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So I received an email to apply for the new Venmo VISA credit card issued through synchrony bank.
I have 5 different synchrony merchant accounts with them almost all are paid down.
When I started to apply using the link provided it asked for the last four digits of your Social Security number does that mean they will do a hard pull or a soft pull?
Hard
+1 for a hard pull.
They also reported as a new account in less than a week, the quickest I've ever had a new account show up.
@Anonymous wrote:+1 for a hard pull.
They also reported as a new account in less than a week, the quickest I've ever had a new account show up.
Ive had Sync report in less than 2 days
Same - my Lowe's card reported the day after I opened it.
OP, be very careful about opening another Synch card. They've been on a tear the past year shutting people down for perceived high risk, irrespective of good payment history, high scores, and solid profiles. Most people who were hit had several cards with them, and most had all of them summarily closed without warning.
@Anonymous wrote:Same - my Lowe's card reported the day after I opened it.
OP, be very careful about opening another Synch card. They've been on a tear the past year shutting people down for perceived high risk, irrespective of good payment history, high scores, and solid profiles. Most people who were hit had several cards with them, and most had all of them summarily closed without warning.
+1
Proceed with utmost caution. Fact is we just dont have enough hard details on exactly when they pull the plug. And when they do, they take down the whole shebang of ALL synchrony cards in a swoop without warning.
Here's a whole lot of info on the topic:
https://ficoforums.myfico.com/t5/Credit-Cards/Master-Synchrony-Account-Closure-Thread/td-p/6119157
One more fly in the oinment to contend with. I have my years ago PIN to unfreeze if needed. But really, enough is enough for jumping hoops in what should be and has been for years simple applications.
Well that was an interesting read!
Thanks ImTheDevil.
I will not be applying for the Venmo card !
Would hate to lose the CLs from Synchrony:
Americas Tire $3500
B&H Photo $4000
Mattress Firm $6000
Amazon SC $5000
Mathis Bros $3500
@4sallypat You're very welcome - it's always good to know what's happening. Dollar-wise I would think you're safe. Your lines add up to $22,000 woth Synch. I would be more concerned due to the number of lines and six may well be pushing your luck. Most people being shut down were carrying close to $100,000 in credit lines, largely unused. I only have two Synch accounts, Sam's MasterCard at $6000 and Lowe's at $30,000, and I will not attempt to increase either one again until this is shown to be in the past. I think you're wise to hold off on apping for Venmo.