topic 7K Venmo Visa with 582 FICO in Credit Card Approvals

7K Venmo Visa with 582 FICO

JTSnowy — Fri, 12 Feb 2021 20:33:10 GMT

I feel confident in saying that Synchrony is looking at VS4/FAKO on Venmo apps right now. My spouse has a TU FICO of 582 and was given a 7K limit. Her only other card is a 2K Ollo as we are awaiting our Chapter 13 discharge (all payments made and court OKed card). Her Credit Karma FAKO is 727.

Here's an additional data-point that I believe confirms this. I have a TU FICO of 686 and have 3 prime cards with 10k limits each and 4 different BB&T cards with $4.5K limits. I also applied for the Venmo card and was only approved for 5K. My Credit Karma FAKO is 703.

I believe Synchrony is using FAKO/VS4 for the Venmo card and since it is new the under-writing standards are looser than normal. I especially believe this because we burned Synchrony in the Chapter 13. Both applications were done via the email invitation each of us individually received and the apps were 30 minutes apart.

Re: 7K Venmo Visa with 582 FICO

blindambition — Fri, 12 Feb 2021 20:44:43 GMT

Congrats on the approval!! Synchrony is very much profile specific, and YMMV. While VS 4 may be used, not only factor. Some have been approved for low limit, or denied completely... With VS 4 in the 800's.

Re: 7K Venmo Visa with 582 FICO

gdale6 — Fri, 12 Feb 2021 21:02:06 GMT

Nice, grats on getting it and welcome to the forum

Re: 7K Venmo Visa with 582 FICO

AllZero — Fri, 12 Feb 2021 21:08:51 GMT

Congratulations on DS approval!

Re: 7K Venmo Visa with 582 FICO

CreditAggie — Fri, 12 Feb 2021 21:22:04 GMT

Congratulations on the Venmo Visa approvals!

Re: 7K Venmo Visa with 582 FICO

M_Smart007 — Fri, 12 Feb 2021 22:35:50 GMT

Congratulations!

Re: 7K Venmo Visa with 582 FICO

coreyb80 — Fri, 12 Feb 2021 23:23:01 GMT

Congrats on the approval!

Re: 7K Venmo Visa with 582 FICO

Demented1 — Sat, 13 Feb 2021 03:26:08 GMT

Congrats @JTSnowy and embrace the “FAKO/VS4” with your new found Venmo path to redemption!

Re: 7K Venmo Visa with 582 FICO

cashorcharge — Sat, 13 Feb 2021 18:15:49 GMT

That's terrific! Congratulations on your approvals!! 🎉🥂

Re: 7K Venmo Visa with 582 FICO

CreditMagic7 — Sat, 13 Feb 2021 18:24:26 GMT

Congratulations on the approval!

Re: 7K Venmo Visa with 582 FICO

BAD_UP — Sun, 14 Feb 2021 07:16:26 GMT

Congrats on your Venmo Approval🎉👍

Re: 7K Venmo Visa with 582 FICO

JoeLuvsHisCredit — Sun, 14 Feb 2021 17:57:21 GMT

Congratulations

Re: 7K Venmo Visa with 582 FICO

FLLGuy — Wed, 28 Jul 2021 18:48:38 GMT

I can attest Synchrony is either using a new credit measuring tool or have relaxed their underwritting during the pandemic considering the rise of lumber was skyrocketing....but enough of wood talking and back to the subject at hand. I'm actively in chapter 13 on a 5yr plan pending discharge as we speak. During my 4th year I was approved by Lowe's for $17K limit, approved by trustee since I needed to replace house windows mandated by HOA. I burned Lowes on $4K in my BK13 - go figure!

Re: 7K Venmo Visa with 582 FICO

SweetCreditObsession — Wed, 28 Jul 2021 19:02:24 GMT

Congratulations on the approval and thank you for those DPs😁