What the heck is going on with Synchrony?

[Kidcat]

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@Anonymous wrote:

This thread began as a data/experience share, nothing was meant to be confrontational.  Please let's keep it that way.

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+1

[Anonymous]

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@Anonymous wrote:

It's one thing to have a 15k+ Visa or Mastercard but Synchrony needs to stop granting 10k-25k limits on store only branded cards. Nobody needs 25k for Walmart when the most expensive item is a 2k television or a 3k computer. They brought it upon themselves.

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True for the most part.  Some stores definitely justify large limits though like Lowes and Amazon.  Lowes for large appliances/home improvement and a high Amazon limit can easily be reached by outfitting a new house full of electronics, furniture, bed, bath, kitchen, and necessities while wanting to leave leeway for decent utilization.  All those clothing stores though with 10-20k+ limits I definitely always raised an eyebrow as to why Synchrony would even allow such a thing as it's completely ridiculous.

[Creditplz]

The question here was "what the heck is going on with Synchrony" I think I have the answer... See guys.. They're in building "W2"

[12njoy]

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@Anonymous wrote:

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@12njoy wrote:

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@baller4life wrote:

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@Anonymous wrote:

Looks as if people's personal (and private) tax information is going directly to LexisNexis, who can then share it with anyone they choose, since they are a 3rd party collector of information and definitely do share the information they collect with others:

I can't post a link here to due myfico posting rules, but do a google seach for Synchrony and 4506 TEZ request and you will see what I mean. It's the first listing that comes in the google search when you use all of those search terms. Be sure to use all of the search terms that are highlighted.

You really need to take a careful look at the above before deciding to release your 4506t to anyone!

Personal information being out there without any control over it is not a good idea.

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Well I definitely won't be sharing my tax info with Lexis Nexis. So if my accounts with Synchrony get locked, I guess it's goodbye Synchrony. That's the beauty of diversification. You are not dependent on just one lender.

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Well said Baller.  Hadn't heard of this before today so I'm glad I got over to this forum.  Just checked all my Synchrony accounts and they'll all open and ready for business.  I currently have 104k with them accross 5 cards. If they close/cld so be it.  As you said, diversity works.  I'll miss the 104k but it is what it is.

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Agreed,12.  Was thinking of you and you have been a great Synchrony customer (as we all have, I believe).

Diversity +1000.

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For me (can't speak for anyone else) it depends on how they do this if and when they come for me.  If it's done without warning and I call and they are nasty (Barclays) they all get closed by me.  If they do it without warning and I call and they are thoughtful in explaining it to me (Chase) they stay open.  They dont owe me anything and I don't owe them anything but whatever credit that I've used, Period!

[12njoy]

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@Creditplz wrote:

The question here was "what the heck is going on with Synchrony" I think I have the answer... See guys.. They're in building "W2"

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  Career center huh with ribbon ceremony.  I suppose some folks are coming out with their personal effects in a box

[AverageJoesCredit]

I agree with many of these last posts the giving of high credit lines on many of the normal store cards is kind of crazy. Like ive said before if they giveth, sure ill taketh, but if they were to lower those limits to more closer what your profile actually qualifies so be it and better. Great post @wachme by the way. I know its not the most glamorous of ccs but as a small comparison, i started off my Macys last year (DSNB , part of Citi i believe ) with a paltry $300. Ok im rebuilding so ok. Ive finally got it to about $2100 but its almost like pulling teeth to try to get it anywhere close to my Sync cards, even with hard pulls. I guess its still my overall profile and thats what they feel im good for right now. Its cool ill get there sooner enough( stronger profile). In comparison, i got my pennys from around $500 to $6000 in about a year with Sync bank.Not complaining but just goes to show how different Sync is. They say good credit is a like a nice slow jog not running like forrest! . Im still learning this lesson but at the end of day, id rather do it right than fail again!

[Anonymous]

Very informative thread. A great read!

[Anonymous]

I don't blame anyone of course for accepting the high limits.  That's the name of the game for lower util and better score.  It's great for builders, then you can trim the fat later when you get your prime cards where you want them.

[AverageJoesCredit]

Agree @waverider! I would like to get to THAT place! Clean reports, nice aaoa, no bk showing, very few inqs( none preferable but life happens i guess ) and if my gardening helps me grow a Discover and an Amex in the future ill be most happy!!.

[Anonymous]

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@Anonymous wrote:

I don't blame anyone of course for accepting the high limits.  That's the name of the game for lower util and better score.  It's great for builders, then you can trim the fat later when you get your prime cards where you want them.

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I had high prime cards with larger limits before getting my 25k Lowe's card.  So that should not be an issure.  I have 5 Sync cards.  3 of which I use all of the time.  

Still checking credit report and accts daily just to see if anything changes.