Synchrony accounts locked!

[kdm31091]

17 new accounts in 8 months is quite a few by most standards. That was probably part of the reasoning here. I'm sorry it happened OP. Everyone needs to keep these stories in mind and tread lightly. Not just with Synch, but in general. You don't want to stand out for any reason, which includes lots of new accounts, constant BTs, etc.

[ccpat]

+1

[Loquat]

OP, I hope everything works out for you.  UncleB, interesting read, thanks for sharing.  And to those who are saying Sync is the new Comenity, I think it may be too soon to pass that judgement.  As for those who say that they wouldn't care if Sync shut down their cards I ask, why did you bother applying for them or continue to maintain them? I have several cards and I would be upset if any of them were shut down.  Is it the end of the world, no, but to say I wouldn't be slightly bothered would be untrue.  But to each his or her own I guess.  

[coldnmn]

Might have something to do with it. Just speculation.

http://ficoforums.myfico.com/t5/Credit-in-the-News/Perhaps-why-Synchrony-is-tightening-standards-big...

[RonM21]

Their losses could have something to do with it, but I would think that many accounts in that period of time may not have helped. OP I hope it works out.

[IgnatiusReilly]

Coldnmn, you may be right.  20 or 30 basis points on their total exposure is a big number.  

I found this in a Barron's article from February:

These higher APRs partly reflect a higher credit risk: 27% of Synchrony’s loan receivables have FICO scores of 660 or below, compared with an industry average of 16%

Regression to the mean is a tough mother, but they may be seeing that now with their portfolio.   And let's hope our financial system learned something from 2008.  

[Anonymous]

One_More_Note: IF they want me to do a 4506-T, I will give it to THEM. However, IF they expect me to work with LexisNexis, thats another story. I've seen a few posts in which Sync is asking for it to be sent to LN. I don't need LN doing any more data mining on me than they are already doing....

[Creditplz]

Wow this is the 2-3rd Synchrony 4506-T that I've seen today!!! Including myself !!

[Anonymous]

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@Anonymous wrote:

One_More_Note: IF they want me to do a 4506-T, I will give it to THEM. However, IF they expect me to work with LexisNexis, thats another story. I've seen a few posts in which Sync is asking for it to be sent to LN. I don't need LN doing any more data mining on me than they are already doing....

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Where did you see this at?

[Anonymous]

I understand in a way why but it also leaves a bad taste in my mouth. I guess we should've know the chat CLI gravy train was bound to stop and potentially have consequences. I just closed a bunch of mine to reduce my exposure. I was looking for a good excuse to do it anyway.