Master Synchrony Account Closure Thread

[FinStar]

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@Anonymous wrote:

Now I am kinda worry about my accounts being closed by them too. I don't have BK and late payments and always PIF on their accounts except Rooms To Go. However, my last big purchased from them was using Lowes $4500 on fences which I paid off one day after 0% promo ended. Some mishap on my scheduled payment which cost me over several hundred dollars interest and $2600 with Rooms To Go 0% promo, $840 balance left. For Sam's Club I have monthly $200 to $400 purchased and PIF.

I just being got my CLI on 11/23/2020

Sam's Synchrony - CLI $600

Lowes Synchrony - $3000

Rooms To Go Synchrony - $5000

Why do you think this is happening? No enough activites on accounts or Synchrony internal problem? Thank you.

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It's evident they are continuing to evaluate portfolios across the board and those with significant exposure appear to be at the most risk, but that's not always the case (i.e. someone with 3 accounts is just as much at risk).  

Unfortunately, nothing concrete has been determined at this point, other than variations of VS4, frequency of CLIs and trended data, for instance.  But, my suggestion would be flying under the radar profile-wise, especially if you have multiple SYNCB accounts, and that includes the frequency of CLI requests, whether done online or via Credit Solutions.

[GApeachy]

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@texasman07 wrote:

FYI they kept my Venmo 25k visa sig open. Closed my 14 other cards. I have a clean report , no BK, lots it INq and new cards

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Good golly miss molly, venmo 25k!  Amazing, and an interesting dp for sure.  Glad it's intact and somewhat surprising you weren't shut down completely.....left a jewel. What's your vs4 plz? It's an important dp I believe.

[FinStar]

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@texasman07 wrote:

FYI they kept my Venmo 25k visa sig open. Closed my 14 other cards. I have a clean report , no BK, lots it INq and new cards

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[adelphi_sky]

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@K-in-Boston wrote:

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@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? 

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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.

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I'm not sure about BillMeLater. I think I had CareCredit and it briefly became BillMeLater, then Paypal? But I never applied for any Paypal credit ever. And my Paypal CL was the same as my CareCredit. No more no less. I dont use it that often. Only on some electronics sites like NewEgg but that's it.

[texasman07]

VS is 804. 

[GApeachy]

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@FinStar wrote:

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@texasman07 wrote:

FYI they kept my Venmo 25k visa sig open. Closed my 14 other cards. I have a clean report , no BK, lots it INq and new cards

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Also, on that note, is venmo your last app?  ...like within a 30-60 day period from today?

[FinStar]

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@adelphi_sky wrote:

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@K-in-Boston wrote:

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@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? 

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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.

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I'm not sure about BillMeLater. I think I had CareCredit and it briefly became BillMeLater, then Paypal? But I never applied for any Paypal credit ever. And my Paypal CL was the same as my CareCredit. No more no less. I dont use it that often. Only on some electronics sites like NewEgg but that's it.

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CareCredit has not ever changed or transitioned to PayPal Credit.  Not sure if you have the tradelines mixed up.   BillMeLater, as @K-in-Boston pointed out, used to be managed under Comenity Bank and later became PayPal Credit until they were eventually acquired by SYNCB.

CareCredit is typically used for a variety of healthcare service providers including veterinarians, and places like RiteAid and Walgreens, but they're not the same tradeline as PayPal Credit, other than SYNCB being the same lender.  

[GApeachy]

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@texasman07 wrote:

VS is 804. 

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Okay, ty for that. Do you remember your highest score?  Just trying to figure how much weight vs4 has in their decision making...yeah, I know it's grabbing straws but it's still a dp.

[texasman07]

That's my highest score ! Lol. Go figure. 

ive even paid off 6 k worth of debt in the past 6 months 

[GApeachy]

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@texasman07 wrote:

That's my highest score ! Lol. Go figure. 

ive even paid off 6 k worth of debt in the past 6 months 

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Interesting, a lot of dp's in the past stating similar things like total payoffs and closures to follow shortly after iirc.