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Goodbye Synch, blue envelope strikes again

Valued Contributor

Goodbye Synch, blue envelope strikes again

Just wanted to share some data points that the blue envelope is rearing its ghastly face again. I will include some specific info below, I probably had it coming Smiley Wink not really to upset about other than a large utilization loss. I of course declined the full prostate exam and called to close all of my accounts earlier today, the CSR did not even care except for one who did not even question me when I told her why I was closing the response "I understand completely".

 

Lots of new accounts

Lots of Inquiries

Had the Amazon Card, Chevron Card, CareCredit, Lowe's, Ritani, and CheapOair visa. 

33 REPLIES
Established Contributor

Re: Goodbye Synch, blue envelope strikes again

Did you have large limits?

Only reason I don't apply for synch accounts is because they don't even have a mobile app.
Valued Contributor

Re: Goodbye Synch, blue envelope strikes again

interesting...

I have CareCredit, Marvel, and Amazon. If i get a blue envelope, there ALL gone!

I just don't want to hassle with it.  


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Valued Contributor

Re: Goodbye Synch, blue envelope strikes again


tydawg wrote:

Just wanted to share some data points that the blue envelope is rearing its ghastly face again. I will include some specific info below, I probably had it coming Smiley Wink not really to upset about other than a large utilization loss. I of course declined the full prostate exam and called to close all of my accounts earlier today, the CSR did not even care except for one who did not even question me when I told her why I was closing the response "I understand completely".

 

Lots of new accounts

Lots of Inquiries

Had the Amazon Card, Chevron Card, CareCredit, Lowe's, Ritani, and CheapOair visa. 


So sorry to hear. If you don't ind me asking, how many new accounts and how many inq's...thanks!!

AmexPlat(NPSL) Amex BCP(26k) BofA CR Siggy(15k) NFCU CLOC(15K) NFCU VS Cash(12.5K) Venture WMC(10.25k) Walmart(10k) BofA BBR(10k) Lowes(10K) Discover(8.5k) Chase FU(7k) Pier 1(6.5k) BB Visa(6k) Care Credit (6k) J Crew(5.9k) Citi Diamond(5.5k) Barclaycard(5k) PenFed PCR(5K) Kohls(3k) Mortgage May 2017 - 2 Penfed auto loans May 2017

FICO 8 Scores EX 680(15) EQ 669(17)TU 692(18) AAOA 3.0yrs TCL=167,150
Established Contributor

Re: Goodbye Synch, blue envelope strikes again

From what I can gather, they seem to exclusively target cardholders with multiple accounts.

Established Contributor

Re: Goodbye Synch, blue envelope strikes again

I'll never understand their approach on this. Sure seems as if they ostracize likely a good paying group and cost themselves money in the end. Instead of approving all the accounts, why don't they flag the new account and decline it from the start so they aren't shutting down all accounts for someone thus losing a customer!?

Just doesn't seem business smart but who knows. I'm guessing they have stats that show a higher probability of default from people who stack accounts. Still though, there has to be a better way.
In the wallet:
Amex PRG ~ Amex BCE ~ Discover ~ NFCU Cash Rewards Visa Signature ~ NFCU Platinum Visa ~ NFCU Line of Credit ~ Chase Amazon Prime Visa Signature ~ PenFed Cash Rewards Visa ~ PenFed Promise Visa ~ Fairwinds Credit Union Cash Rewards Visa ~ CapOne QS1 ~ Lowes Store Card

Closed on mortgage 8/9/17!! Woot!
Established Contributor

Re: Goodbye Synch, blue envelope strikes again


Falere wrote:

From what I can gather, they seem to exclusively target cardholders with multiple accounts.


So does Comenity. This is why I am going to think long and hard before opening more than two or three accounts with either Synchrony or Comenity - not that they have that many cards I'm really that interested in anyway (Synch: Amazon [which I have], Walmart, Marvel Mastercard; Comenity: Overstock [which I got a preapproval offer for last night that I'm thinking about right now - see my thread elsewhere], Paypal Credit). There's a good deal of anecdotal evidence in Comenity's case that they go after people who've opened a lot of cards with the so-called Shopping Cart Trick, too.

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 11/2/17:TU 660/EX 694/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 11/7/17: TU 704/EX 690/EQ 697. $32.3K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa,$3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $3600 Discover It, $4000 Care Credit, $4300 Overstock Store Card, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
Super Contributor

Re: Goodbye Synch, blue envelope strikes again

Dang sorry to hear Tydawg. Can you add any more info. What limits did you have, when did you open each card, etc. Did you try opening more Sync accounts recently and if so , how many? When you reference too many inqs and new accounts, are you referencing too many cli requests or inqs for new cards. Thanks Ty for any additional info.
Valued Contributor

Re: Goodbye Synch, blue envelope strikes again

thankfully, I was done with my major app spree days before all this started

 

5 Sync  accounts

Sam's Club,  10000   balance by end of month 0

Walmart   10009         zero balance

Paypal     7500           balance by end of month less than 200 

Lowes    10000          zero balance

Amazon    5900         balance by end of month 0

 

all at least 4 years old..  my goal these days is to get no more than 1-2 cards/HP every 6-7 months, anything more and my score takes too big of hit,   the first HP has little or no impact on my score, my TU actually went up 2 points when I did a HP for a marcus loan, go figure probably just the results of improved UTL and AAoA. 

 

 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Super Contributor

Re: Goodbye Synch, blue envelope strikes again

Jamesdwi, lol, how in the heck did you get a cl of 10009 on your Wally? Thats crazy , never seen that beforeSmiley Wink