@Red1Blue wrote:When ever i read posts like this, I am glad I kept my Secured Credit Cards and I am loving them. Dont have to worry about they being shutdown or closed.
I'm no expert on secured cards, but I'm pretty sure I've read on this forum about secured cards being shut down for no apparent reason. Just like regular cards! Maybe someone will chime in who's experienced that.
@Brian_Earl_Spilner wrote:
@SoCalGardener wrote:
@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!
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?
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!
Hardly rhetorical. There are plenty of lenders who take AA or make decisions regardless of how you maintained your accounts with them.
Chase shuts down cards after approval despite nothing wrong, except they followed up a few weeks later and saw other new cards at the same time. They've shut down all cards before. Amex puts hard limits on their charge cards and may freeze all accounts until they get access to taxes despite always being a good customer. They've shut down all cards before. Citi takes preemptive AA based on handling of third party accounts. NFCU will base approvals and increases on how you handle third party accounts over the last 12 months regardless of relationship or how you handled first party accounts.
Based on the above, those lenders don't sound that great, but they get plenty of praise on here. Just don't get the whole being happy with being done with synchrony thing. I didn't see any complaints while they were raising everyone's limits. Heck, until they started closing people's cards, they had less complaints than the other lenders I mentioned. Seems the only time there are complaints about them was when the blue envelopes went out and these mass closures. 🤷
All I know is what I've seen in the ~year since I came back here after a long break. I don't see endless posts about other banks arbitrarily shutting down perfectly good accounts. Sure, I see the *occasional* post about that, but not in droves!
Do these tend to come in waves or a "purge"? Or are they purely random? I am so sorry to hear of your misfortune... I would be devastated!
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