Synchrony account closure

[FinStar]

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@sto0pyd wrote:

I personally don't blame them for closing all 14 of my amount with ~130k in credit limits. I'm just bummed in getting the Sam's Mastercard getting closed which gave me 5% back on gas. I've always paid the 3 active accounts in full to where they wouldn't collect a penny from me. I was also one of those people who constantly pushed the envelope to increase my limit just because.

I'm just wondering when I can possibly reapply and get the Sam's card back.

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Out of curiosity, in your specific scenario, how often were you requesting the CLIs?  Like, 10-20 requests in the past 12 months?  And was this a combination of calling Credit Solutions and/or submitting them online?

For the other part of your question, typically whenever a SYNCB account is closed, you can reapply after 12 months.  Hopefully, these AA instances didn't place anyone on some internal list, but remains to be known until a year from now. 

[sto0pyd]

I would use the love button, or if I was just bored, I'd call CS. I may have requested for a CLI like 20-25x a year. Additional CLI would be done on other cards if a request was approved for one card... I remember one time, Lowe's went from 5k to 20k, so that triggered my interest to see how reckless they'd get to give me other increases on other cards. 

[FinStar]

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@sto0pyd wrote:

I would use the love button, or if I was just bored, I'd call CS. I may have requested for a CLI like 20-25x a year. Additional CLI would be done on other cards if a request was approved for one card... I remember one time, Lowe's went from 5k to 20k, so that triggered my interest to see how reckless they'd get to give me other increases on other cards. 

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Thanks for sharing some of your insight and DPs. 

Well, I can say for sure you're definitely not alone on the number of frequent CLI requests as other MF members 😆, akin to 'smashing' the button on Discover or Comenity, for instance.

Personally, I'd never want to draw that much attention because (a) don't necessarily need it, (b) only request it for strategic purposes on a specific account, and (c) things like these are tracked internally (how they use the data is unknown).  But, everyone is different on what they like to pursue, even for those who 'push the envelope.' 

@Remedios provided some interesting insight on what Discover shared with her during a routine CLI convo some time ago 😉.  

[Anonymous]

Hi, sorry to hear about your accounts closure. I am hoping your mom is getting better. Any news regarding or letters from them? That's pretty brutal for them to do this with no customer loyalty. They could at least reduced the credits or something (happened to my Citi bank and Barclay with small reductions) or send letter with why you haven't use some of your account credits.

[Remedios]

To @FinStar point, human CSR was mildly amused at the number of requests, and i did not get the feeling that was something they see often, if at all. 

[Anonymous]

No updates yet.. still waiting for the snail mail letters to arrive. I'm sure it'll state vague reasons as to why they closed all the accounts so nothing exciting to look forward to. Pretty bad that synchrony would go to this extreme to close all accounts without any warnings BUT it is what it is..

[FinStar]

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@Anonymous wrote:

No updates yet.. still waiting for the snail mail letters to arrive. I'm sure it'll state vague reasons as to why they closed all the accounts so nothing exciting to look forward to. Pretty bad that synchrony would go to this extreme to close all accounts without any warnings BUT it is what it is..

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Thanks for keeping us posted @Anonymous.   I hope things are well with your mom and she's having a smooth recovery. 

[K-in-Boston]

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@Remedios wrote:

To @FinStar point, human CSR was mildly amused at the number of requests, and i did not get the feeling that was something they see often, if at all. 

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I'll bet my own once a month occasionally more requests would be chuckle-inducing as well.

[Anonymous]

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@AverageJoesCredit wrote:

Just spitballing here but anyone mention their geographic area? Maybe a factor in their decisions ie living in a bad area or lower income area. Im sure if they looked me up being where i live, they might close me out on the not being able to repay bit as the economy here is real bad. Heck if you guys dont here from me in near future most likely ive lost my job. Hopefully not but its that sketchy here.

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What you are describing is illegal actually and has been for over 45 years. Your individual credit worthiness...individual.
Unfortunate as it is so far I have not seen anyone who's shutdown seems that surprising. Searching for answers when a pattern has already developed:

10-15 cards.

$60-95k in limits across cards

Unused credit.

Perhaps agressive with CLI request and not using the limits (this one is less conclusive)

Yes Chase and the primes will let you have a 30K card and never bother you if you only put a few thousand on it a month....but Synch and banks on the other end of the spectrum tend see you at you as risk when you do that.

[soxfaininfl]

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@Anonymous wrote:

No updates yet.. still waiting for the snail mail letters to arrive. I'm sure it'll state vague reasons as to why they closed all the accounts so nothing exciting to look forward to. Pretty bad that synchrony would go to this extreme to close all accounts without any warnings BUT it is what it is..

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I'm interested to find out since I have an Amazon and a Rooms to Go accounts with Sync.