AFAIK they have been shutting down or cutting tradelines that have not had much activity.
Mixed opinions to be sure about this, but it presumably reduces their reserve requirements without requiring an influx of capital. That is a valid way of meeting the new reserve mandates in part.
If you had been actively and substantially using the tradelines then maybe something else was up, but I don't think I have seen them indiscriminately cutting. That said out of the major lenders Sync is one people really pushed on for tradelines that weren't really needed historically so I am not surprised it is showing up on these forums.
@lakerfan2011 wrote:what is there deal anyways no other bank is doing this i never misssed payment in my credit in years and years and years
Almost every other credit card issuing bank doesn't have the same subprime portfolio that Sync does.
Out of the population of the recently unemployed, Sync probably has a higher percentage of them as consumers. No lender wants to get stuck holding the bag if this all falls apart and I don't think Sync's cashflow and deposits was enough to build reserves the traditional way.
It sucks, sure, but just move on with your credit life.