How to avoid a shutdown?

Jojo567 · ‎04-19-2020

With all that is going on, what are you doing to try to prevent a shutdown? My favorite card from Synchrony is the Paypal cashback and they are starting to shut people down. I also notice just now when my statement ended my minimum payment is slightly higher 25->28. However, I always pay in full. My exposure with them is relatively low at only $179/$3250. I have opened many new accounts in the past year, so i may be considered risky. Should I pay my balance off in full before statement cuts? I am a first responder and not affected by covid-19. My fico scores are 726 ex 748 eq and 752 tu

AllZero · ‎04-19-2020

@Jojo567 wrote:
With all that is going on, what are you doing to try to prevent a shutdown? My favorite card from Synchrony is the Paypal cashback and they are starting to shut people down. I also notice just now when my statement ended my minimum payment is slightly higher 25->28. However, I always pay in full. My exposure with them is relatively low at only $179/$3250. I have opened many new accounts in the past year, so i may be considered risky. Should I pay my balance off in full before statement cuts? I am a first responder and not affected by covid-19. My fico scores are 726 ex 748 eq and 752 tu

It does not appear you are over exposed with Synchrony. I think you are good to go.

CYBERSAM · ‎04-19-2020

@Jojo567 wrote:
With all that is going on, what are you doing to try to prevent a shutdown? My favorite card from Synchrony is the Paypal cashback and they are starting to shut people down. I also notice just now when my statement ended my minimum payment is slightly higher 25->28. However, I always pay in full. My exposure with them is relatively low at only $179/$3250. I have opened many new accounts in the past year, so i may be considered risky. Should I pay my balance off in full before statement cuts? I am a first responder and not affected by covid-19. My fico scores are 726 ex 748 eq and 752 tu

You should be fine. Sync has done this before.

Loquat · ‎04-21-2020

There is no crystal ball that tells us what a lenders risk tolerance is. That tolerance probably changes a lot and probably places a lot of emphasis economic conditions as well.

The best thing you can do is do what you’ve always done. Use your card and pay. Don’t overthink it because it’s not worth your time and energy. They’ll do what they feel they need to do as most of these folks answer to shareholders anyway.

If they for some reason claw back your card or limit then move on to someone else. It’s not personal, just business. Nothing more, nothing less.

These lenders don’t know us personally so try not to take it that way if adverse actions does indeed happen. It’s okay to be upset if it happens...normal human reaction...but let it stop there because the rest isn’t going to worth the energy your put into it.

TSlop · ‎04-21-2020

I'm just using my cards like normal and haven't even worried about it. The spending has gone down but I order food on my CPS once a week, get groceries every 1.5-2 weeks, and order things online with my BoA CR (3% online). Gas buying has disappeared, so my Discover card might not get any use for another month.

It kinda is the same philosophy that I use for driving a constant 5 over the speed limit: if I get pulled over, I guess I deserved it (since you typically aren't pulled over for that much over and I've never been pulled over).

AverageJoesCredit · ‎04-21-2020

@Jojo567 wrote:
With all that is going on, what are you doing to try to prevent a shutdown? My favorite card from Synchrony is the Paypal cashback and they are starting to shut people down. I also notice just now when my statement ended my minimum payment is slightly higher 25->28. However, I always pay in full. My exposure with them is relatively low at only $179/$3250. I have opened many new accounts in the past year, so i may be considered risky. Should I pay my balance off in full before statement cuts? I am a first responder and not affected by covid-19. My fico scores are 726 ex 748 eq and 752 tu

Count your blessings having work and just pay your bills on time. Thank you for what you do and stay safe!

soxfaininfl · ‎04-21-2020

I have two cards with Synch (Amazon and Rooms to Go). My Amazon account is 5K with a 4,900 balance (Thanks to DW). Rooms to go has a 7,500K limit with a balance of 1,300. If they were gonna shut anyone down, it would be me. You have very little exposure.