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Denied by PayPal Credit/Synchrony

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Anonymous
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Denied by PayPal Credit/Synchrony

Today I applied for a $3000 credit through PayPal Bill me Later and was denied. I have a $10,000 credit limit between two different Synchrony cards, and another $2000 with Chase with a combined total $1700 in utilization balances. I have a credit score of 780 and never been late on a payment. Why would I be denied?
Message 1 of 11
10 REPLIES 10
Anonymous
Not applicable

Re: Denied by PayPal Credit/Synchrony

What was your reason given for denial?

 

What's your income?  People can have an 800+ credit score and on paper look great to be approved for just about anything, but without sufficient income [relative to your limits] denials can happen.  Remember that it's all relative.  Someone with $20k income and a 780 score may be approved for the same product that someone with $60k income and a 780 score was denied for.  The $60k person may be denied due to insufficient income, but the $20k income person wasn't.  How can that be?  Well, perhaps the $20k income person has just 2 credit cards, each with $500 limits and the $60k person has $150k-200k in overall limits already.

Message 2 of 11
Anonymous
Not applicable

Re: Denied by PayPal Credit/Synchrony

My take home after taxes is $38k, I was approved just 3 years ago for an $8,000 loan with Synchrony Care Credit. I'm just puzzled. In fact so much so, I closed my PayPal account.
Message 3 of 11
nightspd1
Member

Re: Denied by PayPal Credit/Synchrony

I was denied as well, my income is pretty up there, but since i'm only 1 1/2 years since my BK7 I think that's why they denied me.

Message 4 of 11
zerofire
Valued Contributor

Re: Denied by PayPal Credit/Synchrony

Synchrony Bank is one of the most unsyncronized lenders out there. They will literally do anything. I recently applied for the PayPal Cash Back card with a 801 credit score and 2 inquiries that were over 1 year(might as well not exist). I got approved with a $800 credit line. Yes that is correct two zeros. Compared to all the other accounts they are the only one giving out toy limits and everything else is at least 5000.

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Message 5 of 11
Anonymous
Not applicable

Re: Denied by PayPal Credit/Synchrony


@zerofireCompared to all the other accounts they are the only one giving out toy limits and everything else is at least 5000.

You can't really go by their toy limit approvals, though, as you can call Credit Solutions and many times get a 10X CLI instantly just by asking.

 

My Lowe's account through them was approved for $3000 when 2 of the other approvals from my spree at the time were $10,000 and $12,500.  I called Credit Solutions and asked for the $3000 limit to be increased to $30,000 and within a minute and a half they said no problem and it was approved. 

 

Any Synchrony SL is irrelevant until one calls Credit Solutions and sees how high they can raise it.  At that point you know where you stand [relative to your profile strength in their eyes] with Synchrony.

Message 6 of 11
Anonymous
Not applicable

Re: Denied by PayPal Credit/Synchrony

you migh have to many inquiries and i will suggest try other banks. don't close old account it affect your credit score and age.

Message 7 of 11
AverageJoesCredit
Legendary Contributor

Re: Denied by PayPal Credit/Synchrony



@Anonymous wrote:

you migh have to many inquiries and i will suggest try other banks. don't close old account it affect your credit score and age.


Closing an account does not affect your score unless it affects your utilization.  A closed account can stay on your report up to 10 yesrs or more.

 

Op, how did you get apply for a $3000 limit on PayPal Credit? They dont tell you your limit before you apply. 

 

Ive called CS for my $300 PPMC and no dice Brutal. Its not as always the instant solutionSmiley Wink


Message 8 of 11
coldfusion
Community Leader
Mega Contributor

Re: Denied by PayPal Credit/Synchrony


@AverageJoesCredit wrote:


@Anonymous

 

Op, how did you get apply for a $3000 limit on PayPal Credit? They dont tell you your limit before you apply. 

 



If you already have Paypal Credit and try to buy something whose price exceeds your current limit they treat it as an app to increase your limit to be just enough to make the purchase.   To give a real example, if your existing PP Credit limit was $6500 and you tried to buy an $8795 item using PP Credit, they would review the purchase request and if approved your new Paypal Credit CL would be set exactly at $8795 and the purchase processed.

 

OP already said they had a PP account, so I am guessing they tried to open up a PP Credit line by checking out using PP in order to buy something that cost $3K and was rejected.

 

(3/2024)
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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 9 of 11
AverageJoesCredit
Legendary Contributor

Re: Denied by PayPal Credit/Synchrony

Makes sense. I know about the buy over limit trick but im not a huge fan of it.
Message 10 of 11
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