topic Re: Closed a few SYNCB accounts!!! in Credit Cards

Closed a few SYNCB accounts!!!

Ron1 — Mon, 08 Feb 2016 19:23:53 GMT

I got a couple of letters about CLI denied for my Chevron Visa and Belk Card CLI. The reason was the amount of credit with Synchrony is TOO HIGH. I searched on the web. It might be over the exposure limit $100K. I added it all the business and personal with Synchrony and the limit was closed to $140K. I closed two business accounts ( Newegg and Amazon 8K each), Stash Visa Signature $15K and Sunglass Hut $1200. Two business account: I haven't used it since it was opened. Sunglass Hut: I bought once for my brother. I haven't used since. I am not planning to use it in the future. Closed it. Don't want to keep it. Stash VS: I am not going to stay over their hotels. I was going to close it anyway. I am thinking to close either Old Navy or Gap or both. I already have BR Visa. I might close the Amazon store card. I already have Chase Amazon Visa. QVC might be the next.

Ron.

Re: Closed a few SYNCB accounts!!!

pizza1 — Mon, 08 Feb 2016 19:35:40 GMT

LOL..Close the store cards you don't really use, and that will free up some CL for the majors you have with them. BTW...I LOVE my BR Visa... Those rewards add up fast!!

Good job on closing some! I only have 3 store cards left with them...76 gas, Lowes, and now Care Credit (again), LOL..the rest are majors with them.

In a few years, Ill close down my Lowes and 76 gas, and probably 2 majors, and free up CL as well for the ones I really want a high limit on.

Re: Closed a few SYNCB accounts!!!

Ron1 — Mon, 08 Feb 2016 20:00:53 GMT

I am thinking to close both Gap and Old Navy card. It will free up $12K. I didn't realize I have many SYNCB cards. I might want to kill more store cards I rarely used. QVC will be next. I am thinking Amazon store card. I want to close CarCare One. I might need new tires for my car. I haven't decied to keep Toy R' US MC or not. I keep TJMaxx MC. It is very useful card. Lowes, Sams Club MC, Walmart MC,AE Visa are staying.

Ron.

Re: Closed a few SYNCB accounts!!!

SunriseEarth — Mon, 08 Feb 2016 20:10:43 GMT

@Ron1 wrote:
I got a couple of letters about CLI denied for my Chevron Visa and Belk Card CLI. The reason was the amount of credit with Synchrony is TOO HIGH. I searched on the web. It might be over the exposure limit $100K. I added it all the business and personal with Synchrony and the limit was closed to $140K. I closed two business accounts ( Newegg and Amazon 8K each), Stash Visa Signature $15K and Sunglass Hut $1200. Two business account: I haven't used it since it was opened. Sunglass Hut: I bought once for my brother. I haven't used since. I am not planning to use it in the future. Closed it. Don't want to keep it. Stash VS: I am not going to stay over their hotels. I was going to close it anyway. I am thinking to close either Old Navy or Gap or both. I already have BR Visa. I might close the Amazon store card. I already have Chase Amazon Visa. QVC might be the next.

Ron.

I'd say close them both, since they're redundant to BR Visa. All will accumulate rewards at the Gap family of stores, so you only need one.

As for Amazon, I really like their special promo financing. If you don't need that, then it could close. I use SallieMae at Amazon, except when using special financing

Re: Closed a few SYNCB accounts!!!

Ron1 — Mon, 08 Feb 2016 20:22:20 GMT

@SunriseEarth wrote:
@Ron1 wrote:
I got a couple of letters about CLI denied for my Chevron Visa and Belk Card CLI. The reason was the amount of credit with Synchrony is TOO HIGH. I searched on the web. It might be over the exposure limit $100K. I added it all the business and personal with Synchrony and the limit was closed to $140K. I closed two business accounts ( Newegg and Amazon 8K each), Stash Visa Signature $15K and Sunglass Hut $1200. Two business account: I haven't used it since it was opened. Sunglass Hut: I bought once for my brother. I haven't used since. I am not planning to use it in the future. Closed it. Don't want to keep it. Stash VS: I am not going to stay over their hotels. I was going to close it anyway. I am thinking to close either Old Navy or Gap or both. I already have BR Visa. I might close the Amazon store card. I already have Chase Amazon Visa. QVC might be the next.

Ron.
I'd say close them both, since they're redundant to BR Visa. All will accumulate rewards at the Gap family of stores, so you only need one.

As for Amazon, I really like their special promo financing. If you don't need that, then it could close. I use SallieMae at Amazon, except when using special financing

Thanks for your advice!!! I am thinking the same thing. I usually use Amazon Visa at Amazon to earn rewards.

Ron.

Re: Closed a few SYNCB accounts!!!

Dalmus — Mon, 08 Feb 2016 22:05:51 GMT

@Ron1 wrote:
Ron.
I'd say close them both, since they're redundant to BR Visa. All will accumulate rewards at the Gap family of stores, so you only need one.

As for Amazon, I really like their special promo financing. If you don't need that, then it could close. I use SallieMae at Amazon, except when using special financing
Thanks for your advice!!! I am thinking the same thing. I usually use Amazon Visa at Amazon to earn rewards.

Ron.

If that's the only place you use the Amazon Visa, I would suggest you keep the store card instead. The Amazon Prime store card earns 5% while the Visa only earns 3%.

Re: Closed a few SYNCB accounts!!!

jeffery581 — Tue, 09 Feb 2016 00:53:40 GMT

dont forget lowes gives a 5% discount at checkout. Worth keeping imo

Re: Closed a few SYNCB accounts!!!

ABC123TLC — Tue, 09 Feb 2016 01:30:22 GMT

The Business accounts you closed - they were PG? or NO PG?

If they were NO PG why would they affect your exposue?

Re: Closed a few SYNCB accounts!!!

Ron1 — Tue, 09 Feb 2016 07:00:39 GMT

@jeffery581 wrote:
dont forget lowes gives a 5% discount at checkout. Worth keeping imo

Thanks for reminding!! I am not going to close my Lowes card. It is one of my favorite cards.

Ron.

Re: Closed a few SYNCB accounts!!!

Ron1 — Tue, 09 Feb 2016 07:01:18 GMT

@tlclindac wrote:
The Business accounts you closed - they were PG? or NO PG?

If they were NO PG why would they affect your exposue?

They were NO PG. They pulled EQ Biz.

Ron.

Re: Closed a few SYNCB accounts!!!

Ron1 — Tue, 09 Feb 2016 07:02:19 GMT

@Dalmus wrote:
@Ron1 wrote:
Ron.
I'd say close them both, since they're redundant to BR Visa. All will accumulate rewards at the Gap family of stores, so you only need one.

As for Amazon, I really like their special promo financing. If you don't need that, then it could close. I use SallieMae at Amazon, except when using special financing
Thanks for your advice!!! I am thinking the same thing. I usually use Amazon Visa at Amazon to earn rewards.

Ron.
If that's the only place you use the Amazon Visa, I would suggest you keep the store card instead. The Amazon Prime store card earns 5% while the Visa only earns 3%.

I don't have Amazon Prime yet. So my Amazon card doesn't have any 5% yet.

Ron.

Re: Closed a few SYNCB accounts!!!

Ron1 — Tue, 09 Feb 2016 07:42:01 GMT

I just added all my Synchrony credit cards accounts. It came up $96K. I think it is barely under $100K. My Citgo Credit card will become Synchrony Credit card later this month. It wull be fine. I should be ok and under the radar if I don't ask for any more CLI or any additonal cards. I am still thinking to close both Gap and OLd Navy. Not right now. I don't want my score to take a big hit. I might close it next couple of months. I already posted my exceed exposure limit with Synchrony in another thread.

Ron.

Re: Closed a few SYNCB accounts!!!

Anonymous — Tue, 09 Feb 2016 09:39:44 GMT

I have always heard that when you close accounts is hurts your credit score. Is that true.

Re: Closed a few SYNCB accounts!!!

Dalmus — Tue, 09 Feb 2016 12:15:09 GMT

The only thing that choosing an account will do is reduce the amount of your available credit. Depending on how much of a balance you currently carry, that COULD lower your score if that raises your utilization significantly.

Re: Closed a few SYNCB accounts!!!

woodyman100 — Tue, 09 Feb 2016 13:03:50 GMT

DW has the Amazon prime store card. We buy everything through it. The automatic 5% is worth it.
I had the Chase Amazon and found it not very useful. DE has it as well and I have find some way to keep it active every couple of months

Re: Closed a few SYNCB accounts!!!

woodyman100 — Tue, 09 Feb 2016 13:05:39 GMT

Sorry, I should have read the entire thread. I didn't realize that Amazon was already discussed. I will be quiet now

Re: Closed a few SYNCB accounts!!!

Ron1 — Tue, 09 Feb 2016 13:13:03 GMT

@woodyman100 wrote:
Sorry, I should have read the entire thread. I didn't realize that Amazon was already discussed. I will be quiet now

Thanks for the advice!!!

Ron.