topic Re: Synchrony closed all accounts in Credit Cards

Synchrony closed all accounts

Anonymous — Sat, 27 Jun 2020 02:10:06 GMT

Synchrony just closed all of my accounts. Totallying 90k. All accounts used regularly every month and paid in full every month. Very sad.

Re: Synchrony closed all accounts

AllZero — Sat, 27 Jun 2020 02:13:34 GMT

@Anonymous wrote:
Synchrony just closed all of my accounts. Totallying 90k. All accounts used regularly every month and paid in full every month. Very sad.

That is unfortunate. If you browse the forums, Synchrony has been going on a mission with account closures. I'm surprised they shut down the cards you use regularly.

Re: Synchrony closed all accounts

K-in-Boston — Sat, 27 Jun 2020 02:17:49 GMT

Sorry to hear that. There have been quite a few reports here and elsewhere.

How long had they been open? Did you recently open some of them, and is 90k a large part of your income? Many of the closures have been due to lack of use but there also seems to be some correlation with the amount of credit extended over a large number of accounts, often with some new ones added.

Re: Synchrony closed all accounts

Anonymous — Sat, 27 Jun 2020 02:22:52 GMT

Most recent opened over a year ago. Income 250k+. Util 1% scores 750+ accross the board. Never doing business with them again.

Re: Synchrony closed all accounts

M_Smart007 — Sat, 27 Jun 2020 02:29:03 GMT

Sorry for your closeures OP

Re: Synchrony closed all accounts

JNA1 — Sat, 27 Jun 2020 02:30:14 GMT

That sucks to hear, but welcome to the MF Family. Stick around and look around - you'll find lots of cards that will make you forget about Synchrony.

Re: Synchrony closed all accounts

Anonymous — Sat, 27 Jun 2020 02:31:32 GMT

I do believe closures are happening partly based on how profitable the accounts is I guess.

Re: Synchrony closed all accounts

Anonymous — Sat, 27 Jun 2020 02:33:49 GMT

I'm going to miss amazon 5% cashback. I average in between 2-3k spend on amazon every month

Re: Synchrony closed all accounts

AllZero — Sat, 27 Jun 2020 02:34:26 GMT

@Anonymous Here is a read. Synchrony not doing so good.....

Re: Synchrony closed all accounts

K-in-Boston — Sat, 27 Jun 2020 02:36:25 GMT

Thank you for the details! That really doesn't make sense, at least on the surface. With higher income and regular use, that's not typical of the previous DPs. Again, sorry that this happened.

I certainly hope it's not a profitability thing; my Synchrony cards are all either PIF getting rewards back or used for 0% promos that get paid off before the retroactive interest hits.

Re: Synchrony closed all accounts

Anonymous — Sat, 27 Jun 2020 02:47:54 GMT

I'm still in shock and in disbelief. When to go make a payment on lowes of $1700 of purchases made this month and looked at available credit and it said $0 and limit 17,000 and I new something was up.

Re: Synchrony closed all accounts

UpperNwGuy — Sat, 27 Jun 2020 02:48:04 GMT

@Anonymous wrote:
Most recent opened over a year ago. Income 250k+. Util 1% scores 750+ accross the board. Never doing business with them again.

With your income level, I think you should be building a portfolio with cards from Chase, Amex, and Bank of America. Synchrony may have done you a favor by pushing you out of their store card universe.

Re: Synchrony closed all accounts

Anonymous — Sat, 27 Jun 2020 02:52:18 GMT

Yes, you are right it was a huge favor and now I am done with them.

Re: Synchrony closed all accounts

K-in-Boston — Sat, 27 Jun 2020 03:01:41 GMT

@UpperNwGuy wrote:
@Anonymous wrote:
Most recent opened over a year ago. Income 250k+. Util 1% scores 750+ accross the board. Never doing business with them again.
With your income level, I think you should be building a portfolio with cards from Chase, Amex, and Bank of America. Synchrony may have done you a favor by pushing you out of their store card universe.

Those are not mutually exclusive. See endless stream of threads on why many of us have store cards.

Re: Synchrony closed all accounts

soxfaininfl — Sat, 27 Jun 2020 03:09:02 GMT

@Anonymous wrote:
Synchrony just closed all of my accounts. Totallying 90k. All accounts used regularly every month and paid in full every month. Very sad.

F%#^! WTH! This is insane!

Re: Synchrony closed all accounts

Anonymous — Sat, 27 Jun 2020 03:14:19 GMT

@Anonymous wrote:
Most recent opened over a year ago. Income 250k+. Util 1% scores 750+ accross the board. Never doing business with them again.

First, sorry to hear of yet another AA from Sync...

Have you tried calling them? I'm not sure it has helped anyone else, but with your income and DPs, this "shouldn't have happened."

Re: Synchrony closed all accounts

Remedios — Sat, 27 Jun 2020 03:18:01 GMT

@K-in-Boston wrote:
@UpperNwGuy wrote:
@Anonymous wrote:
Most recent opened over a year ago. Income 250k+. Util 1% scores 750+ accross the board. Never doing business with them again.
With your income level, I think you should be building a portfolio with cards from Chase, Amex, and Bank of America. Synchrony may have done you a favor by pushing you out of their store card universe.
Those are not mutually exclusive. See endless stream of threads on why many of us have store cards.

I sense fear.

While they are not mutually exclusive, no one can really make a case about Synchrony being a "good" reliable lender.

They have some good store cards, but I'd rather lose out on those rewards, and not have to deal with them in a first place.

I'm not against store cards, but I cannot think of a single thing about them as a lender that I can appreciate and recommend to someone else.

Re: Synchrony closed all accounts

Anonymous — Sat, 27 Jun 2020 03:19:56 GMT

Just paid off hom furniture o% promo 2 years early $4800. I have a feeling that is what did it. Or maybe it is just random like the lottery and I got picked

Re: Synchrony closed all accounts

Anonymous — Sat, 27 Jun 2020 03:22:44 GMT

I have amex and nfcu so I am better off without them.

Re: Synchrony closed all accounts

K-in-Boston — Sat, 27 Jun 2020 03:25:42 GMT

@Remedios wrote:
@K-in-Boston wrote:
@UpperNwGuy wrote:
@Anonymous wrote:
Most recent opened over a year ago. Income 250k+. Util 1% scores 750+ accross the board. Never doing business with them again.
With your income level, I think you should be building a portfolio with cards from Chase, Amex, and Bank of America. Synchrony may have done you a favor by pushing you out of their store card universe.
Those are not mutually exclusive. See endless stream of threads on why many of us have store cards.

I sense fear.

While they are not mutually exclusive, no one can really make a case about Synchrony being a "good" reliable lender.
They have some good store cards, but I'd rather lose out on those rewards, and not have to deal with them in a first place.
I'm not against store cards, but I cannot think of a single thing about them as a lender that I can appreciate and recommend to someone else.

I ain't scared! 😬

Okay, admittedly this one hit a little closer to home than all of the other DPs. I would be okay if I lost the three older ones, but I really don't know wanna lose that new Rakuten Card. Nothing else getting me 3 MRs per dollar.