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Since the Synchrony account closure thread appears closed ...

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CYBERSAM
Senior Contributor

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

Ouch, ouch... ouch! Sorry to hear that! Sync is known for this kinda of behaviour. I think everyone over 50K CL with Sync has a good chance of getting canceled just because!







                
Message 11 of 75
Red1Blue
Super Contributor

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

Hi @BallBounces sorry to hear about your Synchrony cards closure. They closed bunch of my cards in 2018 when I had a financial downturn on my credit. Recently I got approved for Synch Verizon Visa card with $1k Limit. I have no desire to open any other accounts with Synch. They are a good bank but I out grew my credit card needs and requirements. Hope your mortgage search will go smoothly. Keep us informed.

Message 12 of 75
BallBounces
Valued Contributor

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


@Brian_Earl_Spilner wrote:

@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.


Actually I used them often.  But I was not carrying large balances, especially relative to overall credit line. I had Amazon, Verizon and Paypal cards that got regular use because frankly they are good cards. I had $500 monthly spend on vzn for example.  Every month.  

sync is still terrible however.  

050719:     
021924:     


FICO 08 scores listed and are stagnated until multiple derogatory items expire over the next two years.
Message 13 of 75
BallBounces
Valued Contributor

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


@CreditInspired 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 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


I used them A LOT. 

Monthly purchases on Amazon, VZN and Paypal MC. 

sync is lame. 

050719:     
021924:     


FICO 08 scores listed and are stagnated until multiple derogatory items expire over the next two years.
Message 14 of 75
GApeachy
Super Contributor

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

So sorry this has happened to you!!!  DP Question: Have you kept up with your monthly Vantage 4 score that Synchrony provides across the board?  If so, did your score take a recent (as in the past qt.) dive? 

On the old Synchrony Closure thread I never really could attain results to that question for dps' sake.  I think it's important and would provide pertinent info. for all. 

Again, hate it for you. 

My Take Home Pay Don't Take Me Home
Message 15 of 75
Brian_Earl_Spilner
Credit Mentor

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


@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! 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!


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. 🤷

    
Message 16 of 75
Red1Blue
Super Contributor

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

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.

Message 17 of 75
Credit-hoarder
Valued Contributor

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


@longtimelurker wrote:

@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!)


I think it's a mixed bag with them. Out of the 4 I have--I've put high spend recently on Lowe's and have always put respectable spend on Pay-Pal MC--but BP and AEO Visa don't see hardly and spend and just very recently they CLD'd my AEO from $10k down to $1024. I made a call to CS after that happened to try and get the whole $10k line back--but the highest they would take it to was $3k. Still better than losing all 4 of them.

BUSINESS
Rewards Pts.-Miles: UR-MR-TYP-Venture
Message 18 of 75
GApeachy
Super Contributor

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


@Credit-hoarder wrote:

@longtimelurker wrote:

@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!)


I think it's a mixed bag with them. Out of the 4 I have--I've put high spend recently on Lowe's and have always put respectable spend on Pay-Pal MC--but BP and AEO Visa don't see hardly and spend and just very recently they CLD'd my AEO from $10k down to $1024. I made a call to CS after that happened to try and get the whole $10k line back--but the highest they would take it to was $3k. Still better than losing all 4 of them.


Okay, great post...did, have, you kept up with your Vantage 4 score? Now wondering the possible difference between cld and closure.

My Take Home Pay Don't Take Me Home
Message 19 of 75
Red1Blue
Super Contributor

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


@GApeachy wrote:

Okay, great post...did, have, you kept up with your Vantage 4 score? Now wondering the possible difference between cld and closure.

Hi @GApeachy after your post about Vantage 4 score I tried to get my scores from Synch/Verizon site. It does not give me scores since I froze all my 3 reports. Is there any other place we can get Vantage 4 scores from? I am getting scores from Credit Karma, WalletHub, Credit Unions like Affinity, NIH and SDFCU. I think they are vantage 3. Not sure what other sites gives out Vantage 4 scores.

Message 20 of 75
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