topic Re: Sync (Amazon card) closure by me in Credit Cards

Sync (Amazon card) closure by me

NoMoreE46 — Thu, 06 Apr 2023 17:59:32 GMT

So I closed my Amazon Store card recently. It has been SD since getting my Chase Prime. No major issues with the store card in the nine years we had with it.

The closure process was very easy by phone- all by IVR, no human involvement. I got a SMS confirmation a minute later.

I am eyeing the Paypal MC or the Premier card and wanted to improve my chances of decent SL as I am an AU on a $35000 Lowes card.

Re: Sync (Amazon card) closure by me

NoMoreE46 — Thu, 06 Apr 2023 18:41:50 GMT

Admin- Please move to the credit cards section.

Re: Sync (Amazon card) closure by me

AndySoCal — Thu, 06 Apr 2023 18:27:47 GMT

@NoMoreE46 If you have Lowes AU account to help your approval I would have my doubts how much if it all it will help. Here is why. Any Authorized user account the authorized user is not financially responsible for. Lenders are more focused on what the borrower is responible for that will be the primary drivers in underwriting.

Re: Sync (Amazon card) closure by me

keekers — Thu, 06 Apr 2023 18:56:56 GMT

Out of curiosity, why did you choose to close it instead of keeping it open and allowing it to age?

Re: Sync (Amazon card) closure by me

coldfusion — Thu, 06 Apr 2023 21:17:50 GMT

@keekers wrote:
Out of curiosity, why did you choose to close it instead of keeping it open and allowing it to age?

Synchrony doesn't support cardholder-initiated product changes or reallocation of limits between cards. Closing the card reduces Synchrony's overall exposure and the idea is that this could lead to a more generous starting limit when applying for another Synchrony card that the cardholder would nowadays be more useful.

Re: Sync (Amazon card) closure by me

NoMoreE46 — Fri, 07 Apr 2023 17:59:42 GMT

@keekers wrote:
Out of curiosity, why did you choose to close it instead of keeping it open and allowing it to age?

@keekers,

I closed it for a few reasons:

> don't use it anymore nor need it the padding

> trying to cull my flock anyway

> free up my Sync exposure for a future App as already alluded by @coldfusion.

My closed Sync account should still report/age under the FICO scoring models. However, closed accounts do have an affect Vantage scores which I don't care about.)

Re: Sync (Amazon card) closure by me

NoMoreE46 — Fri, 07 Apr 2023 18:21:54 GMT

@AndySoCal wrote:

@NoMoreE46 If you have Lowes AU account to help your approval I would have my doubts how much if it all it will help. Here is why. Any Authorized user account the authorized user is not financially responsible for. Lenders are more focused on what the borrower is responible for that will be the primary drivers in underwriting.

The reason for me being an AU on my wife's Lowes account was for me to have my own card to use at Lowe's. She can never find hers 🙄.

Never my intention to leverage her CL for a future Sync app. Being an AU in this instance may even have the opposite effect.

I realize I am not financially liable

to Synchrony on this TL but Issuers do monitor AUs.

Could being of the same household and spouse be a factor for UW for an issuer? I dunno it might?

Re: Sync (Amazon card) closure by me

FireMedic1 — Fri, 07 Apr 2023 22:43:31 GMT

One less to worry about. Got a warning to use my PalPay Credit 3 months ago. So bought a few things on it. Then PIF in 3 months. Hopefully that keeps them at bay. Did use it last year to upgrade tires that could grip wet roads. Love Coopers. So maybe its a use once a year thing.