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Discover and Synchrony Approval w/ thin file

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Discover and Synchrony Approval w/ thin file

Need some help on what to do next ...
With my sister starting college and having no credit history at all. I decided to take control of the situation to allow my knowledge from the forums to be put to use. (I have my own issues with credit fromthe past as well so I’m currently stagnant 🤕)

She has an inquiry from VIctoria Secret from Dec 2017- declined due to not having history

9 mos ago- Authorized user on Victoria Secret (although it doesn’t show on the report from experian?!)

Applied for discover it secured— $200 limit APPROVED! Oct 2018

Applied Capital One secured —- $99 deposit/ $200 APPROVED! Dec2018

Applied Gap (Synchrony Bank) - Approved $250 limit store card Dec 2018

Applied Walmart —— Approved $200 limit store card Dec 2018 ( silly me requested CLI to $1,300 due to the success stories... declined CLI with not counter offer)

Applied Citi Double Cash — declines due to thin file Dec 2018
Applied PayPal credit —— declined ( don’t know why yet) Dec 2018

Applied TJX (synchrony bank) —— received thank you letter, with 7-10 days. Therefore I’m not sure if this will be an approval or denial

I want to garden these lines for at least 4 months before requesting CLI if they don’t automatically do so by then. I’m not so worried about the capital one and discover card since they are both due to increase in July due to them being secured.

My questions are...
1. Should I let them increase on their own or request it? (Walmart and GAP)

2.should I add a seasoned tradeline to age my credit history before trying for another citi card?

3. What are the best Visa Or MasterCard to apply to with limited credit history that are privy to lending high limits? What if I season my profile with a tradeline ... what’s the best options then?


Sorry for the long post 😌 my scores are 509 ish range. I can’t get an accurate score because my profile is so young. Thanks in advance!!
5 REPLIES 5
Frequent Contributor

Re: Discover and Synchrony Approval w/ thin file

Congrats on your approvals!!

SspW.gif


4/14/18 EQ: 653 TU: 666 EX: 669

9/29/18 EQ:729 EX:712 TU: 715

7/14/19 EQ:754 EX:733 TU: 755
Message 2 of 6
Valued Contributor

Re: Discover and Synchrony Approval w/ thin file

I would request CLI on each card every 90 days. SP only.

I would not apply for any new cards for 6 months.

I would not apply for anything I was not preapproved for 12 months.

I would check for prequals monthly on unsecured cards from: capital one, discover, and merrick bank.

I would not open any more store cards.

Use, pay, and grow what you have for now.

GL!

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $250k+ unsecured credit in 2019.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

10% Rotating - Discover                    5%-20% - Amazon & Lowes                3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl         4% Dining & Entertain - Savor            3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything Else - Flagship          1% Cancer Charity - Fifth Third          0% Finance Promos - Venture & QuickSilver





    
Message 3 of 6
Valued Contributor

Re: Discover and Synchrony Approval w/ thin file


@Omw2credit wrote:
Need some help on what to do next ...
With my sister starting college and having no credit history at all. I decided to take control of the situation to allow my knowledge from the forums to be put to use. (I have my own issues with credit fromthe past as well so I’m currently stagnant 🤕)

She has an inquiry from VIctoria Secret from Dec 2017- declined due to not having history

9 mos ago- Authorized user on Victoria Secret (although it doesn’t show on the report from experian?!)

Applied for discover it secured— $200 limit APPROVED! Oct 2018

Applied Capital One secured —- $99 deposit/ $200 APPROVED! Dec2018

Applied Gap (Synchrony Bank) - Approved $250 limit store card Dec 2018

Applied Walmart —— Approved $200 limit store card Dec 2018 ( silly me requested CLI to $1,300 due to the success stories... declined CLI with not counter offer)

Applied Citi Double Cash — declines due to thin file Dec 2018
Applied PayPal credit —— declined ( don’t know why yet) Dec 2018

Applied TJX (synchrony bank) —— received thank you letter, with 7-10 days. Therefore I’m not sure if this will be an approval or denial

I want to garden these lines for at least 4 months before requesting CLI if they don’t automatically do so by then. I’m not so worried about the capital one and discover card since they are both due to increase in July due to them being secured.

My questions are...
1. Should I let them increase on their own or request it? (Walmart and GAP)

2.should I add a seasoned tradeline to age my credit history before trying for another citi card?

3. What are the best Visa Or MasterCard to apply to with limited credit history that are privy to lending high limits? What if I season my profile with a tradeline ... what’s the best options then?


Sorry for the long post 😌 my scores are 509 ish range. I can’t get an accurate score because my profile is so young. Thanks in advance!!

First, congratulations on the new cards!

 

Shooting for 800 gives excellent advice as to the best way to proceed. The Synchrony cards (Gap, Walmart) may grow at 6 months, but they seem to be a 3x max at the moment (at least, that has been my most recent experience with them). Synch worships TU, so the higher the score, the more likely you are to grow the cards.

 

As for the TJX card (another Synchrony card), that's almost certainly a decline since the Gap and Walmart cards were just approved. PayPal Credit has just recently been taken over by Synchrony, so the decline is for a similar reason. Citi tends to approve people with a longer credit history.

 

Stay in the garden for a while and let the cards grow.

Yes, the spade is back!
Message 4 of 6
Valued Contributor

Re: Discover and Synchrony Approval w/ thin file

Congrats on the approvals but it would be a good time to garden and let the accounts age and grow. SP CLI only and definitely give it a minimum of 6M/1YR before anything else. Check prequals to see if you get any but definitely give it time.


Scores - All bureaus 750 +/-
TCL - Est. $275K
Message 5 of 6
Senior Contributor

Re: Discover and Synchrony Approval w/ thin file

COngrats on app spree approval !!!!

 

 

 

 

8-2019 / Fico 8 EX 8013 , EQ 8016 , TR 810
Amex ED 22k , CSP 17k , Discover iT 12.5k , Fifth Third Bank S2C 12k , BofA Cash Rewards 10k , Avianca Vida 10k , State Farm Good Neighbor Visa 10k , Citi DD 6k , Union Bank Rewards 5k
Message 6 of 6
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