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What is the most effective strategy to grow a Synchrony card?

TygerHawke
Established Contributor

What is the most effective strategy to grow a Synchrony card?

Hi folks!

 

Just looking for general knowledge and any relevant data points here.  I recently opened an Amazon Prime Store Card, and wanted to figure out the best way to work on it,

 

Thanks!

Message 1 of 14
13 REPLIES 13
CreditContractor
Established Contributor

Re: What is the most effective strategy to grow a Synchrony card?

Drop all of your fears and inhibitions.  Request $25k now.  If you can't do it you'll be doomed to that Dodge K-Car for the rest of your life.

Message 2 of 14
TygerHawke
Established Contributor

Re: What is the most effective strategy to grow a Synchrony card?

LOL

 

I'd do that, but they already said no when I tried to recon my $1200 SL.  I'm OK with taking the long view, just want to know when would be good time to ask, that sort of thing

Message 3 of 14
manyquestions
Established Contributor

Re: What is the most effective strategy to grow a Synchrony card?

I'd use the card a little and call for a cli every couple months.  I think credit limit might depend on your score more than anything.  I started at something like $600 and then called and got 10K. Then called again a few months later and got 25k.  I hardly used my card but I did try to use it at least once per month for $10.

Message 4 of 14
AverageJoesCredit
Community Leader
Mega Contributor

Re: What is the most effective strategy to grow a Synchrony card?

If you hust got the card and they said no, buy something pay it off let 1 statement cut then call again. This has been a pattern most recently. Many months ago you could get approved and before you even had the card, call and get your increase. Happened to me with my Marvel card. But after all the blue envelope scare of 2016, it seems now they like to see at least a month of usage, haha, so thats my recomendation. Many people have reported good results after 1 statement cut. $1200 is excellent to start with should net you a 5-6k card after increaseSmiley Happy. Good luckSmiley Happy
Message 5 of 14
ls2016
Frequent Contributor

Re: What is the most effective strategy to grow a Synchrony card?

I agree with the others. Give it a month or two, then try again. Reach for the stars as a counter offer will be made if the full requested amount isn't honored.

Current FICO 8s: Ex 726, Tu 746, Eq 716
Current FICO 9s: Ex 748, Tu ?? Eq 725
Total TLs: $160,000
32 (30-60 day) mortgage lates remain
Message 6 of 14
BrutalBodyShots
Super Contributor

Re: What is the most effective strategy to grow a Synchrony card?


@TygerHawke wrote:

Hi folks!

 

Just looking for general knowledge and any relevant data points here.  I recently opened an Amazon Prime Store Card, and wanted to figure out the best way to work on it,

 

Thanks!


Assuming your card is like other Synchrony cards (Lowe's, etc.) you can get your limit raised through a call to Credit Solutions.  Your scores though are going to need some work; where they currently stand I don't think you'll get more than another $3k-$4k, but you never know without asking.

 

The golden score for most seems to be about 720.  At 720+ most have asked for $30k (some even $35k) from Credit Solutions and got it with a 2 minute phone call.  Those that are countered are still usually given a very solid 5-figure limit.  Of course as your score drops from 720, so does the CLI potential.  So you've got maybe 60-70 points or so to work on here which in Synchrony land means the difference between a $5k limit and a $35k limit.  Pretty crazy when you think about it...

Message 7 of 14
fordguy89
Valued Contributor

Re: What is the most effective strategy to grow a Synchrony card?

You have a bankruptcy,  and wondering why your limits are worse than someone who doesn't have a bankruptcy?  For the examples who don't get automatic huge jumps in their limits time is what heals all wounds.  4 month at a time is  pretty standard.  If you have multiple accounts with them they're about the same age and you get an increase on one acct,  and not the other that is when you call Solutions and ask.  Make sure your TransUnion has updated

Open one, close three. Open one, close three.
Message 8 of 14
_summer78
Frequent Contributor

Re: What is the most effective strategy to grow a Synchrony card?

Just give it time.

I think your score is a big factor. I requested an increase before I even received my card in the mail. It seems like they're not being as generous anymore with their cli
Message 9 of 14
BrutalBodyShots
Super Contributor

Re: What is the most effective strategy to grow a Synchrony card?

I agree with everyone that your scores (profile) is what is going to be the constraint that holds you back here.  I don't know anything about BKs but I assume it takes a while to recover from them and it looks like you're at < 1 year?  I'm not sure if you have any other negative information on your reports, but working on those negatives if there are any would definitely be a positive for your profile and thus scores.  Then all the usual stuff like continue on-time payments, maximize the utilization sector of scoring by only allowing 1 revolver to report a small balance each month, etc.  I would call credit solutions every time your score goes up 10-15 points or so as that's usually a pretty good indicator that your profile has improved somewhat.

Message 10 of 14
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