cancel
Showing results for 
Search instead for 
Did you mean: 

Master Synchrony Account Closure Thread

Titanup
Regular Contributor

Re: Master Synchrony Account Closure Thread


@bobby25 wrote:

Knock on the devils door long enough, he is gonna answer.

 

This morning my experian showed all 11 sync accounts closed 62,000.00 in total.

The only balance with them was Care Credit for 1673.00, so I paid it off this morning.

Its for the better. My utilization did not suffer as I havent been carrying a balance on any of my other cards nor sync cards besides the care credit. I pay my statements in full.

 

I pretty much felt this was coming, I regulary ask for cli from them and i opened some new accounts with them recently as well.

Also I dont use any of the cards regulary. Its no shock to me, I asked for it. They helped me build my credit up, so it all ends well as we part ways. RIP Synchrony

 


They just closed all 9 of mine no derogatory information. Actually my score had went up and they gave me some cli this month. 

 

Just got the notification on myfico.  @bobby25 






img

Fico 9 exp 748 Tu 748
Message 1021 of 1,099
M_Smart007
Epic Contributor

Re: Synchrony closed all 9 of my accounts without any adverse action

@Titanup, Very sorry for your closures. (been there, done that  ..almost 100K TCL..POOF!)

While it does suck sting for a little while, you will get past it.

 

The common theme seems to be having several SYNC cards, mixed with recent CLI's.

and a good amount of exposure of credit with them.

ETA: Possibly "credit seeking behavior" as well.

 

Again, sorry this happened to youSmiley Sad

Message 1022 of 1,099
SouthJamaica
Super Contributor

Re: Master Synchrony Account Closure Thread


@SoCalGardener wrote:
I feel really lost. Please note that I've been away for a long time, and I'm not up on everything right now. I've scanned through this thread, but the only thing I've gleaned is that Synchrony seems to close accounts a lot. But I don't know anything else about them.

I have two Synchrony accounts, neither of which I applied for directly. One was originally opened at Sit 'n Sleep (a mattress store here in SoCal). I was in the hospital at the time; my daughter opened the account for me and handled having new mattresses delivered. (I'd tell you what happened to the old ones....but that might be way TMI!) At some point later, I was notified that Synchrony had acquired the Sit 'n Sleep accounts, and that their card, called Synchrony Home, was accepted at millions of retailers across the US. Indeed it is--I've used it at Bed Bath & Beyond.

My other card was originally through Chevron/Texaco. I've had it for years, but just about a month ago it, too, switched over to Synchrony.

I have zero balances on both accounts. My daughter currently has my Chevron card (long story, but I'm not driving right now, and I wanted to keep it active); the bill is always paid in full.

The Synchrony Home card has never carried a balance.

Should I be worried? I'm not too keen on the prospect of 5 figures of credit going poof, you know?!

Well not "worried" but you should expect them to be closed if you don't use them a little.


Total revolving limits 663000 (585000 reporting) FICO 8: EQ 716 TU 747 EX 713

Message 1023 of 1,099
SouthJamaica
Super Contributor

Re: Synchrony closed all 9 of my accounts without any adverse action


@Titanup wrote:

Just got a notice from myfico all my synchrony cards were closed. I had just got increases on my lowes , Amazon and care credit cards. 

 

I also has sams club,  paypal cashback. Paypal credit. Care credit. Car care. 

 

The only other changes besides cli from synchrony is I refinanced my truck and it's showing 2 auto loans. I got some credit cards but only one has been posted to the CRA. Only 1 new inquiry on transunion. 

 

Sucks that all got closed but not devastated about it. Just curious why. 


IMHO they do it to reduce their loan loss reserves to provide fake window dressing to their waning profits.  They seem to do it mostly in waves, a few weeks before the end of each quarter.


Total revolving limits 663000 (585000 reporting) FICO 8: EQ 716 TU 747 EX 713

Message 1024 of 1,099
gdale6
Moderator

Re: Synchrony closed all of my accounts today


@privateone wrote:

Yes, Barclays is a problem too.  

 

Act I


I went over my limit, and they sent a letter telling me to pay the account back under the limit within ten days (even though me bill wasn't due yet) or I risked my interest rate being raised to

the default.  I initially ignored the letter not aware of such a thing.  So, my interest rate went from 7.99% to 29.99%.

 

Act II

 

I spoke with a customer representative.  He told me that the computer generates the interest rate. He overrode it. However, the computer kept changing the interest rate back.  I kept calling back in to get the interest rate changed back.

 

Tiring  of continuously calling in, I decided to enroll the account in credit counseling.

 

Act III

 

Got the interest rate down to 4% and paid off the account.  Despite this, my credit at Barclays is ruined forever. Whenever I apply for one of their cards, they say that I have previous delinquency with them.  Even though I paid the whole thing off, I'm delinquent!  

 

They also didn't acknowledge the initial payments made by the credit counseling agency and reported on my credit report that I went 90 days late.  I had to dispute this over a dozen times before it was removed.

 


@ImTheDevil wrote:

With DoC reporting that Synch is losing the Gap portfolio to Barclays, I wonder if Synch is going to increase efforts to reduce exposure further...😐 The upside is that they predict Synch will earn $1B from the sale (so it sounds like this wasn't a deal started by Gap), and current cardholders will be brought over to Barclays, so hopefully this will be a good thing, other than dealing with Barclays. Timetable is 4/2022.


 

 


You are not missing anything by not having a Barclay account. I voluntarily shut them down for constant nerfing of their cards and I terminated my deposit relationships with them too pre Brexit. I have a Chase AARP that is supposed to stay with Chase but if it moves to Barclays guess what happens to that card.... Yup...

Message 1025 of 1,099
SoCalGardener
Established Member

Re: Master Synchrony Account Closure Thread


@SouthJamaica wrote:

@SoCalGardener wrote:
I feel really lost. Please note that I've been away for a long time, and I'm not up on everything right now. I've scanned through this thread, but the only thing I've gleaned is that Synchrony seems to close accounts a lot. But I don't know anything else about them.

I have two Synchrony accounts, neither of which I applied for directly. One was originally opened at Sit 'n Sleep (a mattress store here in SoCal). I was in the hospital at the time; my daughter opened the account for me and handled having new mattresses delivered. (I'd tell you what happened to the old ones....but that might be way TMI!) At some point later, I was notified that Synchrony had acquired the Sit 'n Sleep accounts, and that their card, called Synchrony Home, was accepted at millions of retailers across the US. Indeed it is--I've used it at Bed Bath & Beyond.

My other card was originally through Chevron/Texaco. I've had it for years, but just about a month ago it, too, switched over to Synchrony.

I have zero balances on both accounts. My daughter currently has my Chevron card (long story, but I'm not driving right now, and I wanted to keep it active); the bill is always paid in full.

The Synchrony Home card has never carried a balance.

Should I be worried? I'm not too keen on the prospect of 5 figures of credit going poof, you know?!

Well not "worried" but you should expect them to be closed if you don't use them a little.


Okay, thanks. So, in other words, they're like any other card that can close for inactivity, correct? From skimming this thread, I'd gotten the impression that they just randomly closed accounts, for no reason!

 

I'm guessing my daughter's occasional (twice in the last six months) use of my Chevron card should suffice, but it's the other one, with a big limit, that concerns me. If I use it once or twice a year, is that good enough? I'm sure I can "force" myself to buy something from Bed Bath & Beyond that often! Smiley Happy

Amazon Prime Store CardAmerican Express Blue Cash Everyday CardAmerican Express Everyday CardAmerican Express Platinum CardBank of America Cash Rewards CardCapitalOne Quicksilver MastercardCapitalOne Quicksilver Visa CardCapitalOne Walmart Rewards MastercardChevron Texaco CardCiti Double Cash MastercardDiscover More CardJCPenney Gold MastercardOverstock.com CardSportsmans Guide Rewards CardSynchrony Home Card
Message 1026 of 1,099
Saeren
Mega Contributor

Re: Master Synchrony Account Closure Thread


@SoCalGardener wrote:

@SouthJamaica wrote:

@SoCalGardener wrote:
I feel really lost. Please note that I've been away for a long time, and I'm not up on everything right now. I've scanned through this thread, but the only thing I've gleaned is that Synchrony seems to close accounts a lot. But I don't know anything else about them.

I have two Synchrony accounts, neither of which I applied for directly. One was originally opened at Sit 'n Sleep (a mattress store here in SoCal). I was in the hospital at the time; my daughter opened the account for me and handled having new mattresses delivered. (I'd tell you what happened to the old ones....but that might be way TMI!) At some point later, I was notified that Synchrony had acquired the Sit 'n Sleep accounts, and that their card, called Synchrony Home, was accepted at millions of retailers across the US. Indeed it is--I've used it at Bed Bath & Beyond.

My other card was originally through Chevron/Texaco. I've had it for years, but just about a month ago it, too, switched over to Synchrony.

I have zero balances on both accounts. My daughter currently has my Chevron card (long story, but I'm not driving right now, and I wanted to keep it active); the bill is always paid in full.

The Synchrony Home card has never carried a balance.

Should I be worried? I'm not too keen on the prospect of 5 figures of credit going poof, you know?!

Well not "worried" but you should expect them to be closed if you don't use them a little.


Okay, thanks. So, in other words, they're like any other card that can close for inactivity, correct? From skimming this thread, I'd gotten the impression that they just randomly closed accounts, for no reason!

 

I'm guessing my daughter's occasional (twice in the last six months) use of my Chevron card should suffice, but it's the other one, with a big limit, that concerns me. If I use it once or twice a year, is that good enough? I'm sure I can "force" myself to buy something from Bed Bath & Beyond that often! Smiley Happy


Synchrony has closed cards as early as 6 months for inactivity so maybe try to get something at least every 4 months. 





Message 1027 of 1,099
Aim_High
Senior Contributor

Re: Master Synchrony Account Closure Thread


@SoCalGardener wrote:


Okay, thanks. So, in other words, they're like any other card that can close for inactivity, correct? From skimming this thread, I'd gotten the impression that they just randomly closed accounts, for no reason!


Yes ... and no, @SoCalGardener

 

Yes, just like other lenders, Synchrony will want to see usage of their cards to keep them open.  Most lenders, given enough time, will close a card for inactivity.  As @Saeren said, they might be a little more sensitive than some others regarding inactivity. 

 

But this thread goes far beyond mere inactivity in most cases.   However, to reassure you, it does not sound like your profile with those two cards puts you at a high risk level of closures.   And Synchrony is not just randomly closing accounts for no reason.   Because of Synchrony's heavy presence in store-cards and more loose underwriting of higher credit limits, we've had some members who have invested a lot of their card profile in many different Synchrony cards, especially as they are rebuilding.  So on the plus side, Synchrony has been generous in rewarding individual and overall limits far beyond what many other lenders might provide to the same profile.  On the downside, they are also quick to take them away such as in the midst of an economic downturn like the pandemic, when cards are not being used, or when risk concerns rise on their cardholder's credit reports such as higher utilization.  It appears they also sometimes get concerned about new credit-seeking (asking for CLIs on Synchrony cards or opening new accounts) when can cause a backlash.   Some of our members affected had upper-five figure overall limits with Synchrony which were a significant part of their overall CLs.  For those reasons, we just haven't seen the widespread account backlash from some other major lenders such as (Chase, Bank of America, Citi, AMEX, Navy Federal CU, etc.)  who have different underwriting procedures and appear to have a less-volatile definition of risk.  Yes, it can happen with any lender, but the cases seem more isolated and predictable than the reports on Synchrony cards.    In that respect, I wouldn't say they are 'like any other card'; they need to be treated more cautiously, but that's my personal opinion.

 

Synchrony has some very good cards and when added within reason to a balanced card lineup, they can be safe and appropriate.  However, diversity is always a prudent practice and putting too many 'eggs' with any lender can be risky. 



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 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 1028 of 1,099
Rudy1
Frequent Contributor

Synchrony bank the start?

I just got notice on my credit report that Synchrony closed my P.C. Richard card on May 2nd with a $0 balance $5000 credit limit they said I have to high balances and old late payments and too many inquries. As of right now my lowes, ebay, and amazon remain open. I know the one major differnece between the P.C. Richard and the others. I spend money on the others and have a balance on all of them. Synchrony says my credit score for Transunion is 630 however Fico 8 is 730 all across the board. I am wondering if they will close my other Synchrony cards I am a bit worried Synchrony isn't a tragic loss for me but the actual credit limits would be very damaging to my credit report with $10,000 credit limit on lowes $5000 on ebay and $1500 on amazon. I would like to know if this has happend where they closed one and then the rest after. Though the last time I used my P.C. Richard card was December 2020. So it didn't just go inactive.




Closed Cards/Accounts:
Message 1029 of 1,099
designated_knitter
Established Contributor

Re: Synchrony bank the start?


@Rudy1 wrote:

I just got notice on my credit report that Synchrony closed my P.C. Richard card on May 2nd with a $0 balance $5000 credit limit they said I have to high balances and old late payments and too many inquries. As of right now my lowes, ebay, and amazon remain open. I know the one major differnece between the P.C. Richard and the others. I spend money on the others and have a balance on all of them. Synchrony says my credit score for Transunion is 630 however Fico 8 is 730 all across the board. I am wondering if they will close my other Synchrony cards I am a bit worried Synchrony isn't a tragic loss for me but the actual credit limits would be very damaging to my credit report with $10,000 credit limit on lowes $5000 on ebay and $1500 on amazon. I would like to know if this has happend where they closed one and then the rest after. Though the last time I used my P.C. Richard card was December 2020. So it didn't just go inactive.


I'm sorry for them shutting down your Richards card!  I don't have any insight on whether this is just the beginning.

 

However, the discrepancy between Synchrony's TU score and yours is most likely because they use Vantage 4 and not FICO.

 

If you log into your Amazon account, you should be able to see you credit score that Synchrony uses.  Hope that helps!

 

Keep us posted and good luck!

 

 

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 1030 of 1,099
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.