Master Synchrony Account Closure Thread

[GApeachy]

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@GApeachy wrote:

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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.

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Have you opened any loans, refi, deferment, and/or modifications in the past 12 months?  Sorry to pry, you seem very willing to provide any dp's to this ongoing saga.

[texasman07]

Nope, nothing.

[K-in-Boston]

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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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As far I am aware, Care Credit (typically used for medical and dental financing) was always a GE Money Bank (later Synchrony) product and the change from BillMeLater (which had been around since just before the turn of the century) to PayPal Credit was years prior to Comenity very recently selling those accounts to Synchrony and no longer being hidden trade lines.  Perhaps it was a similarly named product that is not the current and popular Care Credit that was converted to BML?  I had never heard of Synchrony doing a product change on current products and they haven't had PPC very long, so your post piqued my interest.

[GApeachy]

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@texasman07 wrote:

Nope, nothing.

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Ty!!!!!

[Anonymous]

Dang, it is sad to hear these kind of stories. Synch could have say, DLI and keep their customers instead of completely shut them out and not doing business with them in the future anymore.

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@Aim_High wrote:

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@chiefone4u wrote:

Synchrony cards now closed 

CareCredit $20,000 / $0 / December 17

Lowe's $25,000 / $0 / March 19

Mattress Firm $20,000 / $0 / December 17

JC Penney $10,000 / $0 / April 18

PayPal $3,900 / $2476 / November 19

Amazon $3,500 / $1,280 / July 19

Chevron Visa $2,000 / $0 / February 20

Old Navy Visa  $2,500 / $0 / October 19

@policebox wrote:

I'm in the same situation.

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

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So sorry to hear about this @chiefone4u and @policebox ! 

That's a LOT of credit lines and those dates are pretty recent!  It stinks to be treated that way.  I've always been leary of Synchrony and Comenity, and store cards in general have left a sour taste in my mouth for different reasons.  Obviously, they are just making adjustments to their exposure due economic conditions now more than anything.  It's not about you.  Hang it there, guys!  Definitely a lesson here for many of us about the importance of balance and diversity in a credit profile.  I recently went a little heavy into Chase but I've been balancing it out with other banks by either raising limits or adding new financial institutions. 

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[Anonymous]

Lowes - I only had one manual CLI since I opened it in 2018 and the other was auto cli.

Rooms To Go - One CLI since 2018.

Sams -  Once a year the last 3 years. I am a Sam's member since 2002 and I am not sure when it was switched to Synch. Not sure if it was alwasy Synch or was GE capital before. The credit was $600 SL I think.

I will not touch any CLI for the next few years of 5 years just in case. Just let it be like my Sams card for a long time. I don't mind if they close out Rooms To Go. However, for lowes the 6 months or sometimes loner 0% finance would be suck for me.

[sarge12]

I said it earlier, so just re-stateing facts here. The main issue with Synchrony and Commenity are the ease with which cards are issued with often high limits. It creates many card holders who have a very large percentage of their credit limits in one financial institution. Having 2 of 20 cards with Synchrony will have little effect on scores if closed. Having 15 of 20 accounts with them will be devestating. Synchrony is known for having an itchy trigger finger in a downturn, and has often closed all of someones accounts at once. I long ago self-limited my cards at any single bank to 2 cards. I also always PIF, so cards being closed has very minimal effect on my score. Synchrony practices make them very popular with re-builders by getting more cards with higher limits than would be possible without them. Just know, that a credit profile built in that fashion is on a very shaky foundation. It may feel good to get quickly rising credit limits and scores, but if too much of it is in any 1 lenders hands, that 1 lender has the power to drag those limits and scores down even faster. In my opinion, slow and steady, with a lot of diversity is the way to go. Always build with limitations of how much damage one lender can inflict on your score.

[coreysw12]

Great post. Definitely agree that it's best too avoid an eggs all in one basket situation if you can. I think it happens a lot with Synch and Comenity because they offer sooooo many different products, it's almost inevitable for someone to end up with at least some of their cards - and too many of them if they're not careful.

[Anonymous]

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@coreysw12 wrote:

Great post. Definitely agree that it's best too avoid an eggs all in one basket situation if you can. I think it happens a lot with Synch and Comenity because they offer sooooo many different products, it's almost inevitable for someone to end up with at least some of their cards - and too many of them if they're not careful.

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No I think it happens because the myFICO crowd go and seek out all of their cards and then hit them up for increases like clockwork while using them very little, increasing their risk exponentially for practically no reward. 

[coreysw12]

Agreed, but when I said "I think it happens because...", by "it" I meant people ending up with lots of products from those two banks, I wasn't referring to getting AA's. I agree that the AA's were largely avoidable for the reasons you mentioned, and that the act of simply having multiple cards from those banks isn't inherently a cause for AA.