When used responsibly, access to credit can be important for building wealth and managing day-to-day personal finances. And having a high credit score can help you obtain credit more easily and affordably, whether you want to use a credit card for a car rental or a mortgage to buy a house.
Offering a variety of store cards and other credit products, Synchrony Bank is a prominent credit card issuer in the US. However, what credit score is required in order to be granted a Synchrony Bank credit card?
The answer depends on the specific card you’re interested in. Most Synchrony Bank cards are designed for people with fair (640 – 699), good (700 – 749) or excellent (750 – 850) credit. However, there are some cards that may have higher or lower credit score requirements.
Here’s a breakdown of the credit score requirements for some of the most popular Synchrony Bank credit cards:
| Card | Credit Score Requirement |
|---|---|
| Synchrony Premier World Mastercard® | 670+ |
| Amazon Store Card | 640+ |
| Lowe’s Advantage Card | 640+ |
| Walmart Credit Card | 640+ |
| CareCredit | 600+ |
It’s important to note that these are just general guidelines. Your actual credit score requirement may vary depending on your individual circumstances, such as your income, debt-to-income ratio, and credit history.
Here are some tips for improving your chances of getting approved for a Synchrony Bank credit card:
- Check your credit score. You can get a free credit report and score from AnnualCreditReport.com.
- Pay your bills on time. This is the most important factor in your credit score.
- Keep your credit utilization low. This means using less than 30% of your available credit.
- Limit the number of new credit accounts you open. Every time you apply for a new credit card, it can lower your credit score.
You can always pre-qualify online if you’re unsure of the credit score required to be approved for a Synchrony Bank credit card. This won’t lower your credit score and will give you a good idea of your chances of approval.
Here are some additional things to keep in mind:
- Synchrony Bank does not offer pre-approval for all of its credit cards.
- Even if you pre-qualify for a card, it doesn’t guarantee that you’ll be approved.
- Synchrony Bank may consider other factors besides your credit score when making a decision, such as your income and employment history.
Frequently Asked Questions
What is the minimum credit score for a Synchrony Bank credit card?
The minimum credit score for a Synchrony Bank credit card varies depending on the card. However, most cards require a credit score of at least 640.
Can I get a Synchrony Bank credit card with bad credit?
It is possible to get a Synchrony Bank credit card with bad credit, but it will be more difficult. You may need to have a higher income or a cosigner.
What can I do to increase my chances of being granted a credit card from Synchrony Bank?
You can improve your chances of getting approved for a Synchrony Bank credit card by checking your credit score, paying your bills on time, keeping your credit utilization low, and limiting the number of new credit accounts you open.
What is pre-qualification?
Through the process of pre-qualification, you can determine your likelihood of being approved for a credit card without having an adverse effect on your credit score.
How do I pre-qualify for a Synchrony Bank credit card?
You can pre-qualify for a Synchrony Bank credit card by visiting the Synchrony Bank website and filling out a pre-qualification form.
What does it mean to be pre-qualified?
Being pre-qualified does not guarantee that you will be approved for a credit card. However, it does mean that you are likely to be approved if you meet the other requirements.
Additional Resources
Why a Good Credit Score is Important
Establishing and building a good credit score can take time and effort. However, you might benefit greatly from having a high credit score, which can increase your financing options and allow you to save money. Specifically, a good credit score can help you:
- • Be eligible for additional financial products, like credit cards with rewards and loans.
- • Get loans and credit cards with higher limits, reduced fees, and lower interest rates.
- • Rent an apartment or home.
- • Get a new utility or phone account without giving a security deposit.
When you apply for a job or promotion, your credit history—but not your credit score—may occasionally be taken into consideration. And some insurance companies use credit-based insurance scores to help set your premiums.
How to Improve Your Credit Score
Once youve established your credit, you can generally improve your credit score if you:
- • Pay your bills on schedule: While late and missed payments can lower your credit scores, on-time payments can raise them. If accounts are sent to collections, even late payments on accounts that aren’t reported to the credit bureaus can negatively impact your credit.
- • Use just a small percentage of your available credit: Pay attention to your credit utilization ratio if you have credit cards or other lines of credit. %20Generally speaking, don’t use more than 2030% of your credit limit as a general rule of thumb (E2%80%94, although using less than 2010% can still improve your credit scores). 4 Moreover, you are not required to pay off a credit card debt. Aim to pay your bills in full each time to prevent incurring interest.
- • Use a variety of credit accounts: It can help your credit to have a combination of revolving accounts, like credit cards and lines of credit, and open installment accounts, which are loans with set repayment schedules.
- • Keep your credit cards open: Despite the allure of shutting an unused credit card, doing so can increase your available credit, lower your utilization rate, and improve your credit mix. Closed accounts may have an impact on age-related credit score variables for seven to ten years after they are removed from your credit report. 5.
Getting an excellent credit score can take time, and you might slip up along the way. Most negative marks, such as late payments, can affect your credit scores for up to seven years. But eventually, the effects wear off, and getting back on track as soon as you can will aid in your recovery.
Theres no specific timeline for improving your credit scores, but patience is important. When youre brand new to credit, it can take time to increase the age of your accounts. Additionally, the effect of any negative marks on your credit reports—like late payments or collection accounts—will gradually fade.
In general, you can raise your credit scores over time by using credit accounts and making your bill payments on time. Maintaining a low utilization ratio can also be important. Paying off your credit card debt and reducing your usage can help you raise your credit scores quickly if a high utilization ratio is affecting them.