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Synchrony bank just killing people s credit

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Super Contributor

Re: Synchnoary bank just killing people s credit


@lakerfan2011 wrote:

I have never had mess with mine yet so I am praying they don't 


Sorry to hear about the closures. Maybe I missed it, but could you list out all the cards you have?

 

Having two cards closed by the bank should not drastically change your FICO scores. Where are you getting scores that show a big change?

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 51 of 92
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Moderator

Re: Synchnoary bank just killing people s credit


@NRB525 wrote:

@lakerfan2011 wrote:

I have never had mess with mine yet so I am praying they don't 


Sorry to hear about the closures. Maybe I missed it, but could you list out all the cards you have?

 

Having two cards closed by the bank should not drastically change your FICO scores. Where are you getting scores that show a big change?


Only way I could see this is dependent upon what other cards and balances of closed card messing with utilizations.  

Message 52 of 92
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Community Leader
Super Contributor

Re: Synchnoary bank just killing people s credit


@lakerfan2011 wrote:

I have never had mess with mine yet so I am praying they don't 


Hopefully you don't have any issues. If the sync closures didn't really mess with your scores or utilization, you should be fine. Just came from a thread where someone was balance chased on their amex. After paying them off, chase balance chased them. If that were to happen to you, Barclays would almost 100% follow suit.







Message 53 of 92
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Super Contributor

Re: Synchnoary bank just killing people s credit


@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 


IMHO they are hurting financially and this is a fast and easy (but stupid) way to pretend that their balance sheet isn't as bad as it actually is.


Total revolving limits 648500 (572500 reporting) FICO 8 EQ 725 TU 752 EX 732

Message 54 of 92
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Regular Contributor

Re: Synchrony bank just killing people s credit

I found a way to leave voice mails directly for MS Keane on her voice mail while I have wAiting got an answer and they pulled her name out of the employee directly I have been calling lol

Message 55 of 92
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Frequent Contributor

Re: Synchrony bank just killing people s credit

This alarmed me, I had to check. My limit is still intact...still at $15K.  I use it twice a year and pay in full each time.  

Message 56 of 92
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Community Leader
Senior Contributor

Re: Synchnoary bank just killing people s credit


@SouthJamaica wrote:

@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 


IMHO they are hurting financially and this is a fast and easy (but stupid) way to pretend that their balance sheet isn't as bad as it actually is.


@SouthJamaica While I'm not disagreeing with you, but couldn't the same thing be said for consumers who use Synchrony (and high limits on cards they really don't use) as a way of pretending that their credit debt isn't as bad as it is? 

 

Synchrony is mostly used around these here parts as a means of disguising the debt that one is actually carrying by showing lower utilization because they have north of 50k on cards they hardly (or never) swipe. 

Message 57 of 92
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Frequent Contributor

Re: Synchnoary bank just killing people s credit

Just want to chime in and thank y'all for the deepest laughs I've had in a while.  So far so good over here with Synchnoary... what a great read this thread has been. 🤣🤣


 

FICO 8:  EQ:687  TU:728  EX:735
Message 58 of 92
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Regular Contributor

Re: Synchnoary bank just killing people s credit

glad we can entertain u but I am actually pist off at sychnoary right now lol

Message 59 of 92
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Super Contributor

Re: Synchnoary bank just killing people s credit


@Loquat wrote:

@SouthJamaica wrote:

@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 


IMHO they are hurting financially and this is a fast and easy (but stupid) way to pretend that their balance sheet isn't as bad as it actually is.


@SouthJamaica While I'm not disagreeing with you, but couldn't the same thing be said for consumers who use Synchrony (and high limits on cards they really don't use) as a way of pretending that their credit debt isn't as bad as it is? 

 

Synchrony is mostly used around these here parts as a means of disguising the debt that one is actually carrying by showing lower utilization because they have north of 50k on cards they hardly (or never) swipe. 


I don't think so.

 

A consumer who has large unused credit limits isn't deceiving anyone; it's all there in the credit report.

 

A lender with publicly traded stock which (a) suddenly closes a large number of its least risky accounts, (b) while remaining stuck with its more risky accounts, (c) in order to quickly reduce its loan loss reserves (d) so as to camouflage its waning profitability, is misleading the investing public unless it were to disclose what it has been doing. I seriously doubt that it disclosed to the investing community that it was closing perfectly sound accounts, for which it paid plenty in customer acquisition costs, in order to cook its books.


Total revolving limits 648500 (572500 reporting) FICO 8 EQ 725 TU 752 EX 732

Message 60 of 92
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