Synchrony

[MCM1]

If you have all your acounts closed - for no known reason - no lates, no changes in credit, no payment issues, nothing.......how long do you have to wait to apply again for an account with them?   Do they show the account on the credit bureaus as simply closed or do they note CLOSeD BY CREDITOR which makes it much worswe?????    Any thoughts or comments? 

[M_Smart007]

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@MCM1 wrote:

If you have all your acounts closed - for no known reason - no lates, no changes in credit, no payment issues, nothing.......how long do you have to wait to apply again for an account with them?   Do they show the account on the credit bureaus as simply closed or do they note CLOSeD BY CREDITOR which makes it much worswe?????    Any thoughts or comments? 

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@MCM1, Sorry for your SYNCB AA.

As far as showing closed by "Credit Grantor" that is exactly what it will show.

Will it make a diiference to your scores or getting approved?, I have found it is not the case.

How long to get back in?,  my case was about year and a half or so.

I now only have (1) Synchrony card .. Lowe's

I refuse to app for a second card with them.

[FinStar]

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@MCM1 wrote:

If you have all your acounts closed - for no known reason - no lates, no changes in credit, no payment issues, nothing.......how long do you have to wait to apply again for an account with them?   Do they show the account on the credit bureaus as simply closed or do they note CLOSeD BY CREDITOR which makes it much worswe?????    Any thoughts or comments? 

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Sounds like your accounts got closed by AA? 🫠 I'm fairly certain they had internal reason(s) for doing so, but that's for SYNCB to determine that, regardless of whether you may think of "no known reason" for them to do so.

The accounts will reported as closed by credit grantor. If you had several of them closed at the same time, potentially any UW team reviewing things under manual review may ask, but it would depend on the lender. Most often, algorithms will be doing this task. However, as far as the notation on CRAs, it's not a weighted factor scoring-wise.

As far as how soon, it will depend on each of the CC programs. Some can be re-applied in about as short as ~6 months while others may take longer. There's no exact timeframe and YEMV 🤷‍♂️

[sarge12]

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@FinStar wrote:

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@MCM1 wrote:

If you have all your acounts closed - for no known reason - no lates, no changes in credit, no payment issues, nothing.......how long do you have to wait to apply again for an account with them?   Do they show the account on the credit bureaus as simply closed or do they note CLOSeD BY CREDITOR which makes it much worswe?????    Any thoughts or comments? 

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Sounds like your accounts got closed by AA? 🫠 I'm fairly certain they had internal reason(s) for doing so, but that's for SYNCB to determine that, regardless of whether you may think of "no known reason" for them to do so.

The accounts will reported as closed by credit grantor. If you had several of them closed at the same time, potentially any UW team reviewing things under manual review may ask, but it would depend on the lender. Most often, algorithms will be doing this task. However, as far as the notation on CRAs, it's not a weighted factor scoring-wise.

As far as how soon, it will depend on each of the CC programs. Some can be re-applied in about as short as ~6 months while others may take longer. There's no exact timeframe and YEMV 🤷‍♂️

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It might not have any data points that the cardholder can identify though. In a down economy, if SYNCB shows an uptick in defaults among those who fit in a range of profiles, SYNCB might very well choose to decrease their exposure to those with similar profiles. In such cases, the cardholder can become bewildered trying to pinpoint what they did wrong, when it might not be anything they personally did. I think, with SYNCB that sometimes happens to be the case. The key to a healthy profile IMO is to have a very diversified profile, limiting exposure to any issuer. That way, if any issuer closes all your cards, it has little if any impact on your fico scores. I personally limit mine to 2 per bank except very rare occasions. 2 account closures out of over 20 credit cards will be a blip on the radar.

[sarge12]

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@MCM1 wrote:

If you have all your acounts closed - for no known reason - no lates, no changes in credit, no payment issues, nothing.......how long do you have to wait to apply again for an account with them?   Do they show the account on the credit bureaus as simply closed or do they note CLOSeD BY CREDITOR which makes it much worswe?????    Any thoughts or comments? 

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I have never seen any evidence at all that closed by issuer, has any impact over closed by cardholder. To the best of my knowledge, closed is closed, if it has a 0 balance. Not sure where people got the perception that a closed by issuer remark is much worse. I have multiple dormant cards that I am just waiting for the issuer to close. Closing a card with no AF, thus reducing my total credit lines and increasing utilization makes little sense to me usually. I am planning to thin the herd by letting dormant cards be closed by the issuers.

[FinStar]

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@sarge12 wrote:

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@FinStar wrote:

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@MCM1 wrote:

If you have all your acounts closed - for no known reason - no lates, no changes in credit, no payment issues, nothing.......how long do you have to wait to apply again for an account with them?   Do they show the account on the credit bureaus as simply closed or do they note CLOSeD BY CREDITOR which makes it much worswe?????    Any thoughts or comments? 

---

Sounds like your accounts got closed by AA? 🫠 I'm fairly certain they had internal reason(s) for doing so, but that's for SYNCB to determine that, regardless of whether you may think of "no known reason" for them to do so.

The accounts will reported as closed by credit grantor. If you had several of them closed at the same time, potentially any UW team reviewing things under manual review may ask, but it would depend on the lender. Most often, algorithms will be doing this task. However, as far as the notation on CRAs, it's not a weighted factor scoring-wise.

As far as how soon, it will depend on each of the CC programs. Some can be re-applied in about as short as ~6 months while others may take longer. There's no exact timeframe and YEMV 🤷‍♂️

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It might not have any data points that the cardholder can identify though. In a down economy, if SYNCB shows an uptick in defaults among those who fit in a range of profiles, SYNCB might very well choose to decrease their exposure to those with similar profiles. In such cases, the cardholder can become bewildered trying to pinpoint what they did wrong, when it might not be anything they personally did. I think, with SYNCB that sometimes happens to be the case. The key to a healthy profile IMO is to have a very diversified profile, limiting exposure to any issuer. That way, if any issuer closes all your cards, it has little if any impact on your fico scores. I personally limit mine to 2 per bank except very rare occasions. 2 account closures out of over 20 credit cards will be a blip on the radar.

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@sarge12 -- That's one side of the coin, though, since plenty of SYNCB cardholders remain unaffected. Also, the OP hasn't provided any other details such as whether their appetite for credit has been significant throughout the past 12 months or so, the number of accounts or tradelines opened, inquiries, frequency of SYNCB CLI requests, etc. In other words, we don't have a complete picture to know what SYNCB assessed.

At one point my exposure with SYNCB was over $100K and dating back to the GEMB/GECRB days -- never an issue with AA as far as mass closures even with the infamous 'blue envelopes' were the thing despite other credit activities -- even to this day. Bottom line, no one is immune to what SYNCB may do (myself included) and SYNCB tends to limit its exposure or risk where it may see fit, whether in a downturn in the economy or otherwise.

[sarge12]

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@FinStar wrote:

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@sarge12 wrote:

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@FinStar wrote:

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@MCM1 wrote:

If you have all your acounts closed - for no known reason - no lates, no changes in credit, no payment issues, nothing.......how long do you have to wait to apply again for an account with them?   Do they show the account on the credit bureaus as simply closed or do they note CLOSeD BY CREDITOR which makes it much worswe?????    Any thoughts or comments? 

---

Sounds like your accounts got closed by AA? 🫠 I'm fairly certain they had internal reason(s) for doing so, but that's for SYNCB to determine that, regardless of whether you may think of "no known reason" for them to do so.

The accounts will reported as closed by credit grantor. If you had several of them closed at the same time, potentially any UW team reviewing things under manual review may ask, but it would depend on the lender. Most often, algorithms will be doing this task. However, as far as the notation on CRAs, it's not a weighted factor scoring-wise.

As far as how soon, it will depend on each of the CC programs. Some can be re-applied in about as short as ~6 months while others may take longer. There's no exact timeframe and YEMV 🤷‍♂️

---

It might not have any data points that the cardholder can identify though. In a down economy, if SYNCB shows an uptick in defaults among those who fit in a range of profiles, SYNCB might very well choose to decrease their exposure to those with similar profiles. In such cases, the cardholder can become bewildered trying to pinpoint what they did wrong, when it might not be anything they personally did. I think, with SYNCB that sometimes happens to be the case. The key to a healthy profile IMO is to have a very diversified profile, limiting exposure to any issuer. That way, if any issuer closes all your cards, it has little if any impact on your fico scores. I personally limit mine to 2 per bank except very rare occasions. 2 account closures out of over 20 credit cards will be a blip on the radar.

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@sarge12 -- That's one side of the coin, though, since plenty of SYNCB cardholders remain unaffected. Also, the OP hasn't provided any other details such as whether their appetite for credit has been significant throughout the past 12 months or so, the number of accounts or tradelines opened, inquiries, frequency of SYNCB CLI requests, etc. In other words, we don't have a complete picture to know what SYNCB assessed.

At one point my exposure with SYNCB was over $100K and dating back to the GEMB/GECRB days -- never an issue with AA as far as mass closures even with the infamous 'blue envelopes' were the thing despite other credit activities -- even to this day. Bottom line, no one is immune to what SYNCB may do (myself included) and SYNCB tends to limit its exposure or risk where it may see fit, whether in a downturn in the economy or otherwise.

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Reading posts here about Synchrony, I have often wondered if Synchrony uses lottery balls, roulette wheels, or dice to make some of these decisions. Most other issuers are easier to predict what might lead to AA. Of course that might be partially due to most not having 10 credit cards at any other single issuer. Are we 100% sure there is not some wheel of misfortune in play with Synchrony?

[FinStar]

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@sarge12 wrote:

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Reading posts here about Synchrony, I have often wondered if Synchrony uses lottery balls, roulette wheels, or dice to make some of these decisions. Most other issuers are easier to predict what might lead to AA. Of course that might be partially due to most not having 10 credit cards at any other single issuer. Are we 100% sure there is not some wheel of misfortune in play with Synchrony?

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Well, whatever methodology is used let's bring back the discussion back on topic to what the OP had initially asked since some responses have already addressed it further upthread.

[biznob]

This happened to me.   I had around 20 Synchrony Cards.  Well over 150K in Available Credit.

First round of around 10 closures was when COVID hit.    Second round was when i sold my house and purchased a new house and did the change of address.  My utilzation across all accounts was at 1%.  No risky purchases or anything outside of a change of address.  In reality, i had overpaid on two accounts and they owed me about 3K which i had to call and ask for since they left it sitting in two closed accounts.

The only account the kept open for some reason was my VENMO Visa.  

I will never open a synch account again.  They are stupid.  The closed my sams store card with i think around a $7500 limit.  I went to sams club a few days later and a preapproval popped up for their mastercard with a 14K limit.  Swiftly hit decline.  I had a Dicks preapproval when checking out the other day that i declined also.  

This all happened around June/July this year, so you can probably reapply if your dying to get a synchrony card again.

[Rottweilerlvr]

What does AA mean?