@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.
A nice amount of replies to the op already but I had to chime in. First...Hoping your mom gets much better real soon.
I have been browsing awhile through the forums and have seen so many crazy things happening with peoples credit. The closing of accounts, the 4506 requests for financial reviews, adverse actions out of no where, erroneous information on credit reports, credit bureaus screwing up on simple matters taking you through credit hell to get resolved, etc.
One thing that is true 90% of the time when you do get a 7-10 letter that's suppose to enlighten you to whatever triggered AA or Negative outcomes the reasoning is still a mystery. (really applying the % to major events like op and so many others have experienced).
Usually the denial of a cli or denial of new credit can be reasonably understood (too many accounts, balance on cards too high, too many accounts with balances, recent collection etc.
I've seen the recital of horror stories in the forum and wish sometimes for the days when I didn't give a hoot about credit, lived a simple life mentally not worrying about being the poster sharing my horror story. Ay but there's the rub because as of a little less than 2 years ago I stepped into this credit land filled with minefields.
That's why I do what I do right now:
1. I don't open too many accounts with the same issuer (not going to let you blow up my world with one stroke).
2. Not going to max out my cards (scare existing creditors).
3. Do pay the minimum right away then later pay more before balance reports (anything could happen causing a missed or late payment).
4. Keep my credit moves pretty stable (no out of order super high usage or even super high payments that's not close to the norm).
5. I don't ask for CLI's I just wait on auto increases (if they give one fine if they don't fine too, I'm still relatively new to this so I'm not making any waves potentially drowning me later).
6. I keep all my credit dealings in the middle ground (I don't try to be perfect and I make sure I'm far from the worse).
7. I try to stay informed through this fabulous forum looking at data points, YMMV instances, individual experiences that are shared, following up on post updates to see end results etc.).
By doing these things I have managed to see positive results so far. I realize there is always so much more to learn and I am happy to share with people my credit data points and experiences along the way to help them in their quests if I can.
Hoping op gets an explanation that clearly states why this AA happened and will be waiting for an update in the future that may help all of us to understand.
Peace Out
