No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@chiefone4u wrote:Synchrony cards now closed
CareCredit $20,000 / $0 / December 17
Lowe's $25,000 / $0 / March 19
Mattress Firm $20,000 / $0 / December 17
JC Penney $10,000 / $0 / April 18
PayPal $3,900 / $2476 / November 19
Amazon $3,500 / $1,280 / July 19
Chevron Visa $2,000 / $0 / February 20
Old Navy Visa $2,500 / $0 / October 19
@policebox wrote:
I'm in the same situation.
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
So sorry to hear about this @chiefone4u and @policebox !
That's a LOT of credit lines and those dates are pretty recent! It stinks to be treated that way. I've always been leary of Synchrony and Comenity, and store cards in general have left a sour taste in my mouth for different reasons. Obviously, they are just making adjustments to their exposure due economic conditions now more than anything. It's not about you. Hang it there, guys! Definitely a lesson here for many of us about the importance of balance and diversity in a credit profile. I recently went a little heavy into Chase but I've been balancing it out with other banks by either raising limits or adding new financial institutions.
@Anonymous wrote:I liked the PayPal card but won't miss the other one. No lates and no balances. They cld recently so I guess they decided to go all the way.
Glad you have a positive attitude about it. Still sorry to see this happened to you but you're free of them now. I no longer enjoy having Synch cards cuz of stuff like this, makes me nervous and has me checking my accts. too much, plus I put some spend on them just to keep them alive. Kinda of a waste. Now I'm thinking about dumping them before they dump me. Idk, sux.
It might be time for a few phone calls to Congress. Let them FaceTime with the CEO's and the BoD's!
@chiefone4u wrote:
So far they haven't touched my business lines either, who knows how long that will last.
I sure hope they leave your biz credit intact tool. So sorry to see this (3) now that I have just read.....not a great time to be losing that padding, hopefully you'll keep what you have with your other creditors. sux! sux! sux!
So I thought there were 3 closures to read about and now I see @policebox too?!? That's 4 too many to read about and in one day, no doubt. So sorry for all, hang in there y'all.......this will pass (maybe like dirty tp) but it will.
I logged into my paypal today and was greeted by a message from Paypal's CEO.
I wish i had save it.
But it read "We'll be here for you in this covid-19 crisis."
Both paypal mastercard and paypal credit use synchrony.
I guess the message means that
"we'll be here for you until, we are Not here for you"
@Anonymous I'm really sorry this has happened to you, especially right now.
It's unpleasant for sure.
With that said, and because you've posted about multiple instances of AA, even before all this started, I urge you to take a good look at all your reports, including ones from like Sage Stream and Innovis.
There is something going on that's spooking lenders, and you really want to stop the bleeding. I know some lenders have given you increases, but every lender has a different tolerance levels and risk mitigation procedures.
Maybe you've carried balances for a while (just shooting examples here), maybe your DTI went up if you had new loans etc.
Synchrony in particular utilizes trended data, and if balances are not going down fast enough (not only on their cards, but other cards) they frequently respond like this.
If those cards go unused, the "fear" is they might get maxed or something like that.
Again, I'm really sorry you're going through this, but if this was me, I'd try figuring out why it's happening before it gets worse.
@Remedios wrote:@Anonymous I'm really sorry this has happened to you, especially right now.
It's unpleasant for sure.
With that said, and because you've posted about multiple instances of AA, even before all this started, I urge you to take a good look at all your reports, including ones from like Sage Stream and Innovis.
There is something going on that's spooking lenders, and you really want to stop the bleeding. I know some lenders have given you increases, but every lender has a different tolerance levels and risk mitigation procedures.
Maybe you've carried balances for a while (just shooting examples here), maybe your DTI went up if you had new loans etc.
Synchrony in particular utilizes trended data, and if balances are not going down fast enough (not only on their cards, but other cards) they frequently respond like this.
If those cards go unused, the "fear" is they might get maxed or something like that.
Again, I'm really sorry you're going through this, but if this was me, I'd try figuring out why it's happening before it gets worse.
Thanks. I will. I'll prob call synchrony to ask about it.
If I can keep amex, us bank/elan, bank of america, disc, and cap one I'll be happy.
Most of what hasnt been canceled has had a credit increase so still in decent shape overall
@Anonymous wrote:I logged into my paypal today and was greeted by a message from Paypal's CEO.
I wish i had save it.
But it read "We'll be here for you in this covid-19 crisis."
Both paypal mastercard and paypal credit use synchrony.
I guess the message means that
"we'll be here for you until, we are Not here for you"
I still have a message saying they will be there for me, and below that is "account closed"
Maybe I should see what they have to offer... not like I have to worry about them closing my accounts if I ask for help now. Might allow me to stretch my budget further while waiting for things to get back to normal.
@Anonymous wrote:Sorry to hear.
For the future, diversify, diversify, diversify.
Banks can pull their lines for any reason. High risk, over exposure, or freeing up credit for small business loans.
Stay diversified and a closure has a much smaller impact on your credit.
With a finance company like Synchrony, an added recommendation is to remain conservative on total number of accounts and exposure.
Under no circumstances will I be applying for another Synchrony product or requesting a CLI for a looooooooong time. I have more than enough. While I do not perceive my internal or external credit usage to be risky, I do not want to tip the scales by requesting more credit.
I appreciate everyone who shared their shutdown experience; I hope you are able to bounce back from the closures quickly!!
Considering what's going on I can understand their stance on reducing risk, though i would think they would AA profile that are at more risk. How much risk is someone who's still working and has no negatives, or who hasn't shown it duingthe life of the account?
That said easy come easy go. So when this is over those TL's can be replaced just as easy as the first time.
The only drawback is losing the accounts with age etc.