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Master Synchrony Account Closure Thread

tcbofade
Community Leader
Super Contributor

Re: Synchrony closed my accounts


@Remedios wrote:

@Caddypower 

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. 


I think that we're all still trying to figure out the "why".

 

This has NOT happened to me yet, but I very much fit the profile being attacked....  Many Synch accounts, large CLs, little or no use.... I'm just waiting for my turn in the barrel.  Smiley Indifferent

09/01/21 Fico 8: EX 736, EQ 750, TU 746.
09/04/21 Fico 9: EX 741, EQ 757, TU No idea.

Zero percent financing is where the devil lives...
Message 70 of 1,099
SouthJamaica
Super Contributor

Re: Synchrony closed my accounts


@tcbofade wrote:

@Remedios wrote:

@Caddypower 

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. 


I think that we're all still trying to figure out the "why".

 

This has NOT happened to me yet, but I very much fit the profile being attacked....  Many Synch accounts, large CLs, little or no use.... I'm just waiting for my turn in the barrel.  Smiley Indifferent


IMHO the "why" is that they're trying to cut their reserves on accounts where they're not yet heavily exposed, because they expect to need those reserves for customers who are about to be over their heads. 

 

I.e., it is for purely selfish reasons, giving no regard to the gifts they've received from the federal government, the purpose of which was to stimulate the economy, not put more nails in its coffin. I hope the regulators come down on them for this, but what's the likelihood?


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 71 of 1,099
notmyrealname23
Established Contributor

Re: Synchrony closed my accounts

I almost wish they'd close my Cathay Pacific Visa card @ 2.5k; I already nailed the 40k Asia Miles bonus down, it's a weak card for ongoing spend inside the US (it's mostly going to be sock drawered, except for an occasional tickle), and they would be saving me a phone call to cancel it next January since apparently they don't do retention bonuses or AF waivers (though we'll see how that's going come January), and there's no no-AF product change possible.

Losing the Amazon Prime Store card for 5% off would be annoying since it does get regular-ish use, but not exactly a disaster since at year's end (Oct-Dec) my Discover It Cashback is a 10% cashback card on Amazon.com, so it's going to get all the love for those months anyway. I haven't been CLI-ing it myself, Synchrony boosted me to 3k by themselves. I wouldn't be thrilled to get a CLD, but I don't usually do huge purchases.

First Tech FCU Choice Rewards World MC 35k
Fidelity VISA Signature 11.5k
Capital One Quicksilver 11k
AMEX Hilton Aspire 9.8k
Charles Schwab AMEX Platinum NPSL
Amex Gold NPSL
Amex Green NPSL
SoFi MC World Elite 8k
AMEX Marriott Bonvoy Brilliant 7.5k
Rakuten Synchrony Visa 7k
PayPal Synchrony MC 6.4k
Citi AA Mileup 6.9k
Petal2 VISA 6k
DiscoverIt Cashback 5k
Amazon/Synchrony 5k
Hotels.com 5k
Apple Card 3k
AMEX Delta Gold 3k
Cathay Pacific/Synchrony 2.5k
Target 800
Ch 13 filed 12/13 discharged as paid 1/19
Message 72 of 1,099
ChargedUp
Valued Contributor

Re: Synchrony closed my accounts

The only Synch account I have is PP Credit and I paid that off within a couple months of them taking the account from Comenity. I still haven't touched it since as I really have no need for it, but that $10K line is still there. If it gets closed I've got no hard feelings.

 

I honestly can't comprehend Synch's schizophrenic lending behavior... Throw a $30K CL out on some cards and then only $1K out on another for the same profile. CLD and outright close some people that have always maintained excellent credit history and scores while keeping some with mediocre payment history at best with huge CL's. The way that you call one number and never get a CLI, but call another number and get a $25K CLI on the same day has always baffled me as well. Times are weird right now, but this has been a Synch thing since waaaayyy before Covid-19 was ever a thing.

 

I don't think the left hand knows what the right hand is doing over at Synch. Every once in a while it'll notice and just freak out.

 

Sorry for your closures @Caddypower 

AODFCU 3% Visa ($10K), Amex PRG (NPSL), Amex Blue Cash ($24K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($29.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($15K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($13K), PenFed PCR ($3500), Bank of the West CB MC ($3K), PNC Cash Rewards ($14K), NASAFCU Rewards Visa ($20K), BOC/Elan Max Cash MC ($25K), BoA Business Customized Cash Rewards MC ($8k)
Message 73 of 1,099
ChargedUp
Valued Contributor

Re: Synchrony closed all of my accounts today


@policebox wrote:

I'm in the same situation.

 

Just logged in to check my transactions on my PayPal Cash Back MC. Credit limit to $0. Checked all my other Synchrony accounts, all closed.

 

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

 

Their reason was that something on my credit report indicated I was high risk, but yet the representative wouldn't tell me what that reason was. Nothing has changed on any of my reports except for opening a mortgage recently.

 

I've had these accounts for years, no late payments, always pay in full (usually before the statement cuts). Only 1% overall utilization. No baddies. 800+ FICO scores. No change in income. Not financially affected by COVID-19.

 

I'll never use another one of their products again if this is how they treat someone who was zero risk to them.


THIS is the BS I've been talking about with Synch... From your screen name, I'm assuming you're LE which makes your employment pretty much recession-proof... and Synch should know this as it would be in your file. Totally illogical move on Synch's part to get nervous with your scores, payment history and employment as a first responder.

 

For those who think this is Covid-19 driven, this has been a Synch trademark for much longer than the strange times we're all living in right now. It may happen more now, but it's always been something that's popped up here at MyFICO for one reason or another. Sometimes it was justified, but many times it was just a flip of the magic 8-ball.

 

Synch could throw a 5% everything card at me and I'd still throw the app in the shredder. Some things just aren't worth the headache...

AODFCU 3% Visa ($10K), Amex PRG (NPSL), Amex Blue Cash ($24K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($29.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($15K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($13K), PenFed PCR ($3500), Bank of the West CB MC ($3K), PNC Cash Rewards ($14K), NASAFCU Rewards Visa ($20K), BOC/Elan Max Cash MC ($25K), BoA Business Customized Cash Rewards MC ($8k)
Message 74 of 1,099
ccpat
Frequent Contributor

Re: Synchrony closed all of my accounts today

Trying to get ahead of this.  Has anyone with under $50K had their cards closed?  I'm trying to close the cards I have with Synchrony that I don't use and get my exposure with them under $50K.  I use my Sams, Amazon, Lowes and CareCredit.  

 

Will close my JC Penney, Discount Tire, Belk and Athleta.  Does it matter if the exposure is store cards vs bank cards? Wonder if there's any reason to what accounts they're closing?

Message 75 of 1,099
Aim_High
Senior Contributor

Re: Synchrony closed all of my accounts today


@ccpat wrote:

Trying to get ahead of this.  Has anyone with under $50K had their cards closed?  I'm trying to close the cards I have with Synchrony that I don't use and get my exposure with them under $50K.  I use my Sams, Amazon, Lowes and CareCredit.  

 

Will close my JC Penney, Discount Tire, Belk and Athleta.  Does it matter if the exposure is store cards vs bank cards? Wonder if there's any reason to what accounts they're closing?


I'd be careful, @ccpat.  What is your total utilization now across all cards?  You could be causing the very problem you're trying to avoid!  If you think you're overextended with them, you might close one credit line or ask for a couple of CLD if that makes you feel better, but I wouldn't rush out to close four cards at once unless your utilization is already down to 1% or less.   And you don't know the whole story about why they picked the accounts they did, so you might not be targeted at all.  Over time, though, I think diversifying with other lenders or lessening Synchrony exposure might be prudent. 



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 76 of 1,099
kdm31091
Super Contributor

Re: Synchrony closed all of my accounts today

I don't think there is much point in proactively closing the accounts unless you really hate the idea of a "closed by grantor" on your report. I am not sure that I've seen many, if any, people mention that "closed by grantor" negatively affected their ability to get cards in the future. Maybe it would come up on a manual review if you had a ton, but I don't know.

Message 77 of 1,099
ChargedUp
Valued Contributor

Re: Synchrony closed all of my accounts today


@Aim_High wrote:

@ccpat wrote:

Trying to get ahead of this.  Has anyone with under $50K had their cards closed?  I'm trying to close the cards I have with Synchrony that I don't use and get my exposure with them under $50K.  I use my Sams, Amazon, Lowes and CareCredit.  

 

Will close my JC Penney, Discount Tire, Belk and Athleta.  Does it matter if the exposure is store cards vs bank cards? Wonder if there's any reason to what accounts they're closing?


I'd be careful, @ccpat.  What is your total utilization now across all cards?  You could be causing the very problem you're trying to avoid!  If you think you're overextended with them, you might close one credit line or ask for a couple of CLD if that makes you feel better, but I wouldn't rush out to close four cards at once unless your utilization is already down to 1% or less.   And you don't know the whole story about why they picked the accounts they did, so you might not be targeted at all.  Over time, though, I think diversifying with other lenders or lessening Synchrony exposure might be prudent. 


This^^^^ +1!

AODFCU 3% Visa ($10K), Amex PRG (NPSL), Amex Blue Cash ($24K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($29.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($15K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($13K), PenFed PCR ($3500), Bank of the West CB MC ($3K), PNC Cash Rewards ($14K), NASAFCU Rewards Visa ($20K), BOC/Elan Max Cash MC ($25K), BoA Business Customized Cash Rewards MC ($8k)
Message 78 of 1,099
GApeachy
Super Contributor

Re: Synchrony closed all of my accounts today


@ChargedUp wrote:

@Aim_High wrote:

@ccpat wrote:

Trying to get ahead of this.  Has anyone with under $50K had their cards closed?  I'm trying to close the cards I have with Synchrony that I don't use and get my exposure with them under $50K.  I use my Sams, Amazon, Lowes and CareCredit.  

 

Will close my JC Penney, Discount Tire, Belk and Athleta.  Does it matter if the exposure is store cards vs bank cards? Wonder if there's any reason to what accounts they're closing?


I'd be careful, @ccpat.  What is your total utilization now across all cards?  You could be causing the very problem you're trying to avoid!  If you think you're overextended with them, you might close one credit line or ask for a couple of CLD if that makes you feel better, but I wouldn't rush out to close four cards at once unless your utilization is already down to 1% or less.   And you don't know the whole story about why they picked the accounts they did, so you might not be targeted at all.  Over time, though, I think diversifying with other lenders or lessening Synchrony exposure might be prudent. 


This^^^^ +1!


I gotta ^^^ +1 to you both:

Reading all this stuff was making me want to cut and run, bleed it out but after reading replies and thinking about it .....just ride the wave, it's pretty much self-explanatory during this economic dilemma that if the axe drops it drops no real biggie.   

"My Take Home Pay Don't Take Me Home"
Message 79 of 1,099
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