topic Re: Synchrony Question? in Credit Cards

Synchrony Question?

Anonymous — Sat, 09 Nov 2019 08:15:44 GMT

hi all, just a general question. If I stop paying on some of my synchrony accounts but continue to pay on others, will they close them all regardless? Also if I have accounts with zero balance will they close them?

Re: Synchrony Question?

Anonymous — Sat, 09 Nov 2019 08:51:10 GMT

if you stop using a card for a while they can cancel it, so if you want to keep it you should use it every few months at least once.

Re: Synchrony Question?

FireMedic1 — Sat, 09 Nov 2019 09:46:47 GMT

Why would you stop paying on some and not others. Did you get yourself in a pickle?

Re: Synchrony Question?

FireMedic1 — Sat, 09 Nov 2019 09:47:43 GMT

@Anonymous wrote:
if you stop using a card for a while they can cancel it, so if you want to keep it you should use it every few months at least once.

They said stop paying not using. Ooops!

Re: Synchrony Question?

Anonymous — Sat, 09 Nov 2019 10:20:48 GMT

Synchrony is one of the quickest to take AA when something happens. If they don't close your accounts, they'll slash your limits to nothing. If you can avoid it, don't let any of them fall behind. Synchrony is one of the banks that isn't really known for giving goodwill deletions later and plenty of members have found themselves stuck with a Synchrony charge off long after they got the collection agency to agree to a pay for delete.

Re: Synchrony Question?

Anonymous — Sat, 09 Nov 2019 10:36:58 GMT

I am one of those who found out years ago that Synch can get mean really quickly if you have payment issues. Definitely do not stop paying. Pay minimums if you have to but do not miss a payment or pay less than required. It’ll turn ugly very quickly.

Re: Synchrony Question?

Anonymous — Sat, 09 Nov 2019 11:07:28 GMT

@FireMedic1 wrote:
@Anonymous wrote:
if you stop using a card for a while they can cancel it, so if you want to keep it you should use it every few months at least once.
They said stop paying not using. Ooops!

lol oops. people ask the craziest things here. i didn't think he's deliberately planning to do a chargeoff. hopefully he can avoid it, that's a bad road to go down.

Re: Synchrony Question?

CreditInspired — Sat, 09 Nov 2019 11:38:01 GMT

@Anonymous wrote:
hi all, just a general question. If I stop paying on some of my synchrony accounts but continue to pay on others, will they close them all regardless? Also if I have accounts with zero balance will they close them?

The simple answer to your questions is yes. The worse thing you can do is stop making payments on your CCs. Also, if you miss just one payment, the astronomical penalty interest rate can and will go into effect. Also, please understand that once you stop making payments on one lender's card, other lenders can and will take AA on their cards too. They will note your behavior during a SP.

I suggest making at least the minimum payment on all your cards. If this has become difficult, notify your CCCs and see if there are alternative payment arrangements you can make.

I'm glad you asked before hand. So please don't destroy you credit or have CCs shut down because you stopped making payments.

GL2U

Re: Synchrony Question?

CreditInspired — Sat, 09 Nov 2019 11:51:40 GMT

@Anonymous wrote:
@FireMedic1 wrote:
@Anonymous wrote:
if you stop using a card for a while they can cancel it, so if you want to keep it you should use it every few months at least once.
They said stop paying not using. Ooops!
lol oops. people ask the craziest things here. i didn't think he's deliberately planning to do a chargeoff. hopefully he can avoid it, that's a bad road to go down.

And that is why myFICO is here--to answer questions that people don't have answers to. And myFICO's motto is (well my motto atleast)--no question is a crazy question. How else would one know the answer if he/she is afraid to ask the question? It's akin to the child who never raises his hand in class for fear other students will think his question silly.

Re: Synchrony Question?

Anonymous — Sat, 09 Nov 2019 13:47:10 GMT

I appreciate that CreditInspired. I have gotten to the point where evening paying min. has become difficult. I was also taking bankruptcy but I know that comes with its own disadvantages. I have heard synchrony has a hardship program. Has anyone done it or have any info on it?

Re: Synchrony Question?

FireMedic1 — Sat, 09 Nov 2019 14:46:01 GMT

What is the total min payments come out to each month. Is there anyway you can get a second job. And my new thing is you could save a life by donating plasma and possibly earn up to $300 a month. If that would help.

Re: Synchrony Question?

CreditInspired — Sun, 10 Nov 2019 02:41:01 GMT

OP.

Why don't you list all your CCs, min pymt, balances, APR, and net income. We’ll make suggestions and try to come up with a plan to see if it would thwart BK.

I don't know about Synchrony but some CCCs do offer hardship programs.

Re: Synchrony Question?

Anonymous — Sun, 10 Nov 2019 02:51:51 GMT

I thought I recalled reading somewhere here that Synchrony did offer a hardship repayment plan to someone in the past. I don’t know if that’s a standard thing they offer or if I’m completely off base, but that sticks in my head for some reason.

Re: Synchrony Question?

Anonymous — Sun, 10 Nov 2019 02:59:11 GMT

Synchrony does have a hardship program but you have to already be late before they will offer it to you.

Re: Synchrony Question?

Anonymous — Mon, 11 Nov 2019 00:41:15 GMT

Also, my guess would be that any other lenders you have accounts with would prrotect themselves by slashing your spending limit or cencellin tthe card

Re: Synchrony Question?

designated_knitter — Wed, 13 Nov 2019 22:04:24 GMT

@CreditInspired wrote:
And that is why myFICO is here--to answer questions that people don't have answers to. And myFICO's motto is (well my motto atleast)--no question is a crazy question. How else would one know the answer if he/she is afraid to ask the question? It's akin to the child who never raises his hand in class for fear other students will think his question silly.

Well, there was that dude a few days ago who wanted to know if he could buy an iPhone 11 on credit despite having 10000 bucks in debt and a 2100 CC in charge-off... and would have his aunt buy it if he had to because he had no job.

Oh, and yes, it HAD to be an iPhone 11 (YELLOW)

But I'm convinced he was just trolling us!

Re: Synchrony Question?

CreditInspired — Wed, 13 Nov 2019 23:20:10 GMT

@designated_knitter wrote:
@CreditInspired wrote:
And that is why myFICO is here--to answer questions that people don't have answers to. And myFICO's motto is (well my motto atleast)--no question is a crazy question. How else would one know the answer if he/she is afraid to ask the question? It's akin to the child who never raises his hand in class for fear other students will think his question silly.
Well, there was that dude a few days ago who wanted to know if he could buy an iPhone 11 on credit despite having 10000 bucks in debt and a 2100 CC in charge-off... and would have his aunt buy it if he had to because he had no job.

Oh, and yes, it HAD to be an iPhone 11 (YELLOW)

But I'm convinced he was just trolling us!

😆😆 Oh my! 😆😆

Sometimes one has to laugh inward but find a way to answer just in case it's a serious question. And I'm willing to bet that person was for real. It never ceases to amaze me that people who have extreme debt still try to find a way to buy things that are out of their reach but due to their own financial fault and "gotta have it now mentality."

True story. I have a friend that just borrowed $50K from her 457 to pay off 2 loans and a CC that she maxed out $20K in less than 4 months. It wasnt even a week later when she told me she was hiring a contractor to build a deck and fence in her property. Just had to SMH. Some people just don't learn. They're just addicted to spending I guess.