A good run with Synchrony Bank but it's over now

[FinStar]

---

@12njoy wrote:

---

@FinStar wrote:

---

@12njoy wrote:

A little CLD or shall I say a complete shutdown of all five accounts.  That's 90k gone in one swoop.  Easy come, easy go.  Now Synchrony is added to the likes of 5/3, comenity, chase, BofA.  I think I'll have capital one, Huntington bank and FNBO coming next since I'm top heavy with them.  That's about 360k between the three. Good thing for a nice cushion to offset the CLD.  

---

Yikes.

When did they shut down your SYNCB cards?

So, your 5/3 accounts were closed as well...when?  How many did you have with them?  I think the max was 3, but I recall you were able to get 4?  Recently, 5/3 only allows 2 cards as the max number (of course, CLIs are a different story).

I remember Comenity closed your cards after the IKEA approval.

No bueno 🥴

Seems like you're dealing with it ok...maybe?

---

Synchrony just closed all cards on September 16th. I had 4 cards with 5/3.  They didn't close my accounts, they did CLD  and then I just closed them all.  I'm totally ok with Synchrony.  They served their purpose.  I'm at another standstill now.  No new credit for a while.  

---

Ok gotcha.

I would think that FNBO and Huntington *could* CLD (or close) accounts if your revolving or installment loan debt has increased proportionally. If that isn't the case, then it's likely you're safe until you can ride out the storm of these recent SYNCB closures.

Are your KeyBank accounts/PLOC still intact?

[12njoy]

---

@UncleB wrote:

This is lousy, indeed, @12njoy.    I'm still holding my breath that they won't come for me.

I know all we can do is speculate, but do you think the recent CLI on the BP card put you "on the radar"?

Also, if you don't mind sharing, what other Synchrony cards did you have? 

My oldest credit card is Lowe's (17 years)... I'm hoping it'll somehow survive their axe a bit longer.

---

Hello Uncle B when I called to inquire and pay off my BP balance, the rep said it was possible due to a recent CLI.  I had the following:

Tjx Mastercard 20k

PayPal Mastercard 20k

Rakuten visa 20k

Old navy visa 10k

BP visa 10k

PayPal credit 10k

I guess that 100k we always talked about got me looking back at it got me.  Strange though because before capital one took over Walmart Mastercard, I used to have 106,000

[12njoy]

---

@Anonymous wrote:

That is just horrible. But you are not alone. Synchrony closed all 7 of my accounts back in October 2020. I have not had any other lender close any of my accounts since and no CLD's.

I feel bad for you as I know what it feels like, but the good news is that I did get many new cards since so I didnt need Synchrony after all

Thanks for your post

Mark

---

Thanks Mark. Way to go

[12njoy]

---

@FinStar wrote:

---

@12njoy wrote:

---

@FinStar wrote:

---

@12njoy wrote:

A little CLD or shall I say a complete shutdown of all five accounts.  That's 90k gone in one swoop.  Easy come, easy go.  Now Synchrony is added to the likes of 5/3, comenity, chase, BofA.  I think I'll have capital one, Huntington bank and FNBO coming next since I'm top heavy with them.  That's about 360k between the three. Good thing for a nice cushion to offset the CLD.  

---

Yikes.

When did they shut down your SYNCB cards?

So, your 5/3 accounts were closed as well...when?  How many did you have with them?  I think the max was 3, but I recall you were able to get 4?  Recently, 5/3 only allows 2 cards as the max number (of course, CLIs are a different story).

I remember Comenity closed your cards after the IKEA approval.

No bueno 🥴

Seems like you're dealing with it ok...maybe?

---

Synchrony just closed all cards on September 16th. I had 4 cards with 5/3.  They didn't close my accounts, they did CLD  and then I just closed them all.  I'm totally ok with Synchrony.  They served their purpose.  I'm at another standstill now.  No new credit for a while.  

---

Ok gotcha.

I would think that FNBO and Huntington *could* CLD (or close) accounts if your revolving or installment loan debt has increased proportionally. If that isn't the case, then it's likely you're safe until you can ride out the storm of these recent SYNCB closures.

Are your KeyBank accounts/PLOC still intact?

---

I just took out a 50k personal loan to consolidate all my debt (HELOC, daughter's car, credit cards and a student loan). I'm not worried until I get below 500k. That was my magical number when I first started my rebuild, I just exceeded that.   FNBO just increased one of my cards with auto love from 25k to 38k but they could certainly try something.  FNBO is very bug on FICO score from what a rep told me previously. Key bank is still solid for now, but I want be requesting any CLI's anytime soon.

[FinStar]

---

@12njoy wrote:

---

@FinStar wrote:

---

@12njoy wrote:

---

@FinStar wrote:

---

@12njoy wrote:

A little CLD or shall I say a complete shutdown of all five accounts.  That's 90k gone in one swoop.  Easy come, easy go.  Now Synchrony is added to the likes of 5/3, comenity, chase, BofA.  I think I'll have capital one, Huntington bank and FNBO coming next since I'm top heavy with them.  That's about 360k between the three. Good thing for a nice cushion to offset the CLD.  

---

Yikes.

When did they shut down your SYNCB cards?

So, your 5/3 accounts were closed as well...when?  How many did you have with them?  I think the max was 3, but I recall you were able to get 4?  Recently, 5/3 only allows 2 cards as the max number (of course, CLIs are a different story).

I remember Comenity closed your cards after the IKEA approval.

No bueno 🥴

Seems like you're dealing with it ok...maybe?

---

Synchrony just closed all cards on September 16th. I had 4 cards with 5/3.  They didn't close my accounts, they did CLD  and then I just closed them all.  I'm totally ok with Synchrony.  They served their purpose.  I'm at another standstill now.  No new credit for a while.  

---

Ok gotcha.

I would think that FNBO and Huntington *could* CLD (or close) accounts if your revolving or installment loan debt has increased proportionally. If that isn't the case, then it's likely you're safe until you can ride out the storm of these recent SYNCB closures.

Are your KeyBank accounts/PLOC still intact?

---

I just took out a 50k personal loan to consolidate all my debt (HELOC, daughter's car, credit cards and a student loan). I'm not worried until I get below 500k. That was my magical number when I first started my rebuild, I just exceeded that.   FNBO just increased one of my cards with auto love from 25k to 38k but they could certainly try something.  FNBO is very bug on FICO score from what a rep told me previously. Key bank is still solid for now, but I want be requesting any CLI's anytime soon.

---

Thanks for the extra DPs, which helps to sort of discern a pattern for some of their AA.

Was that $50K loan reporting already?  And, it was a PL, not a home equity loan, correct?  Is your mortgage almost paid off or...?

Besides the $50K loan, was there any other revolving debt lingering for a while?

Good to know KeyBank and the others remain ok so far.

[12njoy]

@FinStar the 50k is a personal signature loan. It's not reporting yet but it took me 3 inquiries before getting approved (shopping best rates).  I think between the inquiries, 100k exposure and the CLI,  I was doomed.  Still have about 120k on mortgage but don't think that was a factor.

[Creditplz]

Ouch, sorry Op... I lived through the 90-95k closure of my Ebates (now rakuten), Stash, Marvel, Walmart, Chevron, Cathay Pacific and a few others back in 2017?. I believe that's when they sent many people on this form a pink 4506T paper to fill out and still closed them regardless... 

I'm not a fan of Synchrony since then, still kinda bitter...

[FinStar]

---

@12njoy wrote:

@FinStar the 50k is a personal signature loan. It's not reporting yet but it took me 3 inquiries before getting approved (shopping best rates).  I think between the inquiries, 100k exposure and the CLI,  I was doomed.  Still have about 120k on mortgage but don't think that was a factor.

---

Alright. So, just keep an eye on the others.  I'm hoping FNBO and Huntington leave things intact.  How many Huntington CCs do you still have?  10-15? 😂  I knew you broke the barrier and I lost count.

I adjusted my SYNCB exposure a while back.  Some of mine were closed due to inactivity during the early phases of the pandemic (plus I didn't pay too close attention since some of them shortened the period of inactivity from 12 to 6 months).  Cathay, eBay MC, Banana Visa and Lowe's went *poof*.  The others were fine since I was using them (Rakuten, Sam's MC, Belk MC, etc.).  I reapplied for the Banana Visa a couple months ago and so far so good.  But, then I closed CareCredit (wasn't using it as much), closed Marvel (it was doomed already lol) and Venmo Visa (rewards overlap with other CCs).  I haven't really poked them for CLIs since the limits are adequate for the ones I have.  But, I know they're always looking!

[12njoy]

@FinStar I have 6 cards with Huntington.  The last card I got with them a couple of years ago they approved for 12k to match my other 5 but the did an immediate CLD saying the sixth card exceeded their credit max so they lowered that one to 5850.  Strange number I know.  I really think FNBO will hit me I have 5 cards at 25k a piece and my sixth at 38k.  That's a lot with one lender.  I have a 100k with capital one: venture at 50k, Walmart Mastercard at 20k and two cabella Visa's at 15k each. They are probably on the block too.  I have plenty with key too.  If it happens it happens.  This has been nothing more than a sport for me.

[CreditInspired]

---

@12njoy wrote:

A little CLD or shall I say a complete shutdown of all five accounts.  That's 90k gone in one swoop.  Easy come, easy go.  Now Synchrony is added to the likes of 5/3, comenity, chase, BofA.  I think I'll have capital one, Huntington bank and FNBO coming next since I'm top heavy with them.  That's about 360k between the three. Good thing for a nice cushion to offset the CLD.  

---

You're taking it with an optimistic outlook. Kudos to you. We're use to ranting, raving, and blame. I must say, this is a breath of fresh air. 

Again, kudos for keeping it real, and yes, it does help to have a nice size cushion. 

I hope you don't incur any more deep slashes. 

GL2U