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Master Synchrony Account Closure Thread

Beast26
Frequent Contributor

Re: Master Synchrony Account Closure Thread

I'm glad I seen this thread.  It is changing my mind about getting the PayPal MC.  Definitely don't want to get a card with a bank that is closing good accounts without any derogatorily.  I would be mad at the wasted time and effort.





Revolving history: 1 year 7 months across the board
AAoA:
TU: 5yrs 10months
EX: 2yrs 2 months
EQ: ~5yrs 6 months
Inquiries: Ex: 1/12. EQ: 1/12 Tu: 1/12
As of 10-5-2020

Fingerhut $500
Quicksilver $600
Discover It Miles $16,000
Chase Freedom Flex $3,200
Amazon Prime Store Card $6000
Walmart MC $2,000
Wells Fargo Active Cash $6000

Message 1051 of 1,099
Anonymous
Not applicable

Re: Master Synchrony Account Closure Thread


@RSX wrote:

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

 

 


I think its more the act of requesting CLIs period, not the specific card, just lots of people here like the Lowe's because it can grow so huge and have likely maxed their other cards at $10K before Lowe's at $35K.

Message 1052 of 1,099
FinStar
Moderator

Re: Master Synchrony Account Closure Thread


@BeingMaryJane wrote:

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?


Wow.  Sorry to learn about your account closures @BeingMaryJane.  Unfortunately, SYNCB doesn't reopen accounts once closed.  One would have to reapply after 30 days of closure, but I think most folks have abandoned that ship altogether.

Message 1053 of 1,099
sarge12
Senior Contributor

Re: Master Synchrony Account Closure Thread


@FinStar wrote:

@BeingMaryJane wrote:

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?


Wow.  Sorry to learn about your account closures @BeingMaryJane.  Unfortunately, SYNCB doesn't reopen accounts once closed.  One would have to reapply after 30 days of closure, but I think most folks have abandoned that ship altogether.


Is it just my perception, or is the Synchrony closures more widespread and continuing even longer than in the past? I mean they have always done this, but it seems the number being affected this time is higher based on the posts here.

TU fico08=842 07/29/21
EX fico08=826 07/28/21
EQ fico09=811 08/01/21
EX fico09=824 07/15/21
EQ fico bankcard08=862 07/15/21
TU Fico Bankcard 08=879 07/15/21
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 1054 of 1,099
FinStar
Moderator

Re: Master Synchrony Account Closure Thread


@sarge12 wrote:

@FinStar wrote:

@BeingMaryJane wrote:

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?


Wow.  Sorry to learn about your account closures @BeingMaryJane.  Unfortunately, SYNCB doesn't reopen accounts once closed.  One would have to reapply after 30 days of closure, but I think most folks have abandoned that ship altogether.


Is it just my perception, or is the Synchrony closures more widespread and continuing even longer than in the past? I mean they have always done this, but it seems the number being affected this time is higher based on the posts here.


@sarge12 

 

Keep in mind that not everyone will be posting on this specific thread, let alone the MF forums when these closures occur.  Folks also post on other boards elsewhere.  So, results can be skewed or they can be perceived a certain way while the reality (of reporting) is another.  It is evident that closures are continuing regardless.  Of course, the conditions of these full blown Adverse Actions appeared to have been more prominent shortly after the adoption of VS4, the pandemic making headlines and the state of economy last year.

 

Previously, SYNCB AA was more associated with the 'blue envelope' moniker which was evaluated differently than the current situation.

Message 1055 of 1,099
sarge12
Senior Contributor

Re: Master Synchrony Account Closure Thread


@FinStar wrote:

@sarge12 wrote:

@FinStar wrote:

@BeingMaryJane wrote:

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?


Wow.  Sorry to learn about your account closures @BeingMaryJane.  Unfortunately, SYNCB doesn't reopen accounts once closed.  One would have to reapply after 30 days of closure, but I think most folks have abandoned that ship altogether.


Is it just my perception, or is the Synchrony closures more widespread and continuing even longer than in the past? I mean they have always done this, but it seems the number being affected this time is higher based on the posts here.


@sarge12 

 

Keep in mind that not everyone will be posting on this specific thread, let alone the MF forums when these closures occur.  Folks also post on other boards elsewhere.  So, results can be skewed or they can be perceived a certain way while the reality (of reporting) is another.  It is evident that closures are continuing regardless.  Of course, the conditions of these full blown Adverse Actions appeared to have been more prominent shortly after the adoption of VS4, the pandemic making headlines and the state of economy last year.

 

Previously, SYNCB AA was more associated with the 'blue envelope' moniker which was evaluated differently than the current situation.


Noted...I do not even really know why I even speculate on what I see going on with Synchrony or Comenity. I have never had any dealings with either one of them. I almost applied for a Lowes card once, but just could not talk myself into it, expecially since all the purchases were being reimbursed by insurance (house fire). Writing checks with remarks was the best way for a clear paper trail. Using a credit card and dealing with 5% cash back would have just complicated things. A certain furniture store really messed up due to being unwilling to hold a paid for kitchen table 2 months. I had nowhere to store furniture until house repairs were compleated. They said to pick it up now, or get a refund. I got the refund, and then told them, I was having to replace all my furniture and appliances in the whole house, and now their competitors would reap the rewards of their idiotic policy. Their competitor was happy to hold the furniture until the house was finished. It was around 30,000 dollars in furniture...living rooom, dining room, kitchen and 3 bedrooms.

TU fico08=842 07/29/21
EX fico08=826 07/28/21
EQ fico09=811 08/01/21
EX fico09=824 07/15/21
EQ fico bankcard08=862 07/15/21
TU Fico Bankcard 08=879 07/15/21
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 1056 of 1,099
Perry067
New Visitor

Re: Master Synchrony Account Closure Thread

I wake up this morning to find the eight synchrony cards have been closed. 75k worth of credit limit gone. I called in and talked to five different people and they do not even know why this happened. It's being escalated to their credit departments. Keep in mind I make well over 200,000 a year by credit score is 805 across the board. I could not be given a reason why this happened. It is literally shocking.  Also I never carry balances on any cards that I do not have a promotional 0% interest rate

Message 1057 of 1,099
FinStar
Moderator

Re: Master Synchrony Account Closure Thread


@Perry067 wrote:

I wake up this morning to find the eight synchrony cards have been closed. 75k worth of credit limit gone. I called in and talked to five different people and they do not even know why this happened. It's being escalated to their credit departments. Keep in mind I make well over 200,000 a year by credit score is 805 across the board. I could not be given a reason why this happened. It is literally shocking.  Also I never carry balances on any cards that I do not have a promotional 0% interest rate


Hi @Perry067 - welcome to the (unfortunate) section of the SYNCB closures.

 

The agents aren't going to be able to do much, unfortunately.  This is all internally driven so to them they just see the accounts as being closed with a letter generated.  So, you'll likely receive correspondence indicating a reason why they decided to exit the relationship.  On the surface, it appears the overall high exposure might have been the issue, but we don't really know -- regardless of your income, profession and/or scores.  Something triggered a review (which is irreversible) and accounts got automatically closed. 

 

Were there any particular changes in your credit profile in the past 6-12 months?  Things like obtaining any installment loans, like a vehicle, any student loans, a mortgage, etc.?  You mentioned $75K in total lines across 8 cards.  How often were you requesting credit line increases on any of them?  Since you may be able to access your SYNCB accounts, do you recall what your last VS4 scores were?  Also, do you know what the negative reason codes were, if listed?

Message 1058 of 1,099
sarge12
Senior Contributor

Re: Master Synchrony Account Closure Thread


@Perry067 wrote:

I wake up this morning to find the eight synchrony cards have been closed. 75k worth of credit limit gone. I called in and talked to five different people and they do not even know why this happened. It's being escalated to their credit departments. Keep in mind I make well over 200,000 a year by credit score is 805 across the board. I could not be given a reason why this happened. It is literally shocking.  Also I never carry balances on any cards that I do not have a promotional 0% interest rate


As a new member here, I can understand it being shocking. Based on posts here and elsewhere, it is not unusual, and is usually nothing the person who experiences the closure did. Synchrony is well known here as an issuer that does massive amounts of card closures when the economy experiences a downturn. No credit score or responsible card usage can grant you immunity from the closure of Synchrony cards. High income will not prevent it either. Many card issuers close cards due to a card holders behavior or non-use of their card. Synchrony is very well known for massive closures of those with multiple Synchrony cards to reduce their exposure during economic downturns. Easy come, easy go is the norm for Synchrony.

TU fico08=842 07/29/21
EX fico08=826 07/28/21
EQ fico09=811 08/01/21
EX fico09=824 07/15/21
EQ fico bankcard08=862 07/15/21
TU Fico Bankcard 08=879 07/15/21
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 1059 of 1,099
Perry067
New Visitor

Re: Master Synchrony Account Closure Thread

There were no changes in my credit over the last 3 years beyond my Credit score going up. I have had no new loans, of any type in the last 4 years. I have never requested a credit limit increase on anything except on the Amazon Card and that was well over a year ago. As for my VS4 score, it is 792 as of this morning. As for the reason code you are asking about, I have yet to receive the closing account letters. But like I mentioned previously, the customer service people that I spoke with on the phone said they did not even understand why this was happening. There seems to be no logical reason for it.

Message 1060 of 1,099
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