Welp...I feel this needed to be shared.
As I just shared on someone else's post, I, too, was one of latest victim to Synchrony (within this past week).
All of my Synchorny cards (some of which I've had for many years) were in good standing when I went to bed and sitting at $0 after a fresh round of monthly payoffs. When I woke up the following morning, all of my accounts were closed. (I logged into account manager to see if the payments had posted, and saw the listing of all of my cards with "$0 Available Credit" for every account. My heart only sunk when 'ctrl + r' didn't resolve the 'website glitch'.)
RIP:
Paypal MC: 9K Limit
Amazon Store Card: 10K Limit
Sam's Club Store Card: 10K Limit
Sam's Club MC: 2.5K Limit
Walgreens MC: 2.5K Limit
Discount Tire Store: 6K Limit
While I have known about Synchrony and this practice, it sure was a shock when it happened to me.
At any rate, after going through the phases of grief (somewhere just shy of acceptance and oscilating between unadulterated rage and pure sadness), I logged into my Venmo app on my iPhone to confirm the bad news there, too (since the Venmo card doesn't show up on the Synchrony account manager website/interface along with most other Synchrony accounts). Much to my surprise, my Venmo Visa Siggy with a 20K limit remained. Feeling soooo thankful for this oversight (of my largest credit card limit), I used the card all week in an effort to show Synchrony some additional love and 'thanks' for their mercy of affording me one card.
I have had some issues sleeping the last few nights. Tonight, it suddenly struck me that Synchrony is literally a gigantic pile of absolute <censored> and I don't need them, and I don't need to ever do business with them again. So I just called them up to free myself of the last of their worthless 3.37" x 2.125" slices of plastic -- and literally laughed at them trying to convince me to keep the card open.
Customer service rep: "Well sir, I'm just having a little trouble understanding the actual issue as to why you want to close the card. There's no annual fee and no harm in keeping it open. How about we just keep the card open for now and you can always close it later? That sounds like a plan, yes?"
Me: "The actual issue? Synchrony just closed all of my accounts that have regular spend, $0 balance, perfect payment histories (like all of my accounts... ever) without warning. There's no issue. I'm just helping you knuckleheads out."
Customer service rep: "Sir! This account is in good standing. I don't understand and would like to help with..."
Me: "Ya freakin' missed one! I haven't gotten the letter yet, but I'm assuming you canceled my accounts because I'm a risky person with my 740 credit scores, complete lack of revolving debt / any debt outside of student loans, and my 100K+ income and philosphy of living well within my means."
Customer service rep: "There's nothing here that..."
Me: "You left me with a card and limit practically on par with the combined limits on all of my other cards you just closed. Well-played. The genius is in how it actually comes across as....oh I don't know. Ineffectual? Incompetent? Idiocracy? Lots of 'I' words you'd have to look up because you are literally that incapable. Ah hell, there's another one. They just keep coming!"
Customer service rep: "Sir I just need to read you some information before I close your account. If you close your account, you will not be able to reopen it. If you have rewards, they will be transfered to your Venmo balance. If you have accumulated rewards in the current statement cycle, they will be...........(rant goes on)."
Me: "Sounds rad."
Customer service rep: "Excuse me, sir?"
Me: "It's an 80s thing. You wouldn't understand."
Customer service rep: "Um..."
Me: "Yeeeeeeeee-ah this is awkward for me too. Close it down. And sir?
Customer service rep: "Yes?"
Me: You have not only my permission, you have my total confidence."
Customer service rep: "Ughh...oookay. You're account is now closed."
Anyways, I'm just happy that there is now going to be six accounts listed as closed by the issuer/grantor, followed immediately by one closed by me for the same issuer. As a side bonus, with all closed accounts reporting (sans the Venmo card) and the impacts on age of account metrics/utilization taken into effect, I've been docked 1 point on each bureau. My average age of open accounts is the exact same (although it should be a month ahead at this point, so I guess I lose a month).
I just wanted to share my experience in hopes of inspiring others to vote with their money. If a company (in this case lender or credit issuer) screws you royally, you don't ever have (and actually shouldn't) give them your business again. Credit can help you buy real estate, land jobs, buy cars and other big ticket items. But once you already have what you need, credit is just a game.
Not sure why you felt the need to take it out on the CSR agent. The algorithm is what looked at your portfolio of cards and decided to close them. The CSR is just trying to do their job.
Sorry the closures happened.
@azdude480 Dang sorry to hear that! I too though keep waiting for the ax to fall and truthfully that should never be an issue with cards and customers in good standing. That's just crazy! As a DP in another post I did on SYNC trying to figure out their logic, did you carry any balances from month to month on any of these accts and how often did you use them?
Sync strikes again. Sorry about that. Your not the first and certainly wont be the last. Might be more coming with all thats going on. CO's are probably on the rise like everything else. Foreclosures, repos, and so on. We'll all have to pay for it. Couple pawn shops around here stopped taking things in. People arent picking up their things and purchasing is down.
It's unlikely that even after the discussion the CSR has any idea why you were upset. All they are seeing is the account they have open in front of them which didn't appear to have any issues. I'm sorry that the cards were closed, but as mentioned already it's just a computerized decision based on risk assessment, and there always seems to be a reason for these closures when one looks at it objectively. The Walgreens and Venmo cards have only been fairly recently introduced; how many of these were recent acquisitions (last couple of years)?
Synchrony strikes again!
@K-in-Boston wrote:It's unlikely that even after the discussion the CSR has any idea why you were upset. All they are seeing is the account they have open in front of them which didn't appear to have any issues. I'm sorry that the cards were closed, but as mentioned already it's just a computerized decision based on risk assessment, and there always seems to be a reason for these closures when one looks at it objectively. The Walgreens and Venmo cards have only been fairly recently introduced; how many of these were recent acquisitions (last couple of years)?
With all due respect, what is your basis for concluding that it was based on "risk assessment"? I didn't notice anything remotely risky in OP's profile.
@SouthJamaica at least two of the cards are only recently introduced to the market so it seems these may be recent acquisitions. From the signature, adding in the closed ones that is a very high store card to Bankcard ratio as well. Also, from the other thread: "I have been on a bit of an an app and new account spree (between 15 and 19 inquiries reporting on 'each'--TU, EQ, EX)."