Master Synchrony Account Closure Thread

[RSX]

^^ agreed

out of my 4, i had one with a $2700 balance/$10K CL - i had 6 months no interest on it

i didnt wait to see what the options were - i didnt want a single month reported with a closed account and a balance - so i paid it off 2 days after the closures happened

they may have honored the 6 months - i think i have read of others having that luck - but no way was i going to wait to find out

[Brian_Earl_Spilner]

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@Anonymous wrote:

I think the worst of it is that they're allowed to close accounts with balances on them. If a consumer can't immediately pay that account off, it can have serious ripple effects on the rest of their profile, potentially getting AA going from other lenders who otherwise wouldn't have batted an eye. That's the first thing that should be changed. Freeze spending and give them X months to pay it off, limit intact for utilization purposes, so they aren't penalized for poor planning on the part of the lender.

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I agree. They need to restrict the account until payoff and give fair warning before closing it.

[UncleB]

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@Guyatthebeach wrote:

I've noticed from the various threads Synchrony is closing accounts where cardholders had credit exposure of $50k or more with Synchrony. 

Has anyone seen accounts closed where the cardholders' exposure was less than $30k?

Personally I have 7 cards with a $26k credit exposure. I'm lucky enough to be able to PIF monthly. I only carry a balance when I'm using the promotional APR's. Hopefully Synchrony doesn't close them. If they do, my life goes. 

Guyatthebeach

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I'm hoping there's more to it than $50k in exposure, since my own combined exposure is at $60k.

Lowe's - $20k - Opened 06/2004

Belk - $5k - Opened 05/2006

Sam's Club MC - $20k - Opened 08/2015

Care Credit MC - $15k - Opened 05/2018

So far so good, but if the sword comes my way so be it.  I will be slightly disappointed if I lose Lowe's and/or Belk since they're my oldest credit accounts, but I don't think the loss would harm my scores much by the time they age off.

All four cards have been used (modestly) in the last few months so hopefully that will help if the algorithm comes my way.

[UncleB]

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@Revelate wrote:

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@RSX wrote:

"I think the problem is that "normal" people don't have 6 sync cards in the first place to be shut down."

Sync went aggressive buying up other lenders over the last 5 years.  I know 2 of the 4 I had were GE and Orchard before Sync took them over.  So it isn't a case of someone voluntarily opening multiple cards with one lender

plus they are mostly store cards, so the 'normal' person wouldn't even know who the issuer is or care

as I said in my post from Feb - I wouldn't have closed all of them at once.  But once they did it for me I am OK with it.  

I will ensure I never apply for one of their cards again. And this will be easier given that I no longer want store cards anyway

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Orchard was actually  Capital One back in 2013 I think it was.  I had one of their cards out of my initial 3 and went through that transition to Cap 1's deep subprime unsecured card.

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Yep, I had an Orchard Bank card as well - it definitely went to Capital One.

I actually still have the card... it's my grandfathered no-AF Savor MasterCard now.

(What a glorious ending for a card that started from such humble beginnings, LOL.)

[RSX]

2 ways you could go with this

'don't poke the bear' and see what happens

or you proactively lower some of the CL's to avoid any issues

who knows which one would work better - but if i could have protected my Lowes card, i would have - the others were just OK

you could lower CareCredit to $5k

and Sams Club to $15k

and close Belks if you dont use it

all the best to you

[Meanmchine]

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@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.

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OK, my paranoia level just shot up 20 points

Sorry

[RSX]

my bad memory about the Orchard card

now i am thinking it turned into my Cap1 Platinum - that i shut down last year due to it maxing out at $6k and had an AF - with no way to offset by any rewards

[UncleB]

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@RSX wrote:

2 ways you could go with this

'don't poke the bear' and see what happens

or you proactively lower some of the CL's to avoid any issues

who knows which one would work better - but if i could have protected my Lowes card, i would have - the others were just OK

you could lower CareCredit to $5k

and Sams Club to $15k

and close Belks if you dont use it

all the best to you

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Yeah, I'm definitely not going to poke the bear. 

With all four of my cards being a few years old (and Lowe's and Belk being 10+ years old) I'm hoping the age will help them stick around.  If not, then the cards can fall where they may (pun intended).

[ccpat]

Or at least reduce their credit limit to the current balance.  I would think most people would rather be at 100% util instead of having their card closed with a balance. 

[Meanmchine]

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@Anonymous wrote:

Synch closed my 6 cards with them a couple of weeks ago as well.   No notice, no nothing, just an alert that my cards were closed.  all 6 cards had 10K limits with 0 balance.   Ultimately, they were making no money off me so I'm sure I'm not their most desired customer.  But they cut a customer with 780 FICO score with no negatives and no late payments with a 150K income.  Seems like a poor business decision to me, but at the end of the day the have the right to close accounts and I have the right to say the next time I will app for one of their cards is when Hell freezes over.  The notice in the mail said something about my profile being a risk.   LOL

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$10k is the ceiling for most of their cards when using the love button.  They could have viewed your CLI requests on all your accounts as "problematic"