Wow, sorry to hear that. Will be checking back for an update.
I forgot I had applied for the Marvel card a few weeks ago. The letter in the mailbox was it's denial letter dated April 12, 2020:
Not enough balance paid down over time on real estate secured loans (mortgage is 14 months old have been paying extra $100 a month-- not surprising not much has been paid down on a 30 year loan in 14 months)
Too many bank cards with a high balance (one card is nearly maxed from balance transfer)
Not enough balance paid down over time on revolving accounts
Too many Inquiries
Score provided was from April 8, 2020 : 645
I always pay more than minimum, no lates in the last 8 years.
Hopefully I get a letter explaining why. Old Navy Visa says I requested the closure (I did not) when I asked the chat bot online; all other accounts chat but says "sorry, it appears your account is closed".
This is why you diversify. Lender can cause an avalanche. Also why it's good to have CUs. I hope they don't cause domino effect. 🤞
So sorry this happen to you 😞Synch has slashed 2 of my dh's accounts , but didn't close them outright .
I feel you that's a lot of utilization , I too have about 95K with them and that will certainly come into my play with utilization.
So sorry to hear that this happened! How many card with them? Only see 2 in siggy. Have you called could it be fraud though the people reporting thing similar to this probably another account closure. That really sucks.
Synchrony cards now closed
CareCredit $20,000 / $0 / December 17
Lowe's $25,000 / $0 / March 19
Mattress Firm $20,000 / $0 / December 17
JC Penney $10,000 / $0 / April 18
PayPal $3,900 / $2476 / November 19
Amazon $3,500 / $1,280 / July 19
Chevron Visa $2,000 / $0 / February 20
Old Navy Visa $2,500 / $0 / October 19
First amount was limit before closure, second is balance, date is when it was opened.
Just got notified by Experian of "account change" alert shows Amazon and PayPal as "Account Closed by Grantor"
What a way to start a Friday... was looking at accounts trying to figure out a plan of attack with my reduction in wages.
Every Synchrony account I have is closed! With balance ($3,700 across 2 cards) or without doesn't matter they are all closed.
This will be a loss of $86,900 of available credit, which is going to drive my utilization through the roof!
So far they've left DW's account open.
Only changes I can think of at the moment that may have played a role in this is the refinance of the wife's car; the new loan is reporting and the old loan is too. Ally said they won't be sending updates to credit bureaus until they are back to work.
I see I have a letter coming today from Synchrony, maybe it will tell me why.
So far they haven't touched my business lines either, who knows how long that will last.
Sorry you had to experience that. I can't stand when banks do that to people who are paying their bills on time. It''s happened to me 3 times now, with Capital One, Barclays, and Bank of America, and it's a very unpleasant experience.
GE Money Bank balance chased me in 2008 before eventually closing a JC Penney card and Chevron card... perhaps they are anticipating the same?
Out of foolishness, when they closed Chevron with a $32 balance I refused to pay them until 2016. I learned that's not the way to do it, so my balances will be paid... not sure yet if I want to zero them now to avoid the score hit, or keep the cash to protect future uncertainty.
I have the funds to zero them out, but would leave me with less than a month of living expenses if my income were to reduce further.
On a bright note, my employer received the Payment Protection (PPP) grant, so I'll receive paychecks for at least 8 weeks (supposedly my normal wages. Would be nice since I've lost about $1,800 a month in take home pay since February).
They closed my cards today also. 2 cards paid off never late. Oh well there's more fish in the sea, better fish
Im sorry to read this. One reason i always keep Sync at zero no matter what. Im sure we will see alot of this to come. For those of us with no income coming in its going to get brutal. I have slot of debt but they reside with my credit Unions and ill hang on as long as i can.
I agree with @SouthJamaica though, i hate when banks do it to a person who has not paid late and paying their responsibilities on time. I understand risk but wish we could take away money from banks when we know they are going to profit off our misery ahead of time!