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Master Synchrony Account Closure Thread

Aim_High
Senior Contributor

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

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

 

@policebox wrote:

I'm in the same situation.

Lost the following:

PayPal Cash Back MasterCard $10,000

Rakuten Cash Back Visa $10,000

Chevron/Texaco Card $10,000

Ashley Homestore $25,000

Amazon Prime Store Card $10,000



So sorry to hear about this @chiefone4u and @policeboxSmiley Sad

 

That's a LOT of credit lines and those dates are pretty recent!  It stinks to be treated that way.  I've always been leary of Synchrony and Comenity, and store cards in general have left a sour taste in my mouth for different reasons.  Obviously, they are just making adjustments to their exposure due economic conditions now more than anything.  It's not about you.  Hang it there, guys!  Definitely a lesson here for many of us about the importance of balance and diversity in a credit profile.  I recently went a little heavy into Chase but I've been balancing it out with other banks by either raising limits or adding new financial institutions. 



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 60 of 1,099
GApeachy
Super Contributor

Re: Synchrony closed my accounts


@Caddypower wrote:

I liked the PayPal card but won't miss the other one. No lates and no balances. They cld recently so I guess they decided to go all the way. 

 

Glad you have a positive attitude about it.  Still sorry to see this happened to you but you're free of them now.  I no longer enjoy having Synch cards cuz of stuff like this, makes me nervous and has me checking my accts. too much, plus I put some spend on them just to keep them alive. Kinda of a waste.   Now I'm thinking about dumping them before they dump me. Idk, sux.

"My Take Home Pay Don't Take Me Home"
Message 61 of 1,099
corpcrmgr
Valued Contributor

Re: Synchrony closed all of my accounts today

It might be time for a few phone calls to Congress. Let them FaceTime with the CEO's and the BoD's!

Message 62 of 1,099
GApeachy
Super Contributor

Re: Synchrony closed all of my accounts today


@chiefone4u wrote:

 

 

So far they haven't touched my business lines either, who knows how long that will last.


I sure hope they leave your biz credit intact tool.  So sorry to see this (3) now that I have just read.....not a great time to be losing that padding, hopefully you'll keep what you have with your other creditors. sux! sux! sux!

 

So I thought there were 3 closures to read about and now I see @policebox too?!? That's 4 too many to read about and in one day, no doubt.  So sorry for all, hang in there y'all.......this will pass (maybe like dirty tp) but it will.

"My Take Home Pay Don't Take Me Home"
Message 63 of 1,099
N5369087
New Contributor

Re: Synchrony closed all of my accounts today

I logged into my paypal today and was greeted by a message from Paypal's CEO.

I wish i had save it.

But it read "We'll be here for you in this covid-19 crisis."

Both paypal mastercard and paypal credit use synchrony.

 

I guess the message means that

"we'll be here for you until, we are Not here for you"

 

Ex:724 EQ:739 TU:686
Message 64 of 1,099
Remedios
Moderator

Re: Synchrony closed my accounts

@Caddypower  I'm really sorry this has happened to you, especially right now. 

It's unpleasant for sure. 

 

With that said, and because you've posted about multiple instances of AA, even before all this started, I urge you to take a good look at all your reports, including ones from like Sage Stream and Innovis. 

There is something going on that's spooking lenders, and you really want to stop the bleeding. I know some lenders have given you increases, but every lender has a different tolerance levels and risk mitigation procedures. 

Maybe you've carried balances for a while (just shooting examples here), maybe your DTI went up if you had new loans etc.

Synchrony in particular utilizes trended data, and if balances are not going down fast enough (not only on their cards, but other cards) they frequently respond like this. 

If those cards go unused, the "fear" is they might get maxed or something like that. 

 

Again, I'm really sorry you're going through this, but if this was me, I'd try figuring out why it's happening before it gets worse. 

Message 65 of 1,099
Caddypower
New Contributor

Re: Synchrony closed my accounts


@Remedios wrote:

@Caddypower  I'm really sorry this has happened to you, especially right now. 

It's unpleasant for sure. 

 

With that said, and because you've posted about multiple instances of AA, even before all this started, I urge you to take a good look at all your reports, including ones from like Sage Stream and Innovis. 

There is something going on that's spooking lenders, and you really want to stop the bleeding. I know some lenders have given you increases, but every lender has a different tolerance levels and risk mitigation procedures. 

Maybe you've carried balances for a while (just shooting examples here), maybe your DTI went up if you had new loans etc.

Synchrony in particular utilizes trended data, and if balances are not going down fast enough (not only on their cards, but other cards) they frequently respond like this. 

If those cards go unused, the "fear" is they might get maxed or something like that. 

 

Again, I'm really sorry you're going through this, but if this was me, I'd try figuring out why it's happening before it gets worse. 


Thanks. I will. I'll prob call synchrony to ask about it. 

 

If I can keep amex, us bank/elan, bank of america, disc, and cap one I'll be happy. 

 

Most of what hasnt been canceled has had a credit increase so still in decent shape overall 

Message 66 of 1,099
chiefone4u
Established Contributor

Re: Synchrony closed all of my accounts today


@N5369087 wrote:

I logged into my paypal today and was greeted by a message from Paypal's CEO.

I wish i had save it.

But it read "We'll be here for you in this covid-19 crisis."

Both paypal mastercard and paypal credit use synchrony.

 

I guess the message means that

"we'll be here for you until, we are Not here for you"

 


 

I still have a message saying they will be there for me, and below that is "account closed"

 

Maybe I should see what they have to offer... not like I have to worry about them closing my accounts if I ask for help now. Might allow me to stretch my budget further while waiting for things to get back to normal.

Goodwill Saturation Technique

Starting Score: EQ:608, EX:617, TU:625
Score 10/2018: EQ:669, EX:686, TU:668
Score 11/17/2018: EQ:682, EX:681, TU:683
Current Score 3/11/2020: EQ:695, EX:703, TU:720
12/24/2018 -- EQ Beacon 5.0: 678, EX Fico II: 690, TU Fico Classic 04: 716

Goal Score: 740+


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Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $7200ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000

Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.

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Message 67 of 1,099
Namaste7
Established Contributor

Re: Synchrony closed my accounts


@CardNut wrote:

Sorry to hear.

 

For the future,  diversify, diversify,  diversify. 

 

Banks can pull their lines for any reason. High risk, over exposure, or freeing up credit for small business loans. 

 

Stay diversified and a closure has a much smaller impact on your credit. 


With a finance company like Synchrony, an added recommendation is to remain conservative on total number of accounts and exposure.

 

Under no circumstances will I be applying for another Synchrony product or requesting a CLI for a looooooooong time. I have more than enough. While I do not perceive my internal or external credit usage to be risky, I do not want to tip the scales by requesting more credit.

 

I appreciate everyone who shared their shutdown experience; I hope you are able to bounce back from the closures quickly!!

~~MMXX~~
My Garden Goal: Double NW
Message 68 of 1,099
Janus
Senior Contributor

Re: Synchrony closed my accounts

Considering what's going on I can understand their stance on reducing risk, though i would think they would AA profile that are at more risk. How much risk is someone who's still working and has no negatives, or who hasn't shown it duingthe life of the account?

 

That said easy come easy go. So when this is over those TL's can be replaced just as easy as the first time.

The only drawback is losing the accounts with age etc.

 

 






Message 69 of 1,099
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