topic Re: Synchrony finally got me!! in Credit Cards

Synchrony finally got me!!

rhopkins1999 — Mon, 11 Mar 2024 01:01:56 GMT

For context, I've had my synchrony care credit card since 6 months out of BK7. Started with a 9k limit then was increased to 12k a year later. Used this card multiple times, always PIF and have never missed a payment. I also have a Venmo credit card with a 4k limit and a paypal MC with a $300 limit.

This morning I checked my credit karma and saw that my total utilization had increased from 21% to 45%, which I thought was strange because nothing had reported. After digging I had found that my Care Credit card was "closed by gerentor".

I called the customer line, and unfortunately they did not seem to care even so slightly. The Rep told me that due to changes in my credit profile my account was closed, no letter or heads-up at all. I thought this was strange due to my score being around 125 points higher then when I received the card and nothing else changing, expect a student loan being PIF.

I guess I've learned my lesson and will stay away from Synch for awhile.

Re: Synchrony finally got me!!

Junejer — Mon, 11 Mar 2024 01:18:35 GMT

Yeah, I got nailed by both Synch and Comenity about a decade ago. All of them closed without warning in about a 30 day period. There were about five accounts--jewelry store, furniture stores, etc. I'll never app for anything with those two outfits again. My wife has the Amazon card and Care credit. I have nothing to do with either of those cards.

Re: Synchrony finally got me!!

finallyfree — Mon, 11 Mar 2024 02:11:47 GMT

Oh wow! I'm really sorry to hear this! I hate that happened to you. I've had a paypal MC for about 6 months... Sounds like it may turn out to be a mistake. I guess time will tell...

Re: Synchrony finally got me!!

CorpCrMgr1 — Mon, 11 Mar 2024 02:28:00 GMT

@rhopkins1999 Sorr for you CL decrease. Good luck with your future cards!

Re: Synchrony finally got me!!

xenon3030 — Mon, 11 Mar 2024 04:35:06 GMT

@rhopkins1999 wrote:
I guess I've learned my lesson and will stay away from Synch for awhile.

Welcome to the club. Due to closing my CC without warning/reason, I would stay permanently from them. For me, there was no harm and I just walked a way, since I do PIF and it had minimal impact on my total CL. They reported "closed by grantor" to the credit bureaus.

I am checking with Gemini and she suggests that if such mis-managements can harm the credit profile of a person, he might submit complaint to BBB or the other organizations. I would NOT go with her recommendations , because I do not want to re-instate any closed card with Sync again as a potential resolution.

Re: Synchrony finally got me!!

Drifter73 — Mon, 11 Mar 2024 05:07:34 GMT

Ouch! Sorry to hear that. I keep my exposure with sync to x3 cards (CareCredit. Walgreens, and Sams Club).

I leverage my carecredit (low 5 figure limit) for 4 figure financing every 3 to 6 months + miscellaneous 3 figure dental bills pif.

Walgreens and Sam's Club (low 4 figure limits each) I average 3 figures per month each and pif.

Never had an issue with sync (knock on wood).

I don't poke the sync bear for limit increases either though. I normally just let them decide if/when they want to increase my limits.

Sync is one creditor that I don't push the limits with since there are so many stories floating around about AA's when not used enough, maxing limits, or mashing the cli buttons without enough spend reciprocation later to justify it.

Re: Synchrony finally got me!!

gorgon — Mon, 11 Mar 2024 13:59:15 GMT

Sorry to hear. Synchrony is strange like that...

Re: Synchrony finally got me!!

SouthJamaica — Mon, 11 Mar 2024 15:26:12 GMT

@rhopkins1999 wrote:
For context, I've had my synchrony care credit card since 6 months out of BK7. Started with a 9k limit then was increased to 12k a year later. Used this card multiple times, always PIF and have never missed a payment. I also have a Venmo credit card with a 4k limit and a paypal MC with a $300 limit.

This morning I checked my credit karma and saw that my total utilization had increased from 21% to 45%, which I thought was strange because nothing had reported. After digging I had found that my Care Credit card was "closed by gerentor".
I called the customer line, and unfortunately they did not seem to care even so slightly. The Rep told me that due to changes in my credit profile my account was closed, no letter or heads-up at all. I thought this was strange due to my score being around 125 points higher then when I received the card and nothing else changing, expect a student loan being PIF.

I guess I've learned my lesson and will stay away from Synch for awhile.

What do you mean "for awhile"?

Re: Synchrony finally got me!!

DeeBee78 — Wed, 13 Mar 2024 16:04:04 GMT

This happened to me recently with my Synchrony Amazon account. For ten years the limit has been $6,000. About 8 months ago they lowered the limit to $2,480 without any explaination. Meanwhile, I went and applied for the Venmo Visa and got a $16K limit.

A few years ago, they lowered my Lowes credit limit from $17,000 to $100 due to non use. Yep, I have a Lowes card with a $100 credit limit.

Re: Synchrony finally got me!!

rob022574 — Wed, 13 Mar 2024 16:40:16 GMT

@DeeBee78 wrote:
This happened to me recently with my Synchrony Amazon account. For ten years the limit has been $6,000. About 8 months ago they lowered the limit to $2,480 without any explaination. Meanwhile, I went and applied for the Venmo Visa and got a $16K limit.

A few years ago, they lowered my Lowes credit limit from $17,000 to $100 due to non use. Yep, I have a Lowes card with a $100 credit limit.

Don't max it out in one visit.

Re: Synchrony finally got me!!

keekers — Thu, 14 Mar 2024 15:54:37 GMT

I got the Amazon card from Synch before I knew about this sort of thing happening. I don't use it and won't apply for anything else from Synch. Part of me wishes they would close the account just so I can be done with them.

Re: Synchrony finally got me!!

SouthJamaica — Thu, 14 Mar 2024 17:38:09 GMT

@DeeBee78 wrote:
This happened to me recently with my Synchrony Amazon account. For ten years the limit has been $6,000. About 8 months ago they lowered the limit to $2,480 without any explaination. Meanwhile, I went and applied for the Venmo Visa and got a $16K limit.

A few years ago, they lowered my Lowes credit limit from $17,000 to $100 due to non use. Yep, I have a Lowes card with a $100 credit limit.

Wow. That must be a record

Re: Synchrony finally got me!!

Comm_Master — Thu, 16 May 2024 19:06:09 GMT

I'm with you. Synchrony closed my Venmo account. Reason: "Activity on my account is indictutive of high risk to fail to pay." What activity you may ask. PIF, only used once every 1-2 months. I called customer service - overseas did nothing but getting a US rep, she said "absolutely no reason your account should be closed, let me escalate this." Nothing. Reported to BBB and Consumer Finance. They responded back with same excuse, I am a high risk. Finally got a senior agent information and called him. He said their risk calculations are private and cannot share with me what caused my account to be closed. I called it for what it was - discrimination. Because they make no money off of me (no interest, one transaction fee was charged but I had them refund it) they closed my account. I cost them money, not earn it. I told them they need to stop using AI to judge risk, stop discriminating against credit savvy consumers and end their predetory lending practices.

Synchrony is a SCAM - you end up paying twice what you actually owe.

Espartana-Peru — Wed, 05 Feb 2025 04:42:30 GMT

The synchrony financing associated with a dental procedure appeared to differ from other credit cards. A contract was signed for a three-year payment plan of $267 per month, with the total cost exceeding $7,000 for dental services. However, there was a lack of communication regarding the credit card and billing details. Initially, there was confusion about the payment schedule, leading to an unexpected interest charge of $41, which was paid on the wrong day without receiving any credit card or bill.

Upon reviewing the account, it was noted that an additional interest charge of $3,000 was applied, resulting in a total repayment amount of approximately $14,000 instead of the original $7,000. Concerns have been raised about the clarity of financial agreements related to medical services and the overall structure of the credit system. Definitely, synchrony is a fraud and robbed their customers.MF🤬😡

Re: Synchrony is a SCAM - you end up paying twice what you actually owe.

KatzNDawgs — Wed, 05 Feb 2025 17:50:13 GMT

Note that at least for their Care Credit, promotional pricing is deferred interest - where if you don't pay it off within the promotional period, *all* the interest will be applied back. You don't want to find yourself in that position, especially with a large puchase.

With that said, yes Sync has it's flaws and is definitely a wild-card. However, as I have many pets on pet insurance that can have a bit of time before reimbursement, I do enjoy the Care Credit with promotional financing at 0% until I get my insurance reimbursement back. Yes, they have closed my card once for no reason at 0 balance, but when I needed to use it again they also had no problem opening a new account.

I would caution anyone going for a Sync account to take them with a grain of salt, understanding not to rely on them for boosting util or keeping good age on accounts, as they can be fickle and close or drop line at any time. However, if you find value in their cards that override that risk and use it responsibly, it can still be to your benefit.