Synchrony Bank CLOSED all of my accounts without warning!

[SchnauzerMan]

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!

[CreditCuriosity]

How the heck does one person have 23 cards with one bank sounds like you opened alot of those likely just for credit/padding as can't imagine you used all 23 of those for legit purposes?..  Also with 23 i Imagine your were close and/or over their 100k tcl threshold which raises a whole different set of red flags. That is just asking for issues.  Sorry for your closures

[Yasselife]

@SchnauzerMan All you can do now is wait 6 months and reapply. Having more than 3 cards from one bank with high limits puts you in the red zone. Have you read about the Synchrony's bear? There are many topics about this with similar stories.

[SchnauzerMan]

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!

[SchnauzerMan]

I don't know what credit padding means, and yes all of my retail cards were used legitimately!

[Brian_Earl_Spilner]

---

@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!

---

While you may not be using the cards, you're high risk because you could. If your limits were 1000 on each card, maxing them out would be 23k in debt. It's risk mitigation on their part. 

[SchnauzerMan]

Thank you for your help!  Quick question..................how do you get all of your credit cards in your profile to show up in your post?  I don't see the option to do that in my profile so I was just wondering?

[privacyadvocate69]

---

@SchnauzerMan wrote:

I really thought Synchrony Bank viewed me as a valued cardholder, but obviously I was completely delusional.  

---

Nope and Yep.  

Companies see you as nothing more than a source of profit.  They have no interest in you beyond that simple fact.  If they see you as more risk than profit, they will be happy to drop you like a hot rock.

I avoid "store cards" like the plauge. I see them as (a word that some people would probably cry and moan about) cards.  IMHO, the only reason to have them is inability to get anything else, or to take advantage of some 0% offer out of convenience.  We don't have anything issued by a company like Synchrony.

[privacyadvocate69]

---

Having more than 3 cards from one bank with high limits puts you in the red zone. 

---

Maybe, for a crappy company like Synchrony.

I've had three accounts with Citi with a total limit of > $82K, for YEARS, with no issues.  I only actively use one of them too.

I've got 4 accounts with Chase, with a total limit of > $100K, no isues. They just approved me for a card last month.

[SUPERSQUID]

---

@Yasselife wrote:

@SchnauzerMan All you can do now is wait 6 months and reapply. Having more than 3 cards from one bank with high limits puts you in the red zone. Have you read about the Synchrony's bear? There are many topics about this with similar stories.

---

The sync bear