do lenders use out of date info?

[JcT21]

my DW requested a CLI for her walmart store card about a week ago.  a letter came today saying she cant be approved for insufficient experience with her current credit line.   however the letter was dated for march 10th.    why was it dated so far back?   does this mean synchrony has outdated info on file?   if so, how often  do most lenders update their customers credit information for their own internal use for cli requests and other reasons?    it even had her old credit score listed,  697.... but her score has increased to 715.  is there a way to get them ot use current info?

thanks...

[Anonymous]

Can't give a blanket answer, but I had a similar problem with Cap1 last year. My scores got up over 700 last June and I tried for a CLI and was denied for a low score. The report /score they used was 2 months old. Had to wait two months for them to "catch up" to my June score. It was September before my score was high enough for their delayed reports.

[Anonymous]

If that are doing a SP, wouldn't it be a real time score the same way we would get one using CCT or a similar service?  This would lead me to believe that they are not doing a SP at all, rather knowingly going off of old data which doesn't make much sense.

[iv]

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@Anonymous wrote:

If that are doing a SP, wouldn't it be a real time score the same way we would get one using CCT or a similar service?  This would lead me to believe that they are not doing a SP at all, rather knowingly going off of old data which doesn't make much sense.

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It's not uncommon for a lender to pull SPs for account review monthly or quarterly.

In some cases, data from the most recent previous account review SP is used for CLI requests, rather than pulling a new one.

[Anonymous]

Good to know.  I'd then take into consideration then when requestiing a CLI that my scores used for a potential CLI would be up to 2-3 months old.  Depending on where people are at with their credit journey, those scores could be off 20, 30, even 50+ points.  Definitely something to keep in mind.

[RonM21]

My experience is that a lot lenders you reports that are a month or so older at the time of request.when dealing with SP's. It makes it tough because if you've had a score boost, they may not catch it for a few months.

[takeshi74]

If a creditor provides a score usually there's a date that the score was generated and typically that's when the SP was performed.  Discover, AmEx and some others are like this.  You can also always pull your own reports directly from each CRA to verify when SP's were performed.

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@JcT21 wrote:

if so, how often  do most lenders update their customers credit information for their own internal use for cli requests and other reasons?

As indicated above it can and does vary from creditor to creditor.  Don't rely on such broad, sweeping generalizations.

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@JcT21 wrote:

is there a way to get them ot use current info? 

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You can always ask but don't expect them to comply.

[Anonymous]

Out of curiosity, do lenders also use warehoused data that's periodically updated for online pre qualifications?  That would seem to explain the lack of accuracy seen in some prequals since there'd really be little cause for inaccuracy if an instant soft pull were done and run through the standard approval algorithms. 

[credit_is_crack]

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@JcT21 wrote:

my DW requested a CLI for her walmart store card about a week ago.  a letter came today saying she cant be approved for insufficient experience with her current credit line.   however the letter was dated for march 10th.    why was it dated so far back?   does this mean synchrony has outdated info on file?   if so, how often  do most lenders update their customers credit information for their own internal use for cli requests and other reasons?    it even had her old credit score listed,  697.... but her score has increased to 715.  is there a way to get them ot use current info?

thanks...

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Some of them do. Walmart is thru Synchrony bank and they are one of the more popular banks that tends to be behind recent CRA changes (along with Capital One). I just got a Sam's Club card 3 months ago so i might be able to give you some info here. 

Sam's Club/Walmart will allow a CLI after 30 days of the account being open, but the ones that get approved are those cards that have had at least 1 charge and corresponding payment - coupled with the passing of your first due date. This seems to be huge with them. Buy something, make a payment leaving like $30 bucks to roll thru the cycle. Once it posts (your first due date), pay it and let it post. about 5 days late request the CLI again (but call it in) to Credit Solutions [866-519-6441 (Credit Analyst/Credit Solutions)] or the online Chat seems to be successful for CLI's with Synchrony. 

Synchrony also uses the same pull for other "SP's" for about 45 days so you're essentially just hitting the original one, and since no change could possibly be detected, they tend to deny. But if its the same good pull, PLUS a 1mo Purchase/Payment history is calculated, that tends be enough to push you over to Approved. You can ask for a hard pull, but i would let at least 5-6 weeks go by from the last application so your updates catch up to them. they tend to drive 2 miles behind the rest of us (about 2-4 months behind your credit profile). There is no guarantee you'll get it, but it improves your odds by like 85%. Hope this helps and Good Luck!

[Anonymous]

Synchrony wants your accounts to age. I've been getting steady increases with my scores completely stagnant or slipping! you don't see that with other lenders, even comenity.