Synchrony bank just killing people s credit

[longtimelurker]

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@lakerfan2011 wrote:

plus they  are killing the credit score for having a closed account and they are hurting they available credit for just out of the blue cutting the line because they cant get there stuff together

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Closing an account has no immediate hit on FICO credit score, except for utilization, which can be fixed by paying down a balance (or paying before statement cuts).   

[wasCB14]

Most people know they need very good credit and high income to get $90k-$100k in credit from a single lender.

But with Synchrony, many people take the view that having less than $100k means a credit profile is incomplete.

Easy approvals and CLIs in good times can mean easy closures and CLDs in bad times.

[lakerfan2011]

my limit was only 4000 paid off several times and over the minimums payments

[Remedios]

I'm not a fan of Synchrony,  but could you please explain how are they "killing credit"? 

[CreditCrusader]

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@longtimelurker wrote:

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@lakerfan2011 wrote:

plus they  are killing the credit score for having a closed account and they are hurting they available credit for just out of the blue cutting the line because they cant get there stuff together

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Closing an account has no immediate hit on FICO credit score, except for utilization, which can be fixed by paying down a balance (or paying before statement cuts).   

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Well...now we've arrived at our problem with many credit users who have become wise to the "game". Some folks have run up large balances on their primary cards that cannot be paid off in a timely fashion.

Artificially padding your utilization with a bunch of fat store credit lines presents the mirage of low UTIL...when in fact, all you are doing is masking your high usage elsewhere. Once those sote card issuers start to chop, your scores tumble down the rabbit hole.

The good news, as most of us know, is that that rabbit hole is only temporary. In the meantime, you have to endure it.

[lakerfan2011]

look at the blogs everywhere they dropping every ones credit line closing account at will these are people that have never missed payments with them and just out of the blue they are closing accounts its happening across the board on all there accounts 

[Jnbmom]

Synch is not the only bank doing this, although they have been closing a lot more on average . Cap one, Comenity and Chase have also been doing that. A simple search on these boards will net you these results.

It is business not personal , it's become more frequent during our current state , but AA has been around for years with synch.

[Remedios]

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@lakerfan2011 wrote:

look at the blogs everywhere they dropping every ones credit line closing account at will these are people that have never missed payments with them and just out of the blue they are closing accounts its happening across the board on all there accounts 

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Right. But how is that "killing credit"?

Do you have cards that arent issued by Synchrony? 

[lakerfan2011]

Yes and never ever had a problem with any of them ever 

[Remedios]

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@lakerfan2011 wrote:

Yes and never ever had a problem with any of them ever 

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So, your credit is not killed?