Master Synchrony Account Closure Thread

[QteeQu1]

I have been reading this thread since it began and hoping that Synchrony would not hit any of my accounts.

Well, it happened...

Closed Synchrony accounts:

Lowes- 17,000

Sam's- 7,000

JCPenny-500

CareCredit 15,000

ValueCity Furniture 10,000

Levin Furniture 10,000

 59, 500 worth of credit... GONE!!!

[FinStar]

Wow sorry to hear that @QteeQu1.  Did they provide you with the reasons as of yet for the closures?  Have you been requesting CLIs on some of these cards in the past 6-12 months, such as Lowe's or CareCredit, for instance?  Have you noticed any changes to your Vantage 4 scores recently?

[cws-21]

I am sorry to read about all the account closures. I will definitely keep them in mind before I ever seriously consider applying for a Synchrony card!

[smitty1]

They closed all of mine too.  I had PayPal MC, ebay MC, Quality Sewing, Crate & Barrel, Amazon Prime store card.  All had zero balances, never been late.  The PayPal hurts the most, 9k limit, used it quite often.  Have not received any notice yet, they say just to wait for the letter.

[Anonymous]

Sorry to hear that. That's horrible with so many accounts closed by Sync. I have 3 cards with them of 30K, 10k on each card. $890 left on RoomsToGo. $0 on Sams and Lowes since I mostly PIF. I guess I better start putting in some balance on them next month. I am planning to do some projects anyway for my pool landscaping and garden. My Sams is my oldest card with them. 18 years and 6 months.

[AverageJoesCredit]

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@Anonymous wrote:

Sorry to hear that. That's horrible with so many accounts closed by Sync. I have 3 cards with them of 30K, 10k on each card. $890 left on RoomsToGo. $0 on Sams and Lowes since I mostly PIF. I guess I better start putting in some balance on them next month. I am planning to do some projects anyway for my pool landscaping and garden. My Sams is my oldest card with them. 18 years and 6 months.

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I would not spend just to show usage. Sudden big balances might cause a flag somewhere. I think Sync cards should be used as a pif  card for the very reason that things like blue envelopes or account closures are more possiblle than most lenders. I think they get  a bad rep  and some of it is well deserved but there are many who havent gotten the rotten treatnent so its hard to just say no to this lender. If one goes for or has Sync cards know thy risk and prepare accordingly. Imho.

[AverageJoesCredit]

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@QteeQu1 wrote:

I have been reading this thread since it began and hoping that Synchrony would not hit any of my accounts.

Well, it happened...

Closed Synchrony accounts:

Lowes- 17,000

Sam's- 7,000

JCPenny-500

CareCredit 15,000

ValueCity Furniture 10,000

Levin Furniture 10,000

 59, 500 worth of credit... GONE!!!

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You should add more context on your current profile so  we could see if there were other factors involved.

[QteeQu1]

I did request a credit increase on my Care Credit recently from 13,000 to 15,000. I also requested a credit increase on my Sam's which was 2,100 to 7,000. I guess that was a big mistake. I thought I was safe since I was under 100,000 with synchrony. I thought I read on one of the post strings that 100,000 was when they started to looking to close your accounts.

[QteeQu1]

Also forgot to mention that my vantage score was better than when I opened accounts. My credit at this time last year was about 650 and now it is 730. So I have way better credit but I guess that is not taken into consideration.

[FinStar]

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@QteeQu1 wrote:

I did request a credit increase on my Care Credit recently from 13,000 to 15,000. I also requested a credit increase on my Sam's which was 2,100 to 7,000. I guess that was a big mistake. I thought I was safe since I was under 100,000 with synchrony. I thought I read on one of the post strings that 100,000 was when they started to looking to close your accounts.

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I'm not sure that 2 separate CLIs would have pushed things over the edge, especially if they were reasonably spaced time-wise, but how often were you requesting them?  Were there any instances where you called or submitted online which were not approved? 

Did you have any spiking utlization or prolonged periods of carrying balances on other cards (non-SYNCB)?