Sync closed all my husbands accounts

[Creditaddict]

Started receiving alerts of "account closed"

logged into Experian to see:

cathay Pacific

amazon

lowes

Recently he received pre approval for a sync cash back MC which was approved... 

sounds like a commenity play.

past month Lowes was increased to $30k not used.

amazon we use and pay in full, it's been $10k for what feels like nearly a year without looking.

cathay was inactive

so it had to be the new MC which is just annoying.

[Aim_High]

Sorry to hear @Creditaddict but not really surprised based on Synchrony's past behavior. 

I'm just wondering if "here we go again"?  Many of us remember this mega thread from 04/2020 til 06/2021 (then locked) about multiple changes in Synchrony accounts. That round of closures started with the coronavirus pandemic and uncertainty about the economy.  

I recently posted links about signs of new economic tightening on another thread.  JP Morgan-Chase Bank CEO Jamie Dimon warned of an "economic hurricane" that may be bearing down on us.  Elon Musk just announced a 10% reduction in salaried personnel at Telsa would be coming soon.  A former vice chairman of the Federal Reserve Bank recently said there are very high odds of a coming recession.  “Recession risks are high — uncomfortably high — and rising,” said Mark Zandi, chief economist at Moody’s Analytics." Harvard University professors recently posted historical data going back to the 1950's that suggest a high chance of recession over the next 24 months.  Deutsche Bank even became the first major bank to forecast a coming major recession.  

Lenders tighten their belts during economic uncertainty, some more quickly or drastically than others.  

[AndySoCal]

@Creditaddict 

I think you maybe right on Synchrony Cash Back Master Card amy have triggered the event. I would presume you will get written letter stating informing you of the closing of the account. It would be interesting what the date of the letter is presuming that was when the action. was taken. If the date is before of after the Mastercard application.  The lack of activity or the amount of the activity on Lowes and Cathay maybe a factor for the account closure. Another thought is cards with no usage or little usage and with the zero fraud liability on credit card may also be a factor. I have no clue why the closed your Amazon account other than it is Synchrony Bank.

[SouthJamaica]

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@Creditaddict wrote:

Started receiving alerts of "account closed"

logged into Experian to see:

cathay Pacific

amazon

lowes

Recently he received pre approval for a sync cash back MC which was approved... 

sounds like a commenity play.

past month Lowes was increased to $30k not used.

amazon we use and pay in full, it's been $10k for what feels like nearly a year without looking.

cathay was inactive

so it had to be the new MC which is just annoying.

---

Synchrony's usual game plan for the last 2 years has been closing accounts with large limits and little or no use. Their closing of your Amazon card, which did see significant use, is not from the recent playbook. I can't imagine why they would shoot themselves in the foot like that.

[UncleB]

So sorry to hear this, @Creditaddict. 

If you don't mind sharing, how does his TU Vantage Score 4 look?  Any recent big changes?

I recently added my fifth Synchrony account and I'm holding my breath, LOL.

[CH-7-Mission-Accomplished]

---

@Creditaddict wrote:

Started receiving alerts of "account closed"

logged into Experian to see:

cathay Pacific

amazon

lowes

Recently he received pre approval for a sync cash back MC which was approved... 

sounds like a commenity play.

past month Lowes was increased to $30k not used.

amazon we use and pay in full, it's been $10k for what feels like nearly a year without looking.

cathay was inactive

so it had to be the new MC which is just annoying.

---

I'm sorry this happened to you.

Synchrony and Comenity are two peas from the same pod.   They easily hand out credit, multiple accounts, sometimes high limits, and then one day wake up and realize what a risk they have taken and just shut down their customers.   There have been so many threads on this site and the other major credit sites addressing this same issue.

I only have one synch account right now and that is with Amazon.   It has a $10K limit and they have never been willing to raise it.   I spend about $1500/month at Amazon so the limit is sufficient.   I always pay before the statement cut date and on occasion a small balance reports.   Synch has the WORST online payment platform.   You pay in full the outstanding balance and they take days to fully update it and so even paying off your balance three days before statement cycle will still result in a reported balance.    It's assanine.  And it's juvenile.

When I first got started after my BK 7, they were very good to me.   One year post filing II opened a Care Credit card for about $10K and I think at that time they had Wal-Mart and they gave me $5K.   I think they also had some kind of PayPal account -- I think "Smart Connect" or some such esoteric name that gave me $4K.   I also got a Lowes card and though it was issued for like $5K, everybody said to call "Credit Solutions" and ask for a CLI to $35K, which I did, and which they granted.   But after reading several threads here and on the other well known credit repair sites, about how they were shutting down people, I closed everything except Amazon, the one card I actually use -- and get the 5% cash back on.   (I burned Chase so not eligible for the Amazon Chase Visa).

And does anybody remember the dreaded "blue envelope"?

I think one Synch account with a decent limit is all anybody should go for.   If I recall, Lowes pays 5% back or offers extended zero percent financing, which makes it a sweet card for people doing home remodeling work.   Obviously 5% cash back on Amazon is great if you use it.  I never quite understood the Care Credit card even though they gave me the highest limit after my BK.   Finally you could use it at Rite Aid, so I could put $5/month on it, though the closest Rite Aid is about 5 miles away from me.

Hopefully others can learn from your experience.   

[SUPERSQUID]

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@Creditaddict wrote:

Started receiving alerts of "account closed"

logged into Experian to see:

cathay Pacific

amazon

lowes

Recently he received pre approval for a sync cash back MC which was approved... 

sounds like a commenity play.

past month Lowes was increased to $30k not used.

amazon we use and pay in full, it's been $10k for what feels like nearly a year without looking.

cathay was inactive

so it had to be the new MC which is just annoying.

---

[Adkins]

[Shooting-For-800]

There was a new account AND a cli on Lowe's within a month.

Probably got spooked on seeking credit.

[Yasselife]

This can happen due to a combination of factors, mainly revolving debt. @Creditaddict