Synchrony closed all accounts

[SouthJamaica]

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@Anonymous wrote:

Synchrony just closed all of my accounts. Totallying 90k. All accounts used regularly every month and paid in full every month. Very sad.

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Synchrony appears to have been doing this to a lot of people with high limits. I believe it has nothing to do with you, but with their misguided attempt to quickly lower their loan loss reserves by dropping good customers with large unused limits.

To me it's a sign that Synchrony isn't long for this world.

[Phoenixupward]

Thanks for the link.  I read the article but what's so ironic, I just received an email from Verizon, my mobile carrier and they have just introduced the Verizon Visa Credit Card which is backed by Synchrony.  You have to be a Verizon customer to apply and the rewards are good: 4 percent on groceries and gas,  3 percent on dining , 2 percent on Verizon purchases and 1 percent on everything else.  Go figure.  I guess this co-brand deal was in the works prior to Synchrony's current economic situation.  

[CreditCrusader]

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@Remedios wrote:

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@K-in-Boston wrote:

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@UpperNwGuy wrote:

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@Anonymous wrote:

Most recent opened over a year ago. Income 250k+. Util 1% scores 750+ accross the board. Never doing business with them again.

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With your income level, I think you should be building a portfolio with cards from Chase, Amex, and Bank of America.  Synchrony may have done you a favor by pushing you out of their store card universe.

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Those are not mutually exclusive.  See endless stream of threads on why many of us have store cards.

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I sense fear.

While they are not mutually exclusive, no one can really make a case about Synchrony being a "good" reliable lender.

They have some good store cards, but I'd rather lose out on those rewards, and not have to deal with them in a first place. 

I'm not against store cards, but I cannot think of a single thing about them as a lender that I can appreciate and recommend to someone else.

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THIS

There are prime lenders who flood my mailbox with pre-approvals but will never get the time of day with me for this very reason. Discover and AMEX top that list. Their peculiarities are just too onbixious for my taste, so I stick with those who have been the most hassle free and then go about my business.

Synchrony has a history of doing people like this for business reasons...and that is not only their right, it's their obligation to the business model they have chosen, just as it's our right as consumers to tell them to pound sand.

Remedios is 100% correct here. Move on from them and find the CCC who most closely matches your needs.

[AverageJoesCredit]

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@UpperNwGuy wrote:

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@Anonymous wrote:

Most recent opened over a year ago. Income 250k+. Util 1% scores 750+ accross the board. Never doing business with them again.

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With your income level, I think you should be building a portfolio with cards from Chase, Amex, and Bank of America.  Synchrony may have done you a favor by pushing you out of their store card universe.

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You act as if Synchrony is  taboo and runt of the litter. This can happen with any lender and just because one has money doesnt mean the Chases, Amexes, and Boa solves everything for everyone. Im sure for every Sync bash youll find someone who will bash Chase, Amex or Boa. Credit cards can be   worthwhile from any lender if a user  makes it so. 

[AverageJoesCredit]

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@Anonymous wrote:

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@Anonymous wrote:

Most recent opened over a year ago. Income 250k+. Util 1% scores 750+ accross the board. Never doing business with them again.

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First, sorry to hear of yet another AA from Sync...

Have you tried calling them? I'm not sure it has helped anyone else, but with your income and DPs, this "shouldn't have happened." 

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Im not so sure. In the time Sync was sending out blue envelopes  i believe back in 2017-18, a comon theme was people with high income high exposure. Does it make sense, maybe not but it did occur to some degree.

[AverageJoesCredit]

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@Remedios wrote:

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@K-in-Boston wrote:

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@UpperNwGuy wrote:

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@Anonymous wrote:

Most recent opened over a year ago. Income 250k+. Util 1% scores 750+ accross the board. Never doing business with them again.

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With your income level, I think you should be building a portfolio with cards from Chase, Amex, and Bank of America.  Synchrony may have done you a favor by pushing you out of their store card universe.

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Those are not mutually exclusive.  See endless stream of threads on why many of us have store cards.

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I sense fear.

While they are not mutually exclusive, no one can really make a case about Synchrony being a "good" reliable lender.

They have some good store cards, but I'd rather lose out on those rewards, and not have to deal with them in a first place. 

I'm not against store cards, but I cannot think of a single thing about them as a lender that I can appreciate and recommend to someone else.

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Sorry, i can. Despite what has been happening, they can be reliable to help build a profile. They have been more than generous to me and i know this can happen to me, 99% sure it will with my current life situation, but i wont say they are a horrible lender or wouldnt recommend to someone else. What i would do is recommend them but let said person know the risks, always pif just in case and dont live in fear of closure. Just my .02

[AverageJoesCredit]

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@K-in-Boston wrote:

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@Remedios wrote:

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@K-in-Boston wrote:

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@UpperNwGuy wrote:

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@Anonymous wrote:

Most recent opened over a year ago. Income 250k+. Util 1% scores 750+ accross the board. Never doing business with them again.

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With your income level, I think you should be building a portfolio with cards from Chase, Amex, and Bank of America.  Synchrony may have done you a favor by pushing you out of their store card universe.

---

Those are not mutually exclusive.  See endless stream of threads on why many of us have store cards.

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I sense fear.

While they are not mutually exclusive, no one can really make a case about Synchrony being a "good" reliable lender.

They have some good store cards, but I'd rather lose out on those rewards, and not have to deal with them in a first place. 

I'm not against store cards, but I cannot think of a single thing about them as a lender that I can appreciate and recommend to someone else.

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I ain't scared!  😬

Okay, admittedly this one hit a little closer to home than all of the other DPs.  I would be okay if I lost the three older ones, but I really don't know wanna lose that new Rakuten Card.  Nothing else getting me 3 MRs per dollar.

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Somehow K, i think you would survive

[AverageJoesCredit]

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@Anonymous wrote:

I would be careful. Synchrony is not worth it. Transunion just took a hit of 22 points in one day with a very strong credit profile. If I could do it over I would never touch them.

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Im sorry for your ordeal but i dont agree they arent worth getting. I would like you to share your profile with us. Current ficos, aaoa, hps, how many accounts do you have, dti, etc. You would be suprised when one shares key info left out, often times a reason can be seen or at least understood better. Thanks

[CreditCrusader]

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@AverageJoesCredit wrote:

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@Remedios wrote:

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@K-in-Boston wrote:

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@UpperNwGuy wrote:

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@Anonymous wrote:

Most recent opened over a year ago. Income 250k+. Util 1% scores 750+ accross the board. Never doing business with them again.

---

With your income level, I think you should be building a portfolio with cards from Chase, Amex, and Bank of America.  Synchrony may have done you a favor by pushing you out of their store card universe.

---

Those are not mutually exclusive.  See endless stream of threads on why many of us have store cards.

---

I sense fear.

While they are not mutually exclusive, no one can really make a case about Synchrony being a "good" reliable lender.

They have some good store cards, but I'd rather lose out on those rewards, and not have to deal with them in a first place. 

I'm not against store cards, but I cannot think of a single thing about them as a lender that I can appreciate and recommend to someone else.

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Sorry, i can. Despite what has been happening, they can be reliable to help build a profile. They have been more than generous to me and i know this can happen to me, 99% sure it will with my current life situation, but i wont say they are a horrible lender or wouldnt recommend to someone else. What i would do is recommend them but let said person know the risks, always pif just in case and dont live in fear of closure. Just my .02

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Synchrony is a YMMV lender. Honestly, at any moment they could yank the rug out from under you and refuse to reinstate upon appeal/recon...and they have done it before. That puts them in some pretty select company.

I'm glad they have been generous to you, but they have been terrible to others.

[AverageJoesCredit]

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@RehabbingANDBlabbing wrote:

I recently closed my Paypal MasterCard from Synchrony. After 5 months of paying in full and cycling the limit, they refused to raise my limit above the SL of $300. I finally just said screw them. They would sometimes do mid-cycle reporting too when I had a balance which would cause some damage to my score due to the card having high usage. I have the Alliant Platinum Rewards, which gives me a flat 2% on everything, so I didn't need this card any longer. And just to demonstrate how inconsistent they are, I have another card with them that has a $25k limit! It just seems like a lot of their decisions are arbitrary. I'm going to keep the cards I have with them for now because they are saving/making me money, but if they close any of them, I'm not going to look back. I'm also planning to replace my Marvel MC with Cap1 SavorOne at my first opportunity.

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This is exactly what happens with Sync bashing.  They wont...... but they are saving me...making me money.... you cant have your cake snd eat it too. If you are so unhappy with how they operate, close them and move on. Plenty of other creditors in the sea. Most people who end up getting alot of Sync cards, or high exposure, especially on this forum know the risk vs rewards because Sync post are plentiful and people want Sync exactly for that reason, they want the utilization padding.