Too many Synchrony accounts?

[NichelleN]

Ditto to the above. You'll be fine. I opened 4 within a 5 month period (Walmart, Amazon, Lowe's and JCP). Starting limits were $400 - $800. They're now $5k - $12k as a result of phone calls to Credit Solutions.

[ccpat]

I agree.  I have 6 Synchony Cards with low starting limits.  (ON - 300, Amazon - 600, WM - 600, AE - 150, JCP - 600, Belk - 200).  In less than a year (ON - 3500, Amazon -3500, WM - 3500, AE - 2000, JCP - 5000, Belk - 5000).  All calling customer service.   I won't ask for another increase for at least 6 months.  And will only ask for WM, Amazon and ON).  More than enough on those. 

[SunriseEarth]

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@Anonymous wrote:

I applied and got approved for a Belk's charge card and the Wal-Mart store card today. It brings my total tradelines to 3 which is the max amount I will ever have open in my lifetime. My question is, did I open to many accounts with Synchrony at one time? They only gave me $300 for Wal-Mart and $200 for Belk's but I really want to build a good relationship with them and not have to worry about them closing the 2 accounts for over applying. I fully intend to use the cards often because I shop heavily at those stores.

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Yes and no.   First, I'll explain the "no"....max exposure for Sync Bank, based on anecdotal evidence from the Forums is ~$100K in total CLs.   Clearly, you're nowhere near that, so you certainly don't have too much from that point of view.

As for "yes," people often include many Sync cards in their app sprees.   They are a forgiving lender and can be quite generous with CLs, so this is natural.   However, they do have limits as to how much credit they'll extend initially.   When subsequent Sync apps start getting to initial CLs of $200, $150, etc., then it's best to stop and not do any more apps with Sync.  However, this is usually more of an issue when people are gettng several Sync cards at a time.   

All factors considered, I think you'll be just fine with just two accounts with Sync Bank.   If they will be frequently used, they'll like that even more.   Congrats on your success with Sync!

[Anonymous]

you can never have too many Synchrony cards, I have 6

[Anonymous]

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@Anonymous wrote:

I applied and got approved for a Belk's charge card and the Wal-Mart store card today. It brings my total tradelines to 3 which is the max amount I will ever have open in my lifetime. My question is, did I open to many accounts with Synchrony at one time? They only gave me $300 for Wal-Mart and $200 for Belk's but I really want to build a good relationship with them and not have to worry about them closing the 2 accounts for over applying. I fully intend to use the cards often because I shop heavily at those stores.

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Your doing good.  I have 5.  They started low, but after 10 months, the limits are decent for my scores.  With low limits, Walmart likes to initially see statements post before giving CLIs.  I would leave about $10 for the statement to cut, and after 4 statements, Walmart gave me my initial CLI, then every other increase has been through the chat function.  Some people call in for an increase; that didn't work for me, so I've had better success with the chat function.  Never had any luck with the luv button, but I think others have.  Enjoy your cards and they will grow for you.

[Anonymous]

I don't think its too many. How many credit cards did you already own before applying for them?

[Anonymous]

I'm wondering if they will close my accounts or lower the limits for having too many in a short period of time and also apping in a short period so my score has dropped about 50 points? Background: I have no history just a closed mortgage and Aaron from 10 yrs ago. In the begginning of Oct 2015 I apped for CP 1 secured 300, QS1 500, & FH 400. With nothing showing but $16 bal from FH at end of Oct I apped for CareCredit & was immediately approved for $6600 SL, recon & got 10k. Last week I apped for Walmart was approved for 1k, recon got 5k. Sunday I apped for Car Care 1 & got 1k would like to recon for 3k but the # is only for present accounts. Anyway right now I have 8 inq on my CR was denied for Amazon, BOA, Barclay rewards, & Chase. Except for Amazon store card Synchrony bank is the only one giving me a HUGE chance so I don't want to mess it up. My score was around 670. It is now 620. 

[Anonymous]

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@Anonymous wrote:

I applied and got approved for a Belk's charge card and the Wal-Mart store card today. It brings my total tradelines to 3 which is the max amount I will ever have open in my lifetime. My question is, did I open to many accounts with Synchrony at one time? They only gave me $300 for Wal-Mart and $200 for Belk's but I really want to build a good relationship with them and not have to worry about them closing the 2 accounts for over applying. I fully intend to use the cards often because I shop heavily at those stores.

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If you don't mind me asking, why is three trade lines the max you will ever have open in your lifetime?  

[Anonymous]

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@Anonymous wrote:

I'm wondering if they will close my accounts or lower the limits for having too many in a short period of time and also apping in a short period so my score has dropped about 50 points? Background: I have no history just a closed mortgage and Aaron from 10 yrs ago. In the begginning of Oct 2015 I apped for CP 1 secured 300, QS1 500, & FH 400. With nothing showing but $16 bal from FH at end of Oct I apped for CareCredit & was immediately approved for $6600 SL, recon & got 10k. Last week I apped for Walmart was approved for 1k, recon got 5k. Sunday I apped for Car Care 1 & got 1k would like to recon for 3k but the # is only for present accounts. Anyway right now I have 8 inq on my CR was denied for Amazon, BOA, Barclay rewards, & Chase. Except for Amazon store card Synchrony bank is the only one giving me a HUGE chance so I don't want to mess it up. My score was around 670. It is now 620. 

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Now would be a good time to garden and allow your cards to age.  There has been some recent talk about Synchrony taking AA against someone, so can't say that it's not a possibility, but I would just concentrate on establishing a good payment history on the cards and see what happens.  I went from 2 card this time last year to what is in my signature, averaging 1-2 cards a month, and nothing since June.  Chase has a 5 card/24 month rule.  Barclay doesn't like a lot of inquires, and you should check the scores for your region in regards to approvals for BOA.  Most Synchrony cards pull TU and so does Barclay, but Chase uses EX and BOA  uses EX also.  If you are hoping for more bank cards, then you will need to get your scores up and let some of the inquires fall off. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I'm wondering if they will close my accounts or lower the limits for having too many in a short period of time and also apping in a short period so my score has dropped about 50 points? Background: I have no history just a closed mortgage and Aaron from 10 yrs ago. In the begginning of Oct 2015 I apped for CP 1 secured 300, QS1 500, & FH 400. With nothing showing but $16 bal from FH at end of Oct I apped for CareCredit & was immediately approved for $6600 SL, recon & got 10k. Last week I apped for Walmart was approved for 1k, recon got 5k. Sunday I apped for Car Care 1 & got 1k would like to recon for 3k but the # is only for present accounts. Anyway right now I have 8 inq on my CR was denied for Amazon, BOA, Barclay rewards, & Chase. Except for Amazon store card Synchrony bank is the only one giving me a HUGE chance so I don't want to mess it up. My score was around 670. It is now 620. 

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Now would be a good time to garden and allow your cards to age.  There has been some recent talk about Synchrony taking AA against someone, so can't say that it's not a possibility, but I would just concentrate on establishing a good payment history on the cards and see what happens.  I went from 2 card this time last year to what is in my signature, averaging 1-2 cards a month, and nothing since June.  Chase has a 5 card/24 month rule.  Barclay doesn't like a lot of inquires, and you should check the scores for your region in regards to approvals for BOA.  Most Synchrony cards pull TU and so does Barclay, but Chase uses EX and BOA  uses EX also.  If you are hoping for more bank cards, then you will need to get your scores up and let some of the inquires fall off. 

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Yes I am definitely going to garden now. I was trying to app for credit right now to build my credit file then garden until March/April 2016 to app for a 15k auto loan to purchase from a private owner. I actually do not want a lot of cards. My goal in applying was to get three different bank cards. I did not know I would get a Walmart card which should helo my score over the long haul so I will wait until 2017 to apply for a bank card again. Thanks!