Walmart Cards Closed / Synchrony System Closed them

[Blazesian]

I am beyond frustrated currently. I am going to explain everything (I know it's lengthy) I've done so much in the past six months, it just makes sense to explain it to you before I ask for help.

In March, I reached 730 TU and the other two followed closely and I did what I had been trying to do for a YEAR (trade out of my 13 Honda Civic Coupe for a new vehicle). It was an amazing proud moment of mine. I work for a car dealership, so I periodically pull my credit (bad habit, I know. I swear I'm done) and ask my UCD can I PLEASE trade in now and he kept saying no, no, no you're not ready. My score was getting higher with the more credit cards I paid off. (For the record, I have never had anything TERRIBLE on my credit. I've just always had high balances, lots of new cards, and a ton of inquiries) Finally in March he said "So what do you want to buy?" and I was the HAPPIEST camper!

- I bought a 2014 Grand Cherokee with payments of $665/mo with a 5% interest rate by myself, no cosigner on a $40,000+ vehicle

- I traded in my lease that my grandmother co-signed on, 2013 Honda Civic with $9,000 left - payments of $240/mo

- Requested CLI on all cards: Discover bumped from $700 to $1500 / Cap 1 went from $500 to $2,000 and $750 to $5750 / Chase from $400 to $1000, and I opened up a Neiman Marcus (I have no clue, why), a Credit One (highly disappointed with a $400 cl), Walmart Discover ($1800 limit), and a Dillards card and applied for many more to stores I shop at constantly.-I signed a new lease on a TOWNHOME where my rent was going from $725 to $1420/mo. - Started to charge the world on my cards from clothes, shoes, accessories, to home furnishing, daily spa visits and every other day nail spa visits.- Bought new furniture and opened an account with Rooms To Go but only qualified for Green Sky financing for $2,000 even with no late payments, no charges on cards (At that time), and a high income. Blah. Inquires were the reason they denied me according to the letter.

And was COMPLETELY at peace because I make $150-200,000/year now and "knew" I would pay it off in just a few months. I might as well take a "vacation" - sell 20 cars this month, take my $10K and enjoy working JUST 9a-6pm or 11a-8pm and be GONE and SHOP.

Right after I paid my deposit and fees for my town house, my dealership switched over to DIRECT DEPOSIT. Fun right? NOT ! IT was then that they introduced a new way we were being paid. Instead of taking our earned commissions on the 5th and the 20th. We were now being paid a "draw" of $3,000 on the 20th and the rest of my comissions on the 5th. I was scared. I've never  paid attention to when bills were due because as soon as I was paid, I logged into Manilla and paid all bills coming up/paid off purchases and never had a problem.

THEN they made a mistake in hiring a certain person who KILLED a few Major relationships with our lenders which inturn meant a downward SPIRAL in amount of cars sold.

My life was crashing in just 30 days, I swear. Well, 60 days if you include my month of fun. Since then I've been STRUGGLING to catch up on the damage, the three pay day loans and multiple late fees, but I managed to keep everything from reporting 30 days late.But it was just becoming HARD. I don't know what I'm going to be paid until the day before pay day and I can't PROMISE a lender money bc it may not be there. They never understand, for some reason no matter how hard I try to explain it.

Last month, my capital one and discover card reported late and I was devastated. I tried so hard to maintain what is left of my score (already in the fives by maxing out cards). Then, I finally get back on track at work and make a whopping $8K after taxes, so I paid off two pay day loans and made all regular bill payments BUT FORGOT that I paid rent out of my major check instead of my draw. So it overdrew my account and resulted in my WALMART payments to be sent back. (One on Walmart Discover and the other on my Walmart store card for $300 each).

So you know what they did??! They CUT MY CARDS OFF AND CLOSED MY ACCOUNT. I am soooo upset. I worked SO Hard to get the Discover, it wasnt until I hit 730 that they gave it to me. And the walmart store card Ive had since I first started building credit and have had AMAZING payment history up until the past three months.

Three months of hard times and they close my account!? I understand the Discover because I have only had it since March and thats when the spending started - so to them it looks like I racked up debt and then didnt pay although it was just a random hit that I endured.

They won't re-open my account until I pay it all off and THEN I have to requalify for it all over again. I'm so disappointed.

So frustrated and beyond angry with them for not even caring about the consumer. As if life never hits us?? I communicated THE ENTIRE way.

What am I supposed to do? I definitely want to re-apply, but will they resume the length of time I've had the card? Or will it start all over?

I seen to do a GW letter and ask for forgiveness for the late payments that are showing up and hopefully they will get rid of that.

[taxi818]

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@Blazesian wrote:

I am beyond frustrated currently. I am going to explain everything (I know it's lengthy) I've done so much in the past six months, it just makes sense to explain it to you before I ask for help.

In March, I reached 730 TU and the other two followed closely and I did what I had been trying to do for a YEAR (trade out of my 13 Honda Civic Coupe for a new vehicle). It was an amazing proud moment of mine. I work for a car dealership, so I periodically pull my credit (bad habit, I know. I swear I'm done) and ask my UCD can I PLEASE trade in now and he kept saying no, no, no you're not ready. My score was getting higher with the more credit cards I paid off. (For the record, I have never had anything TERRIBLE on my credit. I've just always had high balances, lots of new cards, and a ton of inquiries) Finally in March he said "So what do you want to buy?" and I was the HAPPIEST camper!

- I bought a 2014 Grand Cherokee with payments of $665/mo with a 5% interest rate by myself, no cosigner on a $40,000+ vehicle

- I traded in my lease that my grandmother co-signed on, 2013 Honda Civic with $9,000 left - payments of $240/mo

- Requested CLI on all cards: Discover bumped from $700 to $1500 / Cap 1 went from $500 to $2,000 and $750 to $5750 / Chase from $400 to $1000, and I opened up a Neiman Marcus (I have no clue, why), a Credit One (highly disappointed with a $400 cl), Walmart Discover ($1800 limit), and a Dillards card and applied for many more to stores I shop at constantly.-I signed a new lease on a TOWNHOME where my rent was going from $725 to $1420/mo. - Started to charge the world on my cards from clothes, shoes, accessories, to home furnishing, daily spa visits and every other day nail spa visits.- Bought new furniture and opened an account with Rooms To Go but only qualified for Green Sky financing for $2,000 even with no late payments, no charges on cards (At that time), and a high income. Blah. Inquires were the reason they denied me according to the letter.

And was COMPLETELY at peace because I make $150-200,000/year now and "knew" I would pay it off in just a few months. I might as well take a "vacation" - sell 20 cars this month, take my $10K and enjoy working JUST 9a-6pm or 11a-8pm and be GONE and SHOP.

Right after I paid my deposit and fees for my town house, my dealership switched over to DIRECT DEPOSIT. Fun right? NOT ! IT was then that they introduced a new way we were being paid. Instead of taking our earned commissions on the 5th and the 20th. We were now being paid a "draw" of $3,000 on the 20th and the rest of my comissions on the 5th. I was scared. I've never  paid attention to when bills were due because as soon as I was paid, I logged into Manilla and paid all bills coming up/paid off purchases and never had a problem.

THEN they made a mistake in hiring a certain person who KILLED a few Major relationships with our lenders which inturn meant a downward SPIRAL in amount of cars sold.

My life was crashing in just 30 days, I swear. Well, 60 days if you include my month of fun. Since then I've been STRUGGLING to catch up on the damage, the three pay day loans and multiple late fees, but I managed to keep everything from reporting 30 days late.But it was just becoming HARD. I don't know what I'm going to be paid until the day before pay day and I can't PROMISE a lender money bc it may not be there. They never understand, for some reason no matter how hard I try to explain it.

Last month, my capital one and discover card reported late and I was devastated. I tried so hard to maintain what is left of my score (already in the fives by maxing out cards). Then, I finally get back on track at work and make a whopping $8K after taxes, so I paid off two pay day loans and made all regular bill payments BUT FORGOT that I paid rent out of my major check instead of my draw. So it overdrew my account and resulted in my WALMART payments to be sent back. (One on Walmart Discover and the other on my Walmart store card for $300 each).

So you know what they did??! They CUT MY CARDS OFF AND CLOSED MY ACCOUNT. I am soooo upset. I worked SO Hard to get the Discover, it wasnt until I hit 730 that they gave it to me. And the walmart store card Ive had since I first started building credit and have had AMAZING payment history up until the past three months.

Three months of hard times and they close my account!? I understand the Discover because I have only had it since March and thats when the spending started - so to them it looks like I racked up debt and then didnt pay although it was just a random hit that I endured.

They won't re-open my account until I pay it all off and THEN I have to requalify for it all over again. I'm so disappointed.

So frustrated and beyond angry with them for not even caring about the consumer. As if life never hits us?? I communicated THE ENTIRE way.

What am I supposed to do? I definitely want to re-apply, but will they resume the length of time I've had the card? Or will it start all over?

I seen to do a GW letter and ask for forgiveness for the late payments that are showing up and hopefully they will get rid of that.

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Well I read entire thread but what you did is common. You changed the things that made you successful and doubled expenses as you know. But more importantly. You relied on someone else.  Your company.  I don't know if they will forgive you. But I do know they will not reopen the account. Gw  is best if debt is paid. This is tough.  It will start over. But will be hard to get approved for a couple years. 

[Anonymous]

I feel for you, I really do. Its going to be a long tough road ahead. These things, while they happen seemingly in the blink of an eye, they generally take at a minum 2-3 years to recover from. There is no easy answer or quick fix.

I hope that you have learned something from all of this. Mainly that high income levels don't always remain high. A lot of studies on income levels tend show that people tend to bounce up and down throughout the years, generally on an upward trend. As a general rule, to avoid 'life happening' one should always live 20% 'below' ones means, build and maintain 6 months worth of 'crisis cash' (which can take the place of zero income for six months) and have a 3 year 'investment fund' that can supply 80% of your current income for three years.

There is a guy on the radio, Dave Ramsey - look into his financial philosophy of living with no debt. Understand that 'no debt' does not mean 'no credit'.
 

[fishbjc]

OUCH, I understand your pain! 

Discover will not open up your account....for a long time.  If EVER.  Their memory is LONG.

Basically, earning what you say you earned, you should have had a few months cushion in the bank.  Lesson Learned.

The ONLY thing you can do is keep everything paid, get things paid down and wait this fall out.  Who knows how long it will take to get to 730 again....two years?

I wish you the best!!!!!!!

[fishbjc]

I'm a little surprised that you got a 5% loan with a 730.  My loan is 2.99 and my score was 680 w/Ford.  Can you refy?

[Anonymous]

Well, as I understand you had quite the stroke of bad luck, WELCOME to Synchrony Bank (formerly GE Capital).  They make up over 40% of private-name cards in the world, and are NOT very forgiving.  I had the following cards, all with Synchrony bank:

Walmart

Amazon

Old Navy

Banana Republic

GAP

American Eagle

JCPenney

CareCredit

I had a messup with my bank account which caused my Walmart card payment to be returned.  When I noticed the issue, I thought it was fixed, and resubmitted the payment.  However, to my dismay, it wasn't fixed, and the payment got returned again, all within 2 weeks.  I called Walmart card services, and they were so nice, and said I was "all set" and even waived the late/returned fees.  I even charged on it a couple times.  About a month later, I get a letter saying after "reviewing" my account, it has been closed, and of course I'm still responsible for additional interest until the balance is paid off.  Come to find out, if you have TWO returned payments, regardless of the situation, they close your account.  ANY Synchrony account.  Luckily, I found you can claim financial hardship, and they will put you on a repayment plan.  That consists of the STOPPING of interest charges, and as long as you pay on-time (a very low, modest payment) you will remain on the plan, interest-free, until the balance is paid off.

But, things didn't end there.  So, the same thing happened to my Amazon account, because of an issue with my employer not delivering my direct deposit as usual (some mixup with the payroll company or something).  Once again, they closed my Amazon account.  But I didn't get into a payment plan with that one, I just used my taxes to pay it off entirely.

Then, the unthinkable happened.  One by one, I got letters from Synchrony bank that after "reviewing" my account, and reevaluation of my credit history (which had gone down slightly), they closed each and every one of my other accounts (except for CareCredit).  They were LOW credit limit accounts ($200-$300) which had mostly never been used.  My JCPenney, which I had used only once, had paid off immediately, they had recently doubled the credit limit to $600 - now closed.  And my Old Navy, which I had used numerious times, and always paid the balance in-full immediately - now closed.  I'm surprised they left my CareCredit open, I guess it must have slightly different terms because it's a "healthcare" credit card.

Welcome to Synchrony Bank.  Nine accounts with them, instantly wiped down to one.  Look them up, read the reviews.  Nobody has anything nice to say about them, because unless you are PERFECT, they are very untolerant and unforgiving.  Our bad for not reading all the fine print, that they made sure to point out to me during numerous telephone calls.

Like you, trying to build my credit (I'm at 611 and climbing, the highest I've ever been, and have an "almost" perfect payment history).  Well that's my experience, and good luck to you.