Synchrony Bank Credit Score 300 To 620 (2024)

FAQs

What is the minimum credit score for Synchrony Bank? ›

It depends on the credit card you are interested in. Most credit cards offered by Synchrony Bank are designed for people with fair (640 – 699), good (700 – 749) or excellent (750 – 850) credit.

Pay all bills on time. Maintain low balances on credit cards, ideally by paying off your whole balance each month. Only seek out new credit when necessary. Keep your oldest credit card account open to lengthen your credit history.

Getting approved for a Synchrony Bank account is generally easy—unless you've had a troubled banking history. Getting approved for a Synchrony credit card may not be as hard as other cards.

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

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.

It could take several years to build your credit from 300 to 700. The exact timing depends on which types of negative marks are dragging down your score and the steps you take to improve your credit going forward.

Summary: Here are six ways to raise your credit score 40 points fast: check for errors on your report, remove late payments, reduce credit card debt, become an authorized user, make payments twice a month, and build credit with your credit card.

The pros of banking with Synchrony include a top-tier high-yield savings account with a competitive interest rate and easy opening requirements, and a variety of CD terms and types. The cons of banking with Synchrony include no physical locations, no checking accounts, and limited services and products beyond banking.

Is Synchrony Bank owned by Chase? ›

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

Yes, it is hard to get the Synchrony Premier World Mastercard® because it requires good credit for approval. Unless your credit score is 700 and you have a lot of income, it will be difficult for you to get approved for the Synchrony Premier Card.

A score of 620 is just over that dividing line, and will qualify most borrowers for a conventional mortgage. Most lenders require a credit score between 620 and 640 to qualify for a conventional mortgage.

The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).

The fastest way to get a credit score boost is to lower the amount of revolving debt (which is generally credit cards) you're carrying. The percentage of credit you use against the amount of credit you have available is called your credit utilization rate.

In fact, Synchrony uses TransUnion nearly exclusively. Though all three credit bureaus use your financial activities as the basis for their reports about you, there is the possibility that each bureau will have slightly different details and scores.

As of Dec. 31, 2023, Synchrony Bank had $106.6 billion in assets. More about Synchrony: Synchrony Bank is owned by Synchrony Financial, a Stamford, Connecticut-based consumer financial services company. GE Capital Retail Bank took on the name Synchrony Bank in 2014.

Christie Matherne, Credit Card Writer

Synchrony Bank may have lowered your credit limit due to late payments, inactivity on your card, or a change in your credit history. Synchrony Bank will periodically review how you're managing your current limit and may lower it if they don't think you can afford the full thing.