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Synchrony bank just killing people s credit

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Regular Contributor

Re: Synchnoary bank just killing people s credit

My score took a drop they dropped my limit of my T.J.Maxx card and they closed my car care account and I paid faithfully over the minimums never missed a payment in years they have never messed with these once until now 

Message 21 of 92
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Moderator

Re: Synchnoary bank just killing people s credit


@lakerfan2011 wrote:

My score took a drop they dropped my limit of my T.J.Maxx card and they closed my car care account and I paid faithfully over the minimums never missed a payment in years they have never messed with these once until now 


So, you carried balances for extended period of time while paying "over minimum"? 

 

I'm not trying to pick on you, but incomplete stories create unnecessary panic and they create myths that are hard to dispel later. 

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 22 of 92
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Established Contributor

Re: Synchnoary bank just killing people s credit


@Remedios wrote:

@lakerfan2011 wrote:

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


So, your credit is not killed? 


Remedios, this reminds me of the famous scene in the great movie Instinct. Anthony Hopkins temporarily holds Cuba Gooding Jr. hostage in the consultation room of the psychiatric hospital where Hopkins is housed. He asks him three times, with Gooding Jr.'s life in the balance, what he has taken from him.

 

Control? Strike 1

Freedom? Strike 2

Illusions? BINGO

 

Sync isn't ruining anything...except the credit illusions of some i.e. the illusion of low UTIL.

 

Want low UTIL back? Pay down your balances. Done.

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 23 of 92
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Regular Contributor

Re: Synchnoary bank just killing people s credit

Do u work for synchonary or something I have never had a problem ever until now  they did this now my income fine my ratio is fine there is really no reason they should be doing this at all I have chase Barclays they have never done anything like this 

Message 24 of 92
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Super Contributor

Re: Synchnoary bank just killing people s credit


@lakerfan2011 wrote:

Do u work for synchonary or something ...


smiley-laughing021.gif


06/26/20 Mortgage scores: EX2 718, EQ5 696, TU4 no idea.
07/01/20 Fico 8: EX 705, EQ 711, TU 737.
07/03/20 Fico 9: EX 700, EQ 709, TU no idea...

Zero percent financing is where the devil lives...
Sitting in the garden behaving myself. #noinqs2020
Message 25 of 92
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Established Contributor

Re: Synchnoary bank just killing people s credit


@lakerfan2011 wrote:

Do u work for synchonary or something I have never had a problem ever until now  they did this now my income fine my ratio is fine there is really no reason they should be doing this at all I have chase Barclays they have never done anything like this 


Due respect, this is out of line.

 

People here are trying to give sage advice vis the forum to help those who read it.

 

They are not shilling for Sync. Heck, I don't even have a Sync card.

 

But covering up primary card(s) high usage by padding your report with high store card lines has ALWAYS come with this sort of risk. When lenders like Sync pull out the rug, you are left with high utilization and a lower credit score. That is an unavoidable FACT that cannot be stressed enough so that readers of this fantastic forum will be well educated moving forward.

 

It's business, not personal. Please remember that we are here to help.

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 26 of 92
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Super Contributor

Re: Synchnoary bank just killing people s credit


@lakerfan2011 wrote:

Do u work for synchonary or something I have never had a problem ever until now  they did this now my income fine my ratio is fine there is really no reason they should be doing this at all I have chase Barclays they have never done anything like this 


I'm sorry that this happened to you, but as you've read, it has happened to a LOT of people recently.

 

No idea why it hasn't happened to me yet, but it's coming.  I've got large, empty, unused lines with Synch that I have no intention of using.  They'll close them when they do.

 

As mentioned, it is NOT a personal attack.  It is a business decision, and it is Synch's decision to make.

 

 


06/26/20 Mortgage scores: EX2 718, EQ5 696, TU4 no idea.
07/01/20 Fico 8: EX 705, EQ 711, TU 737.
07/03/20 Fico 9: EX 700, EQ 709, TU no idea...

Zero percent financing is where the devil lives...
Sitting in the garden behaving myself. #noinqs2020
Message 27 of 92
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Moderator

Re: Synchnoary bank just killing people s credit


@lakerfan2011 wrote:

Do u work for synchonary or something I have never had a problem ever until now  they did this now my income fine my ratio is fine there is really no reason they should be doing this at all I have chase Barclays they have never done anything like this 


 

No, I dont and my credit is not being killed. 

If you feel like venting but without input from others, that's kinda hard to achieve on a public forum. 

That "Reply" button is not there to "kill your posts", but to give an insight in why it might be happening to you. 

Forum is a dialogue, not a monologue.  That's what blogs (with disabled comments) are for. 

 

In any case, sorry they killed your 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 28 of 92
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Moderator

Re: Synchnoary bank just killing people s credit


@lakerfan2011 wrote:

i hope those stores they are backing find another credit company to back them the fed govt should look into synchnoary back practices its really awful 


@lakerfan2011 wrote:

Afaik they are doing to everyone it dosent matter if you been using your card or not


What laws do you feel may have been violated here?  Lenders are under no obligation to extend revolving credit to any consumer.  The cardholder agreement for all Synchrony accounts clearly reads:

 

Closing Your Account. You may close your account at any time by sending a letter to the address shown on your billing statement or calling customer service. We may close your account at any time, for any reason. If your account is closed, you must stop using it. You must still pay the full amount you owe and this Agreement will remain in effect until you do.

 

I am sorry that they closed your accounts, and those of others, but they most certainly are not "doing it to everyone."  All of the letters that have been shared here have stated that it was due to them identifying the cardholder as high risk.

Message 29 of 92
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Moderator

Re: Synchnoary bank just killing people s credit


@K-in-Boston wrote:

@lakerfan2011 wrote:

i hope those stores they are backing find another credit company to back them the fed govt should look into synchnoary back practices its really awful 


@lakerfan2011 wrote:

Afaik they are doing to everyone it dosent matter if you been using your card or not


What laws do you feel may have been violated here?  Lenders are under no obligation to extend revolving credit to any consumer.  The cardholder agreement for all Synchrony accounts clearly reads:

 

Closing Your Account. You may close your account at any time by sending a letter to the address shown on your billing statement or calling customer service. We may close your account at any time, for any reason. If your account is closed, you must stop using it. You must still pay the full amount you owe and this Agreement will remain in effect until you do.

 

I am sorry that they closed your accounts, and those of others, but they most certainly are not "doing it to everyone."  All of the letters that have been shared here have stated that it was due to them identifying the cardholder as high risk.


 

Synchrony spy!!

 

 

 

BitterExemplaryCaribou-max-1mb.gif

 

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 30 of 92
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