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How many Synchrony Financial cards are too many?

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FinStar
Moderator Emeritus

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
Brian_Earl_Spilner
Credit Mentor

Re: How many Synchrony Financial cards are too many?


@Anonymous 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.

    
Message 12 of 25
ZackAttack
Established 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.

MSGCU Rewards | $8kDiscover Cash It | $10kAmex BCP | $15kBest Buy Visa | $20kChase Freedom Flex | $8kDCU Platinum | $8kNFCU Plat | $35kNFCU cashRewards | $24kAffinity FCU Cash Rewards | $7kAmazon Prime | 12.5kChase Unlimited | 16.4kUSAA Cashback Rewards Plus Amex | 10kAmex Business Cash | 10k


Loans
Ford Credit Car Loan 2-year 6/22/2023 ($299/month)
Closed
Michigan Schools & Gov't CU Titanium 1/4/2019 - 10/2/2020
Ford Credit Car Loan 3-year 7/31/2018-6/6/2021
$1,500 Discover Card 10/2/2020 - 8/18/2021
$3,500 Citi DC 10/14/2020 - 12/11/2021
$8,000 DCU Personal Loan 5-year 5.99% 10/2/2020 - 4/30/2021
$8,000 NFCU CashRewards 1/2/2021 - 7/30/2022
$5,000 MSGCU Personal Loan 3-year 7.75% 4/22/2022 - 10/30/2022
Ford Credit Car Loan 2-year 6/7/2021 - 6/22/2023
Message 13 of 25
AverageJoesCredit
Legendary 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
Message 14 of 25
Anonymous
Not applicable

Re: How many Synchrony Financial cards are too many?


@Anonymous 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?

Message 15 of 25
JR_TX
Valued 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.

New cc TLs : 0/6 ; 0/12 ; 0/24 | HPs EX 3 EQ 3 TU 4 | AAoA 7y10m | UTIL 1% - 4% | $300K+ Total Limits

Message 16 of 25
Anonymous
Not applicable

Re: How many Synchrony Financial cards are too many?


@Anonymous wrote:

@Anonymous 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.

 

Message 17 of 25
Anonymous
Not applicable

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.
Message 18 of 25
Anonymous
Not applicable

Re: How many Synchrony Financial cards are too many?


@Anonymous 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).

Message 19 of 25
Anonymous
Not applicable

Re: How many Synchrony Financial cards are too many?

Right, I understand that, I want info on this being limited to 10 states.
Message 20 of 25
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