Proactive Synchrony Bank Vaccine

[pipeguy]

As I've mention in other posts I have 3 Synchrony backed cards -  Amazon Prime 8k, Lowes 30k and Sams MC 10k - which I use a bunch and would hate to lose.

Given all the posts on Synchrony Bank suspending/closing accounts I took a proactive "vaccine" of sorts to avoid the Synchrony Flu.

Paid in Full just under $600 on Amazon = balace $00

Paid in full remaining balance ($3900) from a Lowes $10k Project promotion 84 months at 5.99% = balance $00

Sams's MC I PIF every month, balance = $00

Request and approved for a $5k CLI on our Home Depot cards to $25k on mine and took the DW's card to $10k = balance $00, available $35k

Of course these activities would be sure to get any card I had with Comenity CLOSED for "too many inquiries", but I don't have any Comenity backed accounts, so if Synchrony Bank wants to get picky, at least I can walk away clean (I'm sure Home Depot will love to get all the business I give Lowes, so at least they'll be happy).

[drmceo]

Great approach. I am the type to let the chips fall where they may. I just apped in may for the marvel card(2k sl) walmart(1800 sl) and bp visa gas card(1500 sl) and called credit solutions and got the limits raised to 8k,6k and 6k respectively. So they arent holding back on cli even though the amounts I asked for were modest. So we will see if they have a change of heart and come after my accounts. 

[Anonymous]

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@pipeguy wrote:

As I've mention in other posts I have 3 Synchrony backed cards -  Amazon Prime 8k, Lowes 30k and Sams MC 10k - which I use a bunch and would hate to lose.

Given all the posts on Synchrony Bank suspending/closing accounts I took a proactive "vaccine" of sorts to avoid the Synchrony Flu.

Paid in Full just under $600 on Amazon = balace $00

Paid in full remaining balance ($3900) from a Lowes $10k Project promotion 84 months at 5.99% = balance $00

Sams's MC I PIF every month, balance = $00

Request and approved for a $5k CLI on our Home Depot cards to $25k on mine and took the DW's card to $10k = balance $00, available $35k

Of course these activities would be sure to get any card I had with Comenity CLOSED for "too many inquiries", but I don't have any Comenity backed accounts, so if Synchrony Bank wants to get picky, at least I can walk away clean (I'm sure Home Depot will love to get all the business I give Lowes, so at least they'll be happy).

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That's a great move! That's why I didn't carry large balances on all my 3 Synchrony cards. I had only $8 balance on my Marvel and $0 on both Lowes and Care Credit when I received the dreaded Blue envelope. No problem closing all cards ... This forum has a lot of great information!  

[Anonymous]

I've been under the impression that the AA with Sync has been with those who have umpteen accounts with them, not 2-3... Use them normally and if they do AA you, kick em to the curb...

[Anonymous]

Thanks for sharing pipeguy!

[wasCB14]

I'm confused. What exactly is this supposed to protect against?

If the concern is getting a blue envelope, hasn't Synchrony taken adverse action against, or requested income verification from, at least a few people who don't carry balances and rarely let balances report on Synchrony cards?

If the concern is being locked out of the accounts online and having the headache of paying by phone or mail, then won't you face that risk every cycle you make a purchase on any Synchrony card?

If the concern is utilization or purchasing power, adding $10k of credit isn't much comfort in the event you lose $48k of credit.

If the concern is repayment, if they close an account, can't you continue to pay it off over time (on the phone or by mail, with some inconvenience) according to the original credit terms?

*Also, I don't think either Lowe's or Home Depot has an interesting store card. Do you have a Citi major card? Price rewind + extended warranty + the option of promo APRs makes for a much more attractive home improvement card, IMO.

[Anonymous]

I did the same thing. I even opened the Chase amazon visa just in case. I've got a $30 balance across 3 accounts as it stands. I'm not so much worried about their closure as I am the pain in the rear it is to pay them if you get shut down.

[AverageJoesCredit]

Very well could be best strategy with Sync. Use them but try not to carry too large a balance and pay in full if at all possible so that if they do shut you down, you dont have to scramble to pay them down. I am currently trying to bring down my balances to zero as fast as possible and then only spend what i know i can pay in full at end of month. If the blue arrives ill just turn it into green, shredd and recycle

[pipeguy]

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@wasCB14 wrote:

I'm confused. What exactly is this supposed to protect against?

If the concern is getting a blue envelope, hasn't Synchrony taken adverse action against, or requested income verification from, at least a few people who don't carry balances and rarely let balances report on Synchrony cards?

From what I've seen they've been going after those with a lot of accounts, those with only a few and those that carry balances oir those that don't.

If the concern is being locked out of the accounts online and having the headache of paying by phone or mail, then won't you face that risk every cycle you make a purchase on any Synchrony card?

If the concern is utilization or purchasing power, adding $10k of credit isn't much comfort in the event you lose $48k of credit.

I've got more cards than I need, rarely carry a balance on anything but the Amazon and Lowes offer extended financing at 0% or 5% off, your choice, That's a good option. I've got over $250k in available unused revolving credit, the "loss" of $48k would not affect my credit profile at all. I do find the 3 cards I have to be beneficial for my needs which is why they are in my wallet. 

If the concern is repayment, if they close an account, can't you continue to pay it off over time (on the phone or by mail, with some inconvenience) according to the original credit terms?

Don't want a major purchase balance to hit any account that'll show 100% utility and be forced into paying in full right away when I've budgeted to pay over time. I rarely pay any interest on any account and only carry a balance if it's a 0% promotion.

*Also, I don't think either Lowe's or Home Depot has an interesting store card. Do you have a Citi major card? Price rewind + extended warranty + the option of promo APRs makes for a much more attractive home improvement card, IMO.

Besides the benefit of long term 0% financing, Lowes offers "project financing" which I used for a $10,000 new roof - 84 months at 5.99% is cheaper than a personal loan and longer than any 0% financing. Gained a lot more on the stock market than 5.99% with the $10k and always had the option to psay off the note. I think Lowes and Home Depot offer very good options for home owners, when you need a new roof or frig, or washer/dryer or lawn mower which I did in May 2016, the $765 purchase was put on the H.D. card with 6 months same as cash - if you don't feel Lowes/HD are worthwhile okay, but they are for me. Sams's I could live without, but they have good gas prices and it's usable at Walmart too and they offer 0% 6-12-18 month offers too - I do belong to BJ's as far as a warehouse clubs (gas and other items), but Sam's has a better tire center, etc.

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[Anonymous]

Interesting strategy...

I seriously thought this thread was going to entail either an opening of a CD, Money Market, or a Savings account.  Kinda stopped following the synch closure thread.  Not sure if there would be any data to suggest any of these would help....their bank rates certainly stynch.  Must be how they can afford to pay me 5x 3x 1x on my sams club MC....