Synchrony account closure

[wambeezy]

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@GApeachy wrote:

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@wambeezy wrote:

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so I just waited for the letters. 

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Yeah, sorry 'bout that...I meant collection- not bk (read that somewhere- got mixed up).      Did you already get the letters?  

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No worries. I got the letters about a week after the accounts were closed. All of them said I was a high risk for non-payment. I sent an email to each of the accounts after letting them know that I always paid way ahead of time and have never missed a payment. I also informed them that I never did use any of my credit line to no more than 20-25% at the most and that they were losing a good customer. 

[Anonymous]

My data points with Synchrony:

I have 2 accounts, amazon and paypal with them.

both were above 90% utilization as was all of my credit accounts (7 total).

Fico score was probably arround 630. It had dropped 40 points since i apped for the syncroney accounts.

I made minnimum payments on all accounts for at least 5 months.

No adverse action from anyone.

I do have a 100% payment history for all accounts.

My experience is that synchrony isn't worried about maxed out accounts or low fico scores.

[GApeachy]

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@Anonymous wrote:

My experience is that synchrony isn't worried about maxed out accounts or low fico scores.

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Wait up!  This Duck gonna hang with THE Lucky Duck!   <Quack, Quack*<

[Anonymous]

That sums it up. Good thing I knew next to nothing about credit scores and paying attention to my credit score.

I might have been worried or concerned. My debt to income ratio should have invited a credit review from any number of lenders.

[Anonymous]

Sadly, I have you beat.  Today, I woke up to find all 14 of my Synch accounts totalling $61+ in Cl were closed.   Only a pending $150 spread on two accounts.  One was Amazon store card which most irks me.  Never missed a payment.  Credit score is the highest it's been in 10 years (low 700's) and when I called they just said a letter explaining why will be forthcoming.  I saw some noise on recent closures elsewhere that this may have something to do with them lightening their exposure as a result of possible overuse during this Covid 19 pandemic.  Has anyone else experienced this within this last month? 

[GApeachy]

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@Anonymous wrote:

Sadly, I have you beat.  Today, I woke up to find all 14 of my Synch accounts totalling $61+ in Cl were closed.   Only a pending $150 spread on two accounts.  One was Amazon store card which most irks me.  Never missed a payment.  Credit score is the highest it's been in 10 years (low 700's) and when I called they just said a letter explaining why will be forthcoming.  I saw some noise on recent closures elsewhere that this may have something to do with them lightening their exposure as a result of possible overuse during this Covid 19 pandemic.  Has anyone else experienced this within this last month? 

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Yeah, there are a few threads recently with multiple card closures with a similar story as your own.  Sorry this happened to you.  Did you ever keep up with your VS4 score that Sync provided?   If so, mind sharing?

[Anonymous]

Yes, I did keep up with the VS4 and the last one was 670.  It had been around 577, but steadily increased.  This is really bewildering.  The only one that really upsets me is the Amazon because of the 5% rewards.  Maybe also Care credit because I used that for my wife's medical care.

[RSX]

the letters wont help you understand this - they will just say high risk

dont take it personally - many of us had this issue in their 'first round' which occurred on Feb 6 2020

you will see that others have posted about this same day

i had 4 accounts - $75k total CL - all in use every other month - 1 account with $2700 on a 6month 0% int

there was an age mix of 8yrs - 7yrs - 5yrs and 3 yrs

so all across the board - my scores were good - no AA from anyone else

hopefully your util doesnt go up by much 

i decided i wont use their products in the future

[RSX]

i just reread most of this thread and found the note about checking Factor Trust for possible fraud

i just ran it - everything shows None or Zero

ACCOUNT REVIEW INQUIRIES

this is one item where GoldmanSachs checked on Aug 8/2019 - this was the date i applied for my Apple card

so the good news is there is no fraudulent attempts shown

[CreditCrusader]

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@RSX wrote:

the letters wont help you understand this - they will just say high risk

dont take it personally - many of us had this issue in their 'first round' which occurred on Feb 6 2020

you will see that others have posted about this same day

i had 4 accounts - $75k total CL - all in use every other month - 1 account with $2700 on a 6month 0% int

there was an age mix of 8yrs - 7yrs - 5yrs and 3 yrs

so all across the board - my scores were good - no AA from anyone else

hopefully your util doesnt go up by much 

i decided i wont use their products in the future

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Yep...I've concluded that Synchrony has targeted the UTIL padders who use those accounts to create the mirage of low UTIL as opposed to earnestly using them for consistent productive purposes.

And seriously, why shouldn't they close those accounts? What use are accounts totaling close to six figures to CCCs that only serve to boost the credit scores of a small segment of their cardholders in exchange for absolutely nothing?