cancel
Showing results for 
Search instead for 
Did you mean: 

Synchrony bank just killing people s credit

Highlighted
Mega Contributor

Re: Synchnoary bank just killing people s credit


@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


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).   

Message 11 of 92
Highlighted
Super Contributor

Re: Synchnoary bank just killing people s credit

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.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCP, EDP
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 12 of 92
Highlighted
Regular Contributor

Re: Synchnoary bank just killing people s credit

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

Message 13 of 92
Highlighted
Moderator

Re: Synchnoary bank just killing people s credit

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

07/11/2020 Confession time...sometimes I dont put shopping cart back where it should go, and I stole lipstick when I was 11. Used it for drawing (works better than watercolors).
Message 14 of 92
Highlighted
Established Contributor

Re: Synchnoary bank just killing people s credit


@longtimelurker wrote:

@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


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).   


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.

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 747 , EX FICO 760, TU 758 FICO scores>
Goal Score: ?
Take the FICO Fitness Challenge
Message 15 of 92
Highlighted
Regular Contributor

Re: Synchnoary bank just killing people s credit

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 

Message 16 of 92
Highlighted
Community Leader
Senior Contributor

Re: Synchnoary bank just killing people s credit

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.

EXP 758 TU 783 EQ 729
Message 17 of 92
Highlighted
Moderator

Re: Synchnoary bank just killing people s credit


@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 


 

Right. But how is that "killing credit"?

Do you have cards that arent issued by Synchrony? 

 

07/11/2020 Confession time...sometimes I dont put shopping cart back where it should go, and I stole lipstick when I was 11. Used it for drawing (works better than watercolors).
Message 18 of 92
Highlighted
Regular Contributor

Re: Synchnoary bank just killing people s credit

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

Message 19 of 92
Highlighted
Moderator

Re: Synchnoary bank just killing people s credit


@lakerfan2011 wrote:

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


So, your credit is not killed? 

07/11/2020 Confession time...sometimes I dont put shopping cart back where it should go, and I stole lipstick when I was 11. Used it for drawing (works better than watercolors).
Message 20 of 92
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.