Synchrony account closure

[FinStar]

---

@K-in-Boston wrote:

I am wondering if that is also the reason.  10 accounts from a single lender is quite a lot.  <hides Amex cards; it's only 8!>

I am wondering if perhaps it was just a periodic review.  How recently were the 10 opened?  You mentioned the BECU in December, but if some of these Synchrony accounts were opened fairly recently that may have triggered a review.

Also, there are a number of accounts you mentioned both Synch and others that have higher than optimal utilization (not maxed but above 30%).  Unfortunately there's no note on our credit reports that says "this is a 0% financing offer" or "this is a 0% balance transfer offer for 12 months," so anyone (or a computer) reviewing your reports just sees high balances, and if comparing to previous reports, likely low payments compared to the balances.

Please update us once you call or receive letters in the mail and best wishes for a speedy recovery from your mother.

---

I know right?

I don't think it's the number of accounts per se, not in my experience.  I currently have 12 (and yes a little above the max threshold for SYNCB...but 🤷‍♂️).  They had no problem approving the Belk MC at the end of November.  But, I also closed PPC (no longer strategic and unused).

So, there's gotta be something else that stirred them up (similar to what Comenity does) for all of the SYNCB accounts to be closed.  Very perplexing indeed. 

That said, not much we can say until we hear back from the OP, as they have more pressing matters with their family. 

**And y'all are silly cuz you made me log in to check mine 😁 😂 even though I had checked them 5 days ago!

@Anonymous - I hope everything turns out well with your mom and for a speedy recovery. 

[GApeachy]

---

@FinStar wrote:

**And y'all are silly cuz you made me log in to check mine 😁 😂 even though I had checked them 5 days ago!

---

Show of hands .... I checked them all and then some.

[K-in-Boston]

---

@GApeachy wrote:

---

@FinStar wrote:

**And y'all are silly cuz you made me log in to check mine 😁 😂 even though I had checked them 5 days ago!

---

Show of hands .... I checked them all and then some.

---

Now you two have me doing it!

Lowe's, Amazon, and PayPal Credit all open.

[Anonymous]

I woke up hoping it was all just a bad dream but nope, not a dream. I decided to call customer service for the 76 card because it's one I frequently used. No surprise the rep on the other end had no info to share with me other than stating that I would receive a letter in 7-10 business days. Confirmed the account was closed on 2/6 as suspected. I could have escalated the call to a supervisor but with the current situation with all that is going on that isn't credit related, I chose not to. Most the synchrony accounts were opened during my rebuilding years so between 2016-2018. There were the occasional soft pull CLI but not done frequently because I knew to not poke the bear too much. 

Thanks for all the well wishes for my mom though! She is doing better today (I woke up to literally 100+) texts messages because I'm in a group chat with my sisters. Many more weeks for her to recover but we are taking it one day at a time. 

I'll update when I get the snail mail letters in the mail. At this point though, I do not anticipate attempting to reopen any closed accounts. I will miss those few tho.. Amazon prime, CareCredit, and PPC. 

[Anonymous]

---

@AverageJoesCredit wrote:

---

@Anonymous wrote:

---

@Jnbmom wrote:

Sorry OP, did you get a letter explaining why ?

---

I think ten accounts is why. 

---

No, that cant be. Unless they were apped in shotgun fashion there seems to be another reason. I have 7 and had 9 with Walmart and ive been ok. Not all of uss can get the US Banks of the world lol but hopefully we see what triggered it. 

---

Yeah but it could still be the reason that a review was triggered. For example, consumer does X behavior triggers review of account. The outcome of review could be satisfactory not necessarily a shutdown. Banks want to lend. 
So you average Joe gets his 10th card, the algorithm kicks in, reviews your file and gives the a-ok to keep you accounts open and in good standing.

Consumer B gets their 10th card, algorithm kicks in, reviews their account, algorithm does not like what it sees, shuts down their accounts.
I have no idea if Synchrony has a mgic number but I don't think that because one person did not get shut down with X number of accounts is evidence that a certain number does not put you at risk for shutdowns.

[K-in-Boston]

Thank you for the update, @Anonymous .

So most were opened in 2016-2018; were any opened in 2019?

[GApeachy]

---

@Anonymous wrote:

Thanks for all the well wishes for my mom though! She is doing better today Wonderful!.....go put your feet up and relax.  Put all this other stuff out of your head, it's not worth it.  Have a pleasant weekend and chat up all those sisters of yours, that sounds fun.

[SouthJamaica]

---

@Anonymous wrote:

---

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.

---

Wow. Sorry to hear that. I didn't know Synchrony was that type of bank.

[Anonymous]

Old Navy was the last opened account with synchrony, January 2019. I can't imagine myself being the only one with all accounts closed at once though.. no new derogatory on my reports to date. Never missed a single payment since my rebuild. I picked up the 11k CL BECU card end of last year tho. Could that have triggered it? Or was it the car loan I picked up mid 2018 for 26k that have had perfect payment history on 🤷🏻‍♀️

Who knows. 

[ocheosa]

Sorry to hear about your troubles. Prayers and well wishes go out to your Mom for a strong recovery. And your family and friends who provide support and aid.