Synchrony bank approval ~

[thegirlsmom511]

Hi,

I was approved for a synchrony bank card to purchase a lovesac. The approval was only for $1500.00. I needed $3,000 to purchase my sofa. Since I didn't get enough can I just close the account when I receive the card? And since I've never used the card how bad will that hurt my credit if I close the account and not use it?

Thanks so much for your help!

[FinStar]

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@thegirlsmom511 wrote:

Hi,

I was approved for a synchrony bank card to purchase a lovesac. The approval was only for $1500.00. I needed $3,000 to purchase my sofa. Since I didn't get enough can I just close the account when I receive the card? And since I've never used the card how bad will that hurt my credit if I close the account and not use it?

Thanks so much for your help!

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Hello @thegirlsmom511, welcome to the forums and congrats on the approval.

You're certainly welcome to close it, but keep in mind this in it of itself will not prevent the account from reporting to the CRAs. In fact, most SYNCB accounts tend to report within 24-72 hours. So, the damage is done as there will be some impact to your AAoA for the new account.

[thegirlsmom511]

Hi

Thank you for the respond. What does AAoA mean?

[Trini88]

Average Age Of Accounts

[SouthJamaica]

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@thegirlsmom511 wrote:

Hi,

I was approved for a synchrony bank card to purchase a lovesac. The approval was only for $1500.00. I needed $3,000 to purchase my sofa. Since I didn't get enough can I just close the account when I receive the card? And since I've never used the card how bad will that hurt my credit if I close the account and not use it?

Thanks so much for your help!

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1. You should call Synchrony and tell them you need a $10k starting limit, because you want to buy a $3000 item, and you don't want to hurt your credit score.

2. If you don't get the CLI, and have no use for the card, you should probably sock drawer it, rather than close it.

[CreditAggie]

Congratulations on your approval with Synchrony Bank! A lot of great advice has been provided here. Good luck with what you decide to do!

[Anonymous]

Congrats on your path to a new Lovesac!!!

[M_Smart007]

Congrats on your approval, hoping you can successfully recon for a higher spending limit.

[CreditMagic7]

Congratulations on your Synchrony new approval! Maybe they can up that start line better for you.

[Total80sKid]

Congrats on the Sync approval 👍🏼