Capital One, Synchrony Push Card Underwriting Beyond Credit Scores

Credit-card issuers are moving beyond treating FICO scores as a single approval gate. Capital One and Synchrony are layering in balance size, propensity to revolve, expected spending and account economics, then steering applicants toward private-label, co-branded or general-purpose cards. The shift matters because the contest no longer ends at approval: issuers must place borrowers in products they can manage while winning enough day-to-day spending to make the relationship profitable.

A July 22 report said Synchrony opened more than 5.1 million accounts in the second quarter and about 9.5 million to 10 million in the first half, putting it on course for roughly 20 million in 2026. Results released July 21 showed Synchrony purchase volume rose 8% to $49.8 billion, while Capital One posted $253.8 billion. Capital One expects Discover’s front-book conversion to its technology to be completed by the end of the third quarter, enabling full-spectrum underwriting.