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Can’t seem to get in with Synchrony

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Regular Contributor

Re: Can’t seem to get in with Synchrony


@Vmc726 wrote:

Hey all, 

 

I may already know the reasoning but I am going to reach out to see if there's any experience out there. Long-time lurker. Short-time poster. 

I've noticed any time I apply for a Synchrony backed card, I get a denial. The response is always stated as too many inquiries. I also googled this and it says they are inquiry sensitive with preferring 6 or less. I apply for Lowe's once every year and Care Credit once every 6 months. 


I forget who they pull and my TU and EQ aren't very good scores. Noted in my signature. 

DP's- scores in signature. 9 HPs in 2020. New car loan in April. Reported in July finally. All cards in my signature are from 2020 as I was always a firm believer in having no credit cards. No bankruptcies. No past charge offs from credit card lenders that have fallen off either. One baddie in my report that is from 2017 for 6k. May pay in 2021. May let it fall off. It only reports in TU which is suppressing my score, I know. Had several medical collections in early 2020. Had all PFD except one which is paid to $0 since July with it still showing as closed and paid on my report. 100% on time payment status via myFico subscription. 5% utilization via myFico subscription. I do have two old and very low balance (2k and 6k) paid off student loans that were paid off August 2014 reporting some late payments. I don't know if student loans fall off in 7 years or 10 years. When I contacted the company directly about deleting the trade line they said because they are student loans, they don't delete the trade line. Hoping those fall off as the 7 year mark happens in 11 months. 

My only desires cards are Care Credit (which I would BT to another card if I couldn't pay it in the promotional same as cash period) and Lowe's. I rent, but it would be nice to get things there occasionally as I'm trying to set my profile up to apply for a mortgage loan in 2023 when my son graduates high school and we relocate back to my home town. I don't have anything else going on with credit. 

Any experience is appreciated. I know all scores and profiles vary by consumer and I did not omit any information from my DP section of this post. Complete transparency. I have been in the garden a whole 2 weeks (woopty) but I plan to increase that for a year perhaps two. I will only request SP CLI's for the remainder of the time. I am a preferred rewards client with Bank of America and they are where I hold my checking and savings primarily. I was given a $5k SL on BofA travel rewards in July 2020. That is a low limit, I know I know. But I'm sure getting approved for that with a 650 FICO score on experian at the time was due to my rank with BofA. 

Thank you all. I understand my experience may vary. But I don't get what will budge for Synchrony.  

if this belongs under credit card applications then please move the thread and accept my apologies. 


Synchrony isn't really that big a deal / milestone. They're a retail card backer who isn't the most generous with limits, doesn't offer the best rates... they simply offer financing. They used to be known for giving easy store credit. Now that they've tightened up, I struggle to find any redeeming qualities about Synchrony worth anyone's effort to even so much as recon a denial.

 

Anyone? 

Message 11 of 27
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Valued Contributor

Re: Can’t seem to get in with Synchrony


@Vmc726 wrote:

Hey all, 

 

I may already know the reasoning but I am going to reach out to see if there's any experience out there. Long-time lurker. Short-time poster. 

I've noticed any time I apply for a Synchrony backed card, I get a denial. The response is always stated as too many inquiries. I also googled this and it says they are inquiry sensitive with preferring 6 or less. I apply for Lowe's once every year and Care Credit once every 6 months. 


I forget who they pull and my TU and EQ aren't very good scores. Noted in my signature. 

DP's- scores in signature. 9 HPs in 2020. New car loan in April. Reported in July finally. All cards in my signature are from 2020 as I was always a firm believer in having no credit cards. No bankruptcies. No past charge offs from credit card lenders that have fallen off either. One baddie in my report that is from 2017 for 6k. May pay in 2021. May let it fall off. It only reports in TU which is suppressing my score, I know. Had several medical collections in early 2020. Had all PFD except one which is paid to $0 since July with it still showing as closed and paid on my report. 100% on time payment status via myFico subscription. 5% utilization via myFico subscription. I do have two old and very low balance (2k and 6k) paid off student loans that were paid off August 2014 reporting some late payments. I don't know if student loans fall off in 7 years or 10 years. When I contacted the company directly about deleting the trade line they said because they are student loans, they don't delete the trade line. Hoping those fall off as the 7 year mark happens in 11 months. 

My only desires cards are Care Credit (which I would BT to another card if I couldn't pay it in the promotional same as cash period) and Lowe's. I rent, but it would be nice to get things there occasionally as I'm trying to set my profile up to apply for a mortgage loan in 2023 when my son graduates high school and we relocate back to my home town. I don't have anything else going on with credit. 

Any experience is appreciated. I know all scores and profiles vary by consumer and I did not omit any information from my DP section of this post. Complete transparency. I have been in the garden a whole 2 weeks (woopty) but I plan to increase that for a year perhaps two. I will only request SP CLI's for the remainder of the time. I am a preferred rewards client with Bank of America and they are where I hold my checking and savings primarily. I was given a $5k SL on BofA travel rewards in July 2020. That is a low limit, I know I know. But I'm sure getting approved for that with a 650 FICO score on experian at the time was due to my rank with BofA. 

Thank you all. I understand my experience may vary. But I don't get what will budge for Synchrony.  

if this belongs under credit card applications then please move the thread and accept my apologies. 


If you apply for 2 cards with them 3 times a year and get denials, that is also 3 HPs a year from them alone in addition to the new credit you have and have not gotten. So it is safe to say that not only is it probably too many new TLs and they are also saying too many HPs (due to the denials).

 

Like suggested above, try to hold off on apping, especially with them if you know it will be a denial due to too many HPs, no sense adding 2 more HPs. Wait until some of the TLs get a little older and the HPs you have already fade a bit and try again.

 

Also, Sync is the only bank I know that uses Vantage scores, but they use 4.0, which you cannot get anywhere that I could find unless you have an account with them.

 

My SO got CareCredit with them last month with an abysmal 587 TU Fico8, but he has a 625 Vantage 4.0 and got a 1k CL. So at least foot in the door and we need the short term financing for dental work. He had never had a CC in his life until this year (36 years old!). He only had 1 HP on each bureau before apping and 3 new TLs (including 1 AU) under 6 months old. I am guessing the 1 HP is what got him the approval.

 

Also, from the posts I have read here, Sync can grow large limits quickly, so that is a plus. My SO was unable to recon his SL or get a CLI in the 1 month he has had the account, but I assume that is due to low scores and being new to revolving credit. I am sure as his scores improve and account ages, that will change for the better.

 

hang in there and maybe next year you will have a better shot!

 

Good luck!




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 10•20 | EQ [F8 615] [F9 653] [EQ5 645] [VS3 656] | TU [F8 567] [F9 552] [TU4 563] [VS3 639] | EX [F8 587] [F9 573] [EX2 614] [VS3 631]
Goal Score: 680


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 9•20 | EQ [F8 602] [F9 553] [EQ5 584] [VS3 531] | TU [F8 620] [F9 579] [TU4 570] [VS3 623] [VS4 634] | EX [F8 642] [F9 573] [EX2 621] [VS3 638]
Goal Score: 680


Take the myFICO Fitness Challenge



Message 12 of 27
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Community Leader
Mega Contributor

Re: Can’t seem to get in with Synchrony


@ddm2k1 wrote:

@Vmc726 wrote:

Hey all, 

 

I may already know the reasoning but I am going to reach out to see if there's any experience out there. Long-time lurker. Short-time poster. 

I've noticed any time I apply for a Synchrony backed card, I get a denial. The response is always stated as too many inquiries. I also googled this and it says they are inquiry sensitive with preferring 6 or less. I apply for Lowe's once every year and Care Credit once every 6 months. 


I forget who they pull and my TU and EQ aren't very good scores. Noted in my signature. 

DP's- scores in signature. 9 HPs in 2020. New car loan in April. Reported in July finally. All cards in my signature are from 2020 as I was always a firm believer in having no credit cards. No bankruptcies. No past charge offs from credit card lenders that have fallen off either. One baddie in my report that is from 2017 for 6k. May pay in 2021. May let it fall off. It only reports in TU which is suppressing my score, I know. Had several medical collections in early 2020. Had all PFD except one which is paid to $0 since July with it still showing as closed and paid on my report. 100% on time payment status via myFico subscription. 5% utilization via myFico subscription. I do have two old and very low balance (2k and 6k) paid off student loans that were paid off August 2014 reporting some late payments. I don't know if student loans fall off in 7 years or 10 years. When I contacted the company directly about deleting the trade line they said because they are student loans, they don't delete the trade line. Hoping those fall off as the 7 year mark happens in 11 months. 

My only desires cards are Care Credit (which I would BT to another card if I couldn't pay it in the promotional same as cash period) and Lowe's. I rent, but it would be nice to get things there occasionally as I'm trying to set my profile up to apply for a mortgage loan in 2023 when my son graduates high school and we relocate back to my home town. I don't have anything else going on with credit. 

Any experience is appreciated. I know all scores and profiles vary by consumer and I did not omit any information from my DP section of this post. Complete transparency. I have been in the garden a whole 2 weeks (woopty) but I plan to increase that for a year perhaps two. I will only request SP CLI's for the remainder of the time. I am a preferred rewards client with Bank of America and they are where I hold my checking and savings primarily. I was given a $5k SL on BofA travel rewards in July 2020. That is a low limit, I know I know. But I'm sure getting approved for that with a 650 FICO score on experian at the time was due to my rank with BofA. 

Thank you all. I understand my experience may vary. But I don't get what will budge for Synchrony.  

if this belongs under credit card applications then please move the thread and accept my apologies. 


Synchrony isn't really that big a deal / milestone. They're a retail card backer who isn't the most generous with limits, doesn't offer the best rates... they simply offer financing. They used to be known for giving easy store credit. Now that they've tightened up, I struggle to find any redeeming qualities about Synchrony worth anyone's effort to even so much as recon a denial.

 

Anyone? 


Ive done just fine with Synchrony and even if they close me out on all my cards i wont smear them all over . The Paypal 2% is my favorite card and i guess being poor i have to settle for the lesser of the lendersSmiley Wink

Message 13 of 27
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Valued Contributor

Re: Can’t seem to get in with Synchrony

OP, take it as a sign. Synchrony is not a prestigious lender by any stretch. It is not good if they will not approve you for even a minor limit. Garden for a year, stop applying to cards. Let your AAOA grow and at some point they'll extend credit to you.

 

Furthermore, don't apply to Care Credit...they're way worse. They're predatory with their interest rates.

 

Cool it and good things will come your way...a year from now, preferably 1.5 years from now for best growth.

"Show your thanks with action! Hit the "Kudos" button (the stripe with the star) for every post you find helpful to show your appreciation to the community of great individuals who help you on these forums" -Me

Active Cards: Chevron Texaco, Amex BCE, Barclays Ring, Chase Freedom, Chase Freedom Unlimited, Best Buy Visa, Marvel MC

Message 14 of 27
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Regular Contributor

Re: Can’t seem to get in with Synchrony


@SecretAzure wrote:

OP, take it as a sign. Synchrony is not a prestigious lender by any stretch. It is not good if they will not approve you for even a minor limit. Garden for a year, stop applying to cards. Let your AAOA grow and at some point they'll extend credit to you.

 

Furthermore, don't apply to Care Credit...they're way worse. They're predatory with their interest rates.

 

Cool it and good things will come your way...a year from now, preferably 1.5 years from now for best growth.


I agree with you. Doubly so on the CareCredit in certain circumstances, or lackthereof, rather. I'll explain: 

 

- CareCredit when applied for on their website offers no special financing and appears to be a revolving product with a card to swipe. 

- CareCredit when applied for in a provider's office in conjunction with a procedure can offer incentives such as lower interest rates or even 0% for up to 24 months, as chosen by the provider. 

Message 15 of 27
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Regular Contributor

Re: Can’t seem to get in with Synchrony


@AverageJoesCredit wrote:

@ddm2k1 wrote:

@Vmc726 wrote:

Hey all, 

 

I may already know the reasoning but I am going to reach out to see if there's any experience out there. Long-time lurker. Short-time poster. 

I've noticed any time I apply for a Synchrony backed card, I get a denial. The response is always stated as too many inquiries. I also googled this and it says they are inquiry sensitive with preferring 6 or less. I apply for Lowe's once every year and Care Credit once every 6 months. 


I forget who they pull and my TU and EQ aren't very good scores. Noted in my signature. 

DP's- scores in signature. 9 HPs in 2020. New car loan in April. Reported in July finally. All cards in my signature are from 2020 as I was always a firm believer in having no credit cards. No bankruptcies. No past charge offs from credit card lenders that have fallen off either. One baddie in my report that is from 2017 for 6k. May pay in 2021. May let it fall off. It only reports in TU which is suppressing my score, I know. Had several medical collections in early 2020. Had all PFD except one which is paid to $0 since July with it still showing as closed and paid on my report. 100% on time payment status via myFico subscription. 5% utilization via myFico subscription. I do have two old and very low balance (2k and 6k) paid off student loans that were paid off August 2014 reporting some late payments. I don't know if student loans fall off in 7 years or 10 years. When I contacted the company directly about deleting the trade line they said because they are student loans, they don't delete the trade line. Hoping those fall off as the 7 year mark happens in 11 months. 

My only desires cards are Care Credit (which I would BT to another card if I couldn't pay it in the promotional same as cash period) and Lowe's. I rent, but it would be nice to get things there occasionally as I'm trying to set my profile up to apply for a mortgage loan in 2023 when my son graduates high school and we relocate back to my home town. I don't have anything else going on with credit. 

Any experience is appreciated. I know all scores and profiles vary by consumer and I did not omit any information from my DP section of this post. Complete transparency. I have been in the garden a whole 2 weeks (woopty) but I plan to increase that for a year perhaps two. I will only request SP CLI's for the remainder of the time. I am a preferred rewards client with Bank of America and they are where I hold my checking and savings primarily. I was given a $5k SL on BofA travel rewards in July 2020. That is a low limit, I know I know. But I'm sure getting approved for that with a 650 FICO score on experian at the time was due to my rank with BofA. 

Thank you all. I understand my experience may vary. But I don't get what will budge for Synchrony.  

if this belongs under credit card applications then please move the thread and accept my apologies. 


Synchrony isn't really that big a deal / milestone. They're a retail card backer who isn't the most generous with limits, doesn't offer the best rates... they simply offer financing. They used to be known for giving easy store credit. Now that they've tightened up, I struggle to find any redeeming qualities about Synchrony worth anyone's effort to even so much as recon a denial.

 

Anyone? 


Ive done just fine with Synchrony and even if they close me out on all my cards i wont smear them all over . The Paypal 2% is my favorite card and i guess being poor i have to settle for the lesser of the lendersSmiley Wink


Must not be that poor if cash back benefits are a source of joy for you Smiley Happy must be worth it! I'd like to look at a side-by-side of the Lowe's Store Credit (Synchrony) vs. AmEx Lowe's Business. https://creditcards.usnews.com/compare-tool it still makes you select the cards yourself but this was the only website that has both cards available to compare. 

Message 16 of 27
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Moderator

Re: Can’t seem to get in with Synchrony


@ddm2k1 wrote:


Synchrony isn't really that big a deal / milestone. They're a retail card backer who isn't the most generous with limits, doesn't offer the best rates... they simply offer financing. They used to be known for giving easy store credit. Now that they've tightened up, I struggle to find any redeeming qualities about Synchrony worth anyone's effort to even so much as recon a denial.

 

Anyone? 


@ddm2k1 I have to question, what do you consider a big deal/milestone?  Synchrony is a lender just like the rest of them.  Sure they don't have the perceived prestige as maybe Amex but Amex doesn't have a card that will allow you to finance hundreds of thousands of dollars with long term 0% financing time after time after time.  

 

To address Synchrony not being generous with their limits, to that I have to say, you must not have hung out around these here parts very much because Synchrony (during better times) were allowing so many folks around here to hold $100k across multiple products; heck it was almost like the norm for them. 

 

As far as offering the best rate, well most of us in this hobby are in it for the rewards so interest rates shouldn't matter one bit because paying interest eats into any rewards one would have gained. 

 

I understand that Synchrony isn't for everyone but they certainly aren't any better or worse than any other lender in my opinion. 

Message 17 of 27
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Senior Contributor

Re: Can’t seem to get in with Synchrony

I can't say they haven't done right by me. I've used 0% twice on Lowe's and went from $300 exposure on one card with them, to two cards and $34,000 exposure in 17 months. 



Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | PenFed PCR | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | 2017 Audi A6 Prestige S-Line





TCL $85,100| Agg. Util under 5%
Message 18 of 27
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Mega Contributor

Re: Can’t seem to get in with Synchrony


@Loquat wrote:

@ddm2k1 wrote:


Synchrony isn't really that big a deal / milestone. They're a retail card backer who isn't the most generous with limits, doesn't offer the best rates... they simply offer financing. They used to be known for giving easy store credit. Now that they've tightened up, I struggle to find any redeeming qualities about Synchrony worth anyone's effort to even so much as recon a denial.

 

Anyone? 


@ddm2k1 I have to question, what do you consider a big deal/milestone?  Synchrony is a lender just like the rest of them.  Sure they don't have the perceived prestige as maybe Amex but Amex doesn't have a card that will allow you to finance hundreds of thousands of dollars with long term 0% financing time after time after time.  

 

To address Synchrony not being generous with their limits, to that I have to say, you must not have hung out around these here parts very much because Synchrony (during better times) were allowing so many folks around here to hold $100k across multiple products; heck it was almost like the norm for them. 

 

As far as offering the best rate, well most of us in this hobby are in it for the rewards so interest rates shouldn't matter one bit because paying interest eats into any rewards one would have gained. 

 

I understand that Synchrony isn't for everyone but they certainly aren't any better or worse than any other lender in my opinion. 


I would agree here @Loquat Smiley Happy. I understand everyone has their favorite lenders, who they feel are prime ,or prestigious,  or lame, or whatnot. If anything this pandemic has taught me ,  everything can be peachy until they arent and any lender can become tomorrow's   least favorite. Start missing payments or escalate ones debt and those great lenders wont be so great.   Best advice i can give to anyone is when choosing a lender , make sure the card fits your spend, you understand  the risks/ rewards of choosing that card and lender and go from there. Smiley Happy

Message 19 of 27
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Senior Contributor

Re: Can’t seem to get in with Synchrony

Well-said AJC.



Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | PenFed PCR | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | 2017 Audi A6 Prestige S-Line





TCL $85,100| Agg. Util under 5%
Message 20 of 27
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