@kdm31091 wrote:You have to do what you feel is best for your situation, but I feel it doesn't make much sense to close accounts just because some people got AA. You could have never recieved AA, and you just closed perfectly good accounts. If they weren't otherwise useful, no harm, but closing proactively because AA happens to others just seems like overkill.
Any lender can and does take AA. Search the forums; you'll find stories of BOA, Chase, Amex, etc. So if you really don't want any risk of declines or AA, unfortunately, you shouldn't be using any credit cards. Which is unrealistic, of course, but my point is that just because Synch is the latest AA trend doesn't mean they are the first or the only.
This forum is also a very small sample size and we tend to have extreme credit habits so AA is going to seem more common than it truly is. Even so, 3 reports of Synch AA doesn't mean the world is ending or that everyone should close their accounts (unless they otherwise want to).
Anyway, if you are happy with your decision, that's ultimately what matters.
Ageed KDM.....
OP, just because a few select posters have posted that Synch is asking for income verifcation, doesnt mean you need to go and close down all your accts with them to be "proactive". A lot more goes in play here, and a lender just doesnt randomly send out these types of request unless its warrented.
A few things to consider with Synch....
How close are you to their max exposure (100k)?
Are you using your cards on a regular basis?
Are you utilizing the CL they gave you?
Are you using the cards for more than a $10 reload on Amazon?
How often are you requesting CLI? (btw, they do keep record of it)
How much credit with them do you have vs your reported income?
Your history with Synch
Your overall credit reports/reported util/etc...
Synch is just like any other lender, granted they have been very generous with approvals/rebuilders/CL/CLI etc...but they may be feeling the pinch, and also its not bad of them to ask for income verifcation from anyone, especially the highrollers like myself and a few other posters here who are /were at max limit.
You had to do what you felt was right for you, and by all means I respect that, but all im saying is.....dont let a few posters "scare" you into "proactivly" closing your cards with a lender! Thats ridiculous... Id say carry on as usual, and then if something happens like this to you, then you can address it at that time.
I feel its any lenders right to want proof of income if they are handing over $50k+ in credit to you, maybe even less than that. But if what you did makes you feel a little better and maybe relieved in some way, then ok....
@Anonymous wrote:
I agree pizza. I needed to trim it down anyway. My income is definitely accurate with what a tax form would show but I have so much available credit not just with synch but overall. I do feel better. I'm 4 years out from BK and although these cards served an awesome purpose at one point, now I want to limit myself to just a handful of cards. Hoping to get in with Citi etc in the next maybe three years if possible. I guess those accounts of people having frozen accounts was just a wake up call that I have way too many cards from multiple aggressive rebuild and it's time to trim them down ☺
I total understand Dave...Weird how fast we recovered from a BK. Im still at $249k, even after closing $28k the other day. Kept getting the cards, and the limits kept going up, and one day I was like...&*%$#%^!!! LOL... Ive started closing some cards but my reasons are completely different...Im wanting in with 2 very conservative CU's next year, so I have to dump a lot of credit before then. Small price to pay to have a better apr card and lender. If you feel better about it, thats all that matters!