No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
If we include AU accounts, I owe Synch $659.00 on $130,300 worth of credit lines. Utilization= .005% (One balance on a zero percent deal, the others are paid in full monthly...)
If they closed every one of them tomorrow, my total utilization would climb from 18.5% to 29.2%.
Who cares?
I am one of many guilty of using Synch for utilization padding... but I've got plenty of others.
Have you tried reaching out to them to see if they would open it back?! Just curiosity I know some have tried and succeeded on other Cards this has happened to recently if they were in good standing
@lakerfan2011 wrote:they are killing the people that acutally pay them well and never have a problem with them i still think what they are doing is wrong and they should be looked it
My guess would be the Terms & Conditions of all the credit cards that Sync reduced or closed permitted them to do so. People need to read the T& C that is sent with their credit cards. Most issuers are smart enough to allow for the unknown in their wording.
They said it's under review and will take them 30 to 60 days to review I don't get why it's taking so long I am still waiting I wrote emails to ms keane mr doubles still on hold have not heard a thing back yet and when I call customer service they don't have a clue
@lakerfan2011 wrote:They said it's under review and will take them 30 to 60 days to review I don't get why it's taking so long I am still waiting I wrote emails to ms keane mr doubles still on hold have not heard a thing back yet and when I call customer service they don't have a clue
That always makes a person feel comfortable? "No clue" ?
@lakerfan2011 wrote:they are just cutting credit lines closing accounts what is going on here they are worse they any bank out there all my others are fine just these accounts they messing thye just closed my car care account and dropped my limit on tj maxx this is getting ridiculous any one else having problems with there snychnoary accounts
I am sorry that you suffered adverse action. You are in good company; however, as others have pointed out, Synchrony, Comenity, Chase, Capital One and even American Express, have recently been cutting limits or more.
Credit card companies are required to have the funds that they lend out to us in reserves-it is not just an arbitrarily made up amount that just exists. During good times, the banks love to loan out cheap money to us hoping to get swipe fees (Visa, MC, Discover, Amex) and/or interest. The banks are able to borrow from various sources on the cheap and it seems never ending. But, when times get rocky, like now due to Covid, the banks can be seen tightening the purse strings.
As we saw with the Great Recession and now Covid, the economy can suffer greatly. Banks become more cautious and are not wanting to lend as much and more importantly, are starting to prepare for an onslaught of credit card defaults, charge offs and bankruptcies. Additionally, the sources of funds that our banks borrow to lend to us can also start to dry up. As mentioned above, the banks have to have those funds available that they lend to us. So when they cannot borrow as much, they have to take back some of what they so easily lent out when times were good.
Bigger banks have the benefit of having our deposits on hand whereas Synchrony Bank only has a small share of deposits through their online savings accounts. This is one of the reasons Synchrony has to pull back with so much force compared to bigger banks.
It looks like you are angry and upset, and I can understand that, but it also looks like a lot of this happened to you a month ago...and are still angry. I want to impress upon you that at some point you need to let this go to avoid making yourself sick.
As others have mentioned, as long as you have other creditors and your debt to credit limit ratio is below 30%, losing two Synchrony cards won't have much impact on you.
Don't feel bad I had 3 Chase cards closed overnight and there reason was a collection on my record. Apparently it took them 4 years to spot this which I still don't full believe them I think it has to do with everything going on lately. I wouldn't get too upset over it sometimes it's out of our control.
Wow sorry to hear that I have 2 accounts with chase and everything fine so hopefully nothing happens there
OP, my advice is twofold:
1. Pay off any balances you are carrying on any of your credit cards as rapidly as possible, and keep them paid off every month. No more carrying balances.
2. Build your credit card portfolio with top tier banks like Chase, Amex, and Bank of America. Forget Synchrony.
Title of thread should be changed. Synchrony Bank is not killing people to the best of my knowledge. And some can read it like that because it then says S credit.