Master Synchrony Account Closure Thread

[Dalmus]

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@RSX wrote:

sorry to hear - but it's not weird if you read some of the previous 99 pages.....

you had close to 5-7 cards and $40k+ exposure which is around where most of the mass shutdowns happened

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 I only have the Paypal Credit and Paypal Mastercard.  I haven't used PPC in a couple years, and I pay the PPMC in full every month.   So far I've been safe... But I'm about to start the odyssey of pricing out RV loans, so let's see if Syncrony gets spooked by the activity.

[RSX]

I have seen posts of people getting a CLD, but not shutdowns of only 2 cards.  So I think you should be good

[Aim_High]

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@Dalmus wrote:

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 I only have the Paypal Credit and Paypal Mastercard.  I haven't used PPC in a couple years, and I pay the PPMC in full every month.   So far I've been safe... But I'm about to start the odyssey of pricing out RV loans, so let's see if Syncrony gets spooked by the activity.

@RSX wrote:

I have seen posts of people getting a CLD, but not shutdowns of only 2 cards.  So I think you should be good

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Agreed that should be safe, especially barring heavy utilization or balance-chasing on other lender's accounts.   I believe the majority of the shutdowns have been on Synchrony's store cards and not on their mainstream cards like PayPal Mastercard or Verizon Visa.   And it seems the risk is highest if someone has a high total exposure on store cards.   With PPMC and PPC, and paying in full, you should be fine.  

[texasman07]

All mine were shut (14 cards) except my new 25k Venmo Visa. 

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@Aim_High wrote:

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@Dalmus wrote:

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 I only have the Paypal Credit and Paypal Mastercard.  I haven't used PPC in a couple years, and I pay the PPMC in full every month.   So far I've been safe... But I'm about to start the odyssey of pricing out RV loans, so let's see if Syncrony gets spooked by the activity.

@RSX wrote:

I have seen posts of people getting a CLD, but not shutdowns of only 2 cards.  So I think you should be good

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Agreed that should be safe, especially barring heavy utilization or balance-chasing on other lender's accounts.   I believe the majority of the shutdowns have been on Synchrony's store cards and not on their mainstream cards like PayPal Mastercard or Verizon Visa.   And it seems the risk is highest if someone has a high total exposure on store cards.   With PPMC and PPC, and paying in full, you should be fine.  

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[Dalmus]

The only non major cards I have are JCrew, Care Credit (which, come to think of it, is Synchrony) and Amazon.   Amazon is the only one reguarly used and always reports $0.

I'm assuming I'll be safe, too...  I haven't been hit by any AA by anybody.  I'm at 8% util globally and trending down.

[sarge12]

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@donna216 wrote:

I can't believe Synchrony bank.  I had about 25 credit cards with them and everything has been closed as of yesterday.  Have an 800 credit score, never been late, am employed as a doctor, and make over $425k per year, and just like that, everything closed.  Unbelievable.   All of my Synchrony store cards (Amazon, PayPal, Sam's, Care Credit, BP Amoco, etc.).  Is Synchrony going out of business?

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Sorry about the closures, but I do not understand how anybody gets surprised by Synchrony closing all their accounts. It is Synchrony, that is what they do, and have done for years. Having a large number of cards with any single issuer is not advisable...especially Synchrony. They look at the economy as a whole to raise and lower their exposure. Most issuers tend to look mainly at the individuals credit, but Synchrony does not base such decisions on their cardholders behavior alone. I hope the closures do not result in a massive score drop due to utilization. I hate that Synchrony conducts business this way, but they do. I personally have a strict 2 card per issuer self imposed limit. I also always PIF. I have no store cards, but am not ruling them out. Maintaining the 2 card limit insures that no single issuer can affect my score in a big way.

[donna216]

Thanks for the info.  I've had these cards for over 10 years. I used all of them multiple times a year and paid them off consistently.  For example, gas cards I use and pay off monthly (8 vehicles for a family of 8); lowes, we just started doing some home improvement, they gave me a $35k limit increase last week, and then shut down the card.   Never been late on anything in over 20 years.  I have Discover, Amx, Capital One, HSBC, Fifth-Third, etc., it's just synchrony is offered at most stores I shop at and can get the special no-interest deals for 24 months, etc., that I would pay off before the no-interest period ended.  Care credit used all the time for dental visits for 8 people which can be very costly at times.  They've shut off cards in the past for non-use, so I know to use them several times a year.  However, the only thing I can see that triggered this is requesting the Lowe's increase last week which they gave me $35k.  I just don't get why a week ago they'd approve an increase and then shut down all my lines of credit.  I lost over $175K in available credit with them within 24 hours.  They appeared to have missed my business branded cards, but that's only about $25k.  I will never do business with them again.  It's not worth the hassle.  I feel sorry for everyone who works hard, pays their bills, and has to put up with this. 

[RSX]

I understand your massive frustration - this is still very fresh for you

i had this happen last Feb - unsure what page my story is on, but it is near page 35 or so

i lost 6 cards - $73k total line - and my lowes card had recently recieved a CLI up to $35k as well

within a week after the closures, i was both 1. accepting that they had done me a favor, and 2. that i would never use their products again, and have been just fine with all my other cards since

Strategy:

1. limit your exposure with them - both in card amount and Total CL

2. don't ask for CLI's you don't absolutely need

3. and lastly - it still might happen.......so be prepared

[AverageJoesCredit]

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@sarge12 wrote:

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@donna216 wrote:

I can't believe Synchrony bank.  I had about 25 credit cards with them and everything has been closed as of yesterday.  Have an 800 credit score, never been late, am employed as a doctor, and make over $425k per year, and just like that, everything closed.  Unbelievable.   All of my Synchrony store cards (Amazon, PayPal, Sam's, Care Credit, BP Amoco, etc.).  Is Synchrony going out of business?

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Sorry about the closures, but I do not understand how anybody gets surprised by Synchrony closing all their accounts. It is Synchrony, that is what they do, and have done for years. Having a large number of cards with any single issuer is not advisable...especially Synchrony. They look at the economy as a whole to raise and lower their exposure. Most issuers tend to look mainly at the individuals credit, but Synchrony does not base such decisions on their cardholders behavior alone. I hope the closures do not result in a massive score drop due to utilization. I hate that Synchrony conducts business this way, but they do. I personally have a strict 2 card per issuer self imposed limit. I also always PIF. I have no store cards, but am not ruling them out. Maintaining the 2 card limit insures that no single issuer can affect my score in a big way.

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Its easy to understand why people get upset. Not everyone reads myFico or credit forums and go on living their lives using and paying their cards, Doctor or Joe Smoe,  easily paying their bills or struggling to make do, when you just try to do the expected of you, which is pay your bill, often times this is when the suprise comes. My father is a perfect example of non myficoers . Had all his Sync cards shut down and i had to tell him it was Synchrony doing it to reduce risk and not his fault.  I dont blame anyone for having high risk or multiple cards,   i blame the banks for giving them  if they arent deserved / qualified for.

[Total80sKid]

I am so sorry to everyone here who has had their cards closed or credit limits lowered. I would feel so defeated if that happened to me.

Back in 2017 I had some high limits with Synch and I guess I am lucky I no longer have them.

I hope not too many others are affected by this.