What Credit Score Do You Need to Get Approved by Synchrony Bank?

Getting approved for credit can seem like a mysterious process. You fill out application after application, only to get rejected time and time again. What gives?

The problem likely lies with your credit score. This three-digit number has an outsized influence on whether lenders will extend you credit. So what credit score does Synchrony Bank look for when approving applications? Let’s take a look.

Before we dive into credit score requirements let’s provide some background on Synchrony Bank itself. Headquartered in Utah Synchrony Financial is a major issuer of private label credit cards and store branded credit cards.

Some of the more popular Synchrony cards include:

• Amazon Store Card
• Lowe’s Advantage Card
• CareCredit
• Walmart Credit Card
• PayPal Credit
• Venmo Credit Card

In addition to retail cards Synchrony also offers co-branded cards with major brands like Mastercard Visa, and American Express.

With over 70 million active accounts, Synchrony Bank is one of the largest credit card issuers in the United States. They have a reputation for approving applicants across a wide range of credit scores.

What is Considered a Good Credit Score?

Before looking at Synchrony’s requirements, let’s do a quick overview of credit score ranges. The most commonly used credit scoring model is FICO, which grades scores on the following scale:

• 800-850 = Exceptional
• 740-799 = Very Good
• 670-739 = Good
• 580-669 = Fair
• 300-579 = Very Poor

Generally, you need a score of at least 700 to be considered as having “good” credit. However, requirements vary based on the lender.

For example, mortgage lenders tend to be more stringent, often requiring scores of 740+ for approval. Credit card issuers may be more flexible, potentially approving applicants with scores in the mid 600s.

Synchrony Bank’s Minimum Credit Score Requirements

So what score does Synchrony look for? The minimum score varies depending on the specific credit card. However, most Synchrony cards require a credit score of 640 or higher for approval.

Here are the published minimum scores for some popular Synchrony credit cards:

• Venmo Credit Card – 670
• Sam’s Club Credit Card – 700
• Amazon Store Card – 640
• Lowe’s Advantage Card – 640
• Walmart Credit Card – 640
• JCPenney Credit Card – 640
• CareCredit – 600

As you can see, a score of 640 is sufficient for many Synchrony cards. Applicants with scores in the fair credit range may still qualify.

Can You Get Approved with a Lower Credit Score?

Falling slightly below the published minimums doesn’t automatically disqualify you. Synchrony may make exceptions for applicants with scores as low as 600. However, approval becomes less likely as your score drops.

Those with poor credit (below 600) will have a very difficult time getting approved. Having a low score doesn’t necessarily mean you’ll be denied, but you may need to take steps to improve your credit first.

Other Factors Beyond Your Credit Score

While your credit score is important, it’s not the only criteria Synchrony considers. Here are some other aspects that influence the approval process:

• Income – Having sufficient income to make the minimum monthly payments is key. Synchrony may ask for pay stubs or tax returns to verify income.

• Existing debt – Too much existing debt can indicate you’re overextended. Your debt-to-income ratio is considered.

• Credit history – Having a longer established credit history improves your chances of approval.

• Negative marks – Late payments, collections, bankruptcies, and other derogatory marks can jeopardize your application.

• Credit inquiries – Too many recent credit applications may signal greater risk to lenders.

Even with a high credit score, these other factors could result in denial. Be sure to manage your debts judiciously and limit credit inquiries.

How to Check Your Approval Odds Before Applying

You don’t have to apply blindly and risk a hard inquiry on your credit report. Synchrony allows you to check your approval chances first via the pre-qualification process.

Pre-qualification uses a soft credit pull that doesn’t affect your scores. It gives you an advance peek at your approval odds before formally submitting an application.

You can pre-qualify for Synchrony cards directly through their website. Just have some personal information handy like your name, address, date of birth, and Social Security number.

Within seconds you’ll know if you’re pre-qualified along with details on any credit card offers available to you.

Tips for Improving Your Credit Score

If your score falls short of approval levels, here are some tips to improve it over time:

• Pay all bills on time – Payment history is the biggest factor in your scores.

• Lower credit utilization – Keep balances low compared to your credit limits.

• Limit hard inquiries – Too many applications in a short period can lower your score.

• Correct reporting errors – Dispute any inaccurate information on your credit reports.

• Monitor your credit – Review reports regularly and check for any suspicious activity.

With prudent financial habits and patience, you can boost your credit scores. Once you reach Synchrony’s minimum requirements, your odds of approval will be much higher.

Summing It Up

While specific credit score requirements vary between cards, most Synchrony accounts require a minimum score in the mid-600s. Having a rating of at least 640 greatly improves your chances of approval.

Falling slightly below their published minimums doesn’t automatically disqualify you. But significantly low scores under 600 make approval very difficult.

In addition to your credit score, Synchrony also weighs factors like income, debts, credit history, and negative marks. Manage these prudently to maximize your approval odds.

Pre-qualifying lets you check your status upfront before applying. If your credit could use improvement, diligent financial habits can help boost your scores over time.

With some preparation and patience, you can potentially meet Synchrony Bank’s standards and get approved for the credit you need.

The easiest credit cards to get approved for are generally secured credit cards and those geared towards students or individuals with limited or no credit history. These cards often have lower credit score requirements and may require a security deposit.

Synchrony Bank, like any financial institution, denies applications for various reasons, primarily due to your creditworthiness.