topic Re: Synchrony/Lowe's Card Warning! in Credit Cards

Synchrony/Lowe's Card Warning!

signaturecardmember — Tue, 14 Aug 2018 23:30:30 GMT

Found out today, only by logging onto CK, that they had closed my account due to inactivity.

No calls, emails, us mail etc warning ahead of time! I had already had it auto CLD to $1500 from $35k due to not using it but was never warned they would close it. I have had 1 Chase card closed for inactivity but was sent a letter a month ahead of time to warn me if I did not use it.

Called up and the general customer service agent was next to useless, the supervisor was nice but could not re-activate it and was also unsure why they do not send any warning letters.

I had originally opened this account to pad utilizationa nd for the easy to get high CL's.

Just wanted to warn everyone they do not care and will just close it. What a crock lol

Are there any other banks that close without warning for inactivity?!

Re: Synchrony/Lowe's Card Warning!

staticvoidmain — Tue, 14 Aug 2018 23:39:27 GMT

curious, how long had it been inactive before it was closed?

also, do you have any other account with Synchrony?

Re: Synchrony/Lowe's Card Warning!

tcbofade — Tue, 14 Aug 2018 23:41:34 GMT

@signaturecardmember wrote:

Are there any other banks that close without warning for inactivity?!

Pretty much all of them.

Re: Synchrony/Lowe's Card Warning!

DaveInAZ — Tue, 14 Aug 2018 23:48:12 GMT

Well, to help others how long did you not use it? I have a Lowes with $10k CL and buy small items at least once or twice a year. Pads utilization but I do need to buy new carpet at some point in the not too distant future, so I make sure I keep it active.

Several CC issuers will close an account for non-use without warning from what I've read here. My own experience was a Target Red card, I didn't use for a year and they CLD's it from $1200 to $200 without notice. I made a couple small purchases a couple months in a row and they still refused to budge from the toy card limit so I just told them to close it. But that taught me not to let any card go without use for more than a few months. I have Tracfone pre-paid for my cell phone as I don't talk that much on it, so a $10 top-up every few months is great to hit a card I rarely use, and also Netflix. With store cards that's not so easy, I need to stop by Lowes and buy a potted plant before too long in my experience it's the amount that counts, just any transaction every now and then. I have a no fee Merrick Bank Visa w/$3500 CL, they hasn't got anything more than my $11 per month Netflix billing in years and that seems to keep them happy.

Re: Synchrony/Lowe's Card Warning!

wasCB14 — Wed, 15 Aug 2018 00:06:07 GMT

Amex is slow to close for inactivity. Barclaycard I've heard is quick, but AF cards may be an exception for them.

I know it's unpleasant, but I can understand their course of action. They want revolvers to revolve. They have no financial incentive to simply pad someone's utilization who generates little or no revenue. They extend $35k in the hopes people will spend thousands on major projects, not just buy a pack of gum every few months.

As far as warnings, I know I would want one on a card. However, experience may tell them that a customer who needs to be warned to use the card ASAP doesn't often lead to a good outcome. Maybe the customer goes back to the same old behavior of barely using it, or only uses it in advance of a bust-out default.

Re: Synchrony/Lowe's Card Warning!

Anonymous — Wed, 15 Aug 2018 00:14:39 GMT

@signaturecardmember wrote:

I had originally opened this account to pad utilizationa nd for the easy to get high CL's.

Just wanted to warn everyone they do not care and will just close it. What a crock lol

Not to sound rude but this is on you. You essentially admit to having no real intent to use the card for what it is actually intended for but instead for UTI purposes and 35K is a lot to allocate for an account that doesn't get used. Lenders are in the bussiness to make money, not pad someone's stats so that they look better in the eyes of other lenders. As far as closing un-used accounts, I would venture to say that most folks know and would rightfully expect this. Once you got the CLD that should have been an indication and if you had used it then getting it back to a higher limit would have been possible.

Re: Synchrony/Lowe's Card Warning!

Anonymous — Wed, 15 Aug 2018 01:59:05 GMT

Why should Synchrony extend credit to you if you aren't using it, and someone else may actually use it and make them money? After all, credit card companies are in business to make money, not to pad your utilization and increase your credit score.

I've had cards closed for non-use. I recently got ahead of the creditors and closed about 5 accounts I no longer use/have a need for. Why not try to get a CLI on the cards you use, and keep everyone happy?

Re: Synchrony/Lowe's Card Warning!

Anonymous — Wed, 15 Aug 2018 02:49:32 GMT

Still looking for the OP to stop back in here and give some data points surrounding this account and it's closure.

1 - How long ago did you open the account?

2 - When was the last time you swiped the card?

3 - Prior to the last swipe, what kind of usage did the card get?

Also what is your TU FICO 8 score (provided on your Lowe's account) and what was your score at the time of approval for the account?

Re: Synchrony/Lowe's Card Warning!

rock_lobster — Wed, 15 Aug 2018 02:50:44 GMT

I had a Bowflex account with Synchrony that was closed to inactivity recently too. Maybe they are cleaning house?

Re: Synchrony/Lowe's Card Warning!

Anonymous — Wed, 15 Aug 2018 02:53:55 GMT

OP, don’t let the masses get you down. We all have our own strategies for managing our credit and utilization. Nobody here knows your history with that card or intentions. I for one would love to know how long you went without using the card before they closed it.

Re: Synchrony/Lowe's Card Warning!

signaturecardmember — Wed, 15 Aug 2018 03:52:34 GMT

@Anonymous wrote:
OP, don’t let the masses get you down. We all have our own strategies for managing our credit and utilization. Nobody here knows your history with that card or intentions. I for one would love to know how long you went without using the card before they closed it.

Thank you everyone and glad I am helping some, and others said points in a perfectly respectful way so no problem hearing/addressing them. That is why we are all here.

To answer some questions and address some points:

1) the card was about 4 years old

2) I would say I had not used the card in about 2 years

3) When the CLD happened I called to find out why and they told me it was to not using it but not closing it. They offered to immediately restore my previous CL no problem. As I did not need it at the time I told them not to worry about raising it back up.

4)The card had maybe several hundred dollars max run though it.

5)Credit card companies extend credit to people all the time who dont use any where near the limit, even if I had used the limit I PIF or 0% so I would have been just as (un)profitable to them

6)Some people here close cards they dont use, others keep them open...I think its obvious which side I go for lol no right or wrong answer here for the most part

7)This is my only Synchrony card

8)Its pretty obvious to all why the card was closed, however it is very disappointing no warning was given.

9)I agree they could be cleaning up as the prime rate is changing and debt is on the rise overall

10)they did offer to re-instate my account but it would show as a new account, I am using my 5/24 spots for much more valuable cards so graciously declined.

11)I do still think this was a great card for the purpose it served me and lots of others on these forums, just make sure you use it a little more then I did

Hope this helps clarify some points!

Re: Synchrony/Lowe's Card Warning!

Anonymous — Wed, 15 Aug 2018 05:00:18 GMT

Thanks for circling back and providing that response above. 2 years of inactivity is quite a while on a revolver. With most lenders it's recommended to put a transaction through a card at least once every 6 months, as many are known to start pulling the plug around that time or at the 1 year mark. I'd say you got away with about twice that, which isn't all that bad.

I agree that it sucks having an account closed without warning, but in this case it wouldn't have really made a difference, would it? Had they sent you a letter stating that they were going to close your account for non-use, would you have used it? If you would have, from the lender perspective you can see why they don't give any warning, as your only reason for using it would have been to attempt to keep it alive. That doesn't benefit the lender in any way.

Re: Synchrony/Lowe's Card Warning!

Anonymous — Wed, 15 Aug 2018 05:03:56 GMT

@signaturecardmember wrote:
5)Credit card companies extend credit to people all the time who dont use any where near the limit, even if I had used the limit I PIF or 0% so I would have been just as (un)profitable to them

Using the card generates money for the issuer via swipe fees, they don't need to rely on interest payments. And yes, companies do do this often, and they also often do CLDs or closure when they think their risk level is too high.

In the last three months I have had two cards closed, without warning, for non-use. I guess from the issuers view, you are not using the card, so why should I waste more money on a process to warn!

Re: Synchrony/Lowe's Card Warning!

Anonymous — Wed, 15 Aug 2018 11:24:35 GMT

Timely warning. I BT'ed my older Discover IT to a lower-interest card last week and had been planning to SD it completely until my newer Discover ages to 1 year next spring and I can combine the two, but I see it may be better to put small purchases on the older Discover every so often to keep it active until it's combo time. Same thing for Overstock.

Re: Synchrony/Lowe's Card Warning!

UpperNwGuy — Wed, 15 Aug 2018 11:30:55 GMT

Never expect a bank to be sympathetic with your desire to hang on to their credit card without using it. Banks don't share your concerns about padding utilization or about keeping your AAoA high. Why should they?

Re: Synchrony/Lowe's Card Warning!

Anonymous — Wed, 15 Aug 2018 12:16:06 GMT

I’ve always known card issuers don’t give out cards to serve a purpose other than for us to buy and pay it back under terms. And I know dormant accounts are closed and should be as a matter of good business practice. This post has me rethinking the use of my dormant accounts and waking them up - especially if I want to keep them.

Re: Synchrony/Lowe's Card Warning!

Anonymous — Wed, 15 Aug 2018 13:36:52 GMT

@signaturecardmember wrote:
@Anonymous wrote:
OP, don’t let the masses get you down. We all have our own strategies for managing our credit and utilization. Nobody here knows your history with that card or intentions. I for one would love to know how long you went without using the card before they closed it.

Thank you everyone and glad I am helping some, and others said points in a perfectly respectful way so no problem hearing/addressing them. That is why we are all here.

To answer some questions and address some points:

1) the card was about 4 years old
2) I would say I had not used the card in about 2 years This is a common issue, even if you put $30 it "reactivates" the timeframe
3) When the CLD happened I called to find out why and they told me it was to not using it but not closing it. They offered to immediately restore my previous CL no problem. As I did not need it at the time I told them not to worry about raising it back up. It seems that they were willing to work with you and you declined
4)The card had maybe several hundred dollars max run though it.
5)Credit card companies extend credit to people all the time who dont use any where near the limit, even if I had used the limit I PIF or 0% so I would have been just as (un)profitable to them Not so, they just want to see some activity
6)Some people here close cards they dont use, others keep them open...I think its obvious which side I go for lol no right or wrong answer here for the most part
7)This is my only Synchrony card
8)Its pretty obvious to all why the card was closed, however it is very disappointing no warning was given. They did when you called them after the CLD, they just didn't spell it out for you
9)I agree they could be cleaning up as the prime rate is changing and debt is on the rise overall
10)they did offer to re-instate my account but it would show as a new account, I am using my 5/24 spots for much more valuable cards so graciously declined.
11)I do still think this was a great card for the purpose it served me and lots of others on these forums, just make sure you use it a little more then I did

Hope this helps clarify some points!

Sometimes we get so offended when CCCs do this, but honestly we have to look in the mirror and ask ourselves "did I do this to myself?"

Thank you for giving us the background, so many times folks don't share. I can only recommend put a couple of dollars on the cards that are "sock drawer" every 6-12 mos to avoid AA or closing for non-use. Because it can throw off you UTI overall when they get closed and your available credit drops. Most have CCs used strictly for that "padding" and it feels so personal when it goes away because it can hurt us across our credit journey/life but to the CCCs it's not .. to them it's just business. If you take pride out of the equation and look at things in a non personal way, it helps.

** edited for highlights

Re: Synchrony/Lowe's Card Warning!

Anonymous — Wed, 15 Aug 2018 14:27:21 GMT

Reason #2432 to keep a spreadsheet on your accounts.

Know when they need proper use to avoid closure.

my spreadsheet is not that complex, however it is relevant columns on a few things.

This is only 2 of the 10 or so columns...

penfed 8/18 total spend 28

td 8/18 total spend 450

boa 8/18 total spend 505

nfcu 7/18 $970 need $30

td 7/18 ??445+brc$61??

chase 4/18

boa 6/17 NEED TO USE 1

synch 6/18

chase 8/18

amex 2/18 NEED TO USE 3

wf 7/18

pnc 6/18

synch 5/18

citi 5/18

synch 7/18

comenity 12/17 NEED TO USE 2

cap1 6/18

synch 6/18

citi 7/18

chase 8/18

disc 7/18

formatting did not post properly,

however first is bank issued, then month/year of last use,

then top 1-3 that I need to use and also

if a new card that has a sub that needs to be met.

as you can see the BoA needs use, however I opened it with a BT and just paid it off a few days ago.

So it may not be considered for non-use but still "need to use 1" on my list next is my commenity at last dec.

that is my toyota visa which will get hit up soon for both of our yearly car insp and oil changes.

Hope this helps someone.

Re: Synchrony/Lowe's Card Warning!

Anonymous — Wed, 15 Aug 2018 14:52:04 GMT

Great idea - in fact I just made up a simple spreadsheet of my own.

Re: Synchrony/Lowe's Card Warning!

Anonymous — Wed, 15 Aug 2018 15:10:59 GMT

@Anonymous wrote:
Reason #2432 to keep a spreadsheet on your accounts.
Know when they need proper use to avoid closure.

Or, simply keep only cards that you use, and if they close, well, you didn't need them!

Also, as the Cap One CLD showed recently, trivial "keep alive" purchases don't always do the trick. For at least some significant CLs, cap one wanted real use, i.e. a significant portion of the CL being used. And that makes so much sense, other issuers might do the same at some point.