Verizon / Synchrony Approval But Score / Limit?

[Anonymous]

I applied for the new Verizon card last week.  Immedialy saw a hard pull for TransUnion.  Score was 791 at the time.  Was approved for $2100.  Was a bit dissapointed considering my income and score are not an issue.  But I thought maybe it's the pandemic crack down on credit.  I resolved myself to the low limit.  Got a letter in the mail today from Synchrony bank.  It stated that when they pulled my credit I was not given a prime rate and by law they have to notifiy me why.  Continued reading and on the next page, it states that my credit score is 547.  First of all, what the actual heck.  Secondly, what's the deal here?

The score range in the bottom box states 300 - 620.  

I've never done business with this bank before.  What is going on here?  

[M_Smart007]

[AllZero]

Congratulations on your approval!

[Girlzilla88]

Synchrony is Vantage Score I believe?!   Somebody correct me if I am wrong?!

[Anonymous]

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@Girlzilla88 wrote:

Synchrony is Vantage Score I believe?!   Somebody correct me if I am wrong?!

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Even if it is.. my TU and EQ Vantage scores are both over 780.

[Anonymous]

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@Girlzilla88 wrote:

Synchrony is Vantage Score I believe?!   Somebody correct me if I am wrong?!

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They may use other scores such as FICO, LexisNexis or internal ones.

[CreditCuriosity]

Their internal scoring system.  Basically means nothing to you.  Whether they use FICO or Vantage to make decisions or their internal system only they know, but scores you were provided were internal scoring system it appars by range.  Waiting for my card/rate I got and see if I got the TIER 1 rate or whether 2 or 3.  Regardless I would never carry a balance on any of those rates as best is 18.x if I recall correctly.  Also they aren't being real generous with this card either as my scores are approx 800, six figure income and alot of very high CL's cards many in 20-60k range and they gave me 5.5k. 

Just use it for what it is good for being discount off bill if single or multiple lines on autopay, etc..

Enjoy the card

[Anonymous]

BOOm! Congrats on the approval.

RE score model - if you google "300 to 620 score model" you'll see a lot of synchrony references.  It's their own internal model.  

https://ficoforums.myfico.com/t5/Credit-Cards/Score-range-300-to-620-from-Synchrony-bank-WTH/td-p/39...

https://ficoforums.myfico.com/t5/Credit-Cards/Synchrony-has-their-own-scoring-model-now/td-p/5785606

Etc...

[Meanmchine]

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@CreditCuriosity wrote:

Their internal scoring system.  Basically means nothing to you.  Whether they use FICO or Vantage to make decisions or their internal system only they know, but scores you were provided were internal scoring system it appars by range.  Waiting for my card/rate I got and see if I got the TIER 1 rate or whether 2 or 3.  Regardless I would never carry a balance on any of those rates as best is 18.x if I recall correctly.  Also they aren't being real generous with this card either as my scores are approx 800, six figure income and alot of very high CL's cards many in 20-60k range and they gave me 5.5k. 

Just use it for what it is good for being discount off bill if single or multiple lines on autopay, etc..

Enjoy the card

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That pretty much says it all

Congrats OP.  Im sure that this limit will grow quickly knowing Synchrony

[Anonymous]

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@Meanmchine wrote:

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@CreditCuriosity wrote:

Their internal scoring system.  Basically means nothing to you.  Whether they use FICO or Vantage to make decisions or their internal system only they know, but scores you were provided were internal scoring system it appars by range.  Waiting for my card/rate I got and see if I got the TIER 1 rate or whether 2 or 3.  Regardless I would never carry a balance on any of those rates as best is 18.x if I recall correctly.  Also they aren't being real generous with this card either as my scores are approx 800, six figure income and alot of very high CL's cards many in 20-60k range and they gave me 5.5k. 

Just use it for what it is good for being discount off bill if single or multiple lines on autopay, etc..

Enjoy the card

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That pretty much says it all

Congrats OP.  Im sure that this limit will grow quickly knowing Synchrony

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Just when I thought I had a handle on my scores... Here's another one to now work on.  Oh well.  

Thanks for the reply everyone.