended up Denying me...

Can I fix this?

ALSO, are ALL Synchrony Bank cards equally difficult to get?

Are some easier?

I want to get my foot into Synchrony...

Easiest to get...?

Thanks!

Re: Synchrony Bank...

M_Smart007 — Fri, 14 Aug 2020 18:49:03 GMT

Synchrony is not known to recon.

Right now most lenders have tightened lending procedures.

Re: Synchrony Bank...

Anonymous — Fri, 14 Aug 2020 18:53:54 GMT

You *literally* just got their HD card

https://ficoforums.myfico.com/t5/Credit-Cards/HomeDepot-CLI-How-often/td-p/6107187

I'd stop applying for anything for a while since you have a dirty profile

Re: Synchrony Bank...

800wannabe420 — Fri, 14 Aug 2020 18:58:40 GMT

@Anonymous Isn't Home Depot backed by Citi?

Re: Synchrony Bank...

Anonymous — Fri, 14 Aug 2020 19:02:35 GMT

@800wannabe420 wrote:
@Anonymous Isn't Home Depot backed by Citi?

oops

Still too much credit seeking if you look at their post history

Re: Synchrony Bank...

Charmante — Fri, 14 Aug 2020 19:11:45 GMT

I applied for both HD & Lowe's simultaneously.

As I stated, I'm planning a $50,000+++ remodel in 2021.

Re: Synchrony Bank...

Credit12Fico — Fri, 14 Aug 2020 19:12:51 GMT

Why not get a personal loan? The interest you'll pay on those credit cards if you don't pay the balance down rapidly will far outweigh any "rewards" you get for shopping with Lowes/HD

Re: Synchrony Bank...

UpperNwGuy — Fri, 14 Aug 2020 20:07:20 GMT

For a remodeling job, you should get a personal loan rather than use credit cards.

Re: Synchrony Bank...

Wavester64 — Fri, 14 Aug 2020 20:18:01 GMT

@Credit12Fico wrote:
Why not get a personal loan? The interest you'll pay on those credit cards if you don't pay the balance down rapidly will far outweigh any "rewards" you get for shopping with Lowes/HD

Re: Synchrony Bank...

Charmante — Fri, 14 Aug 2020 20:36:47 GMT

Cause I don't know how.

I live in a town of 5,000 people.

We have 2 banks. Both tiny local banks.

Neither offer Home Improvement Loans. Only Home Equity Loans.

The current equity is not sufficient to do the remodel.

Their personal loans really cap out at $10,000 unless you have AMAZING 800+ credit and huge income stats; very conservative banks.

SO my plan is to put all materials on credit, pay for labor out of pocket, THEN after the remodel, get a Home Equity Loan to Pay Off cards, replace my depleted savings (from paying labor costs), and pay off my student loans and bills into One Payment.

Is that not okay? I don't see any other options...?

Re: Synchrony Bank...

Loquat — Fri, 14 Aug 2020 21:40:02 GMT

@Charmante

Okay or not okay is up to you to be honest. While putting everything on a credit card may not be the right approach for some doesn’t mean it isn’t right for you.

You know your plan. You’ve done the right thing in my opinion by coming here and seeking advice but in the end, it’s up to you.

Never let the voice of others drown out that of your own. We only know as much or as little as you’d like to share with us. Appreciate the advice given but the decision is yours.

Re: Synchrony Bank...

CreditInspired — Sat, 15 Aug 2020 00:29:04 GMT

@Credit12Fico wrote:
Why not get a personal loan? The interest you'll pay on those credit cards if you don't pay the balance down rapidly will far outweigh any "rewards" you get for shopping with Lowes/HD

Or a HELOC

Re: Synchrony Bank...

CreditInspired — Sat, 15 Aug 2020 00:41:47 GMT

@Charmante wrote:
Cause I don't know how.

I live in a town of 5,000 people.

We have 2 banks. Both tiny local banks.

Neither offer Home Improvement Loans. Only Home Equity Loans.

The current equity is not sufficient to do the remodel.

Their personal loans really cap out at $10,000 unless you have AMAZING 800+ credit and huge income stats; very conservative banks.

SO my plan is to put all materials on credit, pay for labor out of pocket, THEN after the remodel, get a Home Equity Loan to Pay Off cards, replace my depleted savings (from paying labor costs), and pay off my student loans and bills into One Payment.

Is that not okay? I don't see any other options...?

IMHO, $50K is a lofty goal in this climate where banks everywhere are tightening their purse strings. And since there is little equity in your home and you only have 3 CCs--2 with low limits--it's going to be difficult to get approved; and if/when you do, it'll be for toy limits.

However, I agree with Loquat, dont let other voices drown out your plan.

I believe that if you keep your eyes on the prize, you'll reach your goal, but patience--let me repeat that--PATIENCE is key. You may have to put off this project for the time being.

Re: Synchrony Bank...

K-in-Boston — Sat, 15 Aug 2020 00:48:21 GMT

HEL or HELOC will definitely be difficult without equity in the home. Unfortunately many new homeowners find themselves in the same situation without cash liquidity or equity to perform wanted/needed updates or repairs.

Other than the two banks in your small town, have you considered any of the other 10,000+ commercial banks or credit unions in the US that offer personal loans that you can use for home improvement?

One major issue with tackling this with a Lowe's or Home Depot Card is that if you are not financially able to pay the balance in full prior to the expiration of the promo, interest becomes retroactive on the full amount from the date of the original charge. So even a high APR loan of say 13-15% will still save a considerable amount of money over a 0% for 6/12/24 months promo if you are unable to pay it to zero.

Re: Synchrony Bank...

GApeachy — Sat, 15 Aug 2020 00:54:27 GMT

I know a lot of ppl do what you're wanting to do. The 0% financing gives them an extra 6 months on multiple big ticket purchases, and like with Lowe's they offer the reduced int. 7.99 for 84 months.....it gets them by 'til they sell. If not then they secure funding but usually they make good before that happens.

Good luck, maybe whatever it is that Sychrony didn't like about your profile (should be stated in their 'dear john' snail mail) you'll be able to fix quick enough to pocket this tl on next attempt. Good Luck with your endeavors!

Re: Synchrony Bank...

tcbofade — Sat, 15 Aug 2020 08:01:49 GMT

@Charmante wrote:

SO my plan is to put all materials on credit, pay for labor out of pocket, THEN after the remodel, get a Home Equity Loan to Pay Off cards, replace my depleted savings (from paying labor costs), and pay off my student loans and bills into One Payment.

Is that not okay? I don't see any other options...?

You do you.

A word of caution: do the math FIRST. If you use credit cards to do the remodel, and your home value does not increase substantially, you may not be able to refinance/Heloc immediately.

...ask me how I know.

As someone else mentioned, Lowes will give you 7.9% for 84 months if you make a $4k purchase and that can be very helpful.

Re: Synchrony Bank...

AverageJoesCredit — Sat, 15 Aug 2020 13:32:45 GMT

@K-in-Boston wrote:
HEL or HELOC will definitely be difficult without equity in the home. Unfortunately many new homeowners find themselves in the same situation without cash liquidity or equity to perform wanted/needed updates or repairs.

Other than the two banks in your small town, have you considered any of the other 10,000+ commercial banks or credit unions in the US that offer personal loans that you can use for home improvement?

One major issue with tackling this with a Lowe's or Home Depot Card is that if you are not financially able to pay the balance in full prior to the expiration of the promo, interest becomes retroactive on the full amount from the date of the original charge. So even a high APR loan of say 13-15% will still save a considerable amount of money over a 0% for 6/12/24 months promo if you are unable to pay it to zero.

Once again K hits it out of the park 2 small Bsnks in home town? We live in the age of the internet, sad i know, there are so many Banks and Credit Unions you can use/apply/join to help. Heck, i prefer my off island financial institutions to local banks lol. They value you me more haha.

As to your original question, some times when you are asked to call in it can be verification but other times it is denials. Despite what many may think i dont believe any Sync card are easy or shoeins. Heck i got denied by Sams snd Walmart when i started my rebuild 5 years ago with 660-670 scores and some think you can get those cards with a low 600 . Ymmv always. 50k projects are way above my paygrade but good luck @Charmante

Ps , listen to Taco

Re: Synchrony Bank...

Charmante — Sat, 15 Aug 2020 15:48:49 GMT

Well, does anyone know a Bank or CU that offers HOME IMPROVEMENT Loans? Not Refi, HELOC, etc. An Improvement loan?

I know they exist. I've read up on them.

Loans based on what repairs/upgrades you are going to do.

BUT not all banks offer them.

Re: Synchrony Bank...

Anonymous — Sat, 15 Aug 2020 16:03:41 GMT

@Charmante wrote:
Well, does anyone know a Bank or CU that offers HOME IMPROVEMENT Loans? Not Refi, HELOC, etc. An Improvement loan?

I know they exist. I've read up on them.

Loans based on what repairs/upgrades you are going to do.

BUT not all banks offer them.

Most CUs offer them as an option when going for a personal loan. I know NFCU and PenFed do.

Re: Synchrony Bank...

K-in-Boston — Sat, 15 Aug 2020 16:40:20 GMT

@Charmante wrote:
Well, does anyone know a Bank or CU that offers HOME IMPROVEMENT Loans? Not Refi, HELOC, etc. An Improvement loan?

I know they exist. I've read up on them.

Loans based on what repairs/upgrades you are going to do.

BUT not all banks offer them.

You would be looking for a personal loan; most financial institutions don't get that specific on naming their loan products. During the application process for a loan you are usually asked the purpose of the loan.