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Verizon / Synchrony Approval But Score / Limit?

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Frequent Contributor

Verizon / Synchrony Approval But Score / Limit?

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?  

Message 1 of 23
22 REPLIES 22
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Mega Contributor

Re: Verizon / Synchrony Approval But Score / Limit?

"It's true hard work never killed anybody, but I figure, why take the chance?"
Message 2 of 23
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Super Contributor

Re: Verizon / Synchrony Approval But Score / Limit?

Congratulations on your approval!
Message 3 of 23
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Valued Contributor

Re: Verizon / Synchrony Approval But Score / Limit?

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










Message 4 of 23
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Frequent Contributor

Re: Verizon / Synchrony Approval But Score / Limit?


@Girlzilla88 wrote:

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


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

Message 5 of 23
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Frequent Contributor

Re: Verizon / Synchrony Approval But Score / Limit?


@Girlzilla88 wrote:

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


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


EX8: 741 | Oldest: 10 mo.
Message 6 of 23
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Moderator

Re: Verizon / Synchrony Approval But Score / Limit?

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

Message 7 of 23
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Valued Contributor

Re: Verizon / Synchrony Approval But Score / Limit?

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...

 

 

  

  
  



RECORD HOLDER
& KEEPER OF
THE GOLDEN SWORD!

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EQ FICO RESILIENCE INDEX
06-29-2020

Dogbert

76

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64

04-03-2020

Message 8 of 23
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Super Contributor

Re: Verizon / Synchrony Approval But Score / Limit?


@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


That pretty much says it all

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




3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>06/2020 CCT EX 835 TU 848 EQ 844

I'd get it one piece at a time
And it wouldn't cost me a dime
You'll know it's me when I come through your town
I'm gonna ride around in style
I'm gonna drive everybody wild
'Cause I'll have the only one there is around.

- Johnny Cash One Piece At A Time
Message 9 of 23
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Frequent Contributor

Re: Verizon / Synchrony Approval But Score / Limit?


@Meanmchine wrote:

@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


That pretty much says it all

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


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. 

Message 10 of 23
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