Sync closed all my husbands accounts

[Creditaddict]

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@Yasselife wrote:

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

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We don't have any

[tparks5961]

You and your husband should be happy.. someone once told me "whenever synchrony closes all of a person's accounts an angel gets his wings"

:-)

[coldfusion]

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@Creditaddict wrote:

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@Yasselife wrote:

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

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We don't have any

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The back story behind these closures has been hashed out here before (TL;DR its tied to the Fed's interest in the amount of Synchrony's loss reserves).  This isn't a function of DH's debt or a response to a dramatic shift in his creditworthiness, it's tied to the amount of Synchrony credit extended vs the degree of his Synchrony credit usage.   

If they had better integration of their internal systems they could likely avoid creating a lot of these situations by at a mininum factoring in ones current limits and historical usage patterns with the applicant's Synchrony cards as part of the card/CLI approval process.

[Crowhelm]

Sorry to hear that. If they ever do this to me they lost my business for life. But I guess I got them now with my Lowes card, sigh. I hate hearing about stuff like this. If you think exposure is too great reduce limits but to close everything is just ridiculous.

[pizza1]

UGH...I hate to here this!! Im sorry..

[joltdude]

Hate to say it but @Creditaddict but sounds like oh no, here we go again... Pretty sure your under the mindset of, the Cathay and Lowes are annoyances, but if you are a heavy amazon user, that 5% *and* financing offers can be insulting... Maybe one or both of you might need to consider a Chase AZ Visa, and/or i think they still have the Amex Biz Amazon card.. Theres some advantages of being abe to play in two player mode...

-J

[NRB525]

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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.

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Which card was the new app?
And these are all Synch cards being closed, not Comenity / Bread, correct?

[Antredd]

I have 4 Synchrony accounts (always pay them in full when I used them), my favorite is the Sam's Club MasterCard. If they shoot themselves in the foot and close all of my accounts, I won't open another account with them or any company associated with them. When they start to see credit educated people like us won't open another card that they are affiliated with, maybe they will get the message. I will spread the word about Synchrony.

[bigseegar]

Sorry and it sucks for sure. I agree with what @coldfusion said about the possible reason. I alos have to wonder if carrying a little balance of maybe $500-$900 a month for a couple months and paying Sync a little interest before PIF would help them not close accts. I mean like paying taxes to the Sync Gods 

[Credit4Growth]

I am sorry this happened Creditaddict, really sorry!

Also I am sooo 😫 😪 of Synchrony doing this. 

Over the past 7 months I have been internally struggling against attempt to apply for one of there Home Improvement, Sam's Club or another of their CC offierings yet we continue to come across a post similar to this one which for me is a huge deterrent.