Synchrony

[Jnbmom]

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@Rottweilerlvr wrote:

What does AA mean? 

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Adverse action 

[HarleyGirlInDallas]

YES!  I had CareCredit, Chevron, and Mattress Firm with them and they closed all of them within 2 weeks of one another. Never sent a late payment, never asked for a CLI, etc. 

The only thing I could figure was that they saw my balances jump on some of my V/MC's...and that was due to paying for my Mom's funeral.  But, obviously, I didn't use any of the Sync cards for that.  The CareCredit had only been used to pay for regular vet visits for my dog and the most that balance ever got was $150 but it was paid right off; the limit was $2,800 on that card.

Also, those V/MC's that were used for funeral expenses, they were never affected by those lenders....and with the exception of 2 cards with a combined balance due of $2,800, everything is going to be paid off in full.  

Fun Fact: 2 days after learning my last Sync account had been closed by them, I received a notification from CFNA that my Firestone CL had been increased from $1,600 to $2,400 without me even asking for an increase.  Truth, is indeed, stranger than fiction...

[Drifter73]

It appears Synchrony's algorithm leverages a formula of DTI including all loans and all CC's (not just theirs) verses income reported and flags when your Utilization indicates future distressed repayment. Resulting in a network wide shut down as part of their loss prevention system.

No clue what the exact formula might be, but I would imagine keeping UTI and DTI under control in 30%/40% or less ranges would avoid a network algorithm shutdown. 

So far so good with my x3 Synch accounts, but then, I only reach 30% a couple times a year and have it back down to 6% or less within 60 days max.

[Snoopy916]

I had lowes, PP credit, PP MC, Care Credit, Discount Tire, Chevron, Amazon and Venmo thru them. Maybe another 1 or 2, can't remember

around 680 credit score at the time. Never late, never carried a balance unless it was a promo APR.  Used them quite a bit.  i think my limits were all between $5,000-$10,000. Also, had zero missed payments on any other non-synchrony card, and my carried no balances on my other cards as well. Only loans I had were a mortgage ($1,800 a month 2.625% rate) and a car loan ($ 425/month @ 1.9%). I make about $220k a year, so DTI was pretty good, but they still felt the need to just kill everything.

They shut them all down a little over a year ago except Venmo and Amazon, and tanked my credit score about 25 pts for a bit. Then about 2 months later, shut those down as well.

About a year later (Score now 736), I applied for PP credit again. Approved $750.  Then I did the amazon secured approved for $1000 a month later.  Today, I got an offer to apply for the PP MC soft-inquiry, so said what the hell $7,000 approval.  Might try for Care Credit in a few months and then stop with synchrony because I like the 0% promo if I have a vet emergency.  Just hope they don't burn me again.

Synchrony is weird.  Also, with my 2nd PP credit account, I used it for $700, paid it off in full about a momth ago now, but still says I have a $750 credit limit, but only $50 available for whatever reason. Doesn't take a month for an ACH to clear

[sarge12]

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@Snoopy916 wrote:

I had lowes, PP credit, PP MC, Care Credit, Discount Tire, Chevron, Amazon and Venmo thru them. Maybe another 1 or 2, can't remember

around 680 credit score at the time. Never late, never carried a balance unless it was a promo APR.  Used them quite a bit.  i think my limits were all between $5,000-$10,000. Also, had zero missed payments on any other non-synchrony card, and my carried no balances on my other cards as well. Only loans I had were a mortgage ($1,800 a month 2.625% rate) and a car loan ($ 425/month @ 1.9%). I make about $220k a year, so DTI was pretty good, but they still felt the need to just kill everything.

They shut them all down a little over a year ago except Venmo and Amazon, and tanked my credit score about 25 pts for a bit. Then about 2 months later, shut those down as well.

About a year later (Score now 736), I applied for PP credit again. Approved $750.  Then I did the amazon secured approved for $1000 a month later.  Today, I got an offer to apply for the PP MC soft-inquiry, so said what the hell $7,000 approval.  Might try for Care Credit in a few months and then stop with synchrony because I like the 0% promo if I have a vet emergency.  Just hope they don't burn me again.

Synchrony is weird.  Also, with my 2nd PP credit account, I used it for $700, paid it off in full about a momth ago now, but still says I have a $750 credit limit, but only $50 available for whatever reason. Doesn't take a month for an ACH to clear

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I struggle to comprehend why you are still wishing to get back in with Synchrony after they did that. Any card issuer that shuts a card of mine down for no good reason has lost my business. Now, of course, I expect some to be closed due to non-use, and I don't blame them for that. If I am using their cards however, and I always pay very early, and they still close my account, I have no time for that nonsense. That is just me though, and I admittedly have little love for credit card issuers in general. About two years ago, I apped for a Capital One Walmart card and was denied, I have not used my Capital One Quicksilver card ever since. It will likely be closed soon for non-use. It saw steady use until the denial, but I do not like their triple pull for apps anyway.