topic Re: Venmo Credit card Denied in Credit Card Applications

Venmo Credit card Denied

oorhett — Mon, 21 Jun 2021 18:08:52 GMT

Decided to try for the Venmo Visa in hopes of getting a 3% CB card this morning and needing to pay a contractor that only takes Venmo, instant denial. I will update here when I get the letter of explanation.

Update 06/21: Received the Decision letter from Synchrony Bank

Included a statement: "Since you have a limited credit history at the traditional credit bureau, we tried to approve you using non-traditional credit information. Unfortunately, your application did not score a sufficient number of points for the following reasons:

Too Few Open Revolving Credit Accounts Open At Least 1 Year With A Satisfactory Payment History

( I have 1 credit card that is over 1 yr = Cap1 1yr 8 mo)

Too Many Inquiries

( 8 total with TU)

Our credit decision was based in whole or in part on information about your Venmo account (use it on occasion been open for at least 5 years use, have the debit card ), your PayPal account (been opened for over 15 years used to be my primary financial institution, have the debit card but haven't used it in a year plus) if one has been established and information obtained in a report from the consumer-reporting agency listed below." TransUnion, no score provided

Re: Venmo Credit card Denied

jcooks — Thu, 10 Jun 2021 17:38:48 GMT

Don't you incur a 3% fee for paying to a person (venmo'ing someone) rather than charging it through the Visa network?

Re: Venmo Credit card Denied

oorhett — Thu, 10 Jun 2021 19:38:23 GMT

No Idea, yes there is a 3% fee for using a credit card to send someone via Venmo I was more interested in the 3% to use paying utils etc with it not sure if it also charges the 3% fee when used with Venmo. We will just end up using my DW AMEX as there is not the 3% fee when linked through the AMEX app.

Re: Venmo Credit card Denied

oorhett — Mon, 21 Jun 2021 18:10:50 GMT

Updated my original post with the decision letter.

Too many inquiries (8)

Too few revolving accounts over 1 yr old (1)

Re: Venmo Credit card Denied

Wrigley2172 — Mon, 21 Jun 2021 18:43:18 GMT

@jcooks wrote:
Don't you incur a 3% fee for paying to a person (venmo'ing someone) rather than charging it through the Visa network?

Yes, there is a 3% fee to send money through the venmo card. You can avoid the fee however if you set up an amex send account and link it to venmo/paypal. Just did that for the first time the other day

Re: Venmo Credit card Denied

FalconSteve — Tue, 22 Jun 2021 11:40:39 GMT

Sorry about your denial, that honestly a little creepy that they can see your Venmo & PayPal history though. Maybe thats just me? Better luck next time

Re: Venmo Credit card Denied

oorhett — Tue, 22 Jun 2021 18:12:36 GMT

@Wrigley2172 wrote:
@jcooks wrote:
Don't you incur a 3% fee for paying to a person (venmo'ing someone) rather than charging it through the Visa network?
Yes, there is a 3% fee to send money through the venmo card. You can avoid the fee however if you set up an amex send account and link it to venmo/paypal. Just did that for the first time the other day

@Wrigley2172 We ended up using the Amex Send account with Venmo but be aware it has a rolling 30-day limit ours is $2000. Not sure if that's a standard or based on your credit line.

Re: Venmo Credit card Denied

Wrigley2172 — Tue, 22 Jun 2021 19:39:25 GMT

@oorhett wrote:
@Wrigley2172 wrote:
@jcooks wrote:
Don't you incur a 3% fee for paying to a person (venmo'ing someone) rather than charging it through the Visa network?
Yes, there is a 3% fee to send money through the venmo card. You can avoid the fee however if you set up an amex send account and link it to venmo/paypal. Just did that for the first time the other day
@Wrigley2172 We ended up using the Amex Send account with Venmo but be aware it has a rolling 30-day limit ours is $2000. Not sure if that's a standard or based on your credit line.

Mine is also $2000. Thats also my cash advance limit so i wonder if they are connected or it just happened that way.

Re: Venmo Credit card Denied

madmug — Wed, 30 Jun 2021 00:08:53 GMT

Don't feel too bad about it. Synchrony approved my Venmo VISA Signature for $5500 Then shut it down a week later. The 3% is nice but Synchrony can be a pain in your ... Put some more miles on your profile and it'll come to you in time...

Re: Venmo Credit card Denied

Anonymous — Wed, 30 Jun 2021 01:00:37 GMT

@madmug wrote:
Don't feel too bad about it. Synchrony approved my Venmo VISA Signature for $5500 Then shut it down a week later. The 3% is nice but Synchrony can be a pain in your ... Put some more miles on your profile and it'll come to you in time...

What was their reason for shut down? That is definitely concerning to me as I am still seriously considering this card.

Re: Venmo Credit card Denied

madmug — Thu, 01 Jul 2021 22:13:55 GMT

@Anonymous I can't remember their response/explanation, it was pretty basic. Nothing I specifically did... I'll track down the letter and post it.

Re: Venmo Credit card Denied

SaintMortichai — Tue, 31 May 2022 10:01:33 GMT

@madmug Have you found the letter yet? I, too, am interested in this card and want to know why they would swiftly close your brand new credit card like that!