Synchronny Mastercard 2% cash back CLI UPDATED 5/20/23 Closed the Account

[AndySoCal]

I opened the this account in May of 2022 with a $10,000 credit limit. I am adding additional spending on to the card.  With that in mind I tried for a soft pull CLI which was denied. The amount of the CLI I requested was $1,000. The reason for the denial is

The requested amount exceeds the limits of our credit policy.

I called customer service the original reason I was having problems viewing the letter.  Just after the CSR came on the line I was able to view the letter.   So I asked what the reason meant.  I gave the CSR a couple things about my credit never have been late my credit utilization is 1%. The CSR after a little more conversation offered to send my case if you please to a group for further review. So far I have not heard anything back this is day two. I have never been through this process before so I am not sure what to expect.  So far my two accounts are still open. Yes I know it is Sychronny and they can be unpredictable. My scores are in my siggy.The last new account I opened is theirs. Any ideas?

EDITED TO ADD: I think I have found a way to escalate my concerns higher levels of Synchrony. my basic complaint is no one can tell what the policy is I have violated. The last CSR said I would recieve a detailed expanation of why my app was denied. I received that letter same reason as stated above. I have sent an email I will see if I recieve any response.  If I close my account I have 4 possible credit unions. The three that are ACC membership options are State Depatment FCU, Signature FCU and Arkansas FCU. I have been in communication with Arkansas FCU based on their response it appears the ACC will bridge the geofence. I will update if and when I apply.  The last is a local credit union non ACC called Water and Power Community Credit Union. All of the above have pluses and minuses.

EDITED TO ADD 5/18/23: I recieved a call back from my email communication today. The representative told me it was NOT my credit score or my ability to repay was not why I was denied the credit limit increase. Basically the response was the card essentially is bucketed at $ $10,000 for me at least. I have the Synchronny World Mastercard with 2% cash back. The representative also siad they have other cards that do not have that restriction. So my initial reaction is to say good bye Synchronny. I will give it some thought before I do.

EDITED TO ADD 05/20/23 Account is closed.

[M_Smart007]

Have you tried calling "credit solutions"??

Synchrony Credit Solutions: 877-379-8173 (Overseas)

[AndySoCal]

@M_Smart007 The phone number is the letter is 1-844-406-7427. I have not tried calling yet.  I am trying to be cautious about poking the perverbial bear. I was not wanting it maul my to 2 accounts into a closed status.  The other thing I do not know is there average turn around time.

Edited to add: If that should happen I have two possible CU  2% credit cards in mind. The State Department FCU and Signature FCU cards are the two I am considering.

[805orbust]

Now that they've stopped acting crazy, FNBO may also be a good option as well.

[Gmood1]

@AndySoCal 

I've seen this verbiage many times across multi Synch CCs. It seems there is a hard limit of $10k on certain CCs with them.

The FNBO CC suggestion is another great option! 

They've been reducing some of my CC limits lately. As they reduce I close. 🤣

I use to call in and they'd raise them back if I so choose. I don't even bother these days.

Amazon was the latest victim.

Reduced from $10k to $1k.

Closed it out last night. lol

That's why you keep your eggs in several baskets. I use my Amex and Chase Amazon cards way more frequently. 

Currently the only CCs they service that are near and dear to me is Lowes and Brandsmart. I've went inside the apps and closed 5 of their cards over the last two years.

Down to 3 accounts. I'll try to hold on to those. 

Why not Penfed for a 2% CC?

Much less conservative than State Department FCU. I had to drop those jokers several years ago. 

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[coldfusion]

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@Gmood1 wrote:

@AndySoCal 

I've seen this verbiage many times across multi Synch CCs. It seems there is a hard limit of $10k on certain CCs with them.

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It isn't that the cards have a hard limit of $10K.  It's that for most of their cards, with some exceptions, it's the most a cardholder can get via the luv button.   There are a lot of examples with positive outcomes over the years demonstrating that the process that @M_Smart007 referenced above is a valid one.  Essentially you call and tell them you're requesting a limit increase,   they'll ask you what you want and make the decision while you're still on the phone. 

Synchrony will also auto-CLI the Premier aka "the 2% Mastercard" over the $10K threshold.

[AndySoCal]

@coldfusion @M_Smart007  I called Synchronny regarding the CLI request and it was denied.

@805orbust  @Gmood1   FBNO is not an option for me I live out of their footprint. I looked at PenFed in order to recieve the two percent I would need to open a checking account. At this point that is something I am not willing to do. I may change my mind later on.

Thank you everyone for your input. Now I have to figure out what the next steps are. I will  have a better idea what they after I recieve the letter.

The original CLI request was from the LUV button.

[CH-7-Mission-Accomplished]

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@AndySoCal wrote:

@coldfusion @M_Smart007  I called Synchronny regarding the CLI request and it was denied.

@805orbust  @Gmood1   FBNO is not an option for me I live out of their footprint. I looked at PenFed in order to recieve the two percent I would need to open a checking account. At this point that is something I am not willing to do. I may change my mind later on.

Thank you everyone for your input. Now I have to figure out what the next steps are. I will  have a better idea what they after I recieve the letter.

The original CLI request was from the LUV button.

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I would wait to get the letter before you act, but consider the Alliant Signature card.   It pays 2.5% cash back if you meet three requirements:

1.  Have at least one direct deposit monthly.  (I deposit $5 monthly.  You do not have to direct deposit your paycheck.)

2.  Maintain an average balance of $1000 in their "high yield" checking account that current pays 0.25%, which is better than 0.

3.  Sign up for electronic statements.

If for some reason you mess up and miss one of those three, they will only pay you 1.5% for the next quarter.   Your tier is decided quarterly.

I signed up for this card  5 years post-bankruptcy filing and got a $25K limit instant approval.  

Alliant is also excellent for auto loans.  I've gotten two from them at the best current market rate (most recent loan 1 year ago at 2.25%)   In each case I applied to three of the big credit unions in one night and by the following morning I had approvals with no proof of income or any other requirements - before I even received a single e-mail from the others.  

Alliant also has a great HUB for transacting ACH payments.

I belong to five ocredit unions and Alliant is the best of the best IMHO.  (I'm a member of Navy, Penfed, DCU & BECU as well.)

Alliant pulls Transunion and uses Vantage Score 4.   

Alliant is my go-to card for any spend that doesn't earn greater than 2.5%.

[Gmood1]

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@coldfusion wrote:

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@Gmood1 wrote:

@AndySoCal 

I've seen this verbiage many times across multi Synch CCs. It seems there is a hard limit of $10k on certain CCs with them.

---

It isn't that the cards have a hard limit of $10K.  It's that for most of their cards, with some exceptions, it's the most a cardholder can get via the luv button.   There are a lot of examples with positive outcomes over the years demonstrating that the process that @M_Smart007 referenced above is a valid one.  Essentially you call and tell them you're requesting a limit increase,   they'll ask you what you want and make the decision while you're still on the phone. 

Synchrony will also auto-CLI the Premier aka "the 2% Mastercard" over the $10K threshold.

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@coldfusion 

Thanks for the info.

I've called the number Smart referenced in the past. It worked great on several of my CCs with Synch. While others, CLIs were denied at that 10k wall.

With Walmart, Lowes and Care credit I was successful at going passed that $10k wall. Not so much with Paypal CC, Line of credit or my old Marvel card. $10k was the highest they allowed me. 

The denial letters in the mail stated the same as what OP posted in this thread. 

[longtimelurker]

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@CH-7-Mission-Accomplished wrote:

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  It pays 2.5% cash back if you meet three requirements:

1.  Have at least one direct deposit monthly.  (I deposit $5 monthly.  You do not have to direct deposit your paycheck.)

2.  Maintain an average balance of $1000 in their "high yield" checking account that current pays 0.25%, which is better than 0.

3.  Sign up for electronic statements.

If for some reason you mess up and miss one of those three, they will only pay you 1.5% for the next quarter.   Your tier is decided quarterly.

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0.25% IS better than 0, but it is part of the cost of the card.   These days, you can easily be getting more than 4% more on that $1000, which is an annual cost of $40+  So you need to spend more than $8000 on the card to do better than a standard no-strings 2%.   That's easy enough for many but, to my mind, reduces the attractiveness of the card for those where "no category" spend is low