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Synchrony Exposure

Valued Contributor

Re: Synchrony Exposure

Just want to try and warn anyone in heavy with Synchrony...starting to see more chatter again, appears synchrony has a new supply of blue envelopes.




TU fico08=820 11/10/17
EX fico08=812 10/25/17
EQ fico08=818 10/25/17
Garden since 4/5/2017
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Valued Member

Re: Synchrony Exposure

Can you explain more about what that is? How heavy do you have to be in to get a blue enevelope?

EX08 719TU08 711EQ08 718TCL: $44,900UTL: 16%INQ: EX 4 | EQ 4 | TU 3
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Established Contributor

Re: Synchrony Exposure


bookworm316 wrote:

Can you explain more about what that is? How heavy do you have to be in to get a blue enevelope?


From what I see in the "What the heck is going on with Synchrony?" thread (linked earlier in this thread), my impression is that one major factor (aside from how much you owe) is how many cards you have with Synchrony. I've seen some people report having up to 20 (!!!) cards issued by Synchrony, which seems to indicate to me that they've played the "shopping-cart trick" a little too well. If you have a lot of Synchrony cards and you haven't used at least some of them in a while and/or you're carrying too-heavy balances on them, I'd say you're going to get some blue envelopes.

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.
Valued Member

Re: Synchrony Exposure

@joe8185

 

Thanks for the info. I just combed through the thread this morning. It sounds like people who have far too many cards with the Synch are getting hit.  I think this is their way of also doing fraud checking to make sure accounts are legit. They know they have a large space in the retail card market so I would think 3-5 cards backed by them wouldn't be out of the normal. But folks seems to have like 7+, 10+ or even up toe 20 cards and doing what you said with the shopping cart trick and probably a lot of CLIs as well. I bet if they see a name in their system attached to more accounts than what would be deemed as normal, they are going to flag it. 

EX08 719TU08 711EQ08 718TCL: $44,900UTL: 16%INQ: EX 4 | EQ 4 | TU 3
Hover over cards to seee CL+APR
Established Contributor

Re: Synchrony Exposure

I have two, Amazon Prime and Walmart and have just 5K exposure. I want maybe car credit or the the Marvel next but dont want to app right now. I wont be looking for any other card from them really because dont have time for worrying about a blue envelope. Worse case I can use my discover IT or my BCE for items if needed. I guess with any lender they can drop the hammer if they dont like whats in your profile or how you use thier product(seek CLI's often and dont use it).

Valued Member

Re: Synchrony Exposure

I had a care credit from them years ago  (When it was still GE Retail Bank) they auto closed it on me without even telling me. Only used it a few times for dental visits.  Now I just have an Amazon Prime Store Card and the PPE MC with about 10K between accounts ( this is recent CLI not reported yet on CR) so I think I will be good. they actually sent me stuff for the walmart card but I ignored it. I only like to get what I need and will use. 

EX08 719TU08 711EQ08 718TCL: $44,900UTL: 16%INQ: EX 4 | EQ 4 | TU 3
Hover over cards to seee CL+APR
Senior Contributor

Re: Synchrony Exposure

It's good to be aware that people with just one or two Synchrony cards have been hit with the blue envelope too, so it's not just number of cards or applications close together. I recall one person in a 2016 thread who mentioned they had their Walmart card for 10 or 12 years, aleays PIF, and received a blue envelope.

Best thing to do is to keep as low on the radar screen as possible if you have their cards. That's all any of us can do, since Synchrony's actions have been all over the map.


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Established Contributor

Re: Synchrony Exposure

I have the idea that Synchrony may be considering a wide range of factors and tailoring them to the individual accountholder when determining whether to close cards. Frequency of use, amounts of payment per month, lates, utilization, overall number of cards held with them, and so on, as well as reviews of the current credit reports. I wonder if the people who've been getting blue envelopes will find that there's a hard pull on their report(s) from Synchrony reviewing them?

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.
Established Contributor

Re: Synchrony Exposure


humuhumunukunukuapuaa wrote:
It's good to be aware that people with just one or two Synchrony cards have been hit with the blue envelope too, so it's not just number of cards or applications close together. I recall one person in a 2016 thread who mentioned they had their Walmart card for 10 or 12 years, aleays PIF, and received a blue envelope.

Best thing to do is to keep as low on the radar screen as possible if you have their cards. That's all any of us can do, since Synchrony's actions have been all over the map.

Actually, your post just now gave me another thought. You said that the person in question who'd had their Walmart card blue-enveloped had been paying in full every time for all the time they had the card, and I wonder if that might not in fact have been the problem, or part of the problem. I've read some authorities state that it may not always be a good idea to pay off your balance in full every single time, because one thing that at least some issuers like is for the cardholder to carry a modest balance so that they (the issuer) can earn interest. If that person were paying off the balance in full every month for 10-12 years, I wonder if the card issuer were realizing the profit from interest that they were expecting to get.

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: Synchrony Exposure

One other big key factor that many of us felt contributes to a blue pull is the opening of multiple accounts within a short period of time. Some were opening 3 or 4 within a month and it just seems prudent to let things breathe. If course , ive said it before, sometimes its hard to fault the apper as many of us are/ were rebuilding and just so happens alot of the stores we like all happen to be Sync based and once you get approved you're like, awesome lwt me try this one, approved, and so it goes. We are just happy to being spproved, feels great to have credit or credit again. But one just doesnt realize the possible consequences of said action. Of course, there are a few who have had knowldege of what wad going on with Sync and still continued to be super aggressive and ended up paying the price. Hope this next round coming doesnt get nasty but like i day, prepare your accounts now so youll always be ready. Diversify and try to pif if possible ( i carry balances at times so wont say dontSmiley Wink Sync onSmiley Happy