topic Re: Since the Synchrony account closure thread appears closed ... in Credit Cards

Since the Synchrony account closure thread appears closed ...

BallBounces — Sun, 13 Mar 2022 20:23:34 GMT

I will post here saying Sync just closed all my open cards with them. All of them.

That's 6 tradelines. That's $50,800 in credit lines. I wascarrying a whopping $1500 on those credit lines.......

A phone call to Sync was fruitless.... they could explain nothing.

Bad time considering my utl was under 9 and I will be mortgage shopping......

Too say I am displeased is an understantement. I actually liked most of those cards, you know, when they existed.

Re: Since the Synchrony account closure thread appears closed ...

gdale6 — Sun, 13 Mar 2022 20:31:22 GMT

Sorry to hear this. Once again proving that putting too many eggs into this banks basket isnt worth it. They never closed any of mine, I shut them all down myself and just kept Lowes. The letter thats coming will tell you why. If you are going to mortgage shop I would just pay off what you owe on these and pay on your others to get you back down on overall utilization.

Re: Since the Synchrony account closure thread appears closed ...

Drifter73 — Sun, 13 Mar 2022 20:38:04 GMT

I only have 1 sync card. But thinking about 2 more = 3 total (max) with them.

Please update when you get a reason for the x6 closures so I can keep the data points in mind prior to apps.

Re: Since the Synchrony account closure thread appears closed ...

Remedios — Sun, 13 Mar 2022 20:43:24 GMT

@BallBounces ouch and sorry

You recently posted about 20+ points loss on TU that you couldn't find an explanation for. Do you know is same/similar happened with your VS4 scores or did they remain steady?

Re: Since the Synchrony account closure thread appears closed ...

CreditInspired — Sun, 13 Mar 2022 20:57:13 GMT

@BallBounces wrote:
I will post here saying Sync just closed all my open cards with them. All of them.

That's 6 tradelines. That's $50,800 in credit lines. I wascarrying a whopping $1500 on those credit lines.......

A phone call to Sync was fruitless.... they could explain nothing.

Bad time considering my utl was under 9 and I will be mortgage shopping......

Too say I am displeased is an understantement. I actually liked most of those cards, you know, when they existed.

I'm only speculating here, but the closure may be due to low use. At the time of shutdown, you were using less than 3% of your CL. CCCs thrive on swipe fees and some feel if you're not using your cards enough, they want to make that money available to consumers who will use it.

Just my 2cents

Re: Since the Synchrony account closure thread appears closed ...

SoCalGardener — Sun, 13 Mar 2022 21:06:20 GMT

@BallBounces wrote:
I will post here saying Sync just closed all my open cards with them. All of them.

That's 6 tradelines. That's $50,800 in credit lines. I wascarrying a whopping $1500 on those credit lines.......

A phone call to Sync was fruitless.... they could explain nothing.

Bad time considering my utl was under 9 and I will be mortgage shopping......

Too say I am displeased is an understantement. I actually liked most of those cards, you know, when they existed.

I'm sorry that happened to you. If it's any consolation, just keep in mind that you're one of MANY whose entire lineup of Synchrony cards got closed, for no apparent reason. They haven't pulled that on me--yet--but every time I read a[nother] thread like this, I brace myself for it.

I agree with another person who guessed that low usage was the 'reason' they closed the cards. Your utilization was very low--as is mine--and I've gleaned that they don't like that.

Losing $50,000+ in credit has got to be painful. But, on the bright side, you're done with Synchrony! Consider that a blessing.

Re: Since the Synchrony account closure thread appears closed ...

Jnbmom — Sun, 13 Mar 2022 21:12:13 GMT

@BallBounces

Sorry for your closures . Last massive go around here my hubby had all his closed lost over 80K I think. I was ready to be next but they just shut down my lowes (35K) I still have quite a few so waiting for my turn to eventually come .

Re: Since the Synchrony account closure thread appears closed ...

Brian_Earl_Spilner — Sun, 13 Mar 2022 21:15:20 GMT

@SoCalGardener wrote:
@BallBounces wrote:
I will post here saying Sync just closed all my open cards with them. All of them.

That's 6 tradelines. That's $50,800 in credit lines. I wascarrying a whopping $1500 on those credit lines.......

A phone call to Sync was fruitless.... they could explain nothing.

Bad time considering my utl was under 9 and I will be mortgage shopping......

Too say I am displeased is an understantement. I actually liked most of those cards, you know, when they existed.

I'm sorry that happened to you. If it's any consolation, just keep in mind that you're one of MANY whose entire lineup of Synchrony cards got closed, for no apparent reason. They haven't pulled that on me--yet--but every time I read a[nother] thread like this, I brace myself for it.

I agree with another person who guessed that low usage was the 'reason' they closed the cards. Your utilization was very low--as is mine--and I've gleaned that they don't like that.

Losing $50,000+ in credit has got to be painful. But, on the bright side, you're done with Synchrony! Consider that a blessing.

Why is it a blessing? They have some good cards. I use my PayPal and care credit all the time. At some point I'll get the Verizon card to help pay for upgrades. Car care is also another one I'm looking at. I've never had problems with them. But then again, I also don't have 70k of unused credit with them either.

Re: Since the Synchrony account closure thread appears closed ...

Anonymous — Sun, 13 Mar 2022 21:19:04 GMT

@CreditInspired wrote:

I'm only speculating here, but the closure may be due to low use. At the time of shutdown, you were using less than 3% of your CL. CCCs thrive on swipe fees and some feel if you're not using your cards enough, they want to make that money available to consumers who will use it.

Don't they CLD rather than close. I only have 2 Sync cards, and one was recently CLDs for lack of use. (Waiting for the other to be hit!)

Re: Since the Synchrony account closure thread appears closed ...

SoCalGardener — Sun, 13 Mar 2022 21:26:29 GMT

@Brian_Earl_Spilner wrote:
@SoCalGardener wrote:
I'm sorry that happened to you. If it's any consolation, just keep in mind that you're one of MANY whose entire lineup of Synchrony cards got closed, for no apparent reason. They haven't pulled that on me--yet--but every time I read a[nother] thread like this, I brace myself for it.

I agree with another person who guessed that low usage was the 'reason' they closed the cards. Your utilization was very low--as is mine--and I've gleaned that they don't like that.

Losing $50,000+ in credit has got to be painful. But, on the bright side, you're done with Synchrony! Consider that a blessing.
Why is it a blessing? They have some good cards. I use my PayPal and care credit all the time. At some point I'll get the Verizon card to help pay for upgrades. Car care is also another one I'm looking at. I've never had problems with them. But then again, I also don't have 70k of unused credit with them either.

Is this a rhetorical question?

Yes, I agree, they definitely have some good cards--albeit with ridiculously high APRs--and I use some of mine a LOT. But that doesn't make Synchrony a good entity. Based just on what we see on this forum, i.e., mass closures for no apparent reason of perfectly good accounts, I'd think it's obvious why it's a blessing to be done with them. Knowing you're a good customer, always pay on time, never have any kind of account issues, and yet the shoe can drop at any moment and all your accounts can be closed....yeah, I'd say being done with that is a blessing. Your opinion may vary!

Re: Since the Synchrony account closure thread appears closed ...

CYBERSAM — Sun, 13 Mar 2022 21:26:34 GMT

Ouch, ouch... ouch! Sorry to hear that! Sync is known for this kinda of behaviour. I think everyone over 50K CL with Sync has a good chance of getting canceled just because!

Re: Since the Synchrony account closure thread appears closed ...

Red1Blue — Sun, 13 Mar 2022 21:50:13 GMT

Hi @BallBounces sorry to hear about your Synchrony cards closure. They closed bunch of my cards in 2018 when I had a financial downturn on my credit. Recently I got approved for Synch Verizon Visa card with $1k Limit. I have no desire to open any other accounts with Synch. They are a good bank but I out grew my credit card needs and requirements. Hope your mortgage search will go smoothly. Keep us informed.

Re: Since the Synchrony account closure thread appears closed ...

BallBounces — Sun, 13 Mar 2022 22:00:26 GMT

@Brian_Earl_Spilner wrote:
@SoCalGardener wrote:
@BallBounces wrote:
I will post here saying Sync just closed all my open cards with them. All of them.

That's 6 tradelines. That's $50,800 in credit lines. I wascarrying a whopping $1500 on those credit lines.......

A phone call to Sync was fruitless.... they could explain nothing.

Bad time considering my utl was under 9 and I will be mortgage shopping......

Too say I am displeased is an understantement. I actually liked most of those cards, you know, when they existed.

I'm sorry that happened to you. If it's any consolation, just keep in mind that you're one of MANY whose entire lineup of Synchrony cards got closed, for no apparent reason. They haven't pulled that on me--yet--but every time I read a[nother] thread like this, I brace myself for it.

I agree with another person who guessed that low usage was the 'reason' they closed the cards. Your utilization was very low--as is mine--and I've gleaned that they don't like that.

Losing $50,000+ in credit has got to be painful. But, on the bright side, you're done with Synchrony! Consider that a blessing.
Why is it a blessing? They have some good cards. I use my PayPal and care credit all the time. At some point I'll get the Verizon card to help pay for upgrades. Car care is also another one I'm looking at. I've never had problems with them. But then again, I also don't have 70k of unused credit with them either.

Actually I used them often. But I was not carrying large balances, especially relative to overall credit line. I had Amazon, Verizon and Paypal cards that got regular use because frankly they are good cards. I had $500 monthly spend on vzn for example. Every month.

sync is still terrible however.

Re: Since the Synchrony account closure thread appears closed ...

BallBounces — Sun, 13 Mar 2022 22:11:20 GMT

@CreditInspired wrote:
@BallBounces wrote:
I will post here saying Sync just closed all my open cards with them. All of them.

That's 6 tradelines. That's $50,800 in credit lines. I wascarrying a whopping $1500 on those credit lines.......

A phone call to Sync was fruitless.... they could explain nothing.

Bad time considering my utl was under 9 and I will be mortgage shopping......

Too say I am displeased is an understantement. I actually liked most of those cards, you know, when they existed.

I'm only speculating here, but the closure may be due to low use. At the time of shutdown, you were using less than 3% of your CL. CCCs thrive on swipe fees and some feel if you're not using your cards enough, they want to make that money available to consumers who will use it.

Just my 2cents

I used them A LOT.

Monthly purchases on Amazon, VZN and Paypal MC.

sync is lame.

Re: Since the Synchrony account closure thread appears closed ...

GApeachy — Sun, 13 Mar 2022 22:36:53 GMT

So sorry this has happened to you!!! DP Question: Have you kept up with your monthly Vantage 4 score that Synchrony provides across the board? If so, did your score take a recent (as in the past qt.) dive?

On the old Synchrony Closure thread I never really could attain results to that question for dps' sake. I think it's important and would provide pertinent info. for all.

Again, hate it for you.

Re: Since the Synchrony account closure thread appears closed ...

Brian_Earl_Spilner — Sun, 13 Mar 2022 22:59:02 GMT

@SoCalGardener wrote:
@Brian_Earl_Spilner wrote:
@SoCalGardener wrote:
I'm sorry that happened to you. If it's any consolation, just keep in mind that you're one of MANY whose entire lineup of Synchrony cards got closed, for no apparent reason. They haven't pulled that on me--yet--but every time I read a[nother] thread like this, I brace myself for it.

I agree with another person who guessed that low usage was the 'reason' they closed the cards. Your utilization was very low--as is mine--and I've gleaned that they don't like that.

Losing $50,000+ in credit has got to be painful. But, on the bright side, you're done with Synchrony! Consider that a blessing.
Why is it a blessing? They have some good cards. I use my PayPal and care credit all the time. At some point I'll get the Verizon card to help pay for upgrades. Car care is also another one I'm looking at. I've never had problems with them. But then again, I also don't have 70k of unused credit with them either.
Is this a rhetorical question?

Yes, I agree, they definitely have some good cards--albeit with ridiculously high APRs--and I use some of mine a LOT. But that doesn't make Synchrony a good entity. Based just on what we see on this forum, i.e., mass closures for no apparent reason of perfectly good accounts, I'd think it's obvious why it's a blessing to be done with them. Knowing you're a good customer, always pay on time, never have any kind of account issues, and yet the shoe can drop at any moment and all your accounts can be closed....yeah, I'd say being done with that is a blessing. Your opinion may vary!

Hardly rhetorical. There are plenty of lenders who take AA or make decisions regardless of how you maintained your accounts with them.

Chase shuts down cards after approval despite nothing wrong, except they followed up a few weeks later and saw other new cards at the same time. They've shut down all cards before. Amex puts hard limits on their charge cards and may freeze all accounts until they get access to taxes despite always being a good customer. They've shut down all cards before. Citi takes preemptive AA based on handling of third party accounts. NFCU will base approvals and increases on how you handle third party accounts over the last 12 months regardless of relationship or how you handled first party accounts.

Based on the above, those lenders don't sound that great, but they get plenty of praise on here. Just don't get the whole being happy with being done with synchrony thing. I didn't see any complaints while they were raising everyone's limits. Heck, until they started closing people's cards, they had less complaints than the other lenders I mentioned. Seems the only time there are complaints about them was when the blue envelopes went out and these mass closures. 🤷

Re: Since the Synchrony account closure thread appears closed ...

Red1Blue — Sun, 13 Mar 2022 23:03:04 GMT

When ever i read posts like this, I am glad I kept my Secured Credit Cards and I am loving them. Dont have to worry about they being shutdown or closed.

Re: Since the Synchrony account closure thread appears closed ...

Credit-hoarder — Sun, 13 Mar 2022 23:17:48 GMT

@Anonymous wrote:
@CreditInspired wrote:

I'm only speculating here, but the closure may be due to low use. At the time of shutdown, you were using less than 3% of your CL. CCCs thrive on swipe fees and some feel if you're not using your cards enough, they want to make that money available to consumers who will use it.

Don't they CLD rather than close. I only have 2 Sync cards, and one was recently CLDs for lack of use. (Waiting for the other to be hit!)

I think it's a mixed bag with them. Out of the 4 I have--I've put high spend recently on Lowe's and have always put respectable spend on Pay-Pal MC--but BP and AEO Visa don't see hardly and spend and just very recently they CLD'd my AEO from $10k down to $1024. I made a call to CS after that happened to try and get the whole $10k line back--but the highest they would take it to was $3k. Still better than losing all 4 of them.

Re: Since the Synchrony account closure thread appears closed ...

GApeachy — Sun, 13 Mar 2022 23:22:27 GMT

@Credit-hoarder wrote:
@Anonymous wrote:
@CreditInspired wrote:

I'm only speculating here, but the closure may be due to low use. At the time of shutdown, you were using less than 3% of your CL. CCCs thrive on swipe fees and some feel if you're not using your cards enough, they want to make that money available to consumers who will use it.

Don't they CLD rather than close. I only have 2 Sync cards, and one was recently CLDs for lack of use. (Waiting for the other to be hit!)
I think it's a mixed bag with them. Out of the 4 I have--I've put high spend recently on Lowe's and have always put respectable spend on Pay-Pal MC--but BP and AEO Visa don't see hardly and spend and just very recently they CLD'd my AEO from $10k down to $1024. I made a call to CS after that happened to try and get the whole $10k line back--but the highest they would take it to was $3k. Still better than losing all 4 of them.

Okay, great post...did, have, you kept up with your Vantage 4 score? Now wondering the possible difference between cld and closure.

Re: Since the Synchrony account closure thread appears closed ...

Red1Blue — Sun, 13 Mar 2022 23:27:34 GMT

@GApeachy wrote:
Okay, great post...did, have, you kept up with your Vantage 4 score? Now wondering the possible difference between cld and closure.

Hi @GApeachy after your post about Vantage 4 score I tried to get my scores from Synch/Verizon site. It does not give me scores since I froze all my 3 reports. Is there any other place we can get Vantage 4 scores from? I am getting scores from Credit Karma, WalletHub, Credit Unions like Affinity, NIH and SDFCU. I think they are vantage 3. Not sure what other sites gives out Vantage 4 scores.