Synchrony account closure

[DenverFox]

Hi,

I just had the same thing happen a few days ago. They closed 3 of my accounts (all with a zero balance) totaling 40k in credit lines. I called and their explanation was that I was considered high risk and they asked me to contact my credit bureaus. I have never had a late payment on any account and these have been open for 5 to 6 years. I don't use them often, but when I do I pay them in full (care credit) before it accrues interest.

My scores have increased substantially since I opened these accounts and they have been doing regular CLI's on them. My scores are 721 Experian, 786 TU and 746 Equifax. I just don't get it but I know this is going to hurt both my AAoA and overall utilization. I am only ay 7% presently but this is insane. They told me to call Experian. I explained there is NO negative information or payment history on any of them. Is there any way I can understand how they made that decision? I worry about the impact this will have. 

[Anonymous]

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@DenverFox wrote:

Hi,

I just had the same thing happen a few days ago. They closed 3 of my accounts (all with a zero balance) totaling 40k in credit lines. I called and their explanation was that I was considered high risk and they asked me to contact my credit bureaus. I have never had a late payment on any account and these have been open for 5 to 6 years. I don't use them often, but when I do I pay them in full (care credit) before it accrues interest.

My scores have increased substantially since I opened these accounts and they have been doing regular CLI's on them. My scores are 721 Experian, 786 TU and 746 Equifax. I just don't get it but I know this is going to hurt both my AAoA and overall utilization. I am only ay 7% presently but this is insane. They told me to call Experian. I explained there is NO negative information or payment history on any of them. Is there any way I can understand how they made that decision? I worry about the impact this will have. 

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I would love to hear an update if you get any meaningful information from them via snail mail or email. This doesn't make sense.

[Anonymous]

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@DenverFox wrote:

Hi,

I just had the same thing happen a few days ago. They closed 3 of my accounts (all with a zero balance) totaling 40k in credit lines. I called and their explanation was that I was considered high risk and they asked me to contact my credit bureaus. I have never had a late payment on any account and these have been open for 5 to 6 years. I don't use them often, but when I do I pay them in full (care credit) before it accrues interest.

My scores have increased substantially since I opened these accounts and they have been doing regular CLI's on them. My scores are 721 Experian, 786 TU and 746 Equifax. I just don't get it but I know this is going to hurt both my AAoA and overall utilization. I am only ay 7% presently but this is insane. They told me to call Experian. I explained there is NO negative information or payment history on any of them. Is there any way I can understand how they made that decision? I worry about the impact this will have. 

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FWIW: it won't impact your AAoA for quite some time, perhaps up to 10 years.  Closed account count in AAoA (for FICO)

[JR_TX]

Sorry to hear about your Sync closures OP.

Hmmmm.... Looks like a wave of new "Sync Accounts Closures" thread is roaming on the horizon.

[GApeachy]

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@DenverFox wrote:

Hi,

I just had the same thing happen a few days ago. They closed 3 of my accounts (all with a zero balance) totaling 40k in credit lines. I called and their explanation was that I was considered high risk and they asked me to contact my credit bureaus. I have never had a late payment on any account and these have been open for 5 to 6 years. I don't use them often, but when I do I pay them in full (care credit) before it accrues interest.

My scores have increased substantially since I opened these accounts and they have been doing regular CLI's on them. My scores are 721 Experian, 786 TU and 746 Equifax. I just don't get it but I know this is going to hurt both my AAoA and overall utilization. I am only ay 7% presently but this is insane. They told me to call Experian. I explained there is NO negative information or payment history on any of them. Is there any way I can understand how they made that decision? I worry about the impact this will have. 

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Sorry this happened.  Have you opened any accts. in the past 3 or 4 months?

[SouthJamaica]

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@DenverFox wrote:

Hi,

I just had the same thing happen a few days ago. They closed 3 of my accounts (all with a zero balance) totaling 40k in credit lines. I called and their explanation was that I was considered high risk and they asked me to contact my credit bureaus. I have never had a late payment on any account and these have been open for 5 to 6 years. I don't use them often, but when I do I pay them in full (care credit) before it accrues interest.

My scores have increased substantially since I opened these accounts and they have been doing regular CLI's on them. My scores are 721 Experian, 786 TU and 746 Equifax. I just don't get it but I know this is going to hurt both my AAoA and overall utilization. I am only ay 7% presently but this is insane. They told me to call Experian. I explained there is NO negative information or payment history on any of them. Is there any way I can understand how they made that decision? I worry about the impact this will have. 

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I've had similar experiences with Capital One, Barclays, and most recently Bank of America. It's infuriating. I have yet to receive an explanation from any of them.

[Anonymous]

So did no one consider that just 4 years after a liquidation bankrutpcy, OP amassed another 10k in unsecured debt? And then opened all the Synchrony accounts at once?

[Anonymous]

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@DenverFox wrote:

Hi,

I just had the same thing happen a few days ago. They closed 3 of my accounts (all with a zero balance) totaling 40k in credit lines. I called and their explanation was that I was considered high risk and they asked me to contact my credit bureaus. I have never had a late payment on any account and these have been open for 5 to 6 years. I don't use them often, but when I do I pay them in full (care credit) before it accrues interest.

My scores have increased substantially since I opened these accounts and they have been doing regular CLI's on them. My scores are 721 Experian, 786 TU and 746 Equifax. I just don't get it but I know this is going to hurt both my AAoA and overall utilization. I am only ay 7% presently but this is insane. They told me to call Experian. I explained there is NO negative information or payment history on any of them. Is there any way I can understand how they made that decision? I worry about the impact this will have. 

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Thanks for sharing here. 

Have you gotten the letter yet? It sounds like this is going to be one of those generic "you're risky but we won't tell you why" things. :/

Well for my part I actually used two of my three remaining cards for organic spend last night on Woot and Amazon but we will see what happens. 

[GApeachy]

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@Anonymous wrote:

So did no one consider that just 4 years after a liquidation bankrutpcy, OP amassed another 10k in unsecured debt? And then opened all the Synchrony accounts at once?

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Nope, but that was 2016 and 2017 from what I just now saw, but I never would have considered that. Why? I wouldn't have thought that Synch. would allow the approval of 10(?) of their cards within a short time as you described.  Just sad it happened and hopeful she'll get a definitive answer and will share with us so we too may come to understand the reason behind this huge AA.

[DenverFox]

I haven't received the letters yet.. but all 4 closures reporting this morning on MyFico subscription. I just realized they actually closed 4 of my accounts. I also had a 35k Lowes account for the last 5 years lightly used and never late with a zero balance. That means they shut down 75k across the 4 cards with no explanation other than I was a higher risk. This against the fact that I am 100+ points higher in FICO than I was when I opened the accounts. This is very strange. I wonder if the company itself saw that I had 75k in open lines and perhaps they were mitigating their exposure? Perhaps they weren't making interest on any of my accounts so I wasn't a valuable customer?