Synchrony Bank randomly closed 2 of my cards

[Anonymous]

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@Anonymous wrote:

hmmmm weird. I heard they closed someones Walmart account yesterday.

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Source? It's important to list sources here so that people don't get unnecessarily spooked and also have something to refer to. Thanks.

[CreditCuriosity]

Utilization is a high, but Sync I don't believe would do that just based on utilization and your other cards are fine for now at least and most likely will be..  When is the last time you used the cards that were closed?  More than Min monthly payments if you owed anything on them?  Is your total DTI (debt-to-income) high?  Meaning house payment/car payment/cc payment, etc in relation to your income?  

[Anonymous]

I don't have a house payment we own our home. My car payment is $481 and the only other bills I have are the credit cards which is why i can usually pay in full but this summer we charged alot to do remodeling and some dirt work in the yard and I maxed out my visa and mc which shot my utilization way up (have paid both down to below 50% now though). I make $40K a year so I wouldn't think my debt-to-income was that high. 

I got both cards around April of this year used Old Navy twice and American eagle once paid both in full so I didn't really even use them at all. I am hoping thats the only reason they closed them. It just seemed weird because I have a Khols card that I got a year ago and I've never used that one but its still open of course its capital one and not synchrony. I also have a couple comenity cards that I only used a couple of times paid in full and put them away those are still open as well. 

[Anonymous]

I should have a letter in the mail today or in the next few days I will let everyone know what reasoning they gave for closing the accounts.

[fury1995]

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@Anonymous wrote:

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@Anonymous wrote:

hmmmm weird. I heard they closed someones Walmart account yesterday.

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Source? It's important to list sources here so that people don't get unnecessarily spooked and also have something to refer to. Thanks.

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If this person is who I read about in the last two days, the Walmart account was closed because of NSF (payment that was returned). It was a bank error and Sunchrony closed their account. They are attempting get it reopened with a letter from thier bank.

That is totally unrelated to what the OP is saying.

I haven't seen any other reports "anywhere" of Synchrony closing accounts with NO expaination.

[Anonymous]

I did get one of the letters today and I will assume the other one will offer the same reasoning. The letter stated after reveiwing my account they decided to close the account due to: 

delinquent accounts - not sure what they mean nothing new is showing on my credit report just the same two on exp and eq that were there when they approved me.

too many inquiries - which i do have probably have to many over the last year or two but nothing in the last 3 months

excessive obligations - must be because i maxed out my visa and mc this summer.

My score has not changed per what was on the letter they pulled eq 600 which is my lowest score matter of fact I think my score was like 590 somehting when they approved the application in the first place (not sure though).

Very weird but now I know for sure they closed my accounts because of my utilization over the summer. Guess they figured I was high risk since I am basically new to credit just 3 years under my belt. Or maybe it was really because I didn't use the cards. Just beware and watch your synchrony bank accounts. I will be watching my other 3 accounts closely and doubt I will be paying them in full right now to see what happens (150 on lowes (limit 700), 330 on amazon (limit 700) and walmart is 700 limit 2500). I will just continue to pay down my visa and mc and let the synchrony ride with a little above minimum for now. 

[fury1995]

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@Anonymous wrote:

I did get one of the letters today and I will assume the other one will offer the same reasoning. The letter stated after reveiwing my account they decided to close the account due to: 

delinquent accounts - not sure what they mean nothing new is showing on my credit report just the same two on exp and eq that were there when they approved me.

too many inquiries - which i do have probably have to many over the last year or two but nothing in the last 3 months

excessive obligations - must be because i maxed out my visa and mc this summer.

My score has not changed per what was on the letter they pulled eq 600 which is my lowest score matter of fact I think my score was like 590 somehting when they approved the application in the first place (not sure though).

Very weird but now I know for sure they closed my accounts because of my utilization over the summer. Guess they figured I was high risk since I am basically new to credit just 3 years under my belt. Or maybe it was really because I didn't use the cards. Just beware and watch your synchrony bank accounts. I will be watching my other 3 accounts closely and doubt I will be paying them in full right now to see what happens (150 on lowes (limit 700), 330 on amazon (limit 700) and walmart is 700 limit 2500). I will just continue to pay down my visa and mc and let the synchrony ride with a little above minimum for now. 

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Everything else is just excuses by Sync.. The real answer is in red.

[CreditMagic7]

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@fury1995 wrote:

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@Anonymous wrote:

I did get one of the letters today and I will assume the other one will offer the same reasoning. The letter stated after reveiwing my account they decided to close the account due to: 

delinquent accounts - not sure what they mean nothing new is showing on my credit report just the same two on exp and eq that were there when they approved me.

too many inquiries - which i do have probably have to many over the last year or two but nothing in the last 3 months

excessive obligations - must be because i maxed out my visa and mc this summer.

My score has not changed per what was on the letter they pulled eq 600 which is my lowest score matter of fact I think my score was like 590 somehting when they approved the application in the first place (not sure though).

Very weird but now I know for sure they closed my accounts because of my utilization over the summer. Guess they figured I was high risk since I am basically new to credit just 3 years under my belt. Or maybe it was really because I didn't use the cards. Just beware and watch your synchrony bank accounts. I will be watching my other 3 accounts closely and doubt I will be paying them in full right now to see what happens (150 on lowes (limit 700), 330 on amazon (limit 700) and walmart is 700 limit 2500). I will just continue to pay down my visa and mc and let the synchrony ride with a little above minimum for now. 

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Everything else is just excuses by Sync.. The real answer is in red.

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It makes a difference.

Thanks for some clarification.

[Ron1]

Sorry to hear!!!    You might not use enough for those accounts. SYNCB rarely closed anyone accounts. You might get a letter for the account closure.

Ron.

[Anonymous]

I figured it was for my utilization maybe the lack of activity triggered the audit and the increase in my usuage on the regular cards spooked them. I just hope they don't close the other accounts I use them all the time I normally pay them in full or split into two months depending on how much the purchase was.  I like the 5% back on lowes and amazon and the gas savings on walmart plus 5% back or least it was for my last purchase for tires at Sams.