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@AverageJoesCredit wrote:Ill tell ya @SouthJamaica if things ever get better, these banks thst just close out someone deserve to have other close out on them and not use their cards. We will find out soon enough what banks will stand by their customers. Wonder where all the Cap One haters will stand after this
Had a relative that was making great money, a little over 300k a year in 2015. 2 years later they got laid off, got into a bad business deal that further took em down the path of being flat broke. The only issuer that stood by them and didn't kick them while they were down was capital one.
That BMW dealer that was their best friend when times were good wasnt their friend now. That amex platinum, nope.
Capital one earned a customer for life after that. They are doing much better now and capital one is still their go to card
Not knocking any brands but if was down on my luck I'd take my chances with capital one over anyone else if I had to choose
Lol if i was a billionaire......id settle for being a thousandaire
Me too. I'm not rich at all not even a millionaire
I'm sorry to hear this. Totally not unexpected but still awful to hear about.
I'm in the same situation.
Just logged in to check my transactions on my PayPal Cash Back MC. Credit limit to $0. Checked all my other Synchrony accounts, all closed.
Lost the following:
PayPal Cash Back MasterCard $10,000
Rakuten Cash Back Visa $10,000
Chevron/Texaco Card $10,000
Ashley Homestore $25,000
Amazon Prime Store Card $10,000
Their reason was that something on my credit report indicated I was high risk, but yet the representative wouldn't tell me what that reason was. Nothing has changed on any of my reports except for opening a mortgage recently.
I've had these accounts for years, no late payments, always pay in full (usually before the statement cuts). Only 1% overall utilization. No baddies. 800+ FICO scores. No change in income. Not financially affected by COVID-19.
I'll never use another one of their products again if this is how they treat someone who was zero risk to them.
@policebox wrote:I'm in the same situation.
Just logged in to check my transactions on my PayPal Cash Back MC. Credit limit to $0. Checked all my other Synchrony accounts, all closed.
Lost the following:
PayPal Cash Back MasterCard $10,000
Rakuten Cash Back Visa $10,000
Chevron/Texaco Card $10,000
Ashley Homestore $25,000
Amazon Prime Store Card $10,000
Their reason was that something on my credit report indicated I was high risk, but yet the representative wouldn't tell me what that reason was. Nothing has changed on any of my reports except for opening a mortgage recently.
I've had these accounts for years, no late payments, always pay in full (usually before the statement cuts). Only 1% overall utilization. No baddies. 800+ FICO scores. No change in income. Not financially affected by COVID-19.
I'll never use another one of their products again if this is how they treat someone who was zero risk to them.
Wow. Super wild that they decide to treat customers like this during these difficult times.
@AverageJoesCredit wrote:Lol if i was a billionaire......id settle for being a thousandaire
DH calls himself a multi-hundredaire.
Sorry for your loss, OP.
@chiefone4u Very sorry to hear this, especially during these hard times.
There are two thoughts circling in my head when I read about Synchrony's recent decision to unexpectedly drop the ax on what appear to be some pretty high-FICO cardholders:
1. First the obvious: Those are Synchrony's cards, and therefore they have the right to repossess at their leisure. Much like employers in at-will states who can simply put signs on the doors (provided they don't have any NLRB notification obligations) and lay off employees, card issuers can pretty much yank the rug out from under ANYONE anytime they see fit.
2. Also obvious: Synchrony has done this before...and they sent out the same bogus letters with "reasons" for the ambush hatchet jobs. At some point, retailers (many of whom rely pretty heavily on this sort of credit business) are going to tire of this BS and drop Synchrony like a hot potato.
Personally, I don't care for store cards. The only one DW and I have is Walmart due to the rewards and the fact that our little neck of the woods doesn't have many places to shop for groceries. But this is going to needlessly hurt the credit profiles of a great many people, to say nothing of sticking it to some retailers who can use the web business right now.
Needless to say, DW and I will not be doing business with Synchrony, provided they're still around when the dust of uncertainty settles.
@M_Smart007 wrote:@chiefone4u Very sorry to hear this, especially during these hard times.
Hopefully the credit unions don't follow suit @M_Smart007 I'll be screwed if PenFed ($15k limit) or BECU ($17k limit) reduce or close accounts. I think I'm safe with BECU as they have a collateral interest in one of my vehicles.
It was upsetting at first, but I'll weather this like all minor setbacks... went from 12% reporting utilization to about 40% utilization. Definitely time to dial it all back in.