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Master Synchrony Account Closure Thread

FinStar
Moderator

Re: Synchrony closed all of my accounts today


@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


SYNCB has shut down folks even with two cards, regardless of mix - store and/or V/MC.  There's been reports on other boards.

Message 1001 of 1,099
FinStar
Moderator

Re: Synchrony closed all of my accounts today


@Aim_High wrote:

In some cases, we've had members able to contact the lender about these shutdowns and reopen their accounts.  You might consider that if they are still valuable to you.  Good luck!


Unfortunately, once closed, SYNCB doesn't reinstate accounts.  Especially, during these AA/closure waves.  Unless, I've missed a DP somewhere, there have been no successful reports indicating otherwise.

Message 1002 of 1,099
Jnbmom
Community Leader
Senior Contributor

Re: Synchrony closed all of my accounts today


@FinStar wrote:

@Aim_High wrote:

In some cases, we've had members able to contact the lender about these shutdowns and reopen their accounts.  You might consider that if they are still valuable to you.  Good luck!


Unfortunately, once closed, SYNCB doesn't reinstate accounts.  Especially, during these AA/closure waves.  Unless, I've missed a DP somewhere, there have been no successful reports indicating otherwise.


+1

 

I have never seen synch do this once they close the account. Down the road people have applied and got another card like their previously card, but never seen reinstatements.

EXP 758 TU 783 EQ 729
Message 1003 of 1,099
sarge12
Valued Contributor

Re: Synchrony closed all of my accounts today


@AverageJoesCredit wrote:

@sarge12 wrote:

@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?


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.


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.


I hope anyone reading my post does not interpret my comments as blaming the cardholders for their plight. I also do not in any way excuse the actions of Synchrony. It is just my intent to be factual about their practice, and hopeful that others might avoid being affected by the practice that Synchrony is so well known for on these boards. Calling a rattlesnake a worm does not make him less deadly, so ignoring the snakes nature is usually ill-advised. Synchrony is in my opinion certainly a snake in the credit card industry. All issuers are at times, ruthless in their AA decisions, so the only means I know of to protect ourselves is to diversify our card portfolio. I assume my credit card issuers will close all my cards with them, and keep my utilization such that a single issuer doing so will cause little harm. I do realize that those who do not frequent the myfico forums, are often not aware of Synchrony practices, which is why I often repeat such warnings. I am hopeful that perhaps one consumer manages to catch such warnings prior to becoming another victim of the practice.

TU fico08=842 05/20/21
EX fico08=830 06/04/21
EQ fico09=835 06/01/21
EX fico09=824 05/05/21
EQ fico bankcard08=856 05/25/21
TU Fico Bankcard 08=881 05/23/21
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 1004 of 1,099
AverageJoesCredit
Mega Contributor

Re: Synchrony closed all of my accounts today


@sarge12 wrote:

@AverageJoesCredit wrote:

@sarge12 wrote:

@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?


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.


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.


I hope anyone reading my post does not interpret my comments as blaming the cardholders for their plight. I also do not in any way excuse the actions of Synchrony. It is just my intent to be factual about their practice, and hopeful that others might avoid being affected by the practice that Synchrony is so well known for on these boards. Calling a rattlesnake a worm does not make him less deadly, so ignoring the snakes nature is usually ill-advised. Synchrony is in my opinion certainly a snake in the credit card industry. All issuers are at times, ruthless in their AA decisions, so the only means I know of to protect ourselves is to diversify our card portfolio. I assume my credit card issuers will close all my cards with them, and keep my utilization such that a single issuer doing so will cause little harm. I do realize that those who do not frequent the myfico forums, are often not aware of Synchrony practices, which is why I often repeat such warnings. I am hopeful that perhaps one consumer manages to catch such warnings prior to becoming another victim of the practice.


Gratitude for warnings Sarge . Sorry, that word is stuck in my head as i rewatch SpartacusSmiley Wink.

 

I just would like to add that  even though Sync has garned a bad reputation here and for many good reasons,  i have yet to get bitten so like many others , will continue to use my cards sanz fear or hatred until the day they deem my risk to great. Must remember that despite all the data points here, many of us who do know the risks getting a Sync card, often dont qualify for other loftier Banks  either due to geography, score, or credit profile. Sometimes one has to make the choice to sleep in A bed or continue lying on a floorSmiley Wink

Message 1005 of 1,099
Aim_High
Senior Contributor

Re: Synchrony closed all of my accounts today


@Jnbmom wrote:

@FinStar wrote:

@Aim_High wrote:

In some cases, we've had members able to contact the lender about these shutdowns and reopen their accounts.  You might consider that if they are still valuable to you.  Good luck!


Unfortunately, once closed, SYNCB doesn't reinstate accounts.  Especially, during these AA/closure waves.  Unless, I've missed a DP somewhere, there have been no successful reports indicating otherwise.


+1

 

I have never seen synch do this once they close the account. Down the road people have applied and got another card like their previously card, but never seen reinstatements.


Apologies for the confusion and correction noted. I think I was remembering something different and got it mixed up. On Credit Limit Decreases (not closures), I believe Synch has sometimes reinstated credits limits when requested. Is that correct?  And perhaps not with Synch but with other lenders, I thought I had read cases of card closings being allowed to reverse if contacted immediately? Or is this only when lenders had not yet closed the account but had indicated they plan to close it soon? 



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 27 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 1006 of 1,099
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Synchrony closed all of my accounts today


@Aim_High wrote:

@Jnbmom wrote:

@FinStar wrote:

@Aim_High wrote:

In some cases, we've had members able to contact the lender about these shutdowns and reopen their accounts.  You might consider that if they are still valuable to you.  Good luck!


Unfortunately, once closed, SYNCB doesn't reinstate accounts.  Especially, during these AA/closure waves.  Unless, I've missed a DP somewhere, there have been no successful reports indicating otherwise.


+1

 

I have never seen synch do this once they close the account. Down the road people have applied and got another card like their previously card, but never seen reinstatements.


Apologies for the confusion and correction noted. I think I was remembering something different and got it mixed up. On Credit Limit Decreases (not closures), I believe Synch has sometimes reinstated credits limits when requested. Is that correct?  And perhaps not with Synch but with other lenders, I thought I had read cases of card closings being allowed to reverse if contacted immediately? Or is this only when lenders had not yet closed the account but had indicated they plan to close it soon? 


When they lower the limit do the last two numbers are 24, the limits can be reinstated with a call.




Message 1007 of 1,099
FinStar
Moderator

Re: Synchrony closed all of my accounts today


@Aim_High wrote:

@Jnbmom wrote:

@FinStar wrote:

@Aim_High wrote:

In some cases, we've had members able to contact the lender about these shutdowns and reopen their accounts.  You might consider that if they are still valuable to you.  Good luck!


Unfortunately, once closed, SYNCB doesn't reinstate accounts.  Especially, during these AA/closure waves.  Unless, I've missed a DP somewhere, there have been no successful reports indicating otherwise.


+1

 

I have never seen synch do this once they close the account. Down the road people have applied and got another card like their previously card, but never seen reinstatements.


Apologies for the confusion and correction noted. I think I was remembering something different and got it mixed up. On Credit Limit Decreases (not closures), I believe Synch has sometimes reinstated credits limits when requested. Is that correct?  And perhaps not with Synch but with other lenders, I thought I had read cases of card closings being allowed to reverse if contacted immediately? Or is this only when lenders had not yet closed the account but had indicated they plan to close it soon? 


Specific to SYNCB, CLDs that occur due to inactivity (which usually display as $xx24 or such variations), those instances can have the opportunity for the CL to be reinstated.  However, if a CLD occurs due to AA or balance-chasing, no.

 

Citi, Capital One, 5/3, etc., (known to reinstate some closed accounts - not due to AA) have specific rules/timeframes for reinstating, but since this thread/topic is about SYNCB, those discussions should be reserved for another or separate topic.

Message 1008 of 1,099
sarge12
Valued Contributor

Re: Synchrony closed all of my accounts today

@AverageJoesCredit 100% true, some are for sure stuck in a catch-22 for credit. They can only get cards like Synchrony, and can't work their credit scores in better positions without credit cards. There are also those who are just unaware that increasing scores with such cards is even risky, until it is too late. I do not even encourage anyone to not have any Synchrony cards, even though I don't. Just hope people are aware of the risk involved, and if possible limit their exposure. I know it comes off as beating a dead horse to death, but many only read a few comments, so maybe I might convince those starting their credit journey to build on a stronger foundation, even if it takes longer. In the real world, someone facing huge medical bills, or expensive home repairs, might have little better choices than Carecredit or Lowes. I always advise PIF, but in the real World, a choice between hunger or carrying a balance is no real choice at all. I feel for those who face financial struggles, but at least such issues can be improved in time. I have a permenantly damaged spinal cord that has no hope for improvement, and no actions taken to make it better. I miss those days when my main problems in life could, with hard work and vigilence, be improved. With problems that no person can fix, acceptance of limitations is all I can do. My credit score is high, and I enjoy financial security, but my quality of life score, if there were one, would be very low, and dropping.

TU fico08=842 05/20/21
EX fico08=830 06/04/21
EQ fico09=835 06/01/21
EX fico09=824 05/05/21
EQ fico bankcard08=856 05/25/21
TU Fico Bankcard 08=881 05/23/21
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 1009 of 1,099
dsotm76
Frequent Contributor

Re: Synchrony closed all of my accounts today

I logged into my Synchrony account, which I try to do each month.  I discovered that my Sony Financial Services card was no longer showing upon my login and everything I clicked told me to call them.  (I don't have the time to bother calling them.)  So, apparently they closed my card.

I have to say, I find it humorous.  After reading all about them on the board for some time, I don't feel any sadness by losing the card.  It wasn't one that I used as most anything I need from Sony or their retailers I can get through my Best Buy card.  It was nice at the time when I purchased a car years ago and wanted to upgrade the sound system in it.  But, no loss currently and their $2400 limit (which was reduced a couple months after being increased without my asking for it) isn't going to make much of an impact on my utilization, thankfully.  I keep everything that's not named Best Buy PIF each month.  That 0% is just toooooooooo good to pass up.  

But, I wanted to join the "closed by Synchrony" party.  Next round is on my closed out card!!  HAHA

BCE AMEX ($16200) - Citi DC ($11600) - Chase Sapphire Preferred ($10200) - Nordstrom Visa Signature ($10000) - Apple Card ($6000) - Delta Gold AMEX ($6000) - Best Buy Citi Visa ($5800) - Chase Freedom Flex ($5700) - Hilton Honors AMEX ($5000) - Uber Barlayscard ($5000)

Closed - Capital One Secured ($500) - It is not in my wallet. :-) - Sony/Sync ($2400)

May 2021 EQ 778 - - May 2021 TU 804 - - May 2021 EX 788

Goal - To get in with Chase. Smiley Very Happy (ACHIEVED!)
Message 1010 of 1,099
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