@Anonymous wrote:Just a thought, but until we all figure out what is going on - may be best not to do anything to draw unneeded attention to your accounts at this time (CLI requests, adding AU's, etc). I remember when the advice was given to avoid drawing attention to Comenity accounts- seems the same good advice would apply to Synchrony accounts at this time.
Really disappointed and sad to see this happening to those affected. There may be a very broad brush with which their algorithm is sweeping along - so we may not be able to find a common thread. At this point, FICO's, payment history, and balances (mostly PIF) seems to be pretty solid from those who have reported frozen accounts.
I think the most irritating thing in all of this is that they involve Lexis Nexis in the 4506 t situation and share information with them, which means it gets shared with a lot of others we have no control over and don't know about. That's just wrong.
Synchrony has over 68 million acconts, per their own admission.
Good thread, musiclover.
Thanks, humu. So many posts about Synchrony, I was hoping a generic thread might help everyone.
I have almost $30K in exposure with them across 5 accts. at the moment but less than $600 in UTIL---and it's going to stay that way until this blows over. As of right now I'm not locked out. NO calls to CS for increases either--what I have is what I have to work with! And I just get AEO Visa 2 days ago and was going to go for Ebates sometime next year and try to get each of my other cards to $5K--$15K--and $25K mark--going to have to rethink that plan in leiu of all this. Good luck everbody!
BUSINESS 
Synchrony has brought this upon themselves, like Comenity; and now they must take the steps they feel are necessary to ascertain and subsequently address the problem. It never made sense to me why they needed to offer such high credit limits on primarily store cards with interest rates approaching 30% on a significant number of those products.That doesn't seem like a sensible combination to me, and it doesn't take a Harvard MBA to figure that out. It's unclear how they are identifying individuals in their audits, however, I would not be surprised by additional corrective measures to come. It's evident that Synchrony has identified risk in this business given the across-the-board exorbitant interest rates on the majority of their products. Maybe it's just me, but those credit terms look very similar to those usually reserved for subprime borrowers. I certainly don't feel deserving of 27.99% or whatever it is now on my oldest credit card, JCP Platinum MasterCard.
Unlike many others, Synchrony comprises a negligible portion of my report, and I have no issue letting them go if they get too froggy.
@Creditplz wrote:
Here's a article on the WSJ about defaults on cards rising.. Could this be one of the issues
??
Thanks for the information!
@Anonymous wrote:Just a thought, but until we all figure out what is going on - may be best not to do anything to draw unneeded attention to your accounts at this time (CLI requests, adding AU's, etc). I remember when the advice was given to avoid drawing attention to Comenity accounts- seems the same good advice would apply to Synchrony accounts at this time.
Good advice Hum!
Hopefully, people will listen this time. I know when similar advice was given about Comenity some folks took heed and others continued business as usual and eventually their accounts were shut down.
We have at least one data point that I can remember. Per WaveRider his/her friend had just opened 2 new Synchrony accounts before they requested 4506T from him/her.