How Hard Is It To Get Approved By Synchrony Bank (2024)

FAQs

What credit score is needed for Synchrony Bank? ›

The Synchrony Premier World Mastercard®, which offers 2% cash back on every purchase to individuals with excellent credit (FICO scores of 720 or higher). The Synchrony Plus World Mastercard, which is designed for those with at least good credit (scores of 690 or higher) and earns 1% cash back on every purchase.

While credit scores are very important, Synchrony Bank credit card approval depends on several other factors as well. For example, applicants need to have enough income to make payments on the card. Synchrony Bank will also look at existing debts when considering your application.

Yes, Synchrony Bank does a hard inquiry on your credit report whenever you apply for one of its credit cards. A hard inquiry usually results in a slight decrease in an applicant's credit score, but the effect only lasts for a short period of time.

What Are the Disadvantages of Synchrony Bank? Synchrony Bank has no physical locations for in-person banking. The online bank has no checking account. Synchrony customers can manage their accounts and get support 24/7 through its mobile app and automated phone service, but it offers limited live customer support.

For instance, Synchrony Bank uses the VantageScore 4.0 scoring model when evaluating credit card applications.

Synchrony Bank uses all three major credit bureaus (TransUnion, Equifax and Experian) in order to assess your creditworthiness.

Is Synchrony Bank a reliable bank? Synchrony is a reputable bank with a history that can be traced back to 1932. Additionally, the money you deposit in a Synchrony Bank savings account, money market account or CD is covered under FDIC insurance—$250,000 per depositor, per bank, per ownership category.

Another Synchrony Bank class action lawsuit 2021 that got a victorious ruling was filed by California debtors whose complaint was that they were receiving frequent harassing calls from Synchrony Bank collections.

We may also ask for your driver's license number and/or other identifying documents. If you already have an account with Synchrony Bank and wish to open additional accounts, or look to add owners to an existing account, we must also obtain, verify and record the identification for those persons.

More about Synchrony: Synchrony Bank is owned by Synchrony Financial, a Stamford, Connecticut-based consumer financial services company.

Does Synchrony Bank build credit? ›

Synchrony Bank will report your account activity to the major credit bureaus. Building a history of on-time payments can help build your credit.

Synchrony has an overall rating of 4.2 out of 5, based on over 2,342 reviews left anonymously by employees. 83% of employees would recommend working at Synchrony to a friend and 82% have a positive outlook for the business. This rating has decreased by 2% over the last 12 months.

A new lawsuit against Synchrony Financial in Los Angeles County accuses the financial services company of installing tracking software to invade customers' privacy and track their browsing habits. This complaint was first surfaced by Law.com Radar.

Generally, a credit score of at least 600 is required to be considered for a Synchrony credit card or store card. However, certain cards may require a higher credit score, typically around 660 or higher.

Is Synchrony Bank secure? Synchrony Bank's deposit accounts are insured by the Federal Deposit Insurance Corp. (FDIC) up to the legal limit of $250,000 per depositor, per account ownership category. This insurance protects your money in the unlikely event of a bank failure.

Fitch Affirms Synchrony Financial at 'BBB-'; Outlook Revised to Positive. Fitch Ratings - New York - 21 Apr 2023: Fitch Ratings has affirmed all of the ratings for Synchrony Financial (SYF) and Synchrony Bank (SYB) including the Long-Term Issuer Default Ratings (IDRs) at 'BBB-'.

Keep in mind that the Synchrony Premier card requires Excellent credit, which means you need a 750+ credit score for high approval odds. Also note that applying for the card triggers a hard inquiry, which may...