*UPDATE* Approved! - PayPal Master Card - Denial Letter & Confusion

[Anonymous]

Hi there, this is my first post on these forums. 

I applied for the Paypal Cashback Mastercard on the 22nd of January. The representative from synchrony told me that it would take between 7-10 days for me to get a letter with a decision. Noticed no hard pulls during the process. Couple days after I receive a notification from Experian stating a credit file change. I logged in and noticed  SYNCB/PPMC reported a new account with a 4,000.00 CL.  Logically I thought that I was approved the credit. To my surprise, yesterday  I received an email from them stating that they were unable to approve my request due to: Insufficient income in relation to debt obligations. I have not received any notification by regular mail. 

My background: 

Credit Scores: Experian: 757 Equifax: 749 Transunion: 746

I do not have any missing paymenst or any collections in any of my accounts, ever. 

I do have 100k plus student loans from law school, all of them have been paid on time everytime. 

The average age of my accounts is: 3 years/9 months

My credit is the following: 

Amazon Store Card: Cl $1,900.00 (approved in 2015)

Tjmaxx Credit Card: Cl: $1,900.00 (approved in 2018)

AMEX Blue Cash Preffered: $2,000.00 (approved in august 2019)

Honestly I am lost - if they declined my application, why would they notify a new credit line? If the account  eventually gets reported as closed, will this affect the average age of my accounts and therefore my credit score? Has anyone had this happen to them? I'm really curious, I will give them a call.... 

[Anonymous]

That's an interesting situation. If it has reported to the credit bureau already, I would just wait it out and see if it shows up in the mail. If not, they're probably concerned about the high balance on the student loans. They've already extended you $3800 in credit so that may be all that they are comfortable with for now. 

[AverageJoesCredit]

Im betting on approval if its already reporting to the bureau. Took my PPMC well over a week, almost 2 to get to my home.

[Anonymous]

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@AverageJoesCredit wrote:
Im betting on approval if its already reporting to the bureau. Took my PPMC well over a week, almost 2 to get to my home.

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I would lean that way too but it's possible it got manually reviewed and the approval was rescinded. 

[Remedios]

OP, just pick up the phone and call.

It could be that you're approved, but it could also mean that it went through secondary review, and it did not pass.

In any case, they should be able to answer a simple question such as "I wanted to know if there has been a decision yet on my application"

I do hope to see an approval thread from you.
Good luck!

[Meanmchine]

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@Remedios wrote:
OP, just pick up the phone and call.

It could be that you're approved, but it could also mean that it went through secondary review, and it did not pass.

In any case, they should be able to answer a simple question such as "I wanted to know if there has been a decision yet on my application"

I do hope to see an approval thread from you.
Good luck!

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+1

Good luck

[M_Smart007]

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@AverageJoesCredit wrote:
Im betting on approval if its already reporting to the bureau. Took my PPMC well over a week, almost 2 to get to my home.

---

+1

[Anonymous]

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@Anonymous wrote:

Hi there, this is my first post on these forums. 

I applied for the Paypal Cashback Mastercard on the 22nd of January. The representative from synchrony told me that it would take between 7-10 days for me to get a letter with a decision. Noticed no hard pulls during the process. Couple days after I receive a notification from Experian stating a credit file change. I logged in and noticed  SYNCB/PPMC reported a new account with a 4,000.00 CL.  Logically I thought that I was approved the credit. To my surprise, yesterday  I received an email from them stating that they were unable to approve my request due to: Insufficient income in relation to debt obligations. I have not received any notification by regular mail. 

My background: 

Credit Scores: Experian: 757 Equifax: 749 Transunion: 746

I do not have any missing paymenst or any collections in any of my accounts, ever. 

I do have 100k plus student loans from law school, all of them have been paid on time everytime. 

The average age of my accounts is: 3 years/9 months

My credit is the following: 

Amazon Store Card: Cl $1,900.00 (approved in 2015)

Tjmaxx Credit Card: Cl: $1,900.00 (approved in 2018)

AMEX Blue Cash Preffered: $2,000.00 (approved in august 2019)

Honestly I am lost - if they declined my application, why would they notify a new credit line? If the account  eventually gets reported as closed, will this affect the average age of my accounts and therefore my credit score? Has anyone had this happen to them? I'm really curious, I will give them a call.... 

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I was approved on 01/16/2020 for this card and I still have not received it. It also has been reported to the CB's as a new account opened. I called last night to see if there was any holdup and they told me to wait "10 business days" for it to come in before I call back.

On 01/23/2020 though, I received the below email in my inbox:

[Hex]

OP -not sure if you know that whenever you apply for a card and don’t get the lowest APR available they are legally obligated to send you a letter saying why. I could see confusing one of those letters for an outright denial letter. Maybe that’s what they sent and you were approved- just not with the best rate? I’m hoping that’s what happened. Good luck.

[KJinNC]

I have not heard of this scenario before. I hope it means you were approved. If you were rejected, then they need to delete the account from your CRs rather than "closing" it and you taking the hit to account age. If they "open" and "close" it, I would dispute the account. Good luck!