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Master Synchrony Account Closure Thread

AverageJoesCredit
Mega Contributor

Re: Master Synchrony Account Closure Thread


@natejgardner wrote:

Synchrony closed my Google account without notice. A payment was returned, but I still paid from another account on time. Apparently, this triggered the account closure. My credit score dropped 30 points due to the closure. 


Sorry for closure.

 

How does a closed account drop your score 30 points? FAKO maybe but FICO? Curious as to what your profile looks like because thats  insane. 

Message 1081 of 1,099
designated_knitter
Established Contributor

Re: Master Synchrony Account Closure Thread


@LaHossBoss wrote:

My SO only has CareCredit, so is the only experience we have with Sync, which has not been terrible, but from what I am reading here, it sounds like maybe taking advantage of multiple (maybe?) 0% promos has them twitchy.

 

One may have an excellent credit score, but perhaps they feel like if people are taking more than 1 x 0% promo out (who knows what number of them their tringger is), they may *think* one is economically impacted. Like, "I can buy now and pay later when I make more money or get a job again". One may have great income, but maybe they think hours have been reduced or job lost since these promos are being taken (which they advertise greatly to take advantage of, of course!), even though this may absolutely not be the case at all.

 

Total speculation on my part, but just seems to be a small trend reading through this forum. It is almost like Barclays when one takes advantage of their BT offers (that they more than advertise) and the gets AA taken.

 

Again, it really could be anything or nothing that sparks these closures. I certaibly do not have the answers and I am certainly sorry for any of those that have been shut down by Sync. 


If that's the case, then pretty much everyone would be facing closures... basically with Synch's rates of 25 percent plus, the only reason to GET any of their cards is for the 0 percent promos.  And when you are checking out, with the exception of Amazon, I don't think I've seen an option to say "no, charge me the full APR".  Amazon at least asks if you would like the 5 percent back or the 0 percent financing.

 

When I used my care credit the other day, it wasn't even an option.  It is only a 570 dollar balance so will pay it off next month... but still, they don't know that.  They just see it as taking advantage of a 0 percent promo.

 

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
05/28/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 1082 of 1,099
AverageJoesCredit
Mega Contributor

Re: Master Synchrony Account Closure Thread


@designated_knitter wrote:

@LaHossBoss wrote:

My SO only has CareCredit, so is the only experience we have with Sync, which has not been terrible, but from what I am reading here, it sounds like maybe taking advantage of multiple (maybe?) 0% promos has them twitchy.

 

One may have an excellent credit score, but perhaps they feel like if people are taking more than 1 x 0% promo out (who knows what number of them their tringger is), they may *think* one is economically impacted. Like, "I can buy now and pay later when I make more money or get a job again". One may have great income, but maybe they think hours have been reduced or job lost since these promos are being taken (which they advertise greatly to take advantage of, of course!), even though this may absolutely not be the case at all.

 

Total speculation on my part, but just seems to be a small trend reading through this forum. It is almost like Barclays when one takes advantage of their BT offers (that they more than advertise) and the gets AA taken.

 

Again, it really could be anything or nothing that sparks these closures. I certaibly do not have the answers and I am certainly sorry for any of those that have been shut down by Sync. 


If that's the case, then pretty much everyone would be facing closures... basically with Synch's rates of 25 percent plus, the only reason to GET any of their cards is for the 0 percent promos.  And when you are checking out, with the exception of Amazon, I don't think I've seen an option to say "no, charge me the full APR".  Amazon at least asks if you would like the 5 percent back or the 0 percent financing.

 

When I used my care credit the other day, it wasn't even an option.  It is only a 570 dollar balance so will pay it off next month... but still, they don't know that.  They just see it as taking advantage of a 0 percent promo.

 


I disagree that the only reason to GET a Sync card is for promos. Not one of my cards were gotten for promos and i still have all of them as of today.  To each their own thoughSmiley Wink

Message 1083 of 1,099
Aim_High
Senior Contributor

Re: Master Synchrony Account Closure Thread


@designated_knitter wrote:

@LaHossBoss wrote:

 ... it sounds like maybe taking advantage of multiple (maybe?) 0% promos has (Synchrony) twitchy.


If that's the case, then pretty much everyone would be facing closures... basically with Synch's rates of 25 percent plus, the only reason to GET any of their cards is for the 0 percent promos.  And when you are checking out, with the exception of Amazon, I don't think I've seen an option to say "no, charge me the full APR".  Amazon at least asks if you would like the 5 percent back or the 0 percent financing.

 

When I used my care credit the other day, it wasn't even an option.  It is only a 570 dollar balance so will pay it off next month... but still, they don't know that.  They just see it as taking advantage of a 0 percent promo.


Agreed that Synchrony's 0% financing offers are an enticement, but I disagree that they are the only one.  My last Synchrony card was a Haverty's furniture store card I used for 0% financing and closed several years ago.  I also abhor the high base APRs on their cards which is a major reason I've avoided their cards for other than special financing.  (While I pay-in-full, I dislike how even those with excellent credit can't get a competitive interest rate with them and I don't like having the liability of the high rates and high fees in the background waiting to bite me over any missteps.)   However, there are many Synchrony cards that offer excellent rewards programs for those who choose to benefit from them.  

 

These are all Synchrony-backed cards that I consider among their best, including some that I've seriously considered.

 

  • Verizon Visa is a Synch card that pays (in Verizon account credits) 4% on gas and groceries, 3% on dining, 2% on Verizon charges, and 1% everything else.
  • Lowe's Advantage credit card offers 5% off everyday at Lowe's (for those of us who aren't military veterans and can take advantage of the 10% everyday discount for veterans.)   The 5% discount is in-lieu of special financing if you choose not use that feature.
  • PayPal Cashback Mastercard offers 2% on all uncategorized spending, uncapped.
  • Amazon Prime Store card offers uncapped 5% on Amazon Prime purchases. 
  • Sam's Club Mastercard offers 5% back on gasoline (up to $6K annually), 3% on dining and travel, and 1% on everything else.
  • Rakuten Cash Back Visa offers uncapped 3% on Rakuten online shopping, Rakuten Dining, and Rakuten travel plus 1% on everything else.
  • Cathay Pacific Visa offers 2 Asia Miles on CP purchases, 1.5 Miles on dining, 1.5 Miles on international purchases, and 1 Mile on domestic US purchases.
  • BP Visa offers 10cents off per gallon at BP/Amoco gas stations, 3% at grocery stores, and 1% everywhere else.
  • Techron Advantage Visa (Chevron - Texaco) offers ongoing discount of 3 cents per gallon at Chevron - Texaco and up to 10 cents per gallon for purchases other than gasoline elsewhere.

While the main benefit of many of Synchrony's retail store cards are the special financing offers, there are some that are cobranded Visa or Mastercards which can be used both in-and-outside the store and that accrue points to redeem at that retailer.  Examples include cards with American Eagle, Athleta (Gap, Banana Republic, Old Navy)Belk Department Stores, Crate & Barrel, and TJX Rewards (TJ Maxx, Home Goods, Marshall's, Sierra Trading Post.)  For the frequent shopper at these stores, these cards may be a good choice for their wallet.



Length of Credit > 35 years; Total Credit Limits > $500K
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Message 1084 of 1,099
designated_knitter
Established Contributor

Re: Master Synchrony Account Closure Thread


@AverageJoesCredit wrote:


I disagree that the only reason to GET a Sync card is for promos. Not one of my cards were gotten for promos and i still have all of them as of today.  To each their own thoughSmiley Wink


@AverageJoesCredit  You are, of course, correct.  Can I blame it on my tooth pain and tramadol?  I apologize if it seemed as if I was disparaging those who choose to have those cards because I have more than I care to admit, myself -- and not one was opened for the promotional financing (with the possible exception of Care Credit)

 

I guess *should* have said that average consumers with excellent credit with multiple cashback cards and limits in the 5-digits will often get the cards if they are making a sizeable purchase (it seems like a lot of people on this board have been replacing their windows lately so Lowes comes to mind).

 

I think a lot of people get them without even thinking or realizing they are a synchrony card because when they go to the store, the clerk says "would you like to save 10 percent by opening our store card" (or some variation on that theme).  Average consumers think "yeah, saving money is good!" and don't do the mental calculation to their fico scores that is involved with the hard pull and drop to their AAoA.  Plus, getting a new credit card is fun!

 

*I* got the cards because they were relatively easy to get, had high growth potential and it meant I could save my bank cards for places where I really need them, if that makes sense.  In short, they can be a good tool for rebuilders like me.  With my credit scores and portfolio, I am in no position to throw stones and disparage anyone who have Synchrony cards.

 

@Aim_High -- excellent rundown on which cards are the best and the advantages associated with each.  Thanks for that list!

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
05/28/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 1085 of 1,099
Brenke
New Member

Re: Master Synchrony Account Closure Thread

I checked my Transunion at CreditKarma today and my score dropped 23 points from 793 to 770 just because Marvel reported closed today.

I think that's really unfair for the consumer, cause this closing is not our fault.

My total credit limit was $28,000 and went down to $26,000 (Marvel limit was only $2,000), and I only had the account opened for 7 months, so I don't really get this BIG drop???

Message 1086 of 1,099
Remedios
Moderator

Re: Master Synchrony Account Closure Thread


@Brenke wrote:

I checked my Transunion at CreditKarma today and my score dropped 23 points from 793 to 770 just because Marvel reported closed today.

I think that's really unfair for the consumer, cause this closing is not our fault.

My total credit limit was $28,000 and went down to $26,000 (Marvel limit was only $2,000), and I only had the account opened for 7 months, so I don't really get this BIG drop???


"Big drop" is because you're looking at vantage scores, they aren't typically used for lending, so you have very little to worry about. 

Unless your utilization went  significantly up, Fico doesn't blink at closed accounts.

 

Message 1087 of 1,099
Brenke
New Member

Re: Master Synchrony Account Closure Thread


@Remedios wrote:

@Brenke wrote:

I checked my Transunion at CreditKarma today and my score dropped 23 points from 793 to 770 just because Marvel reported closed today.

I think that's really unfair for the consumer, cause this closing is not our fault.

My total credit limit was $28,000 and went down to $26,000 (Marvel limit was only $2,000), and I only had the account opened for 7 months, so I don't really get this BIG drop???


"Big drop" is because you're looking at vantage scores, they aren't typically used for lending, so you have very little to worry about. 

Unless your utilization went  significantly up, Fico doesn't blink at closed accounts.

 


Thanks a lot @Remedios, that's a good point. Thanks for the info...

 

I have another question, this Marvel account closure put me back in 4/24 for CHASE 5/24 rule?

 

Thanks in advance guys.

Message 1088 of 1,099
Slabenstein
Valued Contributor

Re: Master Synchrony Account Closure Thread


@Brenke wrote:

@Remedios wrote:

@Brenke wrote:

I checked my Transunion at CreditKarma today and my score dropped 23 points from 793 to 770 just because Marvel reported closed today.

I think that's really unfair for the consumer, cause this closing is not our fault.

My total credit limit was $28,000 and went down to $26,000 (Marvel limit was only $2,000), and I only had the account opened for 7 months, so I don't really get this BIG drop???


"Big drop" is because you're looking at vantage scores, they aren't typically used for lending, so you have very little to worry about. 

Unless your utilization went  significantly up, Fico doesn't blink at closed accounts.

 


Thanks a lot @Remedios, that's a good point. Thanks for the info...

 

I have another question, this Marvel account closure put me back in 4/24 for CHASE 5/24 rule?

 

Thanks in advance guys.


5/24 includes all revolvers opened in the last 24 mo's, regardless of whether they're now open or closed.  If you were 5/24 or greater before your Marvel card was closed and no other revolvers have aged past 24 mo's, then you are 5/24 or greater now.


Message 1089 of 1,099
MJ-san
Regular Contributor

Re: Master Synchrony Account Closure Thread

@Aim_High you missed one - the Venmo card, which offers 3-2-1% based on spending levels. 

 

3% on your highest, 2% on the next, and 1% on everything else. If you carefully manage it - that isn't a bad deal. The only trick is what counts as "utility & bills" and "entertainment"

 

I went to a bunch of wineries and they all counted as "entertainment" one month, then switched to "grocery" the following month. Either way, it works for me because the best cashback I was able to get for those in the past was 2.625% with BoA Premium (1.5 points x .75% honors reward bonus).

 

None of my insurance bills, however, qualified as "utility & bills" Smiley Sad 

 

It's all a game ... how to get the most $. My husband hates me for making him change where to use what card every month Smiley Happy 

 

Message 1090 of 1,099
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