@Anonymous 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-or-1-73-per-diluted-share-301277127.html
"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."
(ACHIEVED!)
