CareCredit Denial

[CreditNoob]

I attempted to get CareCredit  (Synchrony Bank) a week ago and go denied on 11/19/24. Today I recieved the denial letter and saw the reasons why I was denied. What caught my eye was that the denial letter listed that I have a 501 credit score which is incorrect. I checked all versions of my Banckcard Scores on myFico and all of them above 620+. I am a bit confused as to why Synchrony Bank listed 501 as my score.

Note: I attempeted a preapproval about a week prior 11/10/24 and was pre-approved $3,000. I did not want to pull the trigger at that time because I was looking at alternative options rather than opening a new credit account. Since that time to nothing has changed in my credit profile or scores.  The alternate option was not viable so Iwent to Carecredit and did the preapproval again before actually applying an submitting an application that would cause a hard inquiry. Also not that I do not have any hard inquiries on my credit profile at all.

[Tdatb64]

Synchrony actually uses yourTU VantageScore, not your FICO score. I wouldn't expect that great a difference between them, though.

[CreditNoob]

@Tdatb64 My TU Vantage score is 695.

[JoeRockhead]

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@CreditNoob wrote:

@Tdatb64 My TU Vantage score is 695.

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@Tdatb64 is likely referring to Vantage 4.0, not version 3

[CreditPoor]

As mentioned it's certainly your Vantage 4.0 score they are using. It's not uncommon for Vantage 4.0 scores to be significantly lower than your FICO because they judge things a bit harsher. They like to see Vantage above 740 for best chances of approval and as of late can be new accounts/inquiry sensitive 

[FicoMike0]

How about the tu turd score? There's a real stinker!

[CreditNoob]

@CreditPoor and @Tdatb64 How can I obtain my Vantage 4.0 score? 

[titancylinder]

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@CreditNoob wrote:

@CreditPoor and @Tdatb64 How can I obtain my Vantage 4.0 score? 

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I noticed no one replied to your question. Unfortunately, the best way to get your Vantage 4.0 score is via Synchrony. They are to my knowledge the only major bank that uses this scoring model for lending decisions. 

[ItsThatEasy]

If you want your Vantage 4.0 I currently have the prepiad One debit card from Walmart, you can sign up Via mobile app tho, they show your Vantage 4.0 and from what I see with my own scores is there a huge difference between the 3.0 (Score 777 TU) and 4.0 (Score 676 TU)

[Pppoolboy]

VantageScore 4.0 is highly sensitive to new accounts and inquiries.  For me, I have so many cards that it usually trails everything else.

The only credit card issuer I've found that will give you your VS 4.0 score (other than Synchrony) is Aspire.  They have a crap credit card but I kept mine far longer than I should have just to see that score, before I had my first Synchrony card.