topic Re: Synchrony account closure in Credit Cards

Synchrony account closure

Anonymous — Fri, 07 Feb 2020 09:44:47 GMT

I just discovered that synchrony bank closed all 10 of my accounts. That was about 67.5k in CL. Four of the accounts had a balance <10% while the others all had a 0 balance. Never a late payment on any of my accounts with them so closing all of them at once like this hurts! How will this affect my score though once it's all reported "closed by credit grantor"?

I am upset but at the same time not upset... one thing for sure though is that I will not be doing business with Synchrony for a long time! Credit score is currently hovering in the 660-670 with an annual income of 125-130k.

Re: Synchrony account closure

Jnbmom — Fri, 07 Feb 2020 10:07:16 GMT

Sorry OP, did you get a letter explaining why ?

Re: Synchrony account closure

Anonymous — Fri, 07 Feb 2020 10:13:18 GMT

I have not received any letters as of yet because I'm sure all the accounts were recently closed within the last 1-2 days.

Re: Synchrony account closure

GApeachy — Fri, 07 Feb 2020 11:27:28 GMT

Oh wow! So sorry @Anonymous

Did you use most or all of the cards within the last 6 months? (not talking about the ones with a balance of course)

Has anything changed drastically with your cr's?

Re: Synchrony account closure

AverageJoesCredit — Fri, 07 Feb 2020 11:35:31 GMT

Sorry to hear this @Anonymous .

This is indeed drastic. Any cases of fraud? Something had to hsve happened to just close all 10 accounts at once. An internal review seems to have shown all accounts were at risk which is rare imo for Sync as they normally bslance chase or close certain cards but leave others alone. This is very strange.

Re: Synchrony account closure

GApeachy — Fri, 07 Feb 2020 11:37:52 GMT

@AverageJoesCredit wrote:
Sorry to hear this @Anonymous .

This is indeed drastic. Any cases of fraud? Something had to hsve happened to just close all 10 accounts at once. An internal review seems to have shown all accounts were at risk which is rare imo for Sync as they normally bslance chase or close certain cards but leave others alone. This is very strange.

Yeah, I was just thinking @Anonymous should call to see what in the world is going on. Better that instead of waiting for the mail...who knows maybe you can get some of them restored if it's a fraud issue. idk but I would try.

Re: Synchrony account closure

AverageJoesCredit — Fri, 07 Feb 2020 11:44:20 GMT

Not sure they will tell her anything on phone but im sure this thread will blow up big time. Many of us have alot of Sync cards. I myself have 6 or 7, but i keep them pif or at 0 for this very reason. If i get a blue envelope or cards closed, i will simply pack shop and go to my other cards.Why i preach lender diversity.

Getting some CU cards is a good idea . At least @Anonymous has Navy. Now might be a good time to ask for a cli.

Re: Synchrony account closure

Anonymous — Fri, 07 Feb 2020 12:18:47 GMT

The only thing that changed in my credit file is the new BECU credit card I was approved for in late December. Perhaps credit exposure is why they closed all the accounts? I get it if I was maxed out on all my cards but I am not.. I'm not even sure if I want to deal with a person over the phone at this point. I have read about synchrony doing this exact thing to many out there but I had no idea I would be targeted. They didn't even bother balance chasing me, just straight closed them all!

Re: Synchrony account closure

GApeachy — Fri, 07 Feb 2020 12:24:53 GMT

@Anonymous wrote:
The only thing that changed in my credit file is the new BECU credit card I was approved for in late December. Perhaps credit exposure is why they closed all the accounts? I get it if I was maxed out on all my cards but I am not.. I'm not even sure if I want to deal with a person over the phone at this point. I have read about synchrony doing this exact thing to many out there but I had no idea I would be targeted. They didn't even bother balance chasing me, just straight closed them all!

That's why I would call them...it could be a case of fraud or something that maybe you could get cleared up. I know I'm wishful thinking here but I'd try to get them to leave open the ones with a balance until you could at least pay them off.

Have you had those balances for a long time? Have you been able to pay more than minimum?

I understand your not wanting to call, I get that but maybe after a while you could ask for a supervisor or someone in UW to explain their reasoning behind the multiple closures. Really so sorry again.

Re: Synchrony account closure

Anonymous — Fri, 07 Feb 2020 12:28:32 GMT

Wow, I'm sorry to hear about this. That's a painful amount of cards to lose!

Did you have escalating debts on other cards or anything? Your scores aren't fantastic but they're not awful, especially given how recent your BK was. 10 cards is a lot though, they may have decided they just weren't comfortable with the exposure. Many of us have a lot of Sync cards and are well aware that we are playing with fire should they decide to get nervous but closing all accounts is indeed unusual. Hearing about that in the past, it was usually when they asked for a 4506-T and either didn't get it or didn't like what they saw so this is interesting.

Re: Synchrony account closure

Anonymous — Fri, 07 Feb 2020 12:30:11 GMT

PayPal credit has a balance of $1988, Amazon has a balance of $174, JCPenney have a balance of $800, and the gas card has a balance of $223. I was going to pay $1000 towards the PPC next month but I may just pay everything off after all this. I paid off the CareCredit card 4-6 mos ago and all the other 0 balance cards gets used maybe 1x a year to keep it active. The balances that I do owe on the 4 mentioned cards above are all no interest for now. I may call for an explanation but will wait until I'm cooled down a bit.

Re: Synchrony account closure

GApeachy — Fri, 07 Feb 2020 12:36:28 GMT

@Anonymous wrote:
I may call for an explanation but will wait until I'm cooled down a bit.

Yeah, I don't blame you there. That's not much $ you owe them.

Re: Synchrony account closure

Anonymous — Fri, 07 Feb 2020 12:38:03 GMT

@Anonymous wrote:
PayPal credit has a balance of $1988, Amazon has a balance of $174, JCPenney have a balance of $800, and the gas card has a balance of $223. I was going to pay $1000 towards the PPC next month but I may just pay everything off after all this. I paid off the CareCredit card 4-6 mos ago and all the other 0 balance cards gets used maybe 1x a year to keep it active. The balances that I do owe on the 4 mentioned cards above are all no interest for now. I may call for an explanation but will wait until I'm cooled down a bit.

What about your other accounts, your non-Sync ones? It's not at all unusual for a lender to respond based on balances on other cards.

Re: Synchrony account closure

Anonymous — Fri, 07 Feb 2020 12:59:16 GMT

The only other non-sync cards with a balance are two of my navy cards. A little over 2k balance on one (9k CL) and 4500 balance on the other one (14k CL). Those are sitting on 1.99% for the next 12 mos. I am leaning towards credit exposure but hopefully I'll get a definite answer when I call.

Re: Synchrony account closure

AverageJoesCredit — Fri, 07 Feb 2020 13:00:14 GMT

If you cant use your cards, ie spend, whats the point of having them? We know Sync prefers balances to be maintained since more interest there and your amounts are normal. If anyone is prime canidate for clisures due to credit seeking its me and i take 100% accountability for it . Thankfully ive found i can survive with one or 2 cards so at end of the day i could lose most of my cards and be ok. But yeah, thats still has to sting. I dont know if a 3 yo bk has anything to do with it but i hope we can find the reason.

Re: Synchrony account closure

Anonymous — Fri, 07 Feb 2020 13:14:35 GMT

@Anonymous wrote:
The only other non-sync cards with a balance are two of my navy cards. A little over 2k balance on one (9k CL) and 4500 balance on the other one (14k CL). Those are sitting on 1.99% for the next 12 mos. I am leaning towards credit exposure but hopefully I'll get a definite answer when I call.

I mean if it's just credit exposure, I should probably close all but 2 of my cards because my total limits are almost double my income. I don't really care that much if I lose them though, they're mostly functioning as just padding, although Amazon would sting a bit.

Do keep us posted with what they have to say. Your balances don't sound unmanageable with your income so I am curious what their reasoning is. Thanks for sharing.

Re: Synchrony account closure

Anonymous — Fri, 07 Feb 2020 13:16:34 GMT

@AverageJoesCredit wrote:
If you cant use your cards, ie spend, whats the point of having them? We know Sync prefers balances to be maintained since more interest there and your amounts are normal. If anyone is prime canidate for clisures due to credit seeking its me and i take 100% accountability for it . Thankfully ive found i can survive with one or 2 cards so at end of the day i could lose most of my cards and be ok. But yeah, thats still has to sting. I dont know if a 3 yo bk has anything to do with it but i hope we can find the reason.

We also know that Sync and Comenity are usually among the quickest to take AA though and it's likely because they have so many products and consumers are likely to have multiple points of exposure. I'm not surprised to hear of Sync taking AA, I'm surprised to hear of a total shutdown.

Re: Synchrony account closure

Anonymous — Fri, 07 Feb 2020 13:19:38 GMT

I will update when I have more info.. all this is too much for me at the moment. It may be a few days tho or longer because my mother literally just went through open heart surgery yesterday. So between the lack of sleep, my mom and now this.. it's too much!

Re: Synchrony account closure

GApeachy — Fri, 07 Feb 2020 13:25:04 GMT

@Anonymous wrote:
I will update when I have more info.. all this is too much for me at the moment. It may be a few days tho or longer because my mother literally just went through open heart surgery yesterday. So between the lack of sleep, my mom and now this.. it's too much!

A lot of stress....hope your mom bounces back quickly. You take care of her and yourself. If you get a chance take a thorough look at your cr's to make sure a derog has not popped up or some sort of neg. to that affect.

Hugs to all!

Re: Synchrony account closure

Remedios — Fri, 07 Feb 2020 13:25:19 GMT

@Anonymous I hope your mom recovers quickly.

Take care of her, and yourself, please.