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Sync- How many cards is too many?

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Drifter73
Established Contributor

Re: Sync- How many cards is too many?

I personally have x3 Sync cards with no issues. But then, I also don't mash the cli button for padding limits I'll never use at least 30% of per 1 to 3 months to justify said limits.

 

As others mentioned already, I think the cld's start happening for 2 different reasons. Reason 1 is when Balances are carrying over on multiple cards and only the minimum payments are being made (best to pay 3x+ minimum payments on carry overs imo). And reason 2 is cli requests on multiple in network cards that are not getting remotely close to at least 15% Utilization within a 1 to 3 month period.

 

They make their money off the business swipe fees and interest charges. So if you don't swipe enough, spend enough, or pay enough on a high limit card, those are funds that can be relocated to someone else that makes them more money at a lower risk of default.

 

In perspective, a high limit on a card someone doesn't appear to be able to afford large spending on or only pays the minimum on could equate to a future maxed out default and loss for them. So it's really a matter of loss prevention when a cld happens.

 

In my opinion anyways.











Message 21 of 32
CYBERSAM
Senior Contributor

Re: Sync- How many cards is too many?

I currently have 4 trade lines with Sync and over the years they never closed or CLD my accounts! Unless the CC was discontinued or moved to another bank (Marvel, Walmart).

Sync has many CCs that they are easy to get, easy to grow... However they do not like to be used for utilization padding. As long as you recognize that, then you should be fine. Keep what you like and cancel what you have no use for.

 

Verizon CC is good card and maxes out at 20K

Lowes can grow very high limit, but I would not push it.

Amazon not hard to get, but I prefer the Chase version.

 

Sync is not inquiry sensitive so you can app for couple of them, however other banks don't like credit seekers these days! Just keep that in mind.







                
Message 22 of 32
1GaDawg85
Valued Contributor

Re: Sync- How many cards is too many?

I only have 1 Sync card and that works well with my profile which is the Verizon VISA card It's only used for my family's cell phone bill. Who needs a 20k credit limit for a cell phone bill that is a couple hundred a month? Not me but I appreciate the padding that it affords me on my overall utilization. If you treat them well and don't go overboard with approvals on their products, constantly asking for a CLI before it's time, running up the utilization without significant payments, or constantly late on payments, doubt they would say BOO to you.

 

but that's just my opinion 


FICO 5 ,4, 2 - 10/2023                            FICO 8 - 10/2023                                   FICO 9 - 10/2023                                   FICO 10 - 10/2023
     
Message 23 of 32
K-in-Boston
Credit Mentor

Re: Sync- How many cards is too many?

I've had zero issues with Synchrony going back to the GE Money Bank days.  I had a couple of cards closed years ago after years of non-use but those were one-time purchase accounts (for example, buying a Sleep Number bed 20 years ago was one time too many).  I have $68.5k in combined limits between Lowes, Amazon, PayPal Credit (formerly BillMeLater), and Synchony Premier MasterCard (formerly Rakuten Visa), which is comparable or below what I have from most of the major credit card issuers (American Express, Bank of America, Chase, US Bank).  Nearly all issues we've seen with Synchrony have been major red flags with creditworthiness, too much too soon, or extremely lopsided credit profiles (i.e. revolving credit consists of $100,000 on 15 Synchrony cards and a $300 Capital One card).  In moderation, one should have zero issues with Synchrony.

Message 24 of 32
UncleB
Credit Mentor

Re: Sync- How many cards is too many?


@K-in-Boston wrote:

I've had zero issues with Synchrony going back to the GE Money Bank days.  I had a couple of cards closed years ago after years of non-use but those were one-time purchase accounts (for example, buying a Sleep Number bed 20 years ago was one time too many).  I have $68.5k in combined limits between Lowes, Amazon, PayPal Credit (formerly BillMeLater), and Synchony Premier MasterCard (formerly Rakuten Visa), which is comparable or below what I have from most of the major credit card issuers (American Express, Bank of America, Chase, US Bank).  Nearly all issues we've seen with Synchrony have been major red flags with creditworthiness, too much too soon, or extremely lopsided credit profiles (i.e. revolving credit consists of $100,000 on 15 Synchrony cards and a $300 Capital One card).  In moderation, one should have zero issues with Synchrony.


+1

 

I have five Synchrony cards (fifth added last year) and I've never had any issues with them.  I realize this could change at any time, but that could be said for most anything.  Of the five, Lowe's and Belk are my two oldest credit accounts - Lowe's is 18 years old, and Belk is 16 years old. 

 

While a few of the account closures we've read about seemed to come "out of nowhere," nearly every time as the discussion continued there would be something disclosed that likely was the trigger (fair or not).  For a time those who had added an authorized user seemed to be targeted for closure, then it was those who had just obtained multiple Synch cards in a short period of time and called to get all the credit lines raised to the moon who seemed to be targeted.  These days they seem to be more focused on credit scores.

 

Which brings me to my next point... Synchrony uses VantageScore for underwriting.  VantageScore is well-known to be sensitive to things that wouldn't make FICO flinch.  For example, I lost 22 points on Vantage just due to a couple of cards that were PIF the previous month reporting a balance (my utilization is still under 2%), yet FICO wasn't bothered at all.  In my case it's not a big deal - scores are still 797 even after the drop - but for someone who is already borderline in Synch's eyes such a drop could get their attention.

 

For what it's worth, I was supportive of my own father getting the Synch Amazon card, and he has (at least) one other Synch card as well.  If I thought it was going to be an issue I definitely would have advised him otherwise.

Message 25 of 32
Remedios
Credit Mentor

Re: Sync- How many cards is too many?

I just think there is a lot of anti-Synchrony bias because they aren't what some may consider "fancy" lender  

As an example, Chase. We all know how much they dislike credit seeking, we know they are prone to account closures when one applies for two or more Chase cards in short period of time, we know they love them secondary reviews, no one is ever responding with "No Chase cards, they are shutting down accounts!!!" 

They are quick to CLD under right circumstances, they aren't too quick to increase limits, not exactly the friendliest/best customer service...

Logic would dictate if both lenders behave relatively similar fashion, except Chase does it daily, Synchrony tends to perform AA in batches making it appear whole lot worse than what it is, both lenders would receive same feedback, but they aren't because Chase So Awesome!  

 

If anything, Synchrony needs to stop treating their own products as low hanging fruits, tighten up UW criteria somewhat and go from there.

 

Dropping Vantage would also be a good move because it's all fake trended data. They aren't using payments since most lenders do not report the amount paid , so are instead relying on CR, if you tend to use same cards and allow same cards to report balances, it can give appearance as if those are carried balances. Thats how a few months of higher reported balances can and will cause scoring drops even when paid in full. Until all (or at least majority) of lenders start reporting payment amounts, it's just show and tell. It's like upgrading tea leaves to tarot cards and expecting to better predict future. 

 

Message 26 of 32
AyaMai
Frequent Contributor

Re: Sync- How many cards is too many?


@increasingmyfico wrote:

I've read quite a few posts about people having accounts closed w/Sync for various reasons. As I plan to add to my card stash this year I'm wondering how many is the right number to have to have the best odds of avoiding cards being shutdown or limits slashed? I am looking at having three with them. Lowes, VZW and Amazon. Thanks


I have Google Store Financing, Sam's Club® World Elite Mastercard, Synchrony Premier World Mastercard. Amazon Prime Store Card, PayPal Mastercard, Venmo and PayPal Credit. Never had an issue with them, I pay off balance before my statement closing date. I ask credit limit increase in 1K or 2K increments, this way limits getting denied. 

 
Message 27 of 32
Guyatthebeach
Valued Contributor

Re: Sync- How many cards is too many?

Increasingmyfico,

 

Personally I believe there is no right or wrong answer when it comes to the number of cards to have with Synchrony.  I have 7 Synchrony cards that get used regularly. They get paid in full monthly, except for Belk, Amazon, PayPal, and Sunglass Hut as I'm taking advantage of the zero interest offers. I make sure my balances are consistent and don't have any outrageously high dollar purchases on my personal credit. 

As long as you don't go crazy with the CLI's, you will be fine. I do want to say that Synchrony will do SP's regularly, so don't let any of your accounts report with high balances or high utilization.

 

With you wanting those three cards, you will be fine in my opinion. When you go to apply, make you're your credit reports are unlocked and try for preapprovals on the Amazon and Lowe's cards. You get approved without having to get a HP for those apps. I don't have Verizon, so I don't know about their card.

 

Guyatthebeach

Message 28 of 32
achromatic
Member

Re: Sync- How many cards is too many?

To add another datapoint, I have 6 Synchrony accounts (PayPal, Amazon, Lowes, Care Credit, Chevron, Car Care One) which I opened over the course of 18 months while rebuilding a few (7-8) years back. They cld'd my Care Credit for high ultilization on other (non Sync) cards but did not decrease limits on any of the other cards. They don't seem too inquiry sensitive and have treated me fairly well with occasional CLIs (I use each card 1-2 times per years). 

Message 29 of 32
NoMoreE46
Community Leader
Senior Contributor

Re: Sync- How many cards is too many?

There are very few stories (I recall only one actually) of a Sync CLD/shutdown that seemed "jumpy" to me.    

However, there are too many threads that start out like-  'I was AA by Sync for No reason'  but buried 14 mesages later,  OP reveals that s/he has several cards that have been over 89% for months....   Smiley Embarassed

 

My DW and I have three Sync cards.

I have a mostly idle Amazon Store at $10000, am an AU on a her quarterly used Lowes at $35000 and DW just a got CLI on her frequently used TJX MC to $9500.   Our past nine year Sync history has not been drama-filled at all.   

IMHO, our Sync cards are actually on the low tech/boring side but they do execute very the specific {why we apped} purpose of getting back 5% on their spend.    

 

Message 30 of 32
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