What is lack of real estate secured loan mean

[Anonymous]

I applied for a sychrony card along time ago and they gave reason of denial lack of real estate loan
That was the only reason for denial
Does anyone know what that means? Was curious because I saw on here someone else got that as apart of their reason for denial.

[addicted_to_credit]

It means you do not have a mortgage on your reports.

[pinkandgrey]

It means you don't have a mortgage. Having some kind of installment loan will help your credit. 

[Anonymous]

I've had 2 installment loans paid off. And I have one I've paid on time for a year. I have another 12 months on it. Then I have my car loan I've been paying for a year. And 12 months ago I paid off a 4 yr car loan. How much more does sychrony want? Lol. My mother and brother dont have a mortgage and they both have a jc Penny's card. They both got it with credit scores below mine. Does anybody have any ideas on what else I can do to get in with sychrony? Taking all suggestions.

[DaveInAZ]

I've sure never seen that as a reason for denying a credit app, especially a credit card.

It's usually just one of the factors a credit score digs up as a factor why your score isn't as high as it could be. Similar to "Too many Consumer Finance Loans" when you have just one personal loan from Prosper, Lending Club, etc. I get the "lack of real estate loan" on my Experian credit score and it really ticks me off as I have a Home Equity Line of Credit but Experian lumps it in with my credit cards as a revolving credit account while Equifax & TransUnion count it as a real estate loan. 

But Credit Mix, a combination of revolving and installment credit, only counts for 10% of your Fico score, so not a huge impact and again I can't see that as the only reason to deny a credit app. But it's not uncommon for a credit app to not meet a lender's criteria and the denial letter just picks out a reason which may not be the primary reason for the denial.

[Anonymous]

I've called before and they said that was the only reason for denial.atleast that's what new accounts said. I just didnt know what it meant at the time. I thought it was maybe because I had to move out of a house I was renting because my mother is terminally I'll and I have to take care of her at her place because she wants to be at home. My name is not on the lease. I figured that's what it meant. Not having a lease in my name. But I'm glad someone cleared that up for me. I do have a good credit mix everything but a home loan. I'm wanting to buy but I have to get my credit score higher and now is not the time plus I have to wait a year after getting a new credit card. From what I've been told. I'm in good with commenity bank and I can get regular credit cards from issuers. I just cant get sychrony to fall for me. Lol. I'm afraid to apply for anymore of their cards and get a hp to be denied. I guess I'll wait until my credit score get higher than apply.

[Anonymous]

I've seen this topic brought up a few times recently, making me think that Banks are running out of legit reasons to deny people. lol

Seriously though, as it's been stated before these are just reasons they give for your score being what it is. For me, I've never gotten past the too many recent accounts. So if too many Inq and new accounts are not valid reasons to give, they have to find something else?

I would think this description pertains to experience with installments Loans, I can't think of why a CC/Revolving account would need installment criteria though. Certainly a "your score is too low for us" or "insufficient income, or history" would be suitable reasons. 

Also seesm that SYNCH is tightening up from what they used to be.

[Anonymous]

From my understanding, you can get this reason code to go away by getting a SSL. 

... I will not be taking a mortgage out anytime soon, so this will haunt me.

[addicted_to_credit]

It kinda sounds like vantage score reasoning. One would think an installment loan would suffice to get a CC. I do know once I had a mortgage I was able to get and push past 5 & then 10k limits.

[Anonymous]

I've never had a Mortgage, and I have several Credit Cards with $10K+ CL's. So i don't think that alone is going to hold someone back from attaining higher limits.