Synchrony - Can someone explain the credit scoring system they use?

[JB2]

I just got letters in the mail yesterday explaining why they couldn't give me my whole credit limit increase that I requested, it gave me a score of 708 and that is pretty close to what my score is on all my reports now.  I don't know how their scoring works.

[Shann0n_marie]

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@ddemari wrote:

When I applied for Synch brooks brothers several months ago. My TU fico was 720's. I was declined and this was the information they gave me from the email. 

Information about your Credit Score used in this evaluation for credit In addition, we also obtained an external credit score from the consumer reporting agency indicated above and used it in making our credit decision. If more than one agency is listed, the credit score was obtained from the first listed agency. Your credit score is a number that reflects the information in your credit report. Your credit score can change, depending on how the information in your credit report changes. The credit score below was developed using standard industry methods and was used to evaluate your application. The credit score may differ from the score you obtain from a consumer reporting agency.

Your Credit Score:109

Date: 05/09/15 Scores range from a low of 000 to a high of 999.

Key factors that adversely affected your credit score:

SINCERELY, CREDIT MANAGER Synchrony Bank P.O. BOX 965002 ORLANDO, FL 32896-5002

TOO MANY REVOLVING ACCTS W/BALANCES TOO HIGH COMPARED TO CREDIT LIMIT

NOT ENOUGH DEBT EXPERIENCE

TOO MANY SERIOUS DELINQUENCIES

TOO FEW PREMIUM BANKCARD ACCOUNTS

NUMBER OF INQUIRIES ON CREDIT REPOR

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Do you have any other Synch cards?  How is that possible with 720 scores?  That is SO frustrating right?  Were you able to find out any additional info?  Do you have any old baddies on your report?

[ddemari]

I have 9 Synch cards and was jus coming off several approvals. SEVERAL approvals lol.

I think their scoring system but heavy weight on my new accounts and very recent inquiries. No I didnt call them because its like nails on a chalkboard with that type of stuff. 

[Shann0n_marie]

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@ddemari wrote:

I have 9 Synch cards and was jus coming off several approvals. SEVERAL approvals lol.

I think their scoring system but heavy weight on my new accounts and very recent inquiries. No I didnt call them because its like nails on a chalkboard with that type of stuff. 

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Ok.  Thx! Ugh.  So obviously trying to apply with Walmart would probably incur the same scoring system?

[NichelleN]

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@Shann0n_marie wrote:

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@NichelleN wrote:

0 1 7  ??

That seems quite strange. I apped for Walmart, Amazon and Lowe's all in the same day. I was approved for Walmart ahd Amazon but denied the Lowe's. When I posted I was told it was likely due to applying for all 3 so close together. I never went back and applied for Lowe's but recall seeing an odd score when I received the letter in the mail.

Did your letter provide any information other than the score? Were there any reasons given?

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I'm still waiting for the current letter.    But yes, that is my point exactly.    017 credit score?  How is that possible... obviously there is some sort of error?

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I was curious about the letter received with the first denial and if there were specific reasons given on that one. They definitely have their own internal scoring system. Although I was denied for the Lowe's card, the credit limits on the other two were increased significantly within the first 60 days of having the cards. Amazon went from $600 to $5K. And Walmart went from $800 to $6K. Yet I was declined for Lowe's. I was okay with what I received so I never looked into it any further.

I wish you the best of luck on figuring out the mystery.

[DeeBee78]

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@Shann0n_marie wrote:

I just found out I was denied again  for the Amazon store card with a TU 656 fico and perfect payment history the last 36+ months, w/ the exception of 1 paid Verizon collection that was over a year ago.

I have not received the denial letter via email yet but I dug up my previous one from when I apped over 2 mos ago, prior to paying off all of my old defaulted debt from 2011.  My UT credit score back then was 615.

In any case, my previous denial letter at that time gave me a 017 credit score out of a high of 999?  I mean REALLY?  How is that possible?  It said they pull TU but there is no way in the WORLD that is even remotely possible.  I didn't even have that bad of credit. 

I can't wait to compare the two denials.  UGHHHHHHHHHHHH, I don't have any Synchrony cards, never burned them & my utility is only at like 6%.

Your Credit Score: 017
Date: 06/15/15
Scores range from a low of 000 to a high of 999.

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OP, when I requested my CLI back in July, I got a counter CLI. The letter stating that they weren't able to give me my full requested CLI amount had my TU score on it. 

[Anonymous]

I applied back in July and was told my score was 32 out of 999. I actually made a post about it too. Doesn't make any sense. I actually have 5 other synch cards. Walmart and PayPal since 2010. Sams club mc since 05. And lowes and belk Jan of this year. My scores then according to myfico were 650-660 range. I'm sure they're using there own scoring system. But dang. That big a difference is crazy tho. So I feel your pain.

[taxi818]

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@Shann0n_marie wrote:

I just found out I was denied again  for the Amazon store card with a TU 656 fico and perfect payment history the last 36+ months, w/ the exception of 1 paid Verizon collection that was over a year ago.

I have not received the denial letter via email yet but I dug up my previous one from when I apped over 2 mos ago, prior to paying off all of my old defaulted debt from 2011.  My UT credit score back then was 615.

In any case, my previous denial letter at that time gave me a 017 credit score out of a high of 999?  I mean REALLY?  How is that possible?  It said they pull TU but there is no way in the WORLD that is even remotely possible.  I didn't even have that bad of credit. 

I can't wait to compare the two denials.  UGHHHHHHHHHHHH, I don't have any Synchrony cards, never burned them & my utility is only at like 6%.

Your Credit Score: 017
Date: 06/15/15
Scores range from a low of 000 to a high of 999.

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Score means nothing with a year old collection on your report. paid or not. Hate to be blunt but that is more than likely the reason. wow. you scored a 17. second lowest i saw was a 39 on a scale of 0 to 999. For sure the recent colleciton if that is case.

[taxi818]

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@Shann0n_marie wrote:

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@NichelleN wrote:

0 1 7  ??

That seems quite strange. I apped for Walmart, Amazon and Lowe's all in the same day. I was approved for Walmart ahd Amazon but denied the Lowe's. When I posted I was told it was likely due to applying for all 3 so close together. I never went back and applied for Lowe's but recall seeing an odd score when I received the letter in the mail.

Did your letter provide any information other than the score? Were there any reasons given?

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I'm still waiting for the current letter.    But yes, that is my point exactly.    017 credit score?  How is that possible... obviously there is some sort of error?

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Its not an error. It is not a Fico score. it is their internal score as already stated. many banks do that. they pull your report and score it themselves. It will not mention fico on it ever. that tells you what they think of you at the moment. but of course it can change. I would leave synchrony in the dust until more time passed. or since you already paid the collection try and good will them to delete it all together. that should do the trick

[Anonymous]

I think another factor that probably comes into play is that there is probably individual UW criteria that may vary card to card.