topic Re: Another Sync AA in Credit Cards

Another Sync AA

fltireguy — Sun, 18 Sep 2016 13:14:44 GMT

Went to pay my CareCredit bill this morning... and I get the dreaded "This account is not eligible for online access...." message...

Called customer service, apparently my account is under review.. and i am supposed to wait for the letter that was sent out on 9/16.

IF it is a 4506-T request, I WILL send it in - however, I will use whiteout, and change it so that there is NO third party that the data can be released to (wonder what will happen...)

Data points - 5 Sync Accounts - HHGregg, CareCredit ($10800 CL, $604 balance that I was going to pay today, and I need the card for some expensive dental work!!)

Citgo, Amazon , and Old Navy. HHGregg has a $650 12 month no interest balance, but the others are PIF.. Accounts are between 2 and 6 months old

I will update ...

Re: Another Sync AA

Anonymous — Sun, 18 Sep 2016 13:22:30 GMT

@fltireguy wrote:

IF it is a 4506-T request, I WILL send it in - however, I will use whiteout, and change it so that there is NO third party that the data can be released to (wonder what will happen...)

Sorry to hear, fittireguy. They will close your account(s) if you cross out things on the form and change their form. I wouldn't recommend it if you wish to keep your accounts open.

It sounds as if the closure happened due to opening 5 Synchrony accounts in the last 2-6 months. That's quite a lot, but still not fun to have it happen. Hope it works out for you.

Re: Another Sync AA

fltireguy — Sun, 18 Sep 2016 13:41:44 GMT

@Anonymous wrote:
@fltireguy wrote:

IF it is a 4506-T request, I WILL send it in - however, I will use whiteout, and change it so that there is NO third party that the data can be released to (wonder what will happen...)

Sorry to hear, fittireguy. They will close your account(s) if you cross out things on the form and change their form. I wouldn't recommend it if you wish to keep your accounts open.

It sounds as if the closure happened due to opening 5 Synchrony accounts in the last 2-6 months. That's quite a lot, but still not fun to have it happen. Hope it works out for you.

If it wasnt for the 0 percent deals with HHGregg and CareCredit.... I wouldnt have opened those 2

My income will match the 4506.... it will exceed actually..

Re: Another Sync AA

AverageJoesCredit — Sun, 18 Sep 2016 14:00:17 GMT

Dang Fltireguy, sorry to hear this. For me it really bad when you are abiding by the rules and paying on time and they still do this. Another concerning thing is your balances. They are not that high. I am currently running a $700 balance on my Sams so it would really be bad if this happened to me. I agrree with Humu that as if now the only real data point that jumps out is the 5 sync accounts within 6 months. I myself opened a couple within a few months last year, didnt know any better as i was and am rebuilding, so i guess it could happen to me. But it seems many of the recent posts concerning possible AA with sync involved multiple new accounts in short time. I wish you the best hope you can resolve this

Re: Another Sync AA

Anonymous — Sun, 18 Sep 2016 14:10:10 GMT

Sorry to hear that this happened to to you. I myself have been scared straight by posts like yours. I stopped requesting CLI on my Walmart store card and Ebates card.

I hope everything works out for you.

Re: Another Sync AA

baller4life — Sun, 18 Sep 2016 14:30:46 GMT

@Anonymous wrote:
Sorry to hear that this happened to to you. I myself have been scared straight by posts like yours. I stopped requesting CLI on my Walmart store card and Ebates card.

I hope everything works out for you.

This!!! I won't be requesting cli on ANY of my Sync cards. I won't be poking that bear AT ALL!

Re: Another Sync AA

Anonymous — Sun, 18 Sep 2016 17:04:23 GMT

@baller4life wrote:
@Anonymous wrote:
Sorry to hear that this happened to to you. I myself have been scared straight by posts like yours. I stopped requesting CLI on my Walmart store card and Ebates card.

I hope everything works out for you.

This!!! I won't be requesting cli on ANY of my Sync cards. I won't be poking that bear AT ALL!

Agreed. I don't plan to request any additional CLI from Synchrony ever, not even when this "blows over."

I also use each of my current Synchrony cards every month, even if for something small. Their usage algorithm and I are going to be friends.

Re: Another Sync AA

AverageJoesCredit — Sun, 18 Sep 2016 15:57:30 GMT

Yup, im good with my current limits , should i ever have to close them because im using them , balance or no balance, at least it will give me a lesson on who i can have a proper relationship with. I remember the day where i would love to have the Sams/Walmart mcs, but thats long gone. I got the store cards that serve their purpose for now but im not about to Leonardo myself with no bear! lol

Re: Another Sync AA

Anonymous — Sun, 18 Sep 2016 17:05:45 GMT

@AverageJoesCredit wrote:
Yup, im good with my current limits , should i ever have to close them because im using them , balance or no balance, at least it will give me a lesson on who i can have a proper relationship with. I remember the day where i would love to have the Sams/Walmart mcs, but thats long gone. I got the store cards that serve their purpose for now but im not about to Leonardo myself with no bear! lol

AverageJoes - the Chase AARP Visa card has most of the same benefits as the Sam's Mastercard (it has 3% cash back at restaurants and 3% cash back at gas stations) - you may want to take a look. And you can be any age.

Re: Another Sync AA

Anonymous — Sun, 18 Sep 2016 17:06:06 GMT

Sorry to hear op.....but if you add in the marvel card from your siggy, you actually have 6 Sync cards. That is a lot with ANY one lender. If you add in the time frame, that really makes it stick out.

I do fault Sync to a degree because they shouldn't have approved all of them.

Good luck!

Re: Another Sync AA

Anonymous — Sun, 18 Sep 2016 17:07:19 GMT

@Justagirl73 wrote:
Sorry to hear op.....but if you add in the marvel card from your siggy, you actually have 6 Sync cards. That is a lot with ANY one lender. If you add in the time frame, that really makes it stick out.
I do fault Sync to a degree because they shouldn't have approved all of them.

Good luck!

Good catch, justagirl!

Re: Another Sync AA

austinguy907 — Sun, 18 Sep 2016 19:31:58 GMT

@Justagirl73 wrote:
Sorry to hear op.....but if you add in the marvel card from your siggy, you actually have 6 Sync cards. That is a lot with ANY one lender. If you add in the time frame, that really makes it stick out.
I do fault Sync to a degree because they shouldn't have approved all of them.

Good luck!

On the flip side we have a responsibility to not apply for several accounts with the same lender. When you see 2+ accounts with a single lender it leans towards an addiction of approvals for new accounts. There are plenty of "credit junkies" around here that need or have had credit rehab.

Re: Another Sync AA

AverageJoesCredit — Sun, 18 Sep 2016 20:51:23 GMT

Thanks Humu about the info on AARP. im not sure if Chase would like me. Only time i ever applied for anything related to Chase was last year when i tried to get the Amazon visa. They no likey bk. Butttt..... Perhaps once my file cleans up a bit and of course under 5 /24 , i may try as to diversify my profile.

I didnt see the siggy as im on mobile but one possible reason someone may try for multiple accounts with same lender is they just want credit from a couple of their favorite stores etc but dont realize they fall under same lender. Eventually one will realize they have multiple accounts with same lender but unless someone has a myfico to inform them of the dangers of having so many, one may not ever know why. Thankfully i found my fico in time. Synchrony 2/6 rule and end this madness

Re: Another Sync AA

Anonymous — Mon, 19 Sep 2016 01:07:56 GMT

Are multiple accounts from one lender really that bad? I know too much exposure could have neg effect, but with chase letting you combine all your points, it's kind of hard to not have more than one for maximum rewards. To me, it seems they may like having customers with multi products. When I talked to a rep about my card once, I explained how much I like it and wished I had started getting chase cards a long time ago. She said something like, well maybe one day you'll have all our cards, or something to that effect. I only have 2 chase cards now, but want the csp in a couple yrs. Is it actually bad to have all that with one lender?

Re: Another Sync AA

austinguy907 — Mon, 19 Sep 2016 01:31:07 GMT

It can be bad to have those accounts with a single lender and they decide to shut them down or balance chase them for no apparent reason like the issues back in 2008 with the financial meltdown. Diversify your collection while growing it and you'll survive with at least something instead of nothing. Read up on the Synchrony, Comenity, and CHASE threads around here lately and you'll see it for yourself.

Re: Another Sync AA

Anonymous — Mon, 19 Sep 2016 01:40:43 GMT

That's a bummer. I would love to add the csp and have the freedoms for max rewards like so many do, but scary to think of what could happen. Chase is the only lender I have more than one card with. Love my freedom and Freedom unlimited combo.

Re: Another Sync AA

austinguy907 — Mon, 19 Sep 2016 02:04:06 GMT

You could combine the Freedom cards and then add the CSP.

@Anonymous wrote:
That's a bummer. I would love to add the csp and have the freedoms for max rewards like so many do, but scary to think of what could happen. Chase is the only lender I have more than one card with. Love my freedom and Freedom unlimited combo.

Re: Another Sync AA

Anonymous — Mon, 19 Sep 2016 02:20:43 GMT

I personally don't want multiple cards with one lender. Anything could happen to make that lender jumpy....then you would be SOL (till you apped for new cards with another lender). There are a lot of threads where the poster had multiple cards with one lender and they were ALL shut down.

My advice is don't put all your eggs in one basket 😀

Re: Another Sync AA

Anonymous — Mon, 19 Sep 2016 02:21:34 GMT

@austinguy907 wrote:
@Justagirl73 wrote:
Sorry to hear op.....but if you add in the marvel card from your siggy, you actually have 6 Sync cards. That is a lot with ANY one lender. If you add in the time frame, that really makes it stick out.
I do fault Sync to a degree because they shouldn't have approved all of them.

Good luck!
On the flip side we have a responsibility to not apply for several accounts with the same lender. When you see 2+ accounts with a single lender it leans towards an addiction of approvals for new accounts. There are plenty of "credit junkies" around here that need or have had credit rehab.

That's why I said to a degree......

Re: Another Sync AA

UncleB — Mon, 19 Sep 2016 02:40:47 GMT

@Justagirl73 wrote:
I personally don't want multiple cards with one lender. Anything could happen to make that lender jumpy....then you would be SOL (till you apped for new cards with another lender). There are a lot of threads where the poster had multiple cards with one lender and they were ALL shut down.
My advice is don't put all your eggs in one basket 😀

I agree... but even with my agreeing and knowing it's 'good business' to have diversity I still ended up with four accounts with Synchrony.

In my case (and probably many others) it's not that we're "in love" with Synch, it's just that they back so many retail cards now it's hard to avoid them. In my case, my Lowe's and Belk cards are my two oldest accounts (12 and 10 years, respectively) and I don't want to close either due to this. My other two cards with them are Sam's Club MasterCard and Care Credit, both of which I am actively using (Sam's Club MC very actively).

I would put Chase in the same category... they back so many 'partners' it's hard to avoid them (especially for a frequent traveler).

With Synchrony (and Chase, to a lesser degree) I would just say to be mindful of your velocity in acquiring new cards with them (or large CLIs), as these two things seem to be common factors with the people who have had issues (with a few exceptions). In my case, both the Amazon store card and JC Penney could be useful, but I mindfully refrain from getting either since "a bird in the hand is worth two in the bush", and the value of my existing cards with Synchrony mean more to me than the possible value of the new additions I have my eye on.