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Since the Synchrony account closure thread appears closed ...

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BallBounces
Valued Contributor

Since the Synchrony account closure thread appears closed ...

I will post here saying Sync just closed all my open cards with them.  All of them.

 

That's 6 tradelines.  That's $50,800 in credit lines.  I wascarrying a whopping $1500 on those credit lines.......

 

A phone call to Sync was fruitless.... they could explain nothing.

 

Bad time considering my utl was under 9 and I will be mortgage shopping......

 

Too say I am displeased is an understantement.  I actually liked most of those cards, you know, when they existed.

 

050719:     
021924:     


FICO 08 scores listed and are stagnated until multiple derogatory items expire over the next two years.
Message 1 of 75
74 REPLIES 74
gdale6
Moderator Emeritus

Re: Since the Synchrony account closure thread appears closed ...

Sorry to hear this. Once again proving that putting too many eggs into this banks basket isnt worth it. They never closed any of mine, I shut them all down myself and just kept Lowes. The letter thats coming will tell you why. If you are going to mortgage shop I would just pay off what you owe on these and pay on your others to get you back down on overall utilization.
Message 2 of 75
Drifter73
Frequent Contributor

Re: Since the Synchrony account closure thread appears closed ...

I only have 1 sync card. But thinking about 2 more = 3 total (max) with them.

 

Please update when you get a reason for the x6 closures so I can keep the data points in mind prior to apps.










Message 3 of 75
Remedios
Credit Mentor

Re: Since the Synchrony account closure thread appears closed ...

@BallBounces  ouch and sorry 

 

You recently posted about 20+ points loss on TU that you couldn't find an explanation for. Do you know is same/similar happened with your VS4 scores or did they remain steady? 

Message 4 of 75
CreditInspired
Community Leader
Super Contributor

Re: Since the Synchrony account closure thread appears closed ...


@BallBounces wrote:

I will post here saying Sync just closed all my open cards with them.  All of them.

 

That's 6 tradelines.  That's $50,800 in credit lines.  I wascarrying a whopping $1500 on those credit lines.......

 

A phone call to Sync was fruitless.... they could explain nothing.

 

Bad time considering my utl was under 9 and I will be mortgage shopping......

 

Too say I am displeased is an understantement.  I actually liked most of those cards, you know, when they existed.

 


I'm only speculating here, but the closure may be due to low use. At the time of shutdown, you were using less than 3% of your CL. CCCs thrive on swipe fees and some feel if you're not using your cards enough, they want to make that money available to consumers who will use it.

 

Just my 2cents


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 5 of 75
SoCalGardener
Valued Contributor

Re: Since the Synchrony account closure thread appears closed ...


@BallBounces wrote:

I will post here saying Sync just closed all my open cards with them.  All of them.

 

That's 6 tradelines.  That's $50,800 in credit lines.  I wascarrying a whopping $1500 on those credit lines.......

 

A phone call to Sync was fruitless.... they could explain nothing.

 

Bad time considering my utl was under 9 and I will be mortgage shopping......

 

Too say I am displeased is an understantement.  I actually liked most of those cards, you know, when they existed.

 


I'm sorry that happened to you. If it's any consolation, just keep in mind that you're one of MANY whose entire lineup of Synchrony cards got closed, for no apparent reason. They haven't pulled that on me--yet--but every time I read a[nother] thread like this, I brace myself for it.

 

I agree with another person who guessed that low usage was the 'reason' they closed the cards. Your utilization was very low--as is mine--and I've gleaned that they don't like that.

 

Losing $50,000+ in credit has got to be painful. But, on the bright side, you're done with Synchrony! Smiley Very Happy Consider that a blessing.

Amazon Prime Store CardAmerican Express Blue Cash Preferred CardAmerican Express Everyday CardBank of America Customized Cash VisaCapitalOne Quicksilver MastercardCapitalOne Quicksilver VisaCapitalOne Walmart Rewards MastercardChevron Texaco CardCiti Double Cash MastercardDiscover More CardJCPenney Gold MastercardOverstock.com CardSportsmans Guide Rewards VisaSynchrony Home Card
Message 6 of 75
Jnbmom
Credit Mentor

Re: Since the Synchrony account closure thread appears closed ...

@BallBounces 

 

Sorry for your closures . Last massive go around here my hubby had all his closed lost over 80K I think. I was ready to be next but they just shut down my lowes (35K) I still have quite a few so waiting for my turn to eventually come .

EXP 780 EQ 791TU 795
Message 7 of 75
Brian_Earl_Spilner
Credit Mentor

Re: Since the Synchrony account closure thread appears closed ...


@SoCalGardener wrote:

@BallBounces wrote:

I will post here saying Sync just closed all my open cards with them.  All of them.

 

That's 6 tradelines.  That's $50,800 in credit lines.  I wascarrying a whopping $1500 on those credit lines.......

 

A phone call to Sync was fruitless.... they could explain nothing.

 

Bad time considering my utl was under 9 and I will be mortgage shopping......

 

Too say I am displeased is an understantement.  I actually liked most of those cards, you know, when they existed.

 


I'm sorry that happened to you. If it's any consolation, just keep in mind that you're one of MANY whose entire lineup of Synchrony cards got closed, for no apparent reason. They haven't pulled that on me--yet--but every time I read a[nother] thread like this, I brace myself for it.

 

I agree with another person who guessed that low usage was the 'reason' they closed the cards. Your utilization was very low--as is mine--and I've gleaned that they don't like that.

 

Losing $50,000+ in credit has got to be painful. But, on the bright side, you're done with Synchrony! Smiley Very Happy Consider that a blessing.


Why is it a blessing? They have some good cards. I use my PayPal and care credit all the time. At some point I'll get the Verizon card to help pay for upgrades. Car care is also another one I'm looking at. I've never had problems with them. But then again, I also don't have 70k of unused credit with them either.

    
Message 8 of 75
longtimelurker
Epic Contributor

Re: Since the Synchrony account closure thread appears closed ...


@CreditInspired wrote:

 


I'm only speculating here, but the closure may be due to low use. At the time of shutdown, you were using less than 3% of your CL. CCCs thrive on swipe fees and some feel if you're not using your cards enough, they want to make that money available to consumers who will use it.

 

 


Don't they CLD rather than close.   I only have 2 Sync cards, and one was recently CLDs for lack of use.  (Waiting for the other to be hit!)

Message 9 of 75
SoCalGardener
Valued Contributor

Re: Since the Synchrony account closure thread appears closed ...


@Brian_Earl_Spilner wrote:

@SoCalGardener wrote:


I'm sorry that happened to you. If it's any consolation, just keep in mind that you're one of MANY whose entire lineup of Synchrony cards got closed, for no apparent reason. They haven't pulled that on me--yet--but every time I read a[nother] thread like this, I brace myself for it.

 

I agree with another person who guessed that low usage was the 'reason' they closed the cards. Your utilization was very low--as is mine--and I've gleaned that they don't like that.

 

Losing $50,000+ in credit has got to be painful. But, on the bright side, you're done with Synchrony! Smiley Very Happy Consider that a blessing.


Why is it a blessing? They have some good cards. I use my PayPal and care credit all the time. At some point I'll get the Verizon card to help pay for upgrades. Car care is also another one I'm looking at. I've never had problems with them. But then again, I also don't have 70k of unused credit with them either.


Is this a rhetorical question? Smiley Happy

 

Yes, I agree, they definitely have some good cards--albeit with ridiculously high APRs--and I use some of mine a LOT. But that doesn't make Synchrony a good entity. Based just on what we see on this forum, i.e., mass closures for no apparent reason of perfectly good accounts, I'd think it's obvious why it's a blessing to be done with them. Knowing you're a good customer, always pay on time, never have any kind of account issues, and yet the shoe can drop at any moment and all your accounts can be closed....yeah, I'd say being done with that is a blessing. Your opinion may vary!

Amazon Prime Store CardAmerican Express Blue Cash Preferred CardAmerican Express Everyday CardBank of America Customized Cash VisaCapitalOne Quicksilver MastercardCapitalOne Quicksilver VisaCapitalOne Walmart Rewards MastercardChevron Texaco CardCiti Double Cash MastercardDiscover More CardJCPenney Gold MastercardOverstock.com CardSportsmans Guide Rewards VisaSynchrony Home Card
Message 10 of 75
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