topic Re: Synchrony Bank closed all of my accounts! in Credit Cards

Synchrony Bank closed all of my accounts!

EvCrvz — Sat, 26 Oct 2024 18:13:13 GMT

After a successful rebuilding in 2019, I applied for Lowe's and was approved for 2k. Since then I have opened additional accounts (Amazon (2020), atHome (2021), PPC, PPMC (2022), CareCredit (2022), WalgreensMC (7/2024), LivingSpaces (7/2024) VerizonMC (3 days ago). Prior to the VerizonMC approval I requested CLIs on PPC, PPMC and CareCredit, each getting approved. I requested a CLI on Lowe's but was declined. Earlier this week, I got a letter from SYNC in regards to my LOWES CLI request and they needed to verify my identity so I called and my CLI for 15k was approved! I was beyond ecstatic for the increase. The next day, I was in the process of paying my Verizon phone bill when I did the prequal for the MC. It came back prequal for 3.5k so I applied and was approved instantly for 3.5k. I used the card to pay my bill and began to wait for my physical card to arrive.

This morning I got a notification stating my WalgreensMC and PPMC in my apple wallet were unavailable for use, so I logged into each account and both said closed! I frantically opened the MySync app and sure enough, all of my accounts were closed. I called Lowe's and LivingSpaces and both said changes reported from TU is why all of my accounts were permanently closed. Idk how this happened when I've never been late, have perfect payment history, and the only accounts with a balance were CareCredit, Lowe's, and Amazon.

My utilization is now at 50% so I'm just waiting on myFICO to update.

Re: Synchrony Bank closed all of my accounts!

Gunnerboy — Sat, 26 Oct 2024 18:43:19 GMT

Don't have any Synchrony products, but from reading similar posts, they freak out when they have too much exposure in one borrower and close all accounts.

Re: Synchrony Bank closed all of my accounts!

Kforce — Sat, 26 Oct 2024 19:03:16 GMT

@Gunnerboy wrote:
Don't have any Synchrony products, but from reading similar posts, they freak out when they have too much exposure in one borrower and close all accounts.

^^^^ This

Search "Synchrony" in the forum and you will find out you are not alone, this is how

they do business. Reason many shy away from that issuer.

Re: Synchrony Bank closed all of my accounts!

GreatLife — Sat, 26 Oct 2024 19:43:31 GMT

Now you're gonna have 3 maxed out cards plus 50% aggregate UT reporting. Can you proactively PIF the Synchrony cards? This is exactly why I avoid the Verizon preapproval, never request a Sync CLI, and dread their auto CLI's. Sorry this happened to you.

Re: Synchrony Bank closed all of my accounts!

cashorcharge — Sat, 26 Oct 2024 20:33:02 GMT

Poking the bear is ill-advised.

Re: Synchrony Bank closed all of my accounts!

FicoMike0 — Tue, 29 Oct 2024 02:59:52 GMT

Another data point demonstrating that sync sucks canal water.

Re: Synchrony Bank closed all of my accounts!

ElvisCaprice — Sat, 26 Oct 2024 21:32:23 GMT

Another example of why CC's are not loans one should ever utilize. Just temporary safer, convenient, rewarding substitutes for cash. Never carry a balance and life will be good. Don't allow the issuer (s) to have any power over your credit score. Lesson learned.

Re: Synchrony Bank closed all of my accounts!

EvCrvz — Sat, 26 Oct 2024 21:52:30 GMT

Yes I have the funds to PIF, but the cards gave discounts and/or incentives I wanted to utilize.

Re: Synchrony Bank closed all of my accounts!

EvCrvz — Sat, 26 Oct 2024 21:54:00 GMT

Yeah, I saw the posts about it occurring to others, but I hoped that wouldn't be my situation since they're "military friendly" 😮‍💨😩

Re: Synchrony Bank closed all of my accounts!

EvCrvz — Sat, 26 Oct 2024 22:01:33 GMT

You are so right.. lesson learned for sure

Re: Synchrony Bank closed all of my accounts!

AndySoCal — Sun, 27 Oct 2024 00:43:24 GMT

You opened 3 new accounts in the last 90 days. In addition to that 4 credit limit increases in that in the last 90 days is this correct? If so this may be the cause of Synchronny closing all your accounts.

Here is why I say that. The account closings are more related to a characteristic not you personally. When a consumer asks for new credit accounts and credit limit increases which is new credit in short periods of time that can be omen of trouble in the offing. In a generic sense can be trouble in the offing because they will need that new credit to make ends meets. Something happens and that consumer can longer make the payments etc and it ends badly for the lender and the consumer. Synchronny is seeing the sum total of all the new credit (including cli's) and is wondering why does a consumer need all of this new credit in such a short period of time. The lender's premise is that a consumer applies for only the credit that a consumer needs. From a lender's perspective does this mean there is a large spending spree coming in the future? If so then what happens.

My suggestion in the future spread out your new account openings and CLI's over a larger period of time. I have opened two new accounts and closed an account in the last 12 months. The new accounts were six months a part. At this point in time no more new accounts for quite a while. Hope this helps.

Re: Synchrony Bank closed all of my accounts!

Jeffster1 — Sun, 27 Oct 2024 03:47:44 GMT

50% utilization plus seeking new credit likely scared Synchrony.

Re: Synchrony Bank closed all of my accounts!

EvCrvz — Sun, 27 Oct 2024 03:51:55 GMT

Jeffster1

Valued Contributor

‎10-26-2024 08:47 PM

Re: Synchrony Bank closed all of my accounts!

50% utilization plus seeking new credit likely scared Synchrony.

With the closures I'll be at 50% util. I was at 33% prior.

Re: Synchrony Bank closed all of my accounts!

EvCrvz — Sun, 27 Oct 2024 03:53:12 GMT

AndySoCal

Valued Contributor

‎10-26-2024 05:43 PM

Re: Synchrony Bank closed all of my accounts!

I think you're right. Lesson learned for sure. I won't pursue additional sync cards.

Re: Synchrony Bank closed all of my accounts!

Jeffster1 — Sun, 27 Oct 2024 04:03:29 GMT

@EvCrvz wrote:
Jeffster1
Valued Contributor

‎10-26-2024 08:47 PM
Re: Synchrony Bank closed all of my accounts!
50% utilization plus seeking new credit likely scared Synchrony.

With the closures I'll be at 50% util. I was at 33% prior.

Carrying an aggregate 33% is still high, and may raise red flags.

Re: Synchrony Bank closed all of my accounts!

NoMoreDebt — Sun, 27 Oct 2024 12:24:17 GMT

@ElvisCaprice wrote:
Another example of why CC's are not loans one should ever utilize. Just temporary safer, convenient, rewarding substitutes for cash. Never carry a balance and life will be good. Don't allow the issuer (s) to have any power over your credit score. Lesson learned.

Ill second this motion.

Re: Synchrony Bank closed all of my accounts!

unsungivy — Sun, 27 Oct 2024 12:54:35 GMT

Yeah, you not only raised the "credit seeking" red flag, you lit it on fire, and sent out evites to attend the party.

Synchrony may do things randomly to a lot of people (I'm one of those who avoid them based on the horror stories so far), but in your case it's completely unsurprising. That was... an unwise batch of moves. 🤷‍♀️

Re: Synchrony Bank closed all of my accounts!

CreditPoor — Sun, 27 Oct 2024 15:33:48 GMT

Having high balances on non-Synchrony credit cards could potentially trigger account closures, especially if it affects your overall credit profile. Synchrony, like other credit card issuers, periodically reviews customers’ credit reports and considers their overall debt-to-income ratio and credit utilization, even on non-Synchrony accounts. High balances elsewhere might make them view you as a higher credit risk, especially if you’re approaching credit limits or have large outstanding balances relative to your income.

Re: Synchrony Bank closed all of my accounts!

SouthJamaica — Sun, 27 Oct 2024 18:10:29 GMT

@EvCrvz wrote:
After a successful rebuilding in 2019, I applied for Lowe's and was approved for 2k. Since then I have opened additional accounts (Amazon (2020), atHome (2021), PPC, PPMC (2022), CareCredit (2022), WalgreensMC (7/2024), LivingSpaces (7/2024) VerizonMC (3 days ago). Prior to the VerizonMC approval I requested CLIs on PPC, PPMC and CareCredit, each getting approved. I requested a CLI on Lowe's but was declined. Earlier this week, I got a letter from SYNC in regards to my LOWES CLI request and they needed to verify my identity so I called and my CLI for 15k was approved! I was beyond ecstatic for the increase. The next day, I was in the process of paying my Verizon phone bill when I did the prequal for the MC. It came back prequal for 3.5k so I applied and was approved instantly for 3.5k. I used the card to pay my bill and began to wait for my physical card to arrive.

This morning I got a notification stating my WalgreensMC and PPMC in my apple wallet were unavailable for use, so I logged into each account and both said closed! I frantically opened the MySync app and sure enough, all of my accounts were closed. I called Lowe's and LivingSpaces and both said changes reported from TU is why all of my accounts were permanently closed. Idk how this happened when I've never been late, have perfect payment history, and the only accounts with a balance were CareCredit, Lowe's, and Amazon.

My utilization is now at 50% so I'm just waiting on myFICO to update.

This is typical Synchrony conduct.

Re: Synchrony Bank closed all of my accounts!

Tiggr — Mon, 28 Oct 2024 01:59:53 GMT

Even with high utilization, I still think it's insane they would close all without communicating it beforehand or doing any sort of adverse actions like CLDs. I think sync threw the baby out with the bathwater with no concern in the first place.