Synchrony Venmo Visa: Reapplying after shutdown

[crystal626]

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@TyrannicalDuncery3 wrote:

Thanks! Now that you said that, I see someone else saying that a long time ago: https://ficoforums.myfico.com/t5/Credit-Cards/Account-closed-due-to-Inactivity-Synchrony/td-p/431948...

Doesn't mean it's true, but it means I find it CREDIBLE ENOUGH TO TELL YOU THE STORY!!!!

Okay so here's how I got shut down: 

• applied for 2 cards in a spree within several days (one was the Venmo);
• spent ~$950 total on the card over the course of a month
• paid it off several times using one-time payments
• of that, $520 was paying my therapist using Square point-of-sale.

So I think they either didn't like Square, or they didn't like the one-time payments, or they didn't like the 2 cards in a row.

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Synchrony more than most issuers is going to be looking for regular consumer behavior. Most regular consumers don't open multiple cards in a row, most consumers wait for their statement before they pay... I highly doubt paying the therapist had anything to do with it but making multiple payments in a month can signal inconsistent income or fear of spending too much money and being unable to pay it off, neither of which inspires confidence that you won't default and leave them holding the bag. 

I have never had Synchrony shut me down but I don't give them a reason to either. I let them give me auto-CLIs instead of requesting them, I don't do sprees with their cards, I keep myself to 2 Sync cards, I pay my statement instead of making any other payments, I have autopay turned on with my minimum payment for each card, etc.

Now you might ask why I would want to do business with a lender like this and you would be right normally but I get enough value from my Verizon and PayPal cards for my specific situation that I don't mind and truthfully I manage all of my cards quite similarly other than requesting credit limit increases anyway.