Synchrony account closure

[JNA1]

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@JamP wrote:

I am following this post closely and hoping it doesn't spread. I am very sorry to hear of mass closures. 

Also, I hope your Mom is doing well and continues to do well. I know a bit about heart issues and they do not always go away even after surgery.

On the topic. I just got a bump on my Amazon from 10k to 25k one night when I was feeling bored. If I would have seen this I would have left it alone. I am 25k Amazon and 20k SamsMC and would rather not lose either. No more poking the bear from me. I hate these posts as we never get a real reason why cards are closed. 

Now if I was looking at how to replace my sync cards I would look at Chase Amazon and another 5% gas card.

Diversify was stated earlier which I learned that long ago. 

And for the hard part, Thank You for bringing this to our attention and keeping us informed.

Without this site and its users, I would still be using my debit card hoping it never gets hacked...

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I just got a $3500 CLI on my PPMC and normally I would have called Credit Solutions and did the double dip also, but these closures made me pump the brakes as well. I only have 2 cards from them, but I don’t want to poke the bear. I’m content with the $10K CL for now. My spend on the PPMC is about to decline very sharply since we just got the 5% up to a $10K Cash Magnet, so I’d hate to ask for much more and then basically stop using the card. I’m also about to make a decent purchase with my Sync Summit card also (which I was going to do anyway - but I’m doing it a little sooner than I had planned). I haven’t used it in quite a while, so I figure throwing them a bone help me stay off their radar. I’m to the point where I certainly have enough cards to overcome a shutdown by Sync, but they still represent 30% of my total CLs, so I definitely don’t want to lose them. Sync gave me my first card and they’ve been good to me, so I’d hate to lose the relationship.

[donkort]

I poked the bear once--in 2009.  I asked for a CLI from what is now BarclayCard.

This lead to a $6,000 credit limit decrease......right around the time I was closing on my co-op!

[Revelate]

That "too high revolving utilization" could refer to current debt too.  We don't know how VS4 scores things but aggregate dollar values may matter TBH.  That was one of the lender complaints historically and also I think VS3 had that in.

The lack of secured real estate loan, yeah that is pretty concrete and interesting too if your closed mortgage is still on your reports.

FICO wise mortgages are just open installment loans as near as we have been able to ascertain they function the same as a SSL just on much longer time horizons so not surprised you saw the 20 point drop but you can sort that without a mortgage.

[donkort]

Yep.  I thought about my $65,000 student loan, too.

That makes sense.   It's "revolving debt," too.  

I guess we'd have to see other scenarios in order to determine the "historicity" aspect.

[donkort]

My closed mortgage is still present on all bureaus.

[Namaste7]

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@GApeachy wrote:

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@Anonymous wrote:

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@GApeachy wrote:

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@Anonymous wrote:
@GApeachyYup, more evidence. Is that your real score or are they fluctuating that much during the month is the question?

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As per Synch V4 graph: 

Oct. 2019: 756   beginning score

Jan 2020: 695

Feb 2020: 690 

Feb 2020: 774    after re-enrollment

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I would leave it alone and not do the unenroll/re-enroll and see how it updates on Synch's refresh next time. Maybe that'll at least show you more accurately what they're seeing and tracking with their report SPs.

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I just added my lowest score above. (NOV). So you think me doing the un/re enroll was a bad thing? 

Note: I had two sp's apparently for Feb which both were 690...now the last 690 has been replaced by 774.  All I know is I hardly owe any $ to any cards.  I'm >1% "Exp"       (yes, I use every card every month. pif)

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Thanks for sharing. I noticed two Vantage scores for February on my PPC and PPMC accounts. Glad to know I was not the only one.

These threads have me spooked because of a Synchrony payment error in January; the automated payment did not process but the balance was PIF by the statement date. Balance was properly reported in January (zero balance) and no negative action take on any accounts.

[GApeachy]

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@Namaste7 wrote:Thanks for sharing. I noticed two Vantage scores for February on my PPC and PPMC accounts. Glad to know I was not the only one.

These threads have me spooked 

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I just found it interesting....I thought they pay for these pulls.  So I (we, someone else, whoever) may spook them some or maybe not at all; we'll never know but I'd love to know, just like any mystery, I wanna know everything.  Things that make you go hmmmmm but not Yikes.  Don't worry and certainly don't sweat it...it's a tl not a lifeline.  All I can say is to continue to be prudent with your balances, like usual, enjoy your cards but don't rely too heavily on them or any card from any Bank.  Building a cash safety net is more important and keeping balances low is too.....but that's how it should always be anyway.  

[CreditJourney007]

Following this thread, I would no doubt think I am soon. I have 6 cards with 48k exposure, and total balances are around 2.5k (BT). I too have probably excessively asked for a CLI for padding purposes. 

I'll be super disappointed if it happens because I love the 2%  PPMC and the CareCredit gives me peace of mind with an old dog. 

Question, if anyone has insight: I put a fraud alert on my reports because of a mishap at a dealership kind of "mixing" my information with someone else's. Per the information I received from the CRAs, all it really means is there are extra measures in place to ID me if I apply for credit, but could Synch see this and take AA because I'm "high risk"?

[RSX]

I hope not 

I think your best bet now is to avoid the CLI button, and keep util in check

[DenverFox]

Hi,

I know some of you were wondering if Synchrony would entertain a new application after these unexplained closures. Just for Grins, and becasue I had 4 paid accounts shutdown on the same day (Feb 4th or 5th), I went ahead and gave it a try for a replacement Care Credit. I did this mostly becasue I wanted to have some view of my Vantage 4 score (I have not seen any other posts where I can buy or retrive this score other than with Synchrony). At the time of the application today, BOTH my FICO 8 and FICO 9 scores are exactly the same: 783, Excellent.

The application was denied, indicating that I had a past or current delinquency with Synchrony Bank. 

This, of course, is impossible becasue I had no balance with them when they closed all my accounts, they all reflect paid as agreed, closed by credit grantor on my reports, and I had never had a late payment, nor delinquency on ANY account, ever. The only saving grace is it doesnt look like they did a hard pull. They must have something flagged in their system, but I wish I knew where or why. Through the last few weeks I think I have learned:

- My score was not the issue

- My creditworthiness was not the issue (as was on the intial letter)

- There remains nothing negative in my credit profile

- I have no delinquent accounts, ever so the reason for the decline makes no sense

In the end, as stated earlier in the thread, I didnt really use these accounts or allow for any interest to acrue when I did. It upsets me that I cant get to the bottom of it, but I am thankful its not a creditor that I love like American Express, Citi, PenFed or NFCU

Wish you all the best.