First Declined Application

[IFtkkdx428]

Hello myFICO members,

I applied for the Lowe’s Advantage Card on 9/23/2018. I thought I’d be a ‘shoo-in’ without a doubt. After submitting the application, I received the following message,

“Thank you for applying for the Lowe’s Advantage Card. You’ll receive a decision on your application within 7-10 days. If you have provided us with a valid email address, you may receive a response by email within 3-4 days.

Your application reference number is: XXXXXX”

This wasn’t quite the response I expected. So I combed through the myFICO forums and found that this message could be for verification purposes, etc.‭ I found a telephone number here on the forums and called (800) 444-0430‬

I spoke to a representative who claimed that I was declined for the Lowe’s Advantage Card. I asked the reason(s) for the decline but I was told that I must wait for a letter via mail that will explain in further detail. I said to the representative, “Are you sure? I have FICOs in the 770’s, I have excellent credit!” The representative could sense frustration and did seem to understand the concern.

After speaking with the representative, I began to worry if I accidentally left out a digit in the income field or something of that nature. I checked the mailbox daily until today, I see a piece of mail from Synchrony Bank. I open it up to find the one and only reason for the decline.

“NUMBER OF RECENT CREDIT REQUESTS”

I don’t understand. Synchrony Bank used only Experian for this decision. I have only 2 ‘hard pulls’ with Experian or “credit requests” as Synchrony Bank phrases it. Those “credit requests” before applying for the Lowe’s Advantage Card were:

Chase - 9/24/2018
Citibank - 9/11/2018

I certainly don’t believe 2 “ recent credit requests” are grounds for declining an application. I have searched the myFICO forums regarding this, but I don’t see if any members have had success in contacting Synchrony Bank after receiving their letter. In fact, I don’t see any members receiving this particular reason at all, with very few “credit requests” of course. Especially since most folks apply for the Lowe’s Advantage Card after obtaining a mortgage with likely several “credit requests” reporting.

I wanted the Lowe’s Advantage Card for 2 reasons. First, a week after applying for the Lowe’s Advantage Card I purchased nearly $6,000 of kitchen appliances and countertops. I was looking forward to the $300 cash back. I offered to purchase this for my mother, who has always paid me back if I offer assistance. I’ve done this multiple times in the past. The $300 would have returned more than it was earning in a high yield savings account over the course of 15 months. I would have paid it off before due date. I ended up using part of it for the Citi Bank Double Cash bonus and part of it for the Chase Sapphire Reserve bonus.

The second reason was that I plan to purchase a home sometime in the next 3-5 years. I see many members here who purchase a home and then apply for the Lowe’s Advantage Card and receive a low starting limit when it’s needed most. I decided it would be best to apply now, allow the Lowe’s Advantage Card to grow and take advantage of the benefits when I purchase a home in the distant future.

Regardless, in the nearly 5 years of credit experience I’ve had. Applying for (what would be) the 10th credit card, I wouldn’t have expected to be declined for the first time. Let alone, by Synchrony Bank.

So, is it possible at this point to be reconsidered for an approval? If not, what does Synchrony Bank favor in regards to “recent credit requests” to be able to receive an approval?

Except for inquiries, below does not include the Citi Bank Double Cash that was approved for $9,200 on 9/11/2018 and the Chase Sapphire Reserve that was approved for $29,900 on 9/24/2018

Age: 26
Annual Household Income: $100,000
Monthly Rent/Mortgage Payment: $0
TU FAKO (Provided by Credit Karma on (9/30/18): 798
TU FAKO (Provided by Capital One on 10/2/18): 798
TU FAKO (Provided by Chase on 10/3/2018): 798
EQ FAKO (Provided by Credit Karma on 9/30/18): 798
TU FICO Score 8 (Provided by Discover on 9/4/18): 769
EQ FICO Bankcard Score 02 (Provided by Huntington on 9/11/18): 776
EX FICO Score 8 (Provided by AMEX on 9/12/18): 776
EQ FICO Score NG 2 (Provided by PenFed on 9/11/18): 789

Credit Card Utilization Rate: 1%
Percent of On Time Payments: 100%
On Time Payments: 334
Total Payments: 334
AAoA: 3 YR 11 MOS
Oldest Open Trade Line: 5 YRS 8 MOS
Newest Open Trade Line: 2 YRS 5 MOS
Total Accounts: 8
Total Credit Limit: $79,550
TU Inquiries: 1
Chase - 9/22/2018
EQ Inquiries: 1
PenFed - 3/12/2017
EX Inquiries: 3
Synchrony Bank - 9/24/2018
Chase - 9/24/2018
Citibank - 9/11/2018
Derogatory Marks: 0
 
Current Credit Cards

Capital One Quicksilver Mastercard
APR: 26.65%
Credit Limit: $6,250
Card issued: Jan/2013
Credit Card Utilization Rate: 16%
 
Chase Freedom Visa
APR: 20.74%
Credit Limit: $4,500
Card Issued: Jan/2014
Credit Card Utilization Rate: 0%
 
Barclaycard Rewards Mastercard
APR: 22.74%
Credit Limit: $7,100
Card Issued: July/2014
Credit Card Utilization Rate: 0%
 
American Express Blue Cash Everyday
APR: 17.74%
Credit Limit: $22,200
Card Issued: Nov/2014
Credit Card Utilization Rate: 0%
 
Huntington Voice World Mastercard
APR: 19.74%
Credit Limit: $3,500
Card Issued: Nov/2014
Credit Card Utilization Rate: 3%
 
Discover It
APR: 16.74%
Credit Limit: $28,500
Card Issued: May/2015
Credit Card Utilization Rate: 0%
 
PenFed Promise Visa
APR: 15.74%
Credit Limit: $7,500
Card Issued: June/2015
Credit Card Utilization Rate: 1%

Honda Financial
Lease
Opened: 4/30/2016
Term: 36 Months

[Anonymous]

Those apps were very new. They have considered it a spree.  

[Anonymous]

Synchrony is a strange beast. They denied my SO for the exact same reason for the Marvel card, and she only had ONE inquiry on her report at the time. Go figure! Unfortunately, they do not recon, so the computer decision is final.

[IFtkkdx428]

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@Anonymous wrote:

Those apps were very new. They have considered it a spree.  

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 Synchrony Bank may consider it a spree, but I certainly don't. The Lowe's Advantage Card was the product I applied for since June of 2015. Sure, they were all recent. Though I would expect Synchrony Bank's algorithm, software, underwriting standards, etc. to take notice that this isn't an 'spree' based on most recent opened account (credit card) was over 3 years ago (excluding lease from April 2016). I know you didn't set the standards of course. I'm only venting, that's what this sub forum is for, right? 

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@Anonymous wrote:

Synchrony is a strange beast. They denied my SO for the exact same reason for the Marvel card, and she only had ONE inquiry on her report at the time. Go figure! Unfortunately, they do not recon, so the computer decision is final.

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 "Strange beast" is a nice description for Synchrony Bank. Though likely the most appropriate description for this public forum. I could think of worse. Sorry they denied your loved one. I wasn't aware that Synchrony Bank does not permit reconsideration. Thank you for this information. Unfortunately, I have a plan currently underway. I will not allow Synchrony Bank to ruin this plan and Synchrony Bank will be likely 'left in the dust' for the time being. In fact, it may be a couple years before I decide to attempt this once more. Synchrony Bank's loss, but I understand it's not personal of course. I feel like I took a decline for the first time fairly well.

Nevertheless, hopefully others here can benefit from this thread. Which will allow them to understand Synchrony Bank's requirements to avoid their own decline in the future. 

[FinStar]

The beauty about things in the credit world is you can try again. Their UW policies, their decision. Not the end of the world of course.

There may be other factors with your profile where their UW algorithms didn't score as well for an approval. Some individuals get approved, some do not.

Moreover, Synchrony doesn't reconsider system-declined applications, unfortunately.

[NaaryalHead]

I think 3 apps within a months time might have triggered the denial condition.

Computers can be pretty cold. I got booted off of discover just for checking the prequal page every few days until last week. Now i see a permanent "oops something went wrong with prequal really request" everytime.

I would just wait for about 3 months and then try applying again perhaps!

[Medic981]

Wow! Last September I apped for three Synchrony cards within 2 weeks and was approved for all of them. Amazon Prime, Car Care, and Conoco. Synchrony is an odd duck!

[aircobra]

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@Medic981 wrote:

Wow! Last September I apped for three Synchrony cards within 2 weeks and was approved for all of them. Amazon Prime, Car Care, and Conoco. Synchrony is an odd duck!

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They are! I apped for Care Credit and Walmart on the same day and was approved for both.

[SBR249]

OP: 

While I agree that Sync has generally been considered a liberal lender on here and it may seem odd that you were declined with an excellent score and clean file have you checked your EX recently? I noticed that the most recent EX score you provided was the one from AmEx on 09/12/18. I'm not sure when in the monthly cycle AmEx updates their scores or how recent the data underlying that score is but it could be out of date by the time you applied for the Lowes card. Your Citi and Chase inquiries were 9/11 and 9/24 were around or after the AmEx score update. For a profile that hasn't had any inqs for several years, 2 inqs in quick succession can instantly drop your scores by a few points (I'm not sure how many but possibly 10-20pts). While 750 is still a very good score, I think the sudden buck in the trend there may have been a big factor in the denial. 

Look at it this way. You are an automated UW algorithm. You get a profile. Nice and smooth for several years, no inqs, no new accounts, no derogs. Then all of a sudden, inqs 9/11, 9/24, and your app 9/24. If I was a programmer, that's just the sort of exception trigger that I would program into the system vs. someone who's added a new card or account every so often on a regular basis. I know you have no nefarious intentions, but the computer algorithm doesn't know that. 

PS: if you want to check your updated EX scores, freecreditscore.com is a site that EX runs that gives you your FICO and report free along with free time alerts. 

[Brian_Earl_Spilner]

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@NaaryalHead wrote:
I think 3 apps within a months time might have triggered the denial condition.

Computers can be pretty cold. I got booted off of discover just for checking the prequal page every few days until last week. Now i see a permanent "oops something went wrong with prequal really request" everytime.

I would just wait for about 3 months and then try applying again perhaps!

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You got booted because you have to wait 8 days from the last attempt. They won't check again. If you were able to go through it, it just the same info over and over until that 8 days passes.