Verizon visa - ok to apply or too risky? Update: Approved!

[Anonymous]

So I found out today from reading the forums that Lowes has a pre-qual website that will show the pre-approved amount.  So since synchrony backs the Lowes card I did the pre-approval and it came back saying I am pre-qualified for a $7,000 credit limit.  Not sure how the Lowes card would correlate to the Verizon visa but another DP to think about.  Plus, I would assume it checked TU.

[MoneyBurns]

I feel you'll be okay. You don't have to be the account owner to apply. As long as your wife has you as account manager, you can apply for the card and make payments on it to receive the discount.

I am account manager for my family line, and I make all the payments to the account and card. All with no hassle. I believe it also converts your device rewards (i.e., the one you get every month) to Verizon dollars so you can use it on your bill.

[blindambition]

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@Anonymous wrote:

So I found out today from reading the forums that Lowes has a pre-qual website that will show the pre-approved amount.  So since synchrony backs the Lowes card I did the pre-approval and it came back saying I am pre-qualified for a $7,000 credit limit.  Not sure how the Lowes card would correlate to the Verizon visa but another DP to think about.  Plus, I would assume it checked TU.

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Different UW standards and retailer specific requirements.

[Anonymous]

I am the account owner so that wouldn't be an issue.  When I am looking at phones in the Verion app and click on the visa card it brings up the application and says I am pre-approved so I'm pretty sure I would be approved.  What gave me pause was the other 2 credits cards I was just approved for last week and if having 3 new credit cards report at the same time might spook one of the lenders.  I have the Chase Freedom card that I have had since 2012 so I have a pretty long relationship with Chase but PenFed is new for me and Syncrony would technically be new.

Another thing to note with my 2 approvals last week it put me at 5/24.

[newmomnewme]

Is it only for Verizon mobile accounts?? What about home and Fios?

[MoneyBurns]

I had three new accounts or so just a month or two ago before I applied for Verizon Visa. I also had a really high balance on my BECU card (90%+ utilization) and a loan from them as well.

I have 25k of Chase cards credit across five accounts and haven't gotten a peep from them. My income is around 25 to 30k and they seem to not mind it's 100% of my income across all their lines. 😂 But again, YMMV. 

Synch hasn't said anything either and I have PayPal and Iron Man Mastercard both at 10k and seem to be okay.

I still feel you'll be all right. I say go for it if it suits you!

[Anonymous]

@newmomnewme  - according to the FAQ for the card you must be a Verizon wireless customer who is the account owner or account manager.

[Anonymous]

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@Anonymous wrote:

@newmomnewme  - according to the FAQ for the card you must be a Verizon wireless customer who is the account owner or account manager.

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Yes, for some reason you need to be a Verizon Wireless customer, but if you have both, the credit card will work for the $10 autopay discount on FiOS.

[Anonymous]

I went ahead and applied.  Figured what is the worst that can happen.

 

Got the signature card.  Thanks to everyone for contributing.

[Anonymous]

Synchrony only pulled TU, so I am happy about that.  I did unlock my other reports just in case.