@Anonymous wrote:Googling found this thread. Synchrony closed all five of my accounts on 2/28. Never late, had over 50k worth of available credit. Ah, well.
I've been trying to scan through this thread; does anyone know how bad this ends up hitting the ole FICO scores?
Glad Google brought you here, welcome! As long as your overall revolving credit balances weren't affected enough to bring the % of revolving credit in use to a higher threshold (like 10%, 30%, etc.) you shouldn't see any real changes as long as you still have other revolving credit cards open. (With 5 accounts being closed, you might possibly see a small dip if it impacts something like the number of accounts reporting a balance, as there are some metrics affected by the number and percentage of accounts reporting a balance and if those were $0 before you now have fewer open accounts at $0.)
The closed accounts will still continue to be factored into your average age of accounts until they fall off of your credit reports, which is typically but not always about 10 years after closing. If the accounts at that time are significantly older than your other accounts, that could possibly lead to some changes years down the road. But for the most part, there shouldn't really be any scoring impact.
Well you can add another to the list, they closed all of mine. (Lowe's $8000, Amazon $5000 and Care Credit $no idea). I have a NFCU CashRewards with a $16k limit, NCFCU CLOC $2k, Amex $1200, and an Apple Card $7000. Everything is zero balance except the Lowe's that had $170 left of a zero 0% promo we used for a washer and drier. Credit scores all over 700. We purchased a new house last September is the only new account for the last couple of years. It really does peeve me off as we used the Lowe's and Amazon cards ALOT for the 5% discount. From reading the last few pages it seems a lot of folks had prior BK's and I fall into that group, CH7 seven years ago which they were included. Well they burned me and that will be the last I work with them. With the BK on my report I have no doubt Chase will touch me for their Amazon card. Ah, I'm really ticked with this one.
@adelphi_sky wrote:Data point statement/question.
My Paypal account is still untouched. My credit profile is excellent. My Paypal credit started out as CareCredit. I run it up to about 20% - 30% every now and then and pay it off in a few months before the 0% interest promo runs out.
My question is are they leaving Paypal accounts alone for the most part? Or is it just me?
Did you mean BillMeLater? I've not heard of Synchrony product changing across account types.
To answer your question, most cardholders (including myself) have not had their Synchrony accounts closed. By the nature of these forums, it's much more common for it to happen to those posting here than the general public. To generalize, most account closures appear to be happening to those with a significant number of Synchrony tradelines and/or blemished credit profiles that Synchrony has determined to be a significant risk.
