topic Re: Synchrony Closed all of my accounts today in Credit Cards

Synchrony Closed all of my accounts today

Excalibur2 — Wed, 30 Jun 2021 02:31:15 GMT

Those Mod cut - not here at Synchrony closed all 9 of my accounts I had with them today. They didn't even bother to lower the limits on them or call me, they just outright closed them. I called the number on my Lowes card and the guy said that it stated Closed due to High Risk and I should receive a letter in the mail. I just received my Lowes card 2 months ago and my got approved for CareCredit card last week. Yesterday I saw the Request More button for Lowes, pushed it, and it gave me a cli from $10K to $20K. I checked my accounts today and everyone of them is closed. This is crazy. $70K in credit gone. How can I be high risk if I pay off my cards every month? I put a little on each card every month so a statement can generate and I've never used more than 15% on any card or have been late before. My credit score is in the low 700's and I do have about 10 inquiries on my credit report. I've never filed bankruptcy before and I don't have any collections in any Credit Bureau. If they thought I was high risk, then why did they keep approving me for cards. I know they can see all of the accounts that I have with Synchrony because they closed them all today. They could have at least called me and let me pick which cards to close until I was no longer high risk.

When it rains, It pours. Synchrony sent a tornado through my accounts and destroyed my house of cards.

Amazon Prime Store Card - Closed. I've had this card for Years. My first Sync Card.

Lowes - Closed - I just had it increased to 20K yesterday.

Payboo- Closed

Paypal MC - Closed

Paypal Credit - Closed

Verizon Visa - Closed

CareCredit - Closed - I just got this card last week

Ebay Mastercard - Closed

Synchrony Car Care - Closed

Re: Synchrony Closed all of my accounts today

Shooting-For-800 — Wed, 30 Jun 2021 02:32:05 GMT

Do you have other cards from other banks?

Re: Synchrony Closed all of my accounts today

Jnbmom — Wed, 30 Jun 2021 02:38:24 GMT

Unfortunately you poked the bear with synch . Getting back to back cards and hitting that CLI button will trigger that quite often 😞

Re: Synchrony Closed all of my accounts today

Excalibur2 — Wed, 30 Jun 2021 02:39:05 GMT

I do have other cards. Chase Visa, Discover, 4 Capital One cards, PenFed PCR, 2 Navy Federal Cards, Apple Card, and AMEX.

Re: Synchrony Closed all of my accounts today

Excalibur2 — Wed, 30 Jun 2021 02:41:40 GMT

I thought you only upset them by not using your cards for long periods or being late? I guess I learned my lesson.

@Jnbmom wrote:
Unfortunately you poked the bear with synch . Getting back to back cards and hitting that CLI button will trigger that quite often 😞

Re: Synchrony Closed all of my accounts today

CH-7-Mission-Accomplished — Wed, 30 Jun 2021 02:50:20 GMT

@Excalibur2 wrote:
I do have other cards. Chase Visa, Discover, 4 Capital One cards, PenFed PCR, 2 Navy Federal Cards, Apple Card, and AMEX.

Synchrony and Comenity are notorious for doing this. They will approve you for many cards but they seem to have some kind of review audit that later shuts you down completely. For you the good news is you have good cards with great lenders. You are too good for them anyway. Consider it a blessing. Retail cards are always looked at suspisciously unless you only have one or two. Count yourself lucky. But I get the sting.....

Synchrony took the trash out for you.

Re: Synchrony Closed all of my accounts today

Excalibur2 — Wed, 30 Jun 2021 03:02:45 GMT

@CH-7-Mission-Accomplished wrote:
@Excalibur2 wrote:
I do have other cards. Chase Visa, Discover, 4 Capital One cards, PenFed PCR, 2 Navy Federal Cards, Apple Card, and AMEX.
Synchrony and Comenity are notorious for doing this. They will approve you for many cards but they seem to have some kind of review audit that later shuts you down completely. For you the good news is you have good cards with great lenders. You are too good for them anyway. Consider it a blessing. Retail cards are always looked at suspisciously unless you only have one or two. Count yourself lucky. But I get the sting.....

Synchrony took the trash out for you.

I think it was the Lowes approval, the Care Credit approval, and then the CLI on the Lowes just after 6 weeks of having the card. I couldn't help but press the luv button. It was just staring at me, daring me to. They also doubled my cl from $10K to $20K. I just thought I was lucky. Lesson learned.

Re: Synchrony Closed all of my accounts today

Yasselife — Wed, 30 Jun 2021 03:11:16 GMT

I'm sorry this happened to you; $70k seems excessive for any lender, seeking new credit is already a risk, and requesting too much/often can lead to FR. I've seen different banks do the same, even Amex.

Re: Synchrony Closed all of my accounts today

Anonymous — Wed, 30 Jun 2021 04:10:23 GMT

People have gone ahead and re-applied and got re-approved. Sorry about your AAs.

Re: Synchrony Closed all of my accounts today

gingerflower — Wed, 30 Jun 2021 04:27:34 GMT

@Excalibur2

I am so sorry Synchrony closed all your Synchrony Cc's. Was there anything on your credit report to say you were "High risk" .

Re: Synchrony Closed all of my accounts today

staticvoidmain — Wed, 30 Jun 2021 07:02:18 GMT

I'd hate this to happen to me. This has been very common since a year ago around when the pandemic started.

Master Synchrony Account Closure Thread

Re: Synchrony Closed all of my accounts today

Fico82 — Wed, 30 Jun 2021 12:46:43 GMT

I would be devastated to wake up one day and that many accounts be gone . Sorry to hear about your loss bud.

Re: Synchrony Closed all of my accounts today

SOGGIE — Wed, 30 Jun 2021 12:59:55 GMT

This is unfortunate. Credit diversification is very important to avoid situations like this.

Re: Synchrony Closed all of my accounts today

Excalibur2 — Wed, 30 Jun 2021 14:00:48 GMT

@gingerflower wrote:
@Excalibur2
I am so sorry Synchrony closed all your Synchrony Cc's. Was there anything on your credit report to say you were "High risk" .

I will check my credit report during my lunch break today and post updates.

Re: Synchrony Closed all of my accounts today

Excalibur2 — Wed, 30 Jun 2021 14:04:36 GMT

@Anonymous wrote:
People have gone ahead and re-applied and got re-approved. Sorry about your AAs.

I'm kind of skeptical about re-applying for any Synchrony cards given what they have done to me. It took me years to obtain those cards and the limits on some of them.

Re: Synchrony Closed all of my accounts today

gdale6 — Wed, 30 Jun 2021 17:40:07 GMT

@Yasselife wrote:
I'm sorry this happened to you; $70k seems excessive for any lender, seeking new credit is already a risk, and requesting too much/often can lead to FR. I've seen different banks do the same, even Amex.

It is known here that Synch allows up to 100K in aggregate credit across all their products if your income supports it. This was triggered by 2 new cards and a CLI in a short period of time.

Re: Synchrony Closed all of my accounts today

SoCalGardener — Wed, 30 Jun 2021 17:57:50 GMT

I'm really sorry this happened to you, @Excalibur2. I don't know what I'd do if that happened to me. I mean any creditor, not Synchrony specifically.

I have a few Synchrony cards, but I never applied for any of them directly. They ended up there, like very recently my Chevron card moved to Synchrony; in 2019, the same thing happened with my JCPenney Mastercard--AND I lost its multi-year history in the process!! Sorry, I'm digressing again....

They could've at least had the decency to warn you. They could've mailed/e-mailed/called/texted/sent smoke signals/etc. to let you know you were in a danger zone--although from what you've said, you don't sound very dangerous to me. They also could've lowered your limits, or put a freeze on CLIs, or something... This just sucks.

Re: Synchrony Closed all of my accounts today

JNA1 — Wed, 30 Jun 2021 19:31:34 GMT

Sorry this happened to you! I've personally had good experience with Sync, but it seems like you and others who got shutdowns did too until that happened.

I've said before that their propensity to shut down accounts with numerous accounts keeps for me from getting some more cards from them that I could really use.

Re: Synchrony Closed all of my accounts today

JamP — Wed, 30 Jun 2021 21:13:23 GMT

Over the years as someone else said Synch had a max (around 100k dependant on income) you could have across all cards without issues.

With Sync I have always tried to keep my exposure under 50k, (25k Amazon, 20K Sams Club).

Poking the Synch bear has always kept me from getting the Lowes card. I have often thought about decreasing my credit lines so I could get the Lowes card.

I hate seeing these threads. I am sorry this happened to you.

Re: Synchrony Closed all of my accounts today

JNA1 — Wed, 30 Jun 2021 23:04:23 GMT

@JamP wrote:
Over the years as someone else said Synch had a max (around 100k dependant on income) you could have across all cards without issues.

With Sync I have always tried to keep my exposure under 50k, (25k Amazon, 20K Sams Club).

Poking the Synch bear has always kept me from getting the Lowes card. I have often thought about decreasing my credit lines so I could get the Lowes card.

I hate seeing these threads. I am sorry this happened to you.

I use my Mom's Lowe's card for that reason. We got it for her because we had to do some work on her house after my Dad passed. I just go get her card and and use it for the 5% discount and write her a check for that amount when I take her card back.
It works, but Sync's screwy ways makes me avoid getting a card that I would use quite a bit. 🤷‍♂️