Synovus cash rewards visa Denial

[Ghost117]

Listed reasons are:

Too new less then 2 current trades on credit file.

As of 01/23/22 credit score was 761 and key factors that adversely affect my score:

Too few accounts currently paid as agreed

Lack of recent installment loan info

Too many inquiries last 12 months

Length of time revolving accounts have been established

DPs: 

EQ761

100% payment 

No baddies 

2 Mortgage inquiries 

CC 1/24  

5% Util

[Ghost117]

I'm wondering if I should get Costco citi card that would remove "LESS THAN 2 CURRENT TRADES" but how long should I have it before reapplying for synovus to remove the "TOO NEW"

[Guyatthebeach]

Ghost117,

I would recon that. I was approved for the cash card with a lower Fico, I think it was 760, and I was way over the 5/25 rule.

Guyatthebeach

[FinStar]

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@Guyatthebeach wrote:

Ghost117,

I would recon that. I was approved for the cash card with a lower Fico, I think it was 760, and I was way over the 5/25 rule.

Guyatthebeach

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@Guyatthebeach, the OP was referring to the Synovus Visa denial. As far as I am aware, Synovus does not have such a 5/25 rule or criteria. When did this change, if anything.

[Ghost117]

I don't think 5/25 rule applies but even if it did I had only 2-3 inquiries and only 1 credit card ever 2 mortgage inquiries and 1 inquirie from navy Federal for a credit card so I'm under 5/25 if it applies

The reason why I got denied most likely has to be a "thin" credit file since I have only 1 credit card and no other loan seems like they want me to have 2 or more for some time before they approve me I find it funny my NFCU has 5k limit and Synovus cant even give me a cc with 100 limit

[FinStar]

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@Ghost117 wrote:

I don't think 5/25 rule applies but even if it did I had only 2-3 inquiries and only 1 credit card ever 2 mortgage inquiries and 1 inquirie from navy Federal for a credit card so I'm under 5/25 if it applies

The reason why I got denied most likely has to be a "thin" credit file since I have only 1 credit card and no other loan seems like they want me to have 2 or more for some time before they approve me I find it funny my NFCU has 5k limit and Synovus cant even give me a cc with 100 limit

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Well, Synovus is a bank not a CU, but even if they were both CUs, each would still have their own lending criteria. Whereas NFCU was a bit more lenient with your approval, Synovus prefers to see more established credit history before opening up the purse strings.

As you navigate through your own credit journey, you'll discover that a variety of lenders will have different underwriting criteria. That's just how some financial institutions roll.