SYNCB closed PayPal MC Again

[pip3man]

---

@xenon3030 wrote:

Lol. You received 2x closure of the same card with Sync. Why did you consider re-opening the card?

---

@xenon3030 I've always been a fan of the PPMC when it was still a 2% everything 3% PP card. Easily one of the best cashback cards out there so it made every sense being in my wallet as a primary driver... After the nerf not so much... When I got it the second time, the structure was still the same although few months later it got nerfed. However, they let me keep the 2-3% cashback for a couple months since I was still a new cardmember.

[pip3man]

@CreditPoor For one, if the new accounts are not listed on my credit report, there is absolutely no way a third party bank will know about it. I know this much from my direct professional experience. The only bank that would know I have 4 new accounts would be AMEX and AMEX only. Unless SYNCB decides to send a 314(b) to AMEX then at that point they are required to disclose the number of accounts I have opened with them which may not be visible on my credit report. However, the chances of that happening is zero and it's only used if they believe suspicious activity is happening. Secondly, u think 7 inquiries is alot?! Haha are you new to MyFico cos if you do your research you'll find that my inquiry count is not outrageous compared to many MyFicoers. Plus, I don't believe the inquiry was an issue bcos as of the time of my last CLI in Dec, my hard inquiry count was already at 6. Besides if it's something that had to do with my credit, trust me when SYNCB strikes, they do mass shutdowns! So they would have axed every account I got with them. Read other stories here. Think about it, does it make sense they are spooked about a card with a $1k limit and no balance but unconcerned with the other $12k card? I don't think so... In case you may not know when requesting a SP CLI with SYNCB and many other institutions, they're not pinging your credit in real time. They make the decision based of prior SP that was done at an earlier time. I still maintain that the recent requests for CLI resulted in the account closure (nothing to do with my credit at all). Also, everything as I've shared is the full picture so I don't appreciate you implying otherwise. I got nothing to hide or prove to anyone on the internet.

[CreditPoor]

First, you're comparing your crefit profile to everyone else's. As we all know everyones profiles are unique and different. So while some may be able to absorb 7 inquiries and more, it's possible your profile cannot. 

Next, its irrelevant what you and i think about Synchronys lending practices and there risk assessments because at the end of the day they are the lender and whatever they deem to be risky is how it is. What i will tell you is that something in your profile spooked them. Be it high amounts of unused credit, income to available credit or credit utilization, as one of your cards shows 96% usage in the screen shot. At the end of the day 95% ofclosures happen because of something the user did and the bank didn't like it, period.

Finally, Banks use proprietary risk models that may factor in your recent credit-seeking activity, even if they don’t see the actual account yet. With the use of AI risk assessments are getting refined like never before. So what may have been an acceptable tolerance level a year ago is a no go today. 

[CreditPoor]

bump

[pip3man]

@CreditPoor I don't wanna get into TMI but when it comes to Risk and all that goes on behind the scenes at financial institutions... TRUST me, you're the last person in a position to tell me anything about it. You mentioned my profile not being able to absorb 7 inquiries, my oldest reporting account is darn near 20yrs old. There are over 70 accounts currently reporting on my credit, that includes multiple auto loans, student loans, mortgages, credit cards, personal loans, lines of credit... you name it. My profile is seasoned so if anyone can absorb 7 inquiries, that should be me. And as far as my income to available credit goes, I won't go down that path either before it turns into a bragging match but just know that... like I said before, the closure was not triggered as a result of credit related issues. Just like when I had the PPMC the first time and it got closed 2 days after I requested a CLI, same thing is happening again. It's too much of a coincidence that I requested an increase the day before, then the next morning card gets closed. What do both situations have in common - each closure was preceded by a request for an increase. And if you can't see the commonality here then I don't know what else to tell ya! Anyways, this is my last comment on this topic. The damage has been done and I've shared my experience. Case closed 😉

[portlandmusician]

@pip3man I mean, @CreditPoor did post his thoughts and then a minute - a minute - later posted another response, "bump," so he really wanted you to hear what he had to say. 

At any rate, thank you for your data point on Synchroncity. They're wonky, we know. And, while they may be spooked about *something* we don't know (or, obviously you asking for a credit limit increase), the fact is it happened and your data point helps. Thank you.

[CreditCuriosity]

speculating they saw that max out card on your profile one with 96% useage and didn't like that. Paired with you asking for a CLI.  How long has balance been that high on that one account on report?  Did they axe your venmo card as well on profile or that still intact?

[pip3man]

---

@CreditCuriosity wrote:

speculating they saw that max out card on your profile one with 96% useage and didn't like that. Paired with you asking for a CLI.  How long has balance been that high on that one account on report?  Did they axe your venmo card as well on profile or that still intact?

---

No my Venmo card is still open as of today. I still don't think it's the 96% usage cos for one the card balance in my previous statement balance was $4300. It was only the most recent statement it went up that high. It just doesn't make any sense whatsoever that they are worried about a $1k limit card but fine with letting me keep the $12k card. If anything Venmo should've been the first on the chopping block if they were really concerned with something on my profile. As u probably already know, when SYNCB strikes they almost always shutdown every account. And to further support my theory, I requested a CLI for both the Venmo and PPMC on that same day. The only difference is, it was the first time I requested an increase on the Venmo card whereas with PPMC, it was the 10th request since the beginning of March.

[CreditCuriosity]

Ya surprised they didn't hit your Venmo as well.  Suppose it could of been worse with how Sync. typically handles account clossing which is usually all accounts.  

[Patient957]

---

@portlandmusician wrote:

At any rate, thank you for your data point on Synchroncity. 

---

A great album.  

Uh oh, is that off topic?