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How many Synchrony Financial cards are too many?

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Moderator

Re: How many Synchrony Financial cards are too many?

OP, just be selective with any SYNCB CCs and space them out accordingly. You can have as many as they can approve you for, but do some research beforehand to determine what's suitable for your lifestyle and goals. So, if it's 4 SYNCB CCs (or 5, 6, etc.) then so be it.

After all, this is your profile and you do what's best for you.
Message 11 of 25
Super Contributor

Re: How many Synchrony Financial cards are too many?


@Obscure-Expert wrote:

The more you add the lower your isnurance score will be resuting in higher premiums.

 

Store cards i.e. Sync / Comenity lower your CBIS scores and result in higher insurance costs.  

 

Sync though isn't usually tempermental about multiple accounts unless you add several in a short period of time and then they restrict spending on them until you provide POI to them to restore access.  They also have a 100K per person limit.


Just want to throw in, there's only 10 or so states that this is allowed in anymore.








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Message 12 of 25
Regular Contributor

Re: How many Synchrony Financial cards are too many?


@kdm31091 wrote:

Generally I would not build up my portfolio with a bunch of Synch (or Comenity) cards. It's not that they are the worst, it's just that they're far from the best and you can do better elsewhere. Don't pile up on cards from any one lender IMO, spread things around so you end up with a few major cards from different banks. That's not to say you have to end up with a dozen cards though - just that you should choose carefully and don't overload on easy to get cards that have limited use.


+1

 

I do know Synchrony has a ton of the same card that some other lenders have.

 

Citi ... PayPal

Cap 1 Savor ... Marvel

 

On the note, I do agree with using different lender and not stockpiling on just one lender. For me, I am going to poke others lenders so that I can have a few more chances of getting a good CL vs a different lender seeing something fishy that a person has only done business with this lender.

 

Although the Savor and Marvel card are somewhat interesting. Both do have Dining and Entertainment Cashback + 1% back on everything. Entertainment is rare that I have seen to find on a card. Cap 1 does offer 2% back for groceries, but Amex BCE can beat it.

Michigan Schools & Gov't Credit Union Classic Visa Card | $1kDiscover Student Cash Back | $1700Capital One Savor Card v1 | $11k AUAmex 1.5% CB | $2kBest Buy Store Card | $3k
Message 13 of 25
Community Leader
Super Contributor

Re: How many Synchrony Financial cards are too many?

No need to get a bazzilion Sync cards but for some of us, those " other " lenders arent available to us so we make do with what we can getSmiley Wink
Charter Member of the Discover " No Cli For You " Club !

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Message 14 of 25

Re: How many Synchrony Financial cards are too many?


@Obscure-Expert wrote:

The more you add the lower your isnurance score will be resuting in higher premiums.

 

Store cards i.e. Sync / Comenity lower your CBIS scores and result in higher insurance costs.  

 

Sync though isn't usually tempermental about multiple accounts unless you add several in a short period of time and then they restrict spending on them until you provide POI to them to restore access.  They also have a 100K per person limit.


I had no idea these cards lowered your insurance score. Any suggestion on where I can find more info on this?

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Message 15 of 25
Established Contributor

Re: How many Synchrony Financial cards are too many?

If you wanna fly under the Sync radar I say 2-3 total accounts with them but it’s always YMMV.

BK7 dc in 01/2011 with FICO8 in the 500s

HPs EX 4 EQ 3 TU 1
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UTIL 1% - 3%

$180K+ Total Limits







New cc TLs 1/12(11 month old) & 3/24
Message 16 of 25
Highlighted
Contributor

Re: How many Synchrony Financial cards are too many?


@xoxo_patrina wrote:

@Obscure-Expert wrote:

The more you add the lower your isnurance score will be resuting in higher premiums.

 

Store cards i.e. Sync / Comenity lower your CBIS scores and result in higher insurance costs.  

 

Sync though isn't usually tempermental about multiple accounts unless you add several in a short period of time and then they restrict spending on them until you provide POI to them to restore access.  They also have a 100K per person limit.


I had no idea these cards lowered your insurance score. Any suggestion on where I can find more info on this?


Typically states will not allow credit-based insurance scores to be used as the sole basis for increasing rates or denying, cancelling or not renewing policies. Some states prohibit credit-based insurance scores being used as the sole basis in underwriting or rating decisions. Some states require insurers to notify applicants or insureds that adverse credit-related decisions have been taken regarding pending applications or existing coverage based on the consumer's credit score. A few states, (Georgia, Hawaii, Maryland, Oregon, and Utah), have established prohibitions on the use of credit history information in certain circumstances.

 

Open LOC:
Paid-off Installment Loans:
2018:
2019:
Message 17 of 25
Valued Contributor

Re: How many Synchrony Financial cards are too many?

It will never be the sole reason, and if it is they will not admit it.

Brian_Earl_Spilner Please give more information on the 10 state thing.
New:




Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 18 of 25
Contributor

Re: How many Synchrony Financial cards are too many?


@Birdman7 wrote:
It will never be the sole reason, and if it is they will not admit it.

Brian_Earl_Spilner Please give more information on the 10 state thing.

Insurers use credit-based insurance scores primarily in underwriting and rating of consumers. Underwriting is the process by which the insurer determines whether a consumer is eligible for coverage and rating is the process that determines how much premium to charge a consumer. The credit-based insurance score models used by insurers are designed to predict the risk of loss. Insurers use credit-based insurance scores for underwriting to assign consumers to a pool based on risk and then for rating by deciding how to adjust the premium up or down. Insurers argue that the use of credit-based insurance scores is necessary to properly evaluate risk and charge individual policyholders rates that most closely align with their true risk. They also note that not using credit-based insurance scores could result in lower-risk individuals bearing some of the costs from higher-risk individuals. Consumer groups continue to have concerns with the use of credit based insurance scores, including the fact  that most consumers do not understand the concept of credit-based insurance scoring or how or why it works. Many consumers are not even aware that their credit characteristics are being used to create a score that will then affect their purchase of an insurance policy. Even if they have the knowledge of the existence of credit-based insurance scores, it is not intuitive for consumers to understand how credit-based insurance scores work or why they work. Some groups allege that the use of credit-based insurance scores falls disproportionately on certain minority and low income groups. Moreover, the use of credit-based insurance scores may not appropriately encompass unforeseen life events (events outside consumers' direct control).

Open LOC:
Paid-off Installment Loans:
2018:
2019:
Message 19 of 25
Valued Contributor

Re: How many Synchrony Financial cards are too many?

Right, I understand that, I want info on this being limited to 10 states.
New:




Installment loan reported this month,so technically, I'm at 2 months, but AoYA points were NOT reset. When new CCs hit and it is reset, I'll put the number it is.+1,+2,+2(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated AUG 4, '19. Since then, 5 HP dings to add; will update again.
Message 20 of 25
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