Master Synchrony Account Closure Thread

[texasman07]

Today they closed 14 of my accounts . Only 2 had balances under 100$. I have 800 FICO across the board. I have under 2%UTL and no baddies . Oldest account was PayPal mc from 2010. 

the Only change was a few more inq and the latest was an approval for Venmo @25k. 

so get this , I haven't got my Venmo card yet, I logged in and made a small purchase and it went thru! So wondering if when I get the actual physical card , will they close it ? 

in all honesty they did me a favor, I have tons of other cards with all the major lenders and CU so no sweat off my back. 

[cws-21]

I'm sorry to read another one of these posts. I'm sure you have plenty of other accounts, but you've got to feel the loss of 14. Synchrony seems to be brutal lately.

[texasman07]

Thanks ! Honestly it's okay. I knew the more accounts I got I was gonna get in trouble sooner or later 

[cws-21]

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@texasman07 wrote:

Thanks ! Honestly it's okay. I knew the more accounts I got I was gonna get in trouble sooner or later 

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@texasman07, you seem to be taking it like a champ. Good for you. I'm still sorry that it happened, but it is what it is.

[QteeQu1]

I have not made any major purchases on any of my cards recently. The last major purahse was over the summer 2020

Lowes- 17,000/3,000 balance- purchased a fence back over the summer 2020 and financed for 6.99% interest over 60 months. (Opened September 2019)

Sam's- 7,000/0 balance- paid off 1,800 balance on February 1st (Opened July 2020)

JCPenny-500/ 0 balance- I have not used the card at all, since the credit line was not worth using. (Opened Novemeber 2020)

CareCredit 15,000/ 0 balance- Only used card a few times last summer for small purchases for less than 100.00 (Opened September 2019)

ValueCity Furniture 10,000- I have not used the card at all (Opened August 2018)

Levin Furniture 10,000/800- Finance 3,000 worth of furniture back in Summer 2018 and finance 0% interest over 36 months (Opened August 2018)

My credit scores have plummeted since these account have been closed.

[QteeQu1]

There were a few instances where I requested credit line increases and was not approved. I will never make sense of this. I would love to at least have my lowes card back. I went to the prequalify page and of course, I did not qualify for anything. Bummer!

[FinStar]

@QteeQu1 - thanks for sharing the background on your SYNCB experience and @texasman07 as well.  Again, sorry this happened to y'all.  

This is terrible news and really unfortunate for all who are going through this, and despite of collective DPs, we still don't have concrete answers for a variety of these closures.  The fact that these mass closures are still going on and leaving individuals with no recourse or some form of closure (at least to know the real reasons) is just very perplexing 😐

QteeQu1 - give things a little time to see about obtaining the Lowe's card again if that's still something you want to pursue.  At least 60 days while the dust settles and try the pre-approved option first.

texasman07 - would the Venmo recent approval have caused your overall SYNCB exposure to be >$100K?  If so, not sure how the Venmo CC survived, but that's good if you're able to use it despite the closures on the others.

[texasman07]

My exposure was around 100k I believe with the Venmo pushing me over

[FinStar]

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@texasman07 wrote:

My exposure was around 100k I believe with the Venmo pushing me over

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Ok, that's kind of what I was thinking.  Fingers crossed the Venmo CC remains open.  Keep us posted.

[CreditMagic7]

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@texasman07 wrote:

My exposure was around 100k I believe with the Venmo pushing me over

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That would seem the breakpoint as i recall. A few years ago some of us holding $90K total exposure scaled back a card or two with them just to be on the safe end of preventing a total wipe. For me i turned loose of Ebates at $20K and PayPal MC also at $20K which seemed to help run below the radar afterwards.

These days its like Synchrony is on a hair trigger and instead of CLD or closing a single card will wipe those card assets in a single run.