topic Amazon Synchrony Suspended All Accounts - What happens to 0% in Credit Cards

Amazon Synchrony Suspended All Accounts - What happens to 0%

JMCB — Tue, 01 Aug 2017 01:38:45 GMT

So like everyone else, I got the blue envelope. I spoke to my tax attorney today and we did a conference call with Synchrony Bank. For different reasons, we have filed a tax extension until Oct 1st of this year. So I have no taxes for 2016 to turn over. They would not accept the prior years tax returns and also a letter stating I filed an extension. After I got home it made me think about my Amazon Store Card. It is the only Synchrony card I owe on. It has a balance of $7,000 on a $25,000 limit. It is a 0% for 24 month offer. If they close my accounts, does anyone know what will happen to my 0% offer? Will they choose to bring the account due immediately? Or will they allow me to keep the 0% offer but keep the account closed as long as I make my paymets?

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

Anonymous — Tue, 01 Aug 2017 01:45:38 GMT

I'm pretty sure they have to keep the terms the same if you're current, even if closed.

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

pipeguy — Tue, 01 Aug 2017 01:49:57 GMT

They have to honor the terms of the offer as long as you do (aka don't miss any payments). That said, the account will report as 100% utility with no credit for $7k of $25k, it'll be balance $7k, available credit on that account $0, so even if you double up payments, it'll still report at 100% utility - the 0% APR promotion doesn't report as a 0% promotion, just an account balance.

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

JMCB — Tue, 01 Aug 2017 01:52:09 GMT

Thats what I thought but I wasnt sure. I have a choice to send in the document to them. Let them pull prior years taxes and then shut down the accounts. Or like others said, shut them down before they do. Which I am thinking of closing all except Amazon. Thats the only one I owe them. Then see if they want to evaluate me from prior years taxes and keep open Amazon. Maybe even lower my credit limit. But I think its crazy on their part. 15 years of Excellent credit history. No missed payments. Utilization at 7%. Mortgage, Car loans, credit cards, and lines of credit all in excellent standing. Fico 8s are around 770. They are crazy to loose such a good customer.

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

Creditaddict — Tue, 01 Aug 2017 01:58:29 GMT

I think this is a random computer thing... It doesn't make sense otherwise... I have literally missed payments on Sync accounts and gone into payment arrangements without them ever closing other cards or even CLD other cards... How would that not trigger a review in the system automatically if this wasn't a random thing?

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

JMCB — Tue, 01 Aug 2017 02:12:17 GMT

Well in the last 24 months I am guilty for requesting higher credit lines. Specifically Lowes, Amazon, and Walmart. They are at $25,000 each. I did lots of home improvements. So I guess that's why. But 2 are paid off. And I have run about $20,000 through Amazon and owe around $10,000 left. But I got tired of maxing the cards out so I asked for bigger limits. I think it through a red flag. But I have 4 other credit cards in $25 to 30k range. So it's not like they are special. All those cards are paid off too.

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

Moneyklutz — Tue, 01 Aug 2017 02:18:10 GMT

@Creditaddict wrote:
I think this is a random computer thing...

Actuaries would be my guess if we're attempting to apply reason for consequence.

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

K-in-Boston — Tue, 01 Aug 2017 02:18:44 GMT

To elaborate on pipeguy's post, the effect of the card closing with a balance is going to depend on how they report the credit line. If they report a credit line other than $0 at the time of closing, the balance will be included in your utilization and will affect your scores. The current 28% util won't matter much if they report the original limit. If they balance chase after it's closed, that will sting. The terms of your promotional purchase should remain in place. Anyone with experience with Synchrony balances on closed card able to chime in on how the card(s) reported credit lines after close?

Sticky on closed cards:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

AverageJoesCredit — Tue, 01 Aug 2017 02:34:35 GMT

Another crazy Synch head scratcher. You seem to be very responsible with other limits to match and you really are putting money thtough those accounts unlike some of us lol. Besides possibly being a random thing as stated by CA, unfortunately one of the big signs we took away from our big Synchrony thread regardng the blue envelope, is bigger exposure in terms of limits, regardless if you are using responsibly. Having 75 k on 3 cards is alot of exposure . But with you making big payments and such its a headscratcher all right.

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

JMCB — Tue, 01 Aug 2017 02:42:23 GMT

I just want to state, we make over 200k a year. I put a lot through my cards. My Conoco card averages $1500 a month in fuel. I seriously thought about writing letters to all these companies and make copies of my statements and show them they are loosing customers because of Synchrony. Send in a copy of my credit report and all statements. Showing how much I spend and showing them I've never missed a payment and they are refusing to take prior years tax returns unless I can show 2016. And they don't want to wait for my extension. It's just crazy. Also I want to state I have over $100k in student loans left that I have already paid $50k off. Have $80k in vehicle loans. $20k in Savings. My tax person asked to turn over other information like this. They turned it all down.

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

AverageJoesCredit — Tue, 01 Aug 2017 03:00:55 GMT

My advice , though it may not be any good being that im just an average joe , id move on and forget about Synchrony. Look for a lender that works well with you. Check out a good credit union or other banks that can support your kind of income. I m grateful for the credit theyve given me that has helped me to establish good credit but i wouldnt bend over backwards to please them especially if im fulfilling my credit obligations by using my credit and making timely payments. Theres enough stress in the world, our cc's shouldnt add to it

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

Anonymous — Tue, 01 Aug 2017 03:07:34 GMT

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

JMCB — Tue, 01 Aug 2017 03:08:03 GMT

Might be average Joe but you guys know a lot more than me about this stuff, hence why I ask the experts. :-) And I agree. There are plenty of lenders to earn my business. I have two credit unions with 25k credit cards and $15k checking lines. I use my Blispay card for my 2% rewards. Bank for America, Cap1, Citi, and Barclays are at least 15k to 20k limits and offer me 0% Balance Transfers. But you still can't beat 0% offers at Lowes and Amazon. On investments, I get at least 8% return. So to not pay cash and get a 0% offer at lowes or Amazon and then invest it, that's the best route. I think that's why I am so mad about it. But you are right, there are other things to stress about. I should let it go. Thank you!

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

Gmood1 — Tue, 01 Aug 2017 03:18:51 GMT

Man that's terrible! Synchrony needs to get their stuff together! I like those 0% offers as well. It's the number one reason why I have some of their cards. I'm with AJC, I'd give that business to other lenders. I'm at $80k exposure with them at the moment. I wouldn't hesitate to send them packing!

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

Anonymous — Tue, 01 Aug 2017 03:55:57 GMT

I had same experience with them earlier this year. They closed my accounts even after sending in my consent for them to pull my transcripts. The good thing is I still have a balance on my care credit account for lasik surgery last year and it's 0% for 24 months and that didn't change once they closed the accounts.

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

JMCB — Tue, 01 Aug 2017 04:05:27 GMT

Ya I think I'm going to send them packing. My tax lawyer advised me to close them down. He said that to rush the taxes, it would cost thousands more. He said tjhe credit cards weren't worth the extra cash. Especially since they aren't guaranteeing them to stay open. And I agree.

fmurad - After they shut down your accounts, do you know how it reports to your credit report? Did you gain online access back or do they send you a statement every month?

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

Anonymous — Tue, 01 Aug 2017 04:30:36 GMT

Hi folks!

Not to be argumentative, but in fact are you not losing out on 5 percent return immediately? I am also in a similar boat as you, but yet I have never taken them up on a zero offer... Why should I if they are going to give me 5% this month?

Also, I am of the thinking that when you declare a higher income, it seems fishy to a lender when your balances begin to escalate.

Of course, perhaps none of this applies to your situation. And given what you've said, I don't think the situation can be saved, unless you can immediately efile your return. My advice would be to take 7K of savings and clear the debt to zero, and move on.

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

peghede — Tue, 01 Aug 2017 06:22:12 GMT

Call in and ask to close account /s ,if not too late, that way ill shows closed @ consumer request...once account is closed you'll get access to your online account/s immediately. Ppl need to remember every time u cli cards they keep log of it.

R.I.P Synchrony and your lexus nexus

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

JMCB — Tue, 01 Aug 2017 08:01:04 GMT

Zipper head - You are correct that it's not an immediate return. But Im in Real Estate. I use my Home Depot and Lowes Card a lot! You do get 5% back at checkout or the 0% interest. I run my business stuff through it and it adds up. And if they allow me to keep the 0% on Amazon. I will just do that. If not, I will pay the 3% Balance Transfer fee and move it to one of my cards.

Thanks for the information Peghede.

So that brings me to my next question. So if I close all my accounts, how long am I blocked for? If I wait till next year, 6 months or so, can I start to reapply? By that time my taxes will be finished and I can resubmit maybe? I mean, I still have awesome credit, so what is the system going to reject me on?

Re: Amazon Synchrony Suspended All Accounts - What happens to 0%

HeavenOhio — Tue, 01 Aug 2017 10:17:46 GMT

@JMCB wrote:
I just want to state, we make over 200k a year. I put a lot through my cards. My Conoco card averages $1500 a month in fuel. I seriously thought about writing letters to all these companies and make copies of my statements and show them they are loosing customers because of Synchrony. Send in a copy of my credit report and all statements. Showing how much I spend and showing them I've never missed a payment and they are refusing to take prior years tax returns unless I can show 2016. And they don't want to wait for my extension. It's just crazy. Also I want to state I have over $100k in student loans left that I have already paid $50k off. Have $80k in vehicle loans. $20k in Savings. My tax person asked to turn over other information like this. They turned it all down.

I think it's important to let the merchants know. It's on them too. Let them know that because of Synchrony's actions, they won't have you as a customer.