topic Re: Synchrony Bank closed my Sam's card in Mortgage Loans

Synchrony Bank closed my Sam's card

EmmaGolden — Sat, 04 Mar 2023 20:06:24 GMT

I just appled for an FHA 503 Rehab loan for a duplex that I am interested in. Found out the hard way; when I went to place a pick up order that my Sam's card was closed on 3/1. I've had the card for 3 yrs,use it monthly for $200 to $350.I pay it off monthly, never have carried a balance but rewards add up. When I called they say I am a risk for non-payment, total baloney. I work in healthcare with no lay offs for economy expected. I have no lates , not carrying any large balances, in fact my useage has gone down if anything. I opened a 0% card 5 or 6 months ago for medical bills that has gone from close to $3500 down to $850.Will be paid off long before the 0% expires. They also closed my Amazon card, which hasn't been used since 12/22 because I am cutting some of these ridiculous membership fees.

My question is, I finally received an alert today that my cards were closed. The bank has not pulled my credit yet; will these 2 closed by creditor cards hurt my credit?

Re: Synchrony Bank closed my Sam's card

NoMoreE46 — Sat, 04 Mar 2023 21:27:58 GMT

Sorry about your closures. It looks like your are mortgage hunting and asking if these recent closures will hurt your mortgage profile?

Re: Synchrony Bank closed my Sam's card

EmmaGolden — Sat, 04 Mar 2023 22:03:17 GMT

Exactly my question, thank you.

Re: Synchrony Bank closed my Sam's card

cashorcharge — Tue, 07 Mar 2023 22:46:59 GMT

If you've spent time reading some of the "Sync closed my account" threads that were filled in 2021, 2022 and even some in 2023, you will find that the speculation of why SYNC did what they did isn't always clear and while you're profile/history with them is positive, they chose to react as they did.

The account closures will affect your total available credit so if you're carrying balances, you'll notice a utiilzation increase as you lost available credit and that could cause a score decrease. Without those details, it's hard to hypothesis.