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What the heck is going on with Synchrony?

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Anonymous
Not applicable

Re: What the heck is going on with Synchrony?


@Aprile421 wrote:

Wow I will be watching this thread closely. I just got a lowe's account the other day. It started out at $700 I did the chat and asked for a increase and they increased to 15k. I would hate to get the card then them shut it down on me.


No need to panic; let's all just make sure we stay informed and share information. There is strength in knowledge. Smiley Happy

Message 51 of 876
waynes1982
Frequent Contributor

Re: What the heck is going on with Synchrony?

So just some data points for everyone:

 

In March I received a call from Synchrony that they had information concerning my accounts. I called in and said I would get the form in 7-10 days, got the form and it was the 4056-T form. So I sent in the forms to comply.

 

End of March I called to see if they received the forms, and of course they hadn't received the forms... you only have 30 days to send in the the forms before they completely close the accounts out.

 

I said I have proof you received the forms and to do some research as the 30 days is coming close, and I don't want the accounts closed.

 

Called in april 1st, the forms were received that same day(which is a lie but oh well) and they have 30 days to process the forms and would receive notification in the mail...

 

Called in end of April said I would be notified via writing.

 

April 30th notification received that they decided to terminate our relationship and close the accounts and any accounts with balances could be paid based upon original agreements and such.  I only owed a balance on my lowes account of like $1,800.

 

Beginning of May I started to receive alerts that accounts were closed with the "Account Closed by Creditor" notification. I was worried this would impact my other accounts, and so far nothing has happened.

 

I did have over 19 synch accounts with well over $100k in exposure from them. I was going to start to close some out but they did it for me.

 

In March they did SP my report prior to blocking me, and at the time I did have a BK reporting that was due to fall off in October of this year.

 

They didn't close my Joint Care Credit Account which I was surprised, but I'm only the co-borrower.

 

I have since opened up a Marvel Mastercard ($25K) and a Toys R Us Card($8K) with them and so far I've been good. If they close them they close them, but I'm not opening up anymore accounts with them.

 

I'm thinking they didn't like my profile with the BK on there at the time, plus all my new accounts and total credit at the time with them.

 

Hope this helps everyone!

Gardening since 06/01/2016


Message 52 of 876
Anonymous
Not applicable

Re: What the heck is going on with Synchrony?

Thanks for the good info Wayne.

 

What services let you view who soft pulls you?  Other than the actual reports that you get direct from the bureaus.

Message 53 of 876
waynes1982
Frequent Contributor

Re: What the heck is going on with Synchrony?


@Anonymous wrote:

Thanks for the good info Wayne.

 

What services let you view who soft pulls you?  Other than the actual reports that you get direct from the bureaus.


I had pulled a copy of my reports from the bureaus just to see what was going on, and to make sure there wasn't anything funky that I didn't get alerted to.

Gardening since 06/01/2016


Message 54 of 876
ohreally7654
Established Contributor

Re: What the heck is going on with Synchrony?


@waynes1982 wrote:

So just some data points for everyone:

 

In March I received a call from Synchrony that they had information concerning my accounts. I called in and said I would get the form in 7-10 days, got the form and it was the 4056-T form. So I sent in the forms to comply.

 

End of March I called to see if they received the forms, and of course they hadn't received the forms... you only have 30 days to send in the the forms before they completely close the accounts out.

 

I said I have proof you received the forms and to do some research as the 30 days is coming close, and I don't want the accounts closed.

 

Called in april 1st, the forms were received that same day(which is a lie but oh well) and they have 30 days to process the forms and would receive notification in the mail...

 

Called in end of April said I would be notified via writing.

 

April 30th notification received that they decided to terminate our relationship and close the accounts and any accounts with balances could be paid based upon original agreements and such.  I only owed a balance on my lowes account of like $1,800.

 

Beginning of May I started to receive alerts that accounts were closed with the "Account Closed by Creditor" notification. I was worried this would impact my other accounts, and so far nothing has happened.

 

I did have over 19 synch accounts with well over $100k in exposure from them. I was going to start to close some out but they did it for me.

 

In March they did SP my report prior to blocking me, and at the time I did have a BK reporting that was due to fall off in October of this year.

 

They didn't close my Joint Care Credit Account which I was surprised, but I'm only the co-borrower.

 

I have since opened up a Marvel Mastercard ($25K) and a Toys R Us Card($8K) with them and so far I've been good. If they close them they close them, but I'm not opening up anymore accounts with them.

 

I'm thinking they didn't like my profile with the BK on there at the time, plus all my new accounts and total credit at the time with them.

 

Hope this helps everyone!


This is really great information, and so appreciate you sharing. I am really sorry, firstly, that you are yet another 'victim' of Synchrony's craziness.  But I was wondering about this last night, and it's something you just answered for me: if they do end up asking me to execute a 4506-T, and I decline and I close my accounts on my own, if I could maybe just apply for one or two again, maybe a few months down the road, and fly under the radar.

 

I have several accounts with them right now, but there are really only a couple I truly care about.  That being said, I'm unwilling to give them a 4506-T if they ask, so was trying to get an idea as to whether dramatically lowering my exposure and not adding an AUs would be a good solution to the issue.  Great to know that so far, you seem to be steering clear of any AA. I really hope that continues to be the trend for you!!

Started rebuilding 8/2015. Current Fico 8 Scores 9/17: TU FICO: 698 (from 646 3/15/16) | EX FICO: 689 (from 617 3/15/16) | EQ FICO: 670 (from 614 3/15/16). Discover Miles: $10K | Amex PRG | Amex BCE $2K | Amex SPG $2K | Citi Aadvantage $7K | JetBlue Plus MC $3.9K | Walmart MC $3.5K | Marvel MC $5K | NFCU CashRewards $15K | CareCredit $12K | PenFed Amex $9K | USAA Limitless Visa Sig $6K | NFCU goRewards $20K | NFCU Amex $10.4K | NavCheck $13.5K | Blispay $4K | QS $9.5K | Pier 1 $21.1K | RH $20.7K | JCrew $16.8K | Wayfair $4.9K | Pottery Barn $19.5K | Discover IT $4.1K | Nord. Visa Sig $22K | USAA Visa Plat $2.5K | Neiman Marcus $6.4k | Amex Delta Reserve $1k | Saks $15K | VS $2.2K | Target $1K | Macy's $25K | Bloomies Amex $25K| West Elm $12.4K | PP Credit (Comenity) $4.4K
Message 55 of 876
waynes1982
Frequent Contributor

Re: What the heck is going on with Synchrony?


@ohreally7654 wrote:

@waynes1982 wrote:

So just some data points for everyone:

 

In March I received a call from Synchrony that they had information concerning my accounts. I called in and said I would get the form in 7-10 days, got the form and it was the 4056-T form. So I sent in the forms to comply.

 

End of March I called to see if they received the forms, and of course they hadn't received the forms... you only have 30 days to send in the the forms before they completely close the accounts out.

 

I said I have proof you received the forms and to do some research as the 30 days is coming close, and I don't want the accounts closed.

 

Called in april 1st, the forms were received that same day(which is a lie but oh well) and they have 30 days to process the forms and would receive notification in the mail...

 

Called in end of April said I would be notified via writing.

 

April 30th notification received that they decided to terminate our relationship and close the accounts and any accounts with balances could be paid based upon original agreements and such.  I only owed a balance on my lowes account of like $1,800.

 

Beginning of May I started to receive alerts that accounts were closed with the "Account Closed by Creditor" notification. I was worried this would impact my other accounts, and so far nothing has happened.

 

I did have over 19 synch accounts with well over $100k in exposure from them. I was going to start to close some out but they did it for me.

 

In March they did SP my report prior to blocking me, and at the time I did have a BK reporting that was due to fall off in October of this year.

 

They didn't close my Joint Care Credit Account which I was surprised, but I'm only the co-borrower.

 

I have since opened up a Marvel Mastercard ($25K) and a Toys R Us Card($8K) with them and so far I've been good. If they close them they close them, but I'm not opening up anymore accounts with them.

 

I'm thinking they didn't like my profile with the BK on there at the time, plus all my new accounts and total credit at the time with them.

 

Hope this helps everyone!


This is really great information, and so appreciate you sharing. I am really sorry, firstly, that you are yet another 'victim' of Synchrony's craziness.  But I was wondering about this last night, and it's something you just answered for me: if they do end up asking me to execute a 4506-T, and I decline and I close my accounts on my own, if I could maybe just apply for one or two again, maybe a few months down the road, and fly under the radar.

 

I have several accounts with them right now, but there are really only a couple I truly care about.  That being said, I'm unwilling to give them a 4506-T if they ask, so was trying to get an idea as to whether dramatically lowering my exposure and not adding an AUs would be a good solution to the issue.  Great to know that so far, you seem to be steering clear of any AA. I really hope that continues to be the trend for you!!


I'm at $33K exposure with them in just my cards alone and $37K with the Joint Account.  When I got the letter about the closures, I called and asked if I would ever be able to open up any accounts with them, and they couldn't answer that question for me.  I got the answer myself by applying for these two cards.  The Marvel was instant approved online with $4,000, and the lowest APR they offer of 15.24%, when I received the card I called and bumped it up to $25K with no concerns at all. I just applied in store for the Toys R US Mastercard and was also instant approved but for $1,500, which surprised me a bit, but I called credit solutions and got it bumped right up to $8,000 which is fine with me.
These were two cards I never had before, so I'm not sure if that had anything to do with it.  I miss two cards I had previously with them, my Lowes card and my Gap Visa.  I shop at both those stores often so I was bummed about that. 
I'm going to wait it out a bit before I reapply for the Lowes card, and I'll probably go for the Old Navy Visa or Banana Republic Visa since I never had those, and I would benefit by those since I shop the Gap brand often.

Gardening since 06/01/2016


Message 56 of 876
pipeguy
Senior Contributor

Re: What the heck is going on with Synchrony?

Looks like they are just reducing their "risk factors" real or imagined, because their recent announcement is showing they are looking to increase the price/value of their stock.

 

http://www.marketwatch.com/story/synchrony-financial-announces-quarterly-common-stock-dividend-of-01...

Message 57 of 876
Strogen
Frequent Contributor

Re: What the heck is going on with Synchrony?

So this is weird. Only one of my Sync B accounts is frozen and its the one with the lowest CL. 

 

EDIT: False alarm, my google chrome was trying to log in with my old BP account info from when it had credit card fraud. 

 

I will be keeping a close eye on my accounts though, I really do use my paypal card a lot and have probably got $500 worth of rewards from all their promotions and such. 

807 TU FICO Score 8.
Message 58 of 876
Anonymous
Not applicable

Re: What the heck is going on with Synchrony?

 

waynes1982 wrote:

 

 When I got the letter about the closures, I called and asked if I would ever be able to open up any other accounts with them, and they couldn't answer that question for me.

 

  I got the answer myself by applying for these two cards.  The Marvel was instant approved online with $4,000, and the lowest APR they offer of 15.24%, when I received the card I called and bumped it up to $25K with no concerns at all. I just applied in store for the Toys R US Mastercard and was also instant approved but for $1,500, which surprised me a bit, but I called credit solutions and got it bumped right up to $8,000 which is fine with me.

 

 

 

 

humuhumunukunukuapua'a wrote:

 

 

I'm glad you were able to get other cards with Synchrony after your closures. It's not a fun situation to be in. 

 

I hope they let you keep the new Synchrony cards open that you reapplied for after your initial cards were closed.

 

Synchrony is not Comenity, certainly, but I do recall several people successfully opening different cards with Comenity once their cards were closed down, and several months later those cards were shut down too once an audit took place.

 

Just considering all possibilities. This whole thing is a shame. Smiley Sad

 

 

 

 

 

 

Message 59 of 876
Anonymous
Not applicable

Re: What the heck is going on with Synchrony?


@Anonymous wrote:
Told them I wouldn't be sending in anything so they closed all 3 of my accounts. Said I can continue to make payments as agreed. I don't need the cards anyways. Scores in the 700s 30k limits on their cards only owe them 1500. I think they are really trying to cut the amount of credit they are extending.

 

30k total CL and owe only 1500 and they are riding you about tax documents? 

 

This is ridiculous! Screw them....ahem, say goodbye. Sorry to hear OP.

Message 60 of 876
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