topic Re: Silly Synchrony Shenanigans in Credit Cards

Silly Synchrony Shenanigans

Aim_High — Thu, 17 Oct 2024 03:21:47 GMT

Synchrony Bank is well known for their Credit Limit Decreases. Some of our members have many high limits slashed with no hope of reconciliation. Other times, Synch will slash a limit but leave open the option for restoration.

My Synchrony Bank Verizon Visa was >approved 07/19/2023<. It had a $100 SUB for making any purchase within 90 days, which I completed. At the time, I had plans to switch my Verizon phone billing to this card, but I already had a pretty good deal using my Chase INK Cash card for 5% back on my phone bill in cash, redeemable for 7.5% to 10% in Chase Ultimate Rewards for travel when transferred to my Sapphire Reserve. I delayed making any changes but also didn't use the card beyond the SUB. I know, dangerous, but before I knew it I had let over 12 months elapse with absolutely no activity. I got an email from them on 09/16/24 with >a special spending incentive (up to $20)< for swiping the card. Six days later, I was notified by Experian and then other credit monitoring services that my Verizon credit limit had been cut from $30K all the way down to $3,024. Ouch. However, I recognized that the "$24" ending indicated it might be subject to restoration.

I completed the spending incentive today and planned to call this evening to restore the limit. Oddly enough, my mobile app and the automated phone tree showed my limit was at $30K this evening, even though I knew I had seen it at $3,024 on the mobile app earlier! I spoke to the customer service rep who looked into the history and verified their system automatically lowered my limit for non-use after 12 months. He said he believed they would allow inactive accounts to be open for 24 months before they would be closed automatically. Apparently, just like my non-use of the card triggered the computer to lower my limit, my usage of the card restored my limit even before I had made the phone call! I thought these were some interesting data points to share with the community. I'm glad to have my limit back and plan to complete enrolling the card for my Verizon billing soon.

Re: Silly Synchrony Shenanigans

SUPERSQUID — Thu, 17 Oct 2024 08:01:12 GMT

Re: Silly Synchrony Shenanigans

MissLiz — Thu, 17 Oct 2024 11:10:21 GMT

Sync is so weird.

Re: Silly Synchrony Shenanigans

JoeRockhead — Thu, 17 Oct 2024 13:33:28 GMT

So what you're basically saying is that, well... if for example you were away on a business trip... or, in a coma for 6 days, and by happenstance your DW used the card in your "absence"... effectively, nothing changed... right?!

Re: Silly Synchrony Shenanigans

Aim_High — Thu, 17 Oct 2024 18:33:36 GMT

@SUPERSQUID wrote:

Lol

This has been around for awhile, @SUPERSQUID, but it never gets old.

Yes, I "poked the bear" and survived.

Re: Silly Synchrony Shenanigans

Aim_High — Thu, 17 Oct 2024 18:38:17 GMT

@MissLiz wrote:
Sync is so weird.

Yes they are, @MissLiz! They seem to have some unique lending practices and I'm still trying to figure them out! We've seen quite a few reports of slashed limits due to distressed profiles and/or the economic environment. In other cases like this, they cut the limits (in the words of the customer service rep) to minimize risk of fraudulent charges on an inactive account.

Re: Silly Synchrony Shenanigans

Aim_High — Thu, 17 Oct 2024 18:41:43 GMT

@JoeRockhead wrote:
So what you're basically saying is that, well... if for example you were away on a business trip... or, in a coma for 6 days, and by happenstance your DW used the card in your "absence"... effectively, nothing changed... right?!

Exactly, @JoeRockhead!

All of that and in the end, nothing changed! Lol

Auto CLD and Auto CLD to restore the limit! Strange!

Synch is like, "Oh, that? We didn't really mean it!"

Re: Silly Synchrony Shenanigans

911gt34life — Thu, 17 Oct 2024 23:59:53 GMT

this bank is like bomb ready go off any time if could get back in chase never look back....

Re: Silly Synchrony Shenanigans

Aim_High — Fri, 18 Oct 2024 17:27:18 GMT

@911gt34life wrote:
this bank is like bomb ready go off any time if could get back in chase never look back....

I've got diversity with most of the larger lenders and the contrast is considerable sometimes, @911gt34life. Agreed that Chase is one of my favorites. I said for a long time I didn't want to do business again with Synchrony, especially after the mixed results some of our members have experienced. I've had a few of their other card products over the years. But I relented and got the Verizon Visa and Lowe's cards within the past year or so, and they were good to me with $65K in total limits across two cards! I still don't recommend that our members use them more heavily for utilization padding than other accounts, as they can be volatile. In my case, I have enough padding elsewhere that even if they shut me down on both cards the impact is minimal.

Re: Silly Synchrony Shenanigans

ElvisCaprice — Fri, 18 Oct 2024 09:45:08 GMT

@Aim_High wrote:
@911gt34life wrote:
this bank is like bomb ready go off any time if could get back in chase never look back....
I've got diversity with most of the larger lenders and the contrast is considerable sometimes, @911gt34life. Agreed that Chase is one of my favorites. I said for a long time I didn't want to do business again with Synchrony, especially after the mixed results some of our members have experienced. I've had a few of their other card products over the years. But I relented and got the Verizon Visa and Lowe's cards within the past year or so, and they were good to me with $65K in total limits across two cards! I still don't recommend that our members use them more heavily for utilization padding than other accounts, as they can be volatile. In my case, I have enough padding elsewhere that even if they shut me down on both cards the impact is minimal.

Yeah, but your building a relationship with them.

We all are just a number. No need to romanticize about it. Do onto them before they can do onto you. Should have taken the sub and as soon as you realized you didn't need the card, closed the account. Then in a year, go back for the sub again, if desired. As far as the credit given, who cares, sounds like you have more than enough already. Credit limit doesn't put $$$ in your pocket.

My moto, use the cards/issuers for your needs, not theirs.

Hint: Use the BofA CCR to purchase gift certificates on Verizon's website. Free shipping and you get 5.25% for online + keep the Verizon discount of $10 per line for automatic payment (but use the gift cards)

Re: Silly Synchrony Shenanigans

SUPERSQUID — Fri, 18 Oct 2024 14:25:03 GMT

@Aim_High wrote:
@SUPERSQUID wrote:
Lol
This has been around for awhile, @SUPERSQUID, but it never gets old.
Yes, I "poked the bear" and survived.

All in jest, good fun all around. This meme was usually posted when people tested the limits of Sync via cli's, obviously not your perdicament but I post that meme whenever the dreaded Sync bear shows up and eats limits.

Re: Silly Synchrony Shenanigans

Aim_High — Fri, 18 Oct 2024 19:43:46 GMT

Thanks for the inputs, @ElvisCaprice.

@ElvisCaprice wrote: Hint: Use the BofA CCR to purchase gift certificates on Verizon's website. Free shipping and you get 5.25% for online + keep the Verizon discount of $10 per line for automatic payment (but use the gift cards).

Interesting concept. You've done this successfully, it sounds like? I don't see anything on their website that would preclude it from working. I appreciate that you've studied how to work different legitimate angles like this to optimize your rewards. I will go you one better, though. I mentioned that I had been hesitant to give up my INK Cash rewards on my phone bill (5% cash back redeemable for 7.5% to 10% back in Ultimate Rewards travel.) That is one reason this card went idle, was that the incremental Verizon rewards value was questionable. After looking over the website, it appears I can keep the autopay on Verizon Visa but the website allows having multiple payment methods (including up to 6 credit/debit cards) on file. So, instead of autopaying to INK Cash, I can set up autopay to Verizon Visa but then manually pay to INK Cash, earning even more than the 5.25%, and without having to fool with purchasing and entering gift cards. In your case, it sounds like you could pay the bill online (directly) from the BofA CCR card which should also qualify for the 5.25% without having to purchase gift cards? Or does that not work?

@ElvisCaprice wrote:
Yeah, but your building a relationship with them.
We all are just a number. No need to romanticize about it. Do onto them before they can do onto you.
... My moto, use the cards/issuers for your needs, not theirs.

We sort-of discussed this difference in philosophy on your "When Should You Request a CLD" Thread. Those who mock the "relationship building" are disregarding that there are different types of "relationships." The term doesn't always apply to an interpersonal relationship such as with partners, family, or friends. Sometimes it's a business relationship. There are trade-offs in any healthy relationship of any type. It's give-and-take. What am I getting? Rewards. Credit limits that serve multiple purposes including as a financial tool, or to document my credit worthiness. Reporting over time to the CRBs to support my credit file and score. Sometimes, perks associated with the card. Convenience of not having to carry cash and having the credit card. Fraud protection superior to using a debit card or checking EFT. You get the picture.

There's no romance in what I stated. I just said they gave me generous credit limits and I appreciated that gesture.

I'm not saying that you do, but I would hope you wouldn't pursue your interpersonal relationships the same way you describe your business relationships. Those who always take and are always focused on what they are getting from a relationship suck the life out of it. It dies. In my case, I want to continue to be on good terms with my lenders as long as they are treating me well and serving a good purpose for my FICO and finances. Sometimes, I get "enough" and that's okay too.

Am I a number to some extent in this relationship and is it less personal that the one I have with DW? Lol Yes, on both accounts, and it better be! It's not the same thing. But my better lenders are helpful and courteous to me when I need assistance with my account, and yes, they call me by name instead of "Mr. Account Number 123-456-7890."

@ElvisCaprice wrote:
Should have taken the sub and as soon as you realized you didn't need the card, closed the account.

I never said I didn't need the card; I just said I haven't used it! LOL In terms of rewards, I have a lot of good alternatives. I like having options. Options give me backups for earning good rewards, they give me lender diversity, and they protect against nerfs of card rewards or benefits. The rewards earning potential of the Verizon Visa has always been pretty good if you're willing to accept payment in Verizon Dollars. (When I got it - 4% on gas and grocery, 3% on dining, 2% Verizon; 1% everything else; Now - 4% on gas, grocery, and dining; 4% on Verizon except for bill pay; 1% everything else.) The 4% cash-equivalent on gas, grocery, and dining uncapped is very competitive with some of the best cards on the market. A lot of Synchrony cards just didn't appeal to me, but this one was worth checking out and I had decided to add Synchrony back to my lineup. It's definitely a good "back-up" for those categories. I wasn't very pleased with the flimsy plastic card, though, especially since it was previously a durable metal. (If you don't have it, the Verizon card is one of the thinnest, most pliable plastic cards I've seen. It feels like it could break very easily. So the card itself didn't incentivize me to put it in my wallet.) I did just add it to my mobile wallet, however.

I normally don't take a HP and new account penalty and just close a new account, especially over a mere $100 SUB. (The only time I did this was with a lower-than-expected credit limit approval on a new Discover account a few years ago.)

@ElvisCaprice wrote:
... As far as the credit given, who cares, sounds like you have more than enough already. Credit limit doesn't put $$$ in your pocket.

You and I definitely discussed our differing philosophy on credit limits in the thread I mentioned above, so I won't beat it to death. Yes, I do have more than enough and losing some won't hurt. But that's part of the point. No single lender or card has a significant impact on my credit file and I can put heavier-than-normal usage on my credit cards while still keeping utilization at very low levels and without having to pre-pay my accounts. No, credit limit isn't cash in the bank; I know that and I don't treat it as such. Credit limits do carry other benefits as I mentioned above. They are also potential debt if misused, so I don't recommend anyone accrue high limits without having the financial discipline to use them responsibly.

As we discussed in your other thread, our forum members have many different goals and philosophies about how we manage our credit cards. I enjoy pursuing the high limits and believe they are beneficial to my credit objectives while you prefer to optimize rewards through churning and put little value on credit limits or lender relationship. To each their own. In my replies to your other thread, I didn't tell you to stop asking for CLDs for yourself. I just disagreed that your CLD strategy was applicable to all of our readers as a whole. I've never tried to tell everyone on My FICO that they need higher limits; it's a personal choice. For those who care to seek higher limits, I've offered advice on how to do it and what I think might lead to success. There is room for all of us here, regardless of our preferences on managing our credit cards and finances.

Re: Silly Synchrony Shenanigans

ElvisCaprice — Sun, 20 Oct 2024 09:02:49 GMT

@Aim_High wrote:
Thanks for the inputs, @ElvisCaprice.

@ElvisCaprice wrote: Hint: Use the BofA CCR to purchase gift certificates on Verizon's website. Free shipping and you get 5.25% for online + keep the Verizon discount of $10 per line for automatic payment (but use the gift cards).
Interesting concept. You've done this successfully, it sounds like? I don't see anything on their website that would preclude it from working. I appreciate that you've studied how to work different legitimate angles like this to optimize your rewards. I will go you one better, though. I mentioned that I had been hesitant to give up my INK Cash rewards on my phone bill (5% cash back redeemable for 7.5% to 10% back in Ultimate Rewards travel.) That is one reason this card went idle, was that the incremental Verizon rewards value was questionable. After looking over the website, it appears I can keep the autopay on Verizon Visa but the website allows having multiple payment methods (including up to 6 credit/debit cards) on file. So, instead of autopaying to INK Cash, I can set up autopay to Verizon Visa but then manually pay to INK Cash, earning even more than the 5.25%, and without having to fool with purchasing and entering gift cards. In your case, it sounds like you could pay the bill online (directly) from the BofA CCR card which should also qualify for the 5.25% without having to purchase gift cards? Or does that not work?

Yes, the BofA CCR card is so versatile with the online category that it virtually covers most of my spend. It is very flexible on what qualifies as online spend. It's even covered as online some new checking account initial funding. The above gift card method, I described, is how I pay my Verizon bills. The only thing is you have to do it once the bill is generated and before your automatic ACH payment.

Verizon has direct payment method locked down. All recent data points show that the only way to make payment without losing your $10 credit per line is by ACH, grandfathered debit card, Verizon Visa or Gift Card(s). Any attempts (auto or direct) to make payment with any other method will generate a warning pop up to the effect that continuing with this payment method will invalidate your $10 credit per line.

Re: Silly Synchrony Shenanigans

Aim_High — Sun, 20 Oct 2024 17:25:24 GMT

@ElvisCaprice wrote:
@Aim_High wrote:
Thanks for the inputs, @ElvisCaprice.

@ElvisCaprice wrote: Hint: Use the BofA CCR to purchase gift certificates on Verizon's website. Free shipping and you get 5.25% for online + keep the Verizon discount of $10 per line for automatic payment (but use the gift cards).
Interesting concept. You've done this successfully, it sounds like? I don't see anything on their website that would preclude it from working. I appreciate that you've studied how to work different legitimate angles like this to optimize your rewards. I will go you one better, though. I mentioned that I had been hesitant to give up my INK Cash rewards on my phone bill (5% cash back redeemable for 7.5% to 10% back in Ultimate Rewards travel.) That is one reason this card went idle, was that the incremental Verizon rewards value was questionable. After looking over the website, it appears I can keep the autopay on Verizon Visa but the website allows having multiple payment methods (including up to 6 credit/debit cards) on file. So, instead of autopaying to INK Cash, I can set up autopay to Verizon Visa but then manually pay to INK Cash, earning even more than the 5.25%, and without having to fool with purchasing and entering gift cards. In your case, it sounds like you could pay the bill online (directly) from the BofA CCR card which should also qualify for the 5.25% without having to purchase gift cards? Or does that not work?
Yes, the BofA CCR card is so versatile with the online category that it virtually covers most of my spend. It is very flexible on what qualifies as online spend. It's even covered as online some new checking account initial funding. The above gift card method, I described, is how I pay my Verizon bills. The only thing is you have to do it once the bill is generated and before your automatic ACH payment.
Verizon has direct payment method locked down. All recent data points show that the only way to make payment without losing your $10 credit per line is by ACH, grandfathered debit card, Verizon Visa or Gift Card(s). Any attempts (auto or direct) to make payment with any other method will generate a warning pop up to the effect that continuing with this payment method will invalidate your $10 credit per line.

Thanks for those tips and clarification, @ElvisCaprice! Interesting that another credit card cannot be used to make a payment yet they allow other payment methods including the gift cards to by-pass the autopay discount policy. I'll have to give that a try.

Yes, I do have the BofA CCR with Platinum Honors and have my category set to online purchases. It tends to get heavier use as my routine grocery card and Costco warehouse for the 3.5% on each than on the online purchases as I don't do a lot of online shopping. I've even considered switching the category to gas since it would beat my Costco Visa at 5.25% versus 4%, which would be one of the best gas rewards rates available. I still may add an additional CCR later to better optimize my BofA rewards for that reason. But it looks like I'm leaving opportunities on the table to save with my online shopping.

Re: Silly Synchrony Shenanigans

zerofire — Sun, 27 Oct 2024 09:09:21 GMT

@Aim_High wrote:
@ElvisCaprice wrote:
@Aim_High wrote:
Thanks for the inputs, @ElvisCaprice.

@ElvisCaprice wrote:   Hint: Use the BofA CCR to purchase gift certificates on Verizon's website. Free shipping and you get 5.25% for online + keep the Verizon discount of $10 per line for automatic payment (but use the gift cards).
Interesting concept.   You've done this successfully, it sounds like? I don't see anything on their website that would preclude it from working. I appreciate that you've studied how to work different legitimate angles like this to optimize your rewards.    I will go you one better, though. I mentioned that I had been hesitant to give up my INK Cash rewards on my phone bill (5% cash back redeemable for 7.5% to 10% back in Ultimate Rewards travel.)   That is one reason this card went idle, was that the incremental Verizon rewards value was questionable. After looking over the website, it appears I can keep the autopay on Verizon Visa but the website allows having multiple payment methods (including up to 6 credit/debit cards) on file. So, instead of autopaying to INK Cash, I can set up autopay to Verizon Visa but then manually pay to INK Cash, earning even more than the 5.25%, and without having to fool with purchasing and entering gift cards.   In your case, it sounds like you could pay the bill online (directly) from the BofA CCR card which should also qualify for the 5.25% without having to purchase gift cards? Or does that not work?
Yes, the BofA CCR card is so versatile with the online category that it virtually covers most of my spend. It is very flexible on what qualifies as online spend. It's even covered as online some new checking account initial funding. The above gift card method, I described, is how I pay my Verizon bills. The only thing is you have to do it once the bill is generated and before your automatic ACH payment.
Verizon has direct payment method locked down. All recent data points show that the only way to make payment without losing your $10 credit per line is by ACH, grandfathered debit card, Verizon Visa or Gift Card(s). Any attempts (auto or direct) to make payment with any other method will generate a warning pop up to the effect that continuing with this payment method will invalidate your $10 credit per line.
Thanks for those tips and clarification, @ElvisCaprice! Interesting that another credit card cannot be used to make a payment yet they allow other payment methods including the gift cards to by-pass the autopay discount policy. I'll have to give that a try.

Yes, I do have the BofA CCR with Platinum Honors and have my category set to online purchases. It tends to get heavier use as my routine grocery card and Costco warehouse for the 3.5% on each than on the online purchases as I don't do a lot of online shopping. I've even considered switching the category to gas since it would beat my Costco Visa at 5.25% versus 4%, which would be one of the best gas rewards rates available. I still may add an additional CCR later to better optimize my BofA rewards for that reason. But it looks like I'm leaving opportunities on the table to save with my online shopping.

The standard max for gas is 5%. There are plenty of cards that actually are issued with that number for rewards from smaller issuers. I personally have one and am rather pleased with it as I don't need to have a giant relationship with this bank. You might want to look into what "online purchases" are a little closer. Even using the BK app or Starbucks app will add the online flag to the transaction and grant you the extra rewards while picking up at location. Just be cautious about the exclusion list which is the longest for that category since it is so overpowered.

Re: Silly Synchrony Shenanigans

unsungivy — Sun, 27 Oct 2024 13:38:01 GMT

@zerofire wrote:
@Aim_High wrote:
@ElvisCaprice wrote:
@Aim_High wrote:
Thanks for the inputs, @ElvisCaprice.

@ElvisCaprice wrote:   Hint: Use the BofA CCR to purchase gift certificates on Verizon's website. Free shipping and you get 5.25% for online + keep the Verizon discount of $10 per line for automatic payment (but use the gift cards).
Interesting concept.   You've done this successfully, it sounds like? I don't see anything on their website that would preclude it from working. I appreciate that you've studied how to work different legitimate angles like this to optimize your rewards.    I will go you one better, though. I mentioned that I had been hesitant to give up my INK Cash rewards on my phone bill (5% cash back redeemable for 7.5% to 10% back in Ultimate Rewards travel.)   That is one reason this card went idle, was that the incremental Verizon rewards value was questionable. After looking over the website, it appears I can keep the autopay on Verizon Visa but the website allows having multiple payment methods (including up to 6 credit/debit cards) on file. So, instead of autopaying to INK Cash, I can set up autopay to Verizon Visa but then manually pay to INK Cash, earning even more than the 5.25%, and without having to fool with purchasing and entering gift cards.   In your case, it sounds like you could pay the bill online (directly) from the BofA CCR card which should also qualify for the 5.25% without having to purchase gift cards? Or does that not work?
Yes, the BofA CCR card is so versatile with the online category that it virtually covers most of my spend. It is very flexible on what qualifies as online spend. It's even covered as online some new checking account initial funding. The above gift card method, I described, is how I pay my Verizon bills. The only thing is you have to do it once the bill is generated and before your automatic ACH payment.
Verizon has direct payment method locked down. All recent data points show that the only way to make payment without losing your $10 credit per line is by ACH, grandfathered debit card, Verizon Visa or Gift Card(s). Any attempts (auto or direct) to make payment with any other method will generate a warning pop up to the effect that continuing with this payment method will invalidate your $10 credit per line.
Thanks for those tips and clarification, @ElvisCaprice! Interesting that another credit card cannot be used to make a payment yet they allow other payment methods including the gift cards to by-pass the autopay discount policy. I'll have to give that a try.

Yes, I do have the BofA CCR with Platinum Honors and have my category set to online purchases. It tends to get heavier use as my routine grocery card and Costco warehouse for the 3.5% on each than on the online purchases as I don't do a lot of online shopping. I've even considered switching the category to gas since it would beat my Costco Visa at 5.25% versus 4%, which would be one of the best gas rewards rates available. I still may add an additional CCR later to better optimize my BofA rewards for that reason. But it looks like I'm leaving opportunities on the table to save with my online shopping.
The standard max for gas is 5%. There are plenty of cards that actually are issued with that number for rewards from smaller issuers. I personally have one and am rather pleased with it as I don't need to have a giant relationship with this bank. You might want to look into what "online purchases" are a little closer. Even using the BK app or Starbucks app will add the online flag to the transaction and grant you the extra rewards while picking up at location. Just be cautious about the exclusion list which is the longest for that category since it is so overpowered.

Just to chime in, yes the CCR Online Shopping for the 5.25% is one of the best, most flexible card categories out there. If you're not aware, it also specifically includes Streaming, Phone Plan, and Cable/Internet payments (this means it beats out the Ink Cash's 5%, @Aim_High ), and they specify "website or app" as valid. Ordering DoorDash? Ordering Groceries delivery? Those are Online Shopping. Pretty much the main specific exclusion is any sort of yearly/monthly membership fee (in which case, use the CFF PayPal category 😜 if possible.)

I've been using my second CCR (the Visa) as a "physically carry around" card for Home Improvement and Costco. Primarily because Home Improvement is an unusual category, and up till now Lowe's and Home Depot did not take contactless pay (Lowe's does now), also it covers most Home Contractors, for example if you need a plumber, that falls into the category.

Starting Oct 31, I'm going to be switching off Home Improvement for the first time in a long time, however, and likely stop carrying the card around. The plan is to switch the category to Travel, which is also a stupidly huge category on the CCR and covers museums, zoos, travel agencies, tours, etc. which are things almost never covered.

With the advent of the PayPal debit card, I've been able to free up the CCC from Restaurants, so it will now become the Home Improvement card (although this only covers stores, not contractors, I can always switch the CCR back in an emergency... but with the $2500 quarterly cap the CCR doesn't cover large scale house needs regardless). Since PayPal and CCC are aligned to the start of the month, that's why I'm waiting to switch the BofA even though that can be switched at any time once a month (doing it on the last day of the month means that I can switch it back immediately starting the next day if needed).

Having had P2 pick up the USBAR, and still working on the SUB for it, it has tapped in for Costco (and a million other places), at 4.5% over the CCR's 3.5%.

*Worth noting that I have a ton of "Travel" cards, but most of these are far better for protections or coupon book purposes than they are for regular earn rate (at least in the US), as most of them give only 2x or 3x points each (the USBAR at 4.5x does not include a lot of daily use Transit/Travel categories, such as Parking or Tolls).

Re: Silly Synchrony Shenanigans

PhilL — Sun, 27 Oct 2024 15:55:14 GMT

Not to distract from the topic at hand, but a general question.

Why does Synchrony seem to do CLDs, balance chase, and even close accounts at a rate higher than other consumer banks?

I've read about them routinely doing this, even to account holders who have very good established credit histories and who always pay on time and in full.

Re: Silly Synchrony Shenanigans

Anonymous — Sun, 27 Oct 2024 17:10:45 GMT

@Aim_High wrote:
Exactly, @JoeRockhead!
All of that and in the end, nothing changed! Lol
Auto CLD and Auto CLD to restore the limit! Strange!
Synch is like, "Oh, that? We didn't really mean it!"

I think it makes some sort of sense. If you hadn't made a purchase, you wouldn't have got a CLI, and after some unknowable length of time, something else might have happened (more CLD or closure). And it saves you a "please restore my limit" phone call, so lets call it a positive feature!

Re: Silly Synchrony Shenanigans

UncleB — Tue, 29 Oct 2024 03:44:50 GMT

@PhilL wrote:
Not to distract from the topic at hand, but a general question.

Why does Synchrony seem to do CLDs, balance chase, and even close accounts at a rate higher than other consumer banks?

I've read about them routinely doing this, even to account holders who have very good established credit histories and who always pay on time and in full.

All we can do here is speculate (unless we have someone with Synchrony management lurking, which in that case, 'Welcome!') but my own thought is they might be likely to tighten the leash more quickly due to their overall underwriting being more lax than many other consumer banks.

While they don't give credit to just anybody with a pulse, they are known to be an easier approval for young people and rebuilders than many consumer banks such as Chase, Citi, BoA, etc. They're also known (at least to people around here) to give quite generous credit lines to people with good/excellent credit, well above what may actually be necessary (i.e. 'utilization padding'). Put another way, easy come, easy go.

Just my 2¢.

Edited to add: I was channeling my inner @Anonymous when posting this; I guess great minds think alike, LOL.