Synchrony account closure

[Anonymous]

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I just discovered that synchrony bank closed all 10 of my accounts. That was about 67.5k in CL. Four of the accounts had a balance <10% while the others all had a 0 balance. Never a late payment on any of my accounts with them so closing all of them at once like this hurts! How will this affect my score though once it's all reported "closed by credit grantor"? 

I am upset but at the same time not upset... one thing for sure though is that I will not be doing business with Synchrony for a long time! Credit score is currently hovering in the 660-670 with an annual income of 125-130k.

[Jnbmom]

Sorry OP, did you get a letter explaining why ?

[Anonymous]

I have not received any letters as of yet because I'm sure all the accounts were recently closed within the last 1-2 days.

[GApeachy]

Oh wow!  So sorry @Anonymous 

Did you use most or all of the cards within the last 6 months? (not talking about the ones with a balance of course)

Has anything changed drastically with your cr's? 

[AverageJoesCredit]

Sorry to hear this @Anonymous .

This is indeed drastic. Any cases of fraud? Something had to hsve happened to just close all 10 accounts at once. An internal review seems to have shown all accounts were at risk which is rare imo for Sync as they normally bslance chase or close certain cards but leave others alone. This is very strange.

[GApeachy]

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@AverageJoesCredit wrote:

Sorry to hear this @Anonymous .

This is indeed drastic. Any cases of fraud? Something had to hsve happened to just close all 10 accounts at once. An internal review seems to have shown all accounts were at risk which is rare imo for Sync as they normally bslance chase or close certain cards but leave others alone. This is very strange.

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Yeah, I was just thinking @Anonymous should call to see what in the world is going on.  Better that instead of waiting for the mail...who knows maybe you can get some of them restored if it's a fraud issue. idk but I would try.

[AverageJoesCredit]

Not sure they will tell her anything on phone but im sure this thread will blow up big time. Many of us have alot of Sync cards. I myself have 6 or 7, but i keep them pif or at 0 for this very reason. If i get a blue envelope or cards closed, i will simply pack shop and go to my other cards.Why i preach lender diversity. 

Getting some CU cards is a good idea . At least @Anonymous  has Navy. Now might be a good time to ask for a cli.

[Anonymous]

The only thing that changed in my credit file is the new BECU credit card I was approved for in late December. Perhaps credit exposure is why they closed all the accounts? I get it if I was maxed out on all my cards but I am not.. I'm not even sure if I want to deal with a person over the phone at this point. I have read about synchrony doing this exact thing to many out there but I had no idea I would be targeted. They didn't even bother balance chasing me, just straight closed them all! 

[GApeachy]

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@Anonymous wrote:

The only thing that changed in my credit file is the new BECU credit card I was approved for in late December. Perhaps credit exposure is why they closed all the accounts? I get it if I was maxed out on all my cards but I am not.. I'm not even sure if I want to deal with a person over the phone at this point. I have read about synchrony doing this exact thing to many out there but I had no idea I would be targeted. They didn't even bother balance chasing me, just straight closed them all! 

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That's why I would call them...it could be a case of fraud or something that maybe you could get cleared up.  I know I'm wishful thinking here but I'd try to get them to leave open the ones with a balance until you could at least pay them off. 

Have you had those balances for a long time? Have you been able to pay more than minimum?  

I understand your not wanting to call, I get that but maybe after a while you could ask for a supervisor or someone in UW to explain their reasoning behind the multiple closures.  Really so sorry again.  

[Anonymous]

Wow, I'm sorry to hear about this. That's a painful amount of cards to lose!

Did you have escalating debts on other cards or anything? Your scores aren't fantastic but they're not awful, especially given how recent your BK was. 10 cards is a lot though, they may have decided they just weren't comfortable with the exposure. Many of us have a lot of Sync cards and are well aware that we are playing with fire should they decide to get nervous but closing all accounts is indeed unusual. Hearing about that in the past, it was usually when they asked for a 4506-T and either didn't get it or didn't like what they saw so this is interesting.