Synchrony Bank CLOSED all of my accounts without warning!

[Gonzozap]

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@SchnauzerMan wrote:

I really thought Synchrony Bank viewed me as a valued cardholder, but obviously I was completely delusional.  I had 23 opened accounts with Sychrony Bank and all were in great standing!  Never late, and all balances were paid in full each month.  My credit really took a hit because all 23 accounts still were closed on the same day.  I have called Synchrony Bank on several occasions to discuss the matter, but all you get in return is vague and rude replies as to why this action to close all of my accounts was taken.  The ONLY awnswer given is that I am viewed as a "Credit Risk." I really enjoyed all of my store credit cards that I had with Sychrony Bank for the store rewards.  In order to participate and receive these awards you must have a store credit card for that store that is issued by Synchrony Bank!  It really seems as though Synchrony Bank has a monopoly on the majority of store credit cards available!  Has anyone else experienced this problem, and how long do I need to wait before I can reapply for some of the store credit cards!

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That's just far too many store cards.  Not only that, your credit score would be higher if these store cards were bank cards.  Having a boatload of store cards will bite you one way or the other.  Synchrony doesn't know WHY you have opened all those cards.  Only you know that.  Synchrony might look at it and think, "Gee, can't this person get some bank cards?"  You will learn a lot from this forum.  It's a tough lesson, but many here have learned not to load up with volumes of store cards.  I'm sure the credit limits don't add up to a lot since generally, store cards don't have the high limits of bank cards.

Please do not re-apply and do that again.  Learn from the mistake.

[K-in-Boston]

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@MisterDDA305 wrote:

Hi, they are the only ones that do that. There needs to be a window of opportinity for us from these companies before closing accounts, specially when I didn't even had the accounts open for not even a day. It seems to be that all the rules are for us not for them. I really think what they are doing to a lot of people is completely wrong. 

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No, Chase does it from time to time when the other cards you opened weren't even issued by Chase.  Other lenders can also close accounts if they get alarmed by activity such as this.  Many lenders won't approve people for more than 1 or 2 accounts within certain timeframes.  Synchrony has many customers that have had no issues with them for years (myself included, even back in their GE Money Bank days).

While I'm sorry this happened to you, and you are certainly not alone, opening 3 accounts at once is generally very risky consumer behavior.  Keep in mind the average consumer only has a handful of cards opened during their entire credit history.  Aggressive credit-seeking is absolutely a red flag.

[K-in-Boston]

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@Gonzozap wrote:

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... Not only that, your credit score would be higher if these store cards were bank cards. ... generally, store cards don't have the high limits of bank cards.

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Outside of insurance industry credit scores (not allowed to be used in several states, including here in Massachusetts), I am not aware of any negative scoring factors that would be imposed for a card being a retail card vs a bank card provided both are credit cards with revolving terms.  One can certainly have 800s all around with a stack of retail cards.

I have a number of store cards and all have healthy limits of $10-35k with the exception of Kohl's which has a $4000 limit (the maximum credit line they will extend is $3000, but there was an extremely  brief window a number of years back where this was lifted to $4k).  While many cards will have lower limits in comparison to an average bank card, this is certainly not true across the board and often when those small limits exist they are comparable to what the applicant would be approved for on a bank card if they were approved at all.

[Gonzozap]

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@K-in-Boston wrote:

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@Gonzozap wrote:

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... Not only that, your credit score would be higher if these store cards were bank cards. ... generally, store cards don't have the high limits of bank cards.

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Outside of insurance industry credit scores (not allowed to be used in several states, including here in Massachusetts), I am not aware of any negative scoring factors that would be imposed for a card being a retail card vs a bank card provided both are credit cards with revolving terms. 

K, I recall reading that bit of advice right on this forum a few yrs back when I first began my renewed credit journey.

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[Anonymous]

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@Gonzozap wrote:

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@K-in-Boston wrote:

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@Gonzozap wrote:

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... Not only that, your credit score would be higher if these store cards were bank cards. ... generally, store cards don't have the high limits of bank cards.

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Outside of insurance industry credit scores (not allowed to be used in several states, including here in Massachusetts), I am not aware of any negative scoring factors that would be imposed for a card being a retail card vs a bank card provided both are credit cards with revolving terms. 

K, I recall reading that bit of advice right on this forum a few yrs back when I first began my renewed credit journey.

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@Gonzozap wrote:

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@K-in-Boston wrote:

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@Gonzozap wrote:

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... Not only that, your credit score would be higher if these store cards were bank cards. ... generally, store cards don't have the high limits of bank cards.

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Outside of insurance industry credit scores (not allowed to be used in several states, including here in Massachusetts), I am not aware of any negative scoring factors that would be imposed for a card being a retail card vs a bank card provided both are credit cards with revolving terms. 

K, I recall reading that bit of advice right on this forum a few yrs back when I first began my renewed credit journey.

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Not everything on the internet is true!   Or in this forum.   Even in this thread you have advice to avoid all store cards and stay away from Sync, and some strong disagreements.  What is often missing in the BEWARE type message is any kind of nuance.     Scoring issues are even more problematic, as no-one outside FICO knows all the inner details.

[805orbust]

@Anonymous  I can guarantee one thing is true... 23 accounts with Synchrony is not only poking the bear, but stabbing it in the eye with a sabre while clubbing it in the ear Captain Caveman style!!!  LAWD!!!!  

[Gmood1]

Sorry for your troubles OP.

I picked up a new sync store card late last year. I think they are fine in small quantities.

I couldn't resist the 48 months at zero percent.😁

None of my big bank CCs have ever offered those kind of deals. Sometimes I close them out, to make room for future apps, from the same lender. 

 Whether it's a store card or bank CC, I want the best rate and deal offered at the time of purchase. 

[xenon3030]

I would say congrats for opening 23 CC (store cards) over time , it really made my day, while it was not surprising to see such AA by Synchrony. You may find several similar posts here or in the other forums. Anyway, having 23 CC can be a red flag.

I am not a fan of store cards (except a few ones like Chase Amazon, Citi Costco). By using a few typical cashback cards it is possible to easily get ~5% in almost all stores (in-store or online). There is really no need to get a separate CC for each store. Another concern is the way to carry lots of store cards while going to the down town for in-store shopping

[OmarGB9]

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@Gregory1776 wrote:

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@OmarGB9 wrote:

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@SchnauzerMan wrote:

It's very easy to  have 23 credit cards with synchrony bank because they do all of the store credit cards like Amazon, Lowes, Care Credit, Haverty's, Harbor Freight, JC Penny, TJ Max, and countless more.  I never ever carried a balance on any of my store credit cards.  The reason why I had so many store credit cards is for the fact that you have to have their store credit card in order to participate in their rewards program!

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That's not true. You can be a part of a store's rewards program without having their card. Their card may give additional benefits, but you can still participate in their program, at least at a basic level.

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I'd hate to see your email. Let alone spam box. 

I hate the fact that I have one store card and want to get rid of it so bad. 23, that's begging for identity theft lol. 

im the person to say just use a 2% card. The credit excitment doesn't exist in me anymore. 

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I think you're addressing the wrong person here. I'm not the OP.

[SweetCreditObsession]

@SchnauzerMan - so sorry you lost all 23 cards in one day. Unfortunately, these boards include similar reports from others over the years which is why the prevailing advice I've read here has cautioned people to keep the # of Synchrony cards -- and even Comenity cards to a minimum.

The good news is the positive history should remain on your reports for at least a few years.

Best wishes.