topic Re: Help! Synchrony approval but don't want the account in Credit Cards

Help! Synchrony approval but don't want the account

ohjoy — Wed, 15 Nov 2017 16:09:38 GMT

So, fresh off my latest app spree, I decided to go for 90-day same as cash deal at a furniture store. I wanted about $5k in merchandise. After finding out the 90-day offer still required some crazy monthly payment amount and, if you were late, triggered the whole thing to be due at 88% interest (w...t...f?!!!) so, not no, HELL no.

So they talk me into applying for an account that would offer 0% for 6 or 12 months (I can't remember now), and, feeling like I can finance the world after all the approval on my last spree, I applied. Keep in mind, the application would tell me how much I was approved for and what interest rate after the intro period. The approval came back at only $3500 and some crazy interest rate (I can't remember). I decided NOT to go wtih the financing and said I'd do better providing my own. But, on which account could I use without UTI becoming a problem. I told them I'd think about how I want to pay and come back today.

So today, I decide not to get the furniture. Why am I out here trying to create debt? (smh) Then I get an alert from myfico saying that a $3500 account was added to my report from Synch Bank. Umm...now what?! I don't need the account. How to proceed?

The new add had no effect on my score, btw. Ok. Let the responses rip. I appreciate you guys.

Re: Help! Synchrony approval but don't want the account

Anonymous — Wed, 15 Nov 2017 16:52:58 GMT

It is basically too late to do anything. You applied and got approved.

Re: Help! Synchrony approval but don't want the account

Anonymous — Wed, 15 Nov 2017 18:24:09 GMT

Since you got the account, just hold on to it and save it when you need it.

Re: Help! Synchrony approval but don't want the account

ohjoy — Wed, 15 Nov 2017 18:27:14 GMT

@Anonymous wrote:
Since you got the account, just hold on to it and save it when you need it.

Wait. So what do you mean? I can use the account for something other than this furniture store or...?

Re: Help! Synchrony approval but don't want the account

AverageJoesCredit — Wed, 15 Nov 2017 19:08:07 GMT

Sounds like Sync Financial backed which are usually Hp for increases. Yes you took the hp but if you really dont want it you could close if you want . Up to you

Re: Help! Synchrony approval but don't want the account

Anonymous — Wed, 15 Nov 2017 19:21:05 GMT

What is the name of the furniture store? was the card a Visa or store specific?

Re: Help! Synchrony approval but don't want the account

marty56 — Wed, 15 Nov 2017 22:58:17 GMT

May help you down the road get credit with them for a Sams MC or other credit from them. Do not close the account since the damage is done.

Re: Help! Synchrony approval but don't want the account

Anonymous — Thu, 16 Nov 2017 00:12:23 GMT

Hey man, Sounds terrible. This approval had to be done a few days or weeks ago. An instant approval for a card never hits your report the same day it gets approved, I believe. If that ever happens again, I'd call the issuing bank and shut down the new accunt, the same days, minute, hour it was approved - if you do not want it.

Re: Help! Synchrony approval but don't want the account

Anonymous — Thu, 16 Nov 2017 00:49:26 GMT

Your chance to AA Synchrony by closing the account.

Re: Help! Synchrony approval but don't want the account

ohjoy — Thu, 16 Nov 2017 02:19:41 GMT

@Anonymous wrote:
What is the name of the furniture store? was the card a Visa or store specific?

It's just a local furniture store. I don't think a card would be issued. It would be to finance furniture from the store.

Re: Help! Synchrony approval but don't want the account

ohjoy — Thu, 16 Nov 2017 02:26:17 GMT

@Anonymous wrote:
Hey man, Sounds terrible. This approval had to be done a few days or weeks ago. An instant approval for a card never hits your report the same day it gets approved, I believe. If that ever happens again, I'd call the issuing bank and shut down the new accunt, the same days, minute, hour it was approved - if you do not want it.

I applied a few days ago. The inquiry hit the same day. And, according to myfico, the approved amount showed up on my Experian report today.

Re: Help! Synchrony approval but don't want the account

Anonymous — Thu, 16 Nov 2017 02:27:39 GMT

As others have said, unfortunately it is opened and has a home on your credit report. I made the same mistake almost 8 years ago with the Walmart Discover card. Applied out of boredom, got approved for $1500 (I didnt realize that GEMB/GECRB-today's Synch-offered large increases) so I closed the account. It has always bothered me that this darn card that I opened in 2009, never made a purchase with, never made a payment to, is on my credit report. It was only opened for three weeks.

I tried writing Synch starting in 2014 at their Walmart address asking them to remove the trade. Nope. I've disputed it on all three bureaus. Nope. So now that blasted shell of an account will report until 8/2019. A long time for a mistake made while not thinking.

My point: you could always write to Synch explaining the situation and ask if they will delete the trade from your bureaus. Otherwise, you can either keep it or close it but it will likely remain on your bureaus for 10 years.....

Re: Help! Synchrony approval but don't want the account

ohjoy — Thu, 16 Nov 2017 02:27:47 GMT

@Anonymous wrote:
Your chance to AA Synchrony by closing the account.

I love it!!

Re: Help! Synchrony approval but don't want the account

xenon3030 — Thu, 16 Nov 2017 03:00:46 GMT

Is it feasible to convert this financial account to a credit card (product change instead of applying for a new credit card using the same HP within a month)? In this case, it might be a good option.

Anyway, a good recommendation is before contacting customer service for product change, CC application, etc., lock all the credits to avoid having unwanted HP.

Re: Help! Synchrony approval but don't want the account

Anonymous — Thu, 16 Nov 2017 03:08:41 GMT

@xenon3030 wrote:
Is it feasible to convert this financial account to a credit card (product change instead of applying for a new credit card using the same HP within a month)? In this case, it might be a good option.

Anyway, a good recommendation is before contacting customer service for product change, CC application, etc., lock all the credits to avoid having unwanted HP.

Illegal formation, 5 yards penalty.

Re: Help! Synchrony approval but don't want the account

HeavenOhio — Thu, 16 Nov 2017 03:53:18 GMT

@Anonymous wrote:
Hey man, Sounds terrible. This approval had to be done a few days or weeks ago. An instant approval for a card never hits your report the same day it gets approved, I believe. If that ever happens again, I'd call the issuing bank and shut down the new accunt, the same days, minute, hour it was approved - if you do not want it.

Synchrony has been known to report very quickly.

OP, close the account if you'd like. Or just let it sit there without using it.