No, they are not
Yeah I only have 2 credit cards. No loans or anything. Growing up I was told credit is a bad thing so I pretty much avoided it at all costs. I am an authorized user on an Exxon gas card for 3.5 years, though. Not sure if that means anything.
The letter only lists one reason for the denial (the length of accounts established reasoning) but later on the letter lists 4 key factors affecting your credit score. I thought the 4 key factors listed was more of a generic “these factors affect your credit score” thing and not necessarily “this is why we denied you.” But, like I said, I’m new to credit so I don’t know? 
Not enough available credit on revolving accounts
Too high proportion of accounts recently opened
Lack of first mortgage account information
Total credit limits and loan amounts is too low
thanks for the guidance by the way!
@Anonymous wrote:Yeah I only have 2 credit cards. No loans or anything. Growing up I was told credit is a bad thing so I pretty much avoided it at all costs. I am an authorized user on an Exxon gas card for 3.5 years, though. Not sure if that means anything.
The letter only lists one reason for the denial (the length of accounts established reasoning) but later on the letter lists 4 key factors affecting your credit score. I thought the 4 key factors listed was more of a generic “these factors affect your credit score” thing and not necessarily “this is why we denied you.” But, like I said, I’m new to credit so I don’t know?
Not enough available credit on revolving accounts
Too high proportion of accounts recently opened
Lack of first mortgage account information
Total credit limits and loan amounts is too low
thanks for the guidance by the way!
no the key facors tell the real story about why you got denied. #1 main reason is that they think none of your cards has a very big limit on it, what are the limits of your 3 cards?
the secondary reason is that most of your accounts are newly opened. lack of mortgage, oh well. and lastly, your combined credit limit is low... that's the 2nd time they mention your limits so we know it's really hurting you bad.
@Anonymous wrote:
@Anonymous wrote:Yeah I only have 2 credit cards. No loans or anything. Growing up I was told credit is a bad thing so I pretty much avoided it at all costs. I am an authorized user on an Exxon gas card for 3.5 years, though. Not sure if that means anything.
The letter only lists one reason for the denial (the length of accounts established reasoning) but later on the letter lists 4 key factors affecting your credit score. I thought the 4 key factors listed was more of a generic “these factors affect your credit score” thing and not necessarily “this is why we denied you.” But, like I said, I’m new to credit so I don’t know?
Not enough available credit on revolving accounts
Too high proportion of accounts recently opened
Lack of first mortgage account information
Total credit limits and loan amounts is too low
thanks for the guidance by the way!
no the key facors tell the real story about why you got denied. #1 main reason is that they think none of your cards has a very big limit on it, what are the limits of your 3 cards?
the secondary reason is that most of your accounts are newly opened. lack of mortgage, oh well. and lastly, your combined credit limit is low... that's the 2nd time they mention your limits so we know it's really hurting you bad.
Key factors are nothing but FICO reason codes. They often have nothing to do with the true reason for denial. Annoyingly, a few lenders like Synchrony will just put the four FICO codes as their reason for denial when that's clearly not the real reason. Nobody gets denied a credit card for not having a mortgage.
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:Yeah I only have 2 credit cards. No loans or anything. Growing up I was told credit is a bad thing so I pretty much avoided it at all costs. I am an authorized user on an Exxon gas card for 3.5 years, though. Not sure if that means anything.
The letter only lists one reason for the denial (the length of accounts established reasoning) but later on the letter lists 4 key factors affecting your credit score. I thought the 4 key factors listed was more of a generic “these factors affect your credit score” thing and not necessarily “this is why we denied you.” But, like I said, I’m new to credit so I don’t know?
Not enough available credit on revolving accounts
Too high proportion of accounts recently opened
Lack of first mortgage account information
Total credit limits and loan amounts is too low
thanks for the guidance by the way!
no the key facors tell the real story about why you got denied. #1 main reason is that they think none of your cards has a very big limit on it, what are the limits of your 3 cards?
the secondary reason is that most of your accounts are newly opened. lack of mortgage, oh well. and lastly, your combined credit limit is low... that's the 2nd time they mention your limits so we know it's really hurting you bad.
Key factors are nothing but FICO reason codes. They often have nothing to do with the true reason for denial. Annoyingly, a few lenders like Synchrony will just put the four FICO codes as their reason for denial when that's clearly not the real reason. Nobody gets denied a credit card for not having a mortgage.
Synchrony Bank is clearly concerned that you have not shown long term debt repayment for a product that they concider slightly higher teir. The PayPal MC is elivated above all of their store cards and a good chunck of their CC's. Marvel MC is pretty much the only thing more conservitive due to the co-brand being so popular and Care/Car Credit which is Synchrony Banks real brainchild but there are ways around it with a doctors recommendation. The 1and 4 codes basicly say your limits are really small right now due in part to lenders not trusting you yet. I have heard of Chase give $500 Freedom or Freedom Unlimited cards. Discover can do the same if they wanted to take a chance. Code 2 is clearly that your cards are too fresh for more credit. This is probably due to the AU being counted as an account and them thinking you are a credit seeker or they eliminated the AU but think for this product you need a minimum age on any existing accounts. Code 3 is the most roundabout code of the bunch. It does say that they would like to see a mortgage however this is because one shows your repayment skills over 15-30yr which is what they are really looking for. The profile itsself does not show long term ability to repay yet and that is what they are concerned most about. Give them another 6mo and try again. Also remember to ask Discover for some SP CLi's so you will look like your profile got stronger.
