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Does Synchrony bank allow

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Anonymous
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Does Synchrony bank allow

Only a percentage of what your annual income is?( as far as credit limits) I keep seeing references on here to a persons annual income and what synchrony offers.
Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Does Synchrony bank allow

No, I don't believe it is as simple as a percentage of your income. All creditors including Synchrony look at income but also outstanding debt, payment history, credit utilization, and other factors to determine your actual credit limit. Each creditor (and even every card a creditor offers) will vary in what it weights to these factors. 

 

So rather than guessing a particular percentage to determine your credit limit you should look at your credit as a whole focusing on debt-to-income and utilization as your key factors to get the best credit limits.

Message 2 of 7
AverageJoesCredit
Legendary Contributor

Re: Does Synchrony bank allow

+1 Very well said. If you use your credit wisely , you will find they will often extend you more credit than you would think in comparison to ones income. Smiley Happy
Message 3 of 7
Ajaye55
Valued Member

Re: Does Synchrony bank allow

I don't think the income really matters so much as your credit worthiness.  I am a sahm, I just got a walmrt card for 1k and a Amazon for 700 within a week of each other.  I have only been working on and rebuilding my credit since this year.  Needless to say I wll definitely be gardening for the next 6 months atleast.  


5/27/2017 Fico EQ(4+4)-678(+11)/TU(4+5)-680(-6)/EX(8+4)-683(+15)
Finally broke the 650 ceiling. On my way to 700+. Total available credit $45100, started at $350 2/2016

USAA Secured-$3000/Wal-Mart-$3500/Macy's-$3000/NFCU nRewards-$10000/NFCU GoRewards-$16600/
Amazon-$3000/VS-$1350/Target-$800/Cap1QS AU-$750/ Cap1Plat-$1100/THD-$2000
Message 4 of 7
Anonymous
Not applicable

Re: Does Synchrony bank allow


@Ajaye55 wrote:

I don't think the income really matters so much as your credit worthiness.  I am a sahm, I just got a walmrt card for 1k and a Amazon for 700 within a week of each other.  I have only been working on and rebuilding my credit since this year.  Needless to say I wll definitely be gardening for the next 6 months atleast.  


I don't think income plays any part in anything with Sync, UNTIL the blue envelope comes to your mailbox

Message 5 of 7
AverageJoesCredit
Legendary Contributor

Re: Does Synchrony bank allow

@Alaye55 , congrats on getting Walmart and Amazon. Try not to app more Sync cards so close together as this is one of the main data points weve seen in getting issued a blue envelope. Not saying it will happen, but your chances can go up. . Best of luck on your rebuildSmiley Happy
Message 6 of 7
Ajaye55
Valued Member

Re: Does Synchrony bank allow

Thanks for the advice.

5/27/2017 Fico EQ(4+4)-678(+11)/TU(4+5)-680(-6)/EX(8+4)-683(+15)
Finally broke the 650 ceiling. On my way to 700+. Total available credit $45100, started at $350 2/2016

USAA Secured-$3000/Wal-Mart-$3500/Macy's-$3000/NFCU nRewards-$10000/NFCU GoRewards-$16600/
Amazon-$3000/VS-$1350/Target-$800/Cap1QS AU-$750/ Cap1Plat-$1100/THD-$2000
Message 7 of 7
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