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Master Synchrony Account Closure Thread

GApeachy
Super Contributor

Re: Synchrony closed all of my accounts today

@FinStar okie dokie.🤗👍

 

"My Take Home Pay Don't Take Me Home"
Message 1041 of 1,099
NotYou007
Regular Contributor

Re: Master Synchrony Account Closure Thread

So yesterday I became the latest victim. 8 cards with a total credit line of $53,400 up and gone. Never late, always paid early. Even tossed them a little interest on my PayPal MC twice but the cash back rewards always negated it. Only thing I had done of recent was take out a $6000 personal loan with PenFed to do some home improvents, heavens forbid one wants to add value to their home. 

 

They also might be upset I also paid of my Lowes and Google accounts before they could charge me hundreds in deferred interest. How dare I take advantage of something they offer, the horror. I will miss my Amazon, PayPal MC and my Lowes card but I will never do business with Synchrony ever again. 

On a positive note it will keep me from buying things on Amazon that I don't always need right away but would do so because I didn't have to pay it in full for 6 months. I will also shift my home improvement needs to Home Depot since they don't have as big of a footprint with Synchrony. They do allow one to use PayPal credit to make online purchases but at least their HD credit card is issued by Citi.

I have 2 accounts with them still which don't need to be paid in full till next year and they will get the minimum payment until the 2nd to last month before it needs to be paid in full. I'm going to also do my best to shop at places that do not support Synchrony. 

Thankfully this won't kill my utilization as it was already low. It might go up to 25% but being I have zero need for any new credit I'm find with that. I might apply for a Home Depot card but if I do so, it will be before Synchrony can report the accounts are closed.

Message 1042 of 1,099
GApeachy
Super Contributor

Re: Master Synchrony Account Closure Thread


@NotYou007 wrote:

Only thing I had done of recent was take out a $6000 personal loan with PenFed 


I have 2 accounts with them still which don't need to be paid in full till next year and they will get the minimum payment until the 2nd to last month before it needs to be paid in full. 


Ty for the dp's and so sorry to read this. 

Yeah, I wouldn't rush to payoff either, that was indeed a perk offered. 

 

GL on Home Depot!

"My Take Home Pay Don't Take Me Home"
Message 1043 of 1,099
FinStar
Moderator

Re: Master Synchrony Account Closure Thread


@NotYou007 wrote:

So yesterday I became the latest victim. 8 cards with a total credit line of $53,400 up and gone. Never late, always paid early. Even tossed them a little interest on my PayPal MC twice but the cash back rewards always negated it. Only thing I had done of recent was take out a $6000 personal loan with PenFed to do some home improvents, heavens forbid one wants to add value to their home. 

 

They also might be upset I also paid of my Lowes and Google accounts before they could charge me hundreds in deferred interest. How dare I take advantage of something they offer, the horror. I will miss my Amazon, PayPal MC and my Lowes card but I will never do business with Synchrony ever again. 

On a positive note it will keep me from buying things on Amazon that I don't always need right away but would do so because I didn't have to pay it in full for 6 months. I will also shift my home improvement needs to Home Depot since they don't have as big of a footprint with Synchrony. They do allow one to use PayPal credit to make online purchases but at least their HD credit card is issued by Citi.

I have 2 accounts with them still which don't need to be paid in full till next year and they will get the minimum payment until the 2nd to last month before it needs to be paid in full. I'm going to also do my best to shop at places that do not support Synchrony. 

Thankfully this won't kill my utilization as it was already low. It might go up to 25% but being I have zero need for any new credit I'm find with that. I might apply for a Home Depot card but if I do so, it will be before Synchrony can report the accounts are closed.


Sorry to hear about the SYNCB recent closures. Alternatively, if your area has a Menard's home improvement store (backed by Capital One Retail) that may be another option besides (or in addition to) Home Depot, if anything.

 

Just FYI - these account closures are reported to the CRAs fairly quick (whether voluntary or otherwise), as in 48-72 hours at the earliest.  When I closed one of my SYNCB cards on 5/3, I received the alerts on 5/7.

Message 1044 of 1,099
NotYou007
Regular Contributor

Re: Master Synchrony Account Closure Thread

No Menards in Maine and after reading how Home Depot starts at low limts it really isn't worth my time with them as I have other cards with better APR's and high limits. The funny part is I learned they closed all my accounts on my own after I logged into my Amazon account to see if a credit had been applied. While talking with a rep at Synchrony I started checking my other accounts and low and behold each one was closed.

I was doing some digging and came across this info in the thread.
 

"""So today the fed announced that they would not extend temporary relief from capital-requirement rules for banks that is set to expire on 3/31.  

If synchrony is overextended but has been hiding that fact because they've been excluding Treasuries, then they're going to have to "pay the piper" starting at the end of the month.""

So if that is true then that could explain me getting the axe and I'm sure this thread will continue to grow. The crazy thing is less than 30 days ago they upped my Lowes to $15,000 from $10,000 and I was planning on using some of it for a few windows where they would have made some interest off of me but not no more.

Thankfully I'm well established with PenFed, Discover, FNBO, Amex, Capital One and my local credit union but if this happens to someone rebuilding, it could really set them back.

Message 1045 of 1,099
FinStar
Moderator

Re: Master Synchrony Account Closure Thread


@NotYou007 wrote:

No Menards in Maine and after reading how Home Depot starts at low limts it really isn't worth my time with them as I have other cards with better APR's and high limits. The funny part is I learned they closed all my accounts on my own after I logged into my Amazon account to see if a credit had been applied. While talking with a rep at Synchrony I started checking my other accounts and low and behold each one was closed.

I was doing some digging and came across this info in the thread.
 

"""So today the fed announced that they would not extend temporary relief from capital-requirement rules for banks that is set to expire on 3/31.  

If synchrony is overextended but has been hiding that fact because they've been excluding Treasuries, then they're going to have to "pay the piper" starting at the end of the month.""

So if that is true then that could explain me getting the axe and I'm sure this thread will continue to grow. The crazy thing is less than 30 days ago they upped my Lowes to $15,000 from $10,000 and I was planning on using some of it for a few windows where they would have made some interest off of me but not no more.

Thankfully I'm well established with PenFed, Discover, FNBO, Amex, Capital One and my local credit union but if this happens to someone rebuilding, it could really set them back.


Actually, that isn't/wasn't the case.  That comment from the poster was mere speculation/opinion as far as Synchrony's position with regard to being "overextended".

 

And, while the economic recovery continues and the pandemic impacts are still being weathered, it's not like SYNCB is going bust, not according to recent quarterly earning reports.  That said, I'm fairly certain they're going to continue right-sizing their lending portfolio.

 

Below is some recent, factual information from the following news article with key highlights and statement from their current CEO:

 

https://www.prnewswire.com/news-releases/synchrony-reports-first-quarter-net-earnings-of-1-0-billion...

 

"As we begin to emerge from the pandemic, Synchrony is well positioned for a strong recovery and bright future. We're driving growth for Synchrony and our partners by investing in enhanced digital and data capabilities, seamless customer experiences, new products and capabilities, and expanding our networks. As we navigated the challenges of the past year, we further strengthened our competitive position and accelerated initiatives to help our partners compete and win in this dynamic environment," said Brian Doubles, President and Chief Executive Officer, Synchrony. "Though first quarter results continued to be impacted by the pandemic with slower loan growth, lower net interest income and resultant lower margins, credit continues to perform exceedingly well and we are driving operational efficiency. I am confident in our success as we accelerate our strategy and position the company for long-term growth."

Message 1046 of 1,099
Smitht63
New Visitor

Re: Master Synchrony Account Closure Thread

The end of April my EBay card was closed . I learned about it through an alert, I still have not received any notice from Synchrony.  This is my only synchrony card, and is used a lot.  I had just applied for and recieved financing for a new car a few days before the closure so did receive multiple inquiries. 

Message 1047 of 1,099
BeingMaryJane
Contributor

Re: Master Synchrony Account Closure Thread

They got me today too .. 45K in lines.

 

Amazon

Lowes 

CB

Gap Visa

Old Navy Visa 

PP Smart connect

PayPal Credit 


Half with balances, half unused .. this is so weird. The only thing I did was transfer (instead of completely close) some of an NFCU card limit to another NFCU card but I guess that looks like a credit limit decrease to lenders. Sigh. Other than paying off the ones that are open .. has anyone gotten them to reopen?

Message 1048 of 1,099
dsotm76
Frequent Contributor

Re: Master Synchrony Account Closure Thread


@Smitht63 wrote:

The end of April my EBay card was closed . I learned about it through an alert, I still have not received any notice from Synchrony.  This is my only synchrony card, and is used a lot.  I had just applied for and recieved financing for a new car a few days before the closure so did receive multiple inquiries. 


You know, this makes sense as to why mine was closed.  At the end of February, I got a new car myself.  I guess upgrading vehicles isn't kosher with them.  LOL  

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 1049 of 1,099
RSX
Valued Contributor

Re: Master Synchrony Account Closure Thread

i think i have seen a note about a recent Lowes CLI in a lot of the posts - i wonder if this is a contributing factor/DP

 

i know mine was up to $35k, but unsure when the last CLI for me was, prior to the Feb 2020 closures i received

 

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Sept 9/2021 EX. 734 EQ. 737 TU 746
Inq. EX 5 EQ 2 TU 5 - - CC 4x24, 3x12, 0x6
Amex BCP $32k - Apple GS $19k - BMW/Elan $9k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $23k - HSBC Gold - $13k - Penfed Gold - $12.5k - USBank Cash+ -$24k - HSBC LOC - $13.5k - PenFed LOC - $20k
Message 1050 of 1,099
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